The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks® America announced the launch of the Emergency Homeowners’ Loan Program (EHLP) to help homeowners who are at risk of foreclosure.
Congress provided $1 billion dollars to HUD to implement EHLP. The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment, economic conditions or a medical condition.
Under EHLP program guidelines, eligible homeowners can qualify for an interest-free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first. The EHLP program will pay a portion of an approved applicant’s monthly mortgage including missed mortgage payments or past due charges including principal, interest, taxes, insurances and attorney fees. EHLP is expected to aid up to 30,000 distressed borrowers, with an average loan of approximately $35,000.
The deadline is July 22. Homeowners are encouraged to apply now in order to find out if they qualify for this new mortgage assistance program and learn more about the options available to assist those with housing needs.
Contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP program and its eligibility requirements can be found at www.FindEHLP.org <http://www.FindEHLP.org/> or by calling toll free at 855-FIND-EHLP (346-3345).
In McKinney, residents can contact the following North Texas companies for assistance.
· GreenPath Debt Solutions, 888-893-2711, www.greenpath.com <http://www.greenpath.com>
· BCL of Texas, (877) 417-8272, www.ehlptexas.org <http://www.ehlptexas.org>
· CCCS – Dallas, 214-638-2227, www.cccs.net <http://www.cccs.net>
· Urban League of Greater Dallas & North Central Texas, 214-915-4600, www.ulgdnctx.com <http://www.ulgdnctx.com>