Friday, Jun 24 2011 3:43PM
HUD's Emergency Homeowners' Loan Program offers qualified applicants an interest-free loan to help pay some of their mortgage.
The U.S. Department of Housing and Urban Development (HUD) announced the founding of the Emergency Homeowners' Loan Program this month to help homeowners at risk of foreclosure.
The program is being offered in 27 states and Puerto Rico, and provides financial assistance to homeowners who have seen reductions in household income and are close to foreclosure due to involuntary unemployment, underemployment, medical conditions or other economic circumstances.
Those who qualify for the program can receive an interest-free loan that pays some of their monthly mortgage for up to two years or up to $50,000, whichever should come first.
"Through the Emergency Homeowners' Loan Program the Obama Administration is continuing our strong commitment to help keep families in their homes during tough economic times," said Shaun Donovan, HUD Secretary. "Working with our community partners across the nation through NeighborWorks America, we are pleased to launch this program today in 27 states and Puerto Rico to help families keep their homes while looking for work or recovering from illness."
Eileen M. Fitzgerald, CEO of NeighborWorks America, stated the program is just one of many
housing assistance programs which are currently available.
The deadline for applications is July 22.