As more and more people have come face to face with the spector of foreclosure due to loss of jobs, a new program was established yesterday by HUD and Neighborworks. With funding totalling $800 million, it is designed to assist those whose income has dropped and now face possible foreclosure because of it.
Covering 27 states and Puerto Rico, it's called Emergency Homeowners Loan Program, or EHLP. It will provide interest free mortgage funds for up to two years or $50,000, whichever comes first. It also covers those in trouble due to underemployment or illness. For more info, contact HUD or Neighborworks America. Its web site is: www.nw.org/network/forsclosure/nfmcp/EHLPconsumers.asp .
As always, good luck.
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