Unemployed Mortgage Assistance Program Extended

unemployed mortgage assistanceThe Department of Housing and Urban Development will begin taking applications again for a new program providing interest-free loans to unemployed borrowers struggling with their mortgage payments.

Under the Dodd-Frank Act authority, HUD launched the $1 billion Emergency Homeowners Loan Program in June. Unemployed homeowners in 27 states, including five others that operate similar existing programs, could apply for up to $50,000 in assistance.

The deadline expired July 27 after a brief three-day extension. On Monday, HUD said that it would take applications through Sept. 15 as resources remain available. The deadline remains Sept. 30 for the five states operating similar programs with EHLP funding, which are Pennsylvania, Connecticut, Delaware, Idaho, and Maryland.

HUD initially targeted 30,000 borrowers through EHLP at an average $35,000 loan size. Recipients must still be able to contribute $150 per month to the mortgage.

Read the full story at HousingWire.

Also see:
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Mortgage Fix That Can Save the Economy


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