EHLP Pre-Application Deadline Approaching
Written by Chad Klawetter Monday, 18 July 2011 16:36
Waco, TX –The deadline for homeowners to qualify for the Emergency Homeowners’ Loan Program (EHLP) is rapidly approaching with all Pre-Applicant Screening Worksheets due by Friday, July 22, 2011. And fewer than 50 homeowners have applied for assistance from the program thus far.
The EHLP, launched by the U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks® America in June, is designed to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico. The program assists homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition. Under EHLP guidelines eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.
The EHLP funds will pay a portion of an approved applicant’s monthly mortgage in cluding missed mortgage payments or past due charges including principal, interest, taxes and insurance. EHLP is expected to aid up to 30,000 distressed borrowers, with an average loan of approximately $35,000.
“With July 22nd right around the corner, we want as many people as possible to apply for this program and potentially help save their homes. We realize this program won’t help everybody out there, but we also don’t like the idea of leaving these funds on the table unused,” said Roy Nash, President and CEO of NeighborWorks® Waco.
Only participating EHLP agencies found on www.FindEHLP.org are approved to accept Pre-Applicant Screening Worksheets. Homeowners should beware of scams. It is free to submit a worksheet or get assistance with completing the worksheet. Any company asking for money to assist homeowners with the EHLP application process is a scam. Contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP assistance and its eligibility requirements can be found at www.FindEHLP.org or by calling toll free at 855-FIND-EHLP (346-3345).
