New Government Program to Help Avoid Foreclosure
Are you unemployed or underemployed and can’t pay your mortgage?
The government rolled out a new Emergency Homeowners’ Loan Program (EHLP). EHLP can provide up to $50,000 to homeowners in financial trouble. Deadline to file for help, however, is fast approaching. EHLP is aimed at helping unemployed homeowners avoid foreclosure by providing zero-interest loans up to $50,000 to pay their mortgage until they can get back on their feet. However, the deadline to file for this new program is July 21, 2011. To qualify, homeowners must be at least 90 days delinquent and have received an intent to foreclose or breach letter. EHLP is a loan that must be repaid to the government and will not reduce your loan payments or the principal balance of your loan. EHLP may help you stave off foreclosure but homeowners need to be aware that this loan must be paid back. If you are already in foreclosure, you will not be eligible for this program and will need to look to the HAMP or traditional modifications offered by lenders. Some homeowners are looking towards bankruptcy which may offer other options and also relieve them of the overwhelming credit card debt while reducing their debt to income ratio and making them better candidates for the HAMP program. For more information on the EHLP program go to Emergency Homeowners Loan Program.
Contact a foreclosure attorney or foreclosure lawyer at Tiller Law today for your free consultation regarding your loan modification options. Serving Miami, Fort Lauderdale, Hollywood, Boca Raton, West Palm Beach, Palm Beach Gardens, Jupiter, Hobe Sound, Stuart, Port St. Lucie, St. Petersburg and Tampa and throughout the State of Florida.