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Emergency Homeowner Loan Program made available to Texas
By Andy Pawlinski, Staff Writer
In a turbulent time in the housing market, some homeowners will receive some government relief.
The U.S. Department of Housing and Urban Development (HUD) in partnership with NeighborWorks America has created the Emergency Homeowner's Loan Program (EHLP) to aid those who are under threat of foreclosure. Texas is one of the 32 states that will be receiving funding from EHLP. The program will offer aid to up to 30,000 hard-pressed borrowers, providing an average loan of $35,000 to stave off home foreclosures.
Eligibility for EHLP funding includes a drop of income resulting from involuntary unemployment, underemployment, economic conditions, or a medical condition. A person must be at least three months delinquent on their mortgage, under current foreclosure notification, and there must be likelihood that the person can resume their mortgage payments within two years.
So far, the program has shown some popularity both in North Texas and across the nation. That is made clear by the great volume of applications submitted for the program.
"We have received a tremendous amount of calls from not only the area but nationwide," Anna Graham, a financial counselor with GreenPath Debt Solutions, said. "We have also experienced a lot of walk in clients interested in the program."
Those wishing to apply for EHLP have until July 22. With the popularity of the program and the volume of applications currently being turned in, companies handling the applications are asking people turn in their applications sooner than later.
"There is a very limited time to apply," Graham said. "We encourage anyone who meets the requirements to send in an application."
Those sending in the applications will have them reviewed for eligibility. Following that, completed worksheets will be randomly selected, and the chosen homeowners will have the opportunity to receive an EHLP loan.
Many mortgage lenders are also using other methods to help slow the trend of foreclosures such as loan modification and the short sale of homes.
Although this is the first EHLP, there have been other programs of its nature implemented that haven't shown a significant impact on slowing down foreclosures nationwide, according to some real estate experts.
"There have been several programs put in effect by the current administration, and so far they haven't worked out very well," George Roddy, president of foreclosure listing services, said. "We haven't seen a great help up to this time."
The following are comments from the readers.
In no way do they represent the view of Starlocalnews.com
In no way do they represent the view of Starlocalnews.com
ladykingnil1963 wrote on Jul 18, 2011 5:19 PM:
" I lost my job due to total knee replacements. and i realy do need help "
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