New Federal Programs Help Unemployed and Struggling Homeowners


If you are an unemployed homeowner and struggling to pay your mortgage, you may be eligible to receive financial assistance through two new federal foreclosure-prevention programs facilitated by the U.S. Treasury Department and HUD. The Treasury Department is allocating $2 billion of additional assistance to be available through the Housing Finance Agency’s (HFA) Hardest Hit Fund.

HUD will also contribute with a $1 billion Emergency Homeowners Loan Program. The program will assist homeowners who are at risk of foreclosure and have had a substantial reduction in income due to job loss, underemployment or a medical condition for up to 24 months. To qualify, borrowers must meet the following criteria: be at least three months delinquent on their mortgage payments and have a reasonable likelihood to being able to resume repayment within two years; mortgage must be for the borrower’s principal residence, borrowers may not own a second home; and borrowers must demonstrate a good payment record prior to the event that produced the loss of income.

CLICK HERE for a link to the Housing And Urban Development website with official information.
Seventeen states and the District of Columbia are eligable at this time. They include: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C. Thu, Aug 12, 2010

Hope this helps!  All my best,    Kevin

       GORMAN-ROSS Real Estate Network

Kevin Gorman, Judy & Ron Ross


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