Can a New HUD Program Save Home Owners?
In June, the Department of Housing and Urban Development launched a new grant program to help home owners who have fallen behind on their mortgage payments due to unemployment or unexpected medical bills.
The program offers eligible home owners $50,000 in interest-free loans for up to two years.
HUD has until the end of the government’s fiscal year, Sept. 30, to spend all of its $1 billion for the Emergency Homeowners’ Loan Program (or EHLP), which will provide 27 states with aid for the program. Home owners in eligible states have until July 22 to complete their applications.
HUD hopes that 30,000 home owners can be helped through the program.
However, while some are seeing the program as a last chance to help unemployed home owners stay in their homes, others aren’t as convinced the program will do much good in ultimately lessening foreclosures in the country.
“The best foreclosure mitigation program in America is a job,” argues Rep. Jeb Hensarling, R-Texas. “It’s not a government check, it’s a paycheck.” Earlier this year, Hensarling sponsored a bill to end EHLP, which was supported by the House. The Senate has yet to take up the bill, however.
For a full list of states and eligibility requirements for EHLP, visit the HUD Web site.
Source: “HUD to Give Away $1 Billion to Struggling Home Owners,” The Washington Post (July 4, 2011)
Special Fund Would Help Owners Stay in Homes
New York Real Estate Access | Your Access To Every Home On The MLS!
* Instant access to all MLS listings
* Receive future email updates of new listings they day they hit the market!
* Save listings, searches, email friends, and more...
Start Searching For Homes Today!
Tayeb Realty Group | Real Estate Professionals
Search for Homes!
- March 2012 (24)
- February 2012 (12)
- January 2012 (2)
- October 2011 (1)
- July 2011 (12)
- June 2011 (8)
- April 2011 (9)
- March 2011 (6)
- February 2011 (15)
- January 2011 (28)
- December 2010 (18)
- November 2010 (18)
- October 2010 (21)
- September 2010 (21)
- August 2010 (20)
- June 2010 (32)
- May 2010 (27)
- April 2010 (50)
- March 2010 (33)
- February 2010 (41)
- January 2010 (33)
- December 2009 (39)
- November 2009 (15)
- October 2009 (4)
Error: Twitter did not respond. Please wait a few minutes and refresh this page.
- $8000 credit (TARP) 30-year mortgage rates 2009 NAR Profile of Home Buyers and Sellers adjustable rate mortgage (ARM) American housing market an energy-improvement mortgage (EIM) Appraisal Atlanta average interest rate Bank-owned properties Bank of America Corp. bank or lender Bank repossessions Basement Remodel Beacon Economics Bedroom Remodel Ben Bernanke better house better resale value beyond. Some believe VOWs could also pave the way for a comprehensive Multiple Listing Service Bloomberg News borrower borrowers borrow more Broker brokerage listings Build-to-suit commercial real estate credit credit report credit score economic recovery existing-home sales Federal Housing Administration FHA FHA loans First-time home buyers First-Time Home Buyer Tax Credit fixed-rate mortgage foreclosure Foreclosures home buyer tax credit home owners Homeownership home prices home sales Home Values housing market interest rates IRS loan mortgage mortgage applications Mortgage Bankers Association mortgage payment Mortgage Rates mortgages NAR National Association of Realtors new york real estate office space properties property values real estate real estate market real estate news real estate trends REALTORS refinancing Remodeling Short Sale tax credit Tax Incentives value of home