Mortgage Payment Assistance

In addition to various previous payment assistance plans for those unable to make their mortgage payments, Congress just this past week added another source of funding to the list of help for struggling homeowners. Included in the new financial regulations bill that became law last week, the program, Emergency Mortgage Relief, makes loans available from the Federal government to homeowners who are unable to pay their mortgage loan payments. It is specifically directed at those at least three months in arrears on their payments, and will provide loans up to a maximum of $50,000 for coverage of these payments. The reasons for the delinquency must be either unemployment or medical problems that have caused the delinquency on the mortgage. The loans will be made available beginning October 1 of this year from the U.S. Department of Housing & Urban Development (HUD). You can find them in the 'Government' pages at the front of most phone books today or go online: www.hud.gov . Good luck!