Real Help to Homeowners in Foreclosure - Act NOW!

Applications are currently being accepted for the Department of Housing and Urban Development’s Emergency Homeowners’ Loan Program (EHLP). The application period will close July 22nd. The EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency. Through the EHLP, homeowners are eligible to receive funds to bring the mortgage current and ongoing assistance paying the monthly mortgage payment. Assistance is in the form of a loan that will act as a second mortgage on the property. The maximum amount of assistance is either $50,000, or 24 months of assistance – whichever happens first. Homeowners must...

Posted on Jun 29, 2011

Extension: Emergency Homeowner's Loan Program

HUD AND NEIGHBORWORKS AMERICA ANNOUNCE DEADLINE EXTENSION FOR EMERGENCY HOMEOWNERS’ LOAN PROGRAM Washington, D.C. - Today the U.S. Department of Housing and Urban Development and NeighborWorks® America announced that the deadline for the Emergency Homeowners’ Loan Program has been extended to Wednesday, July 27, 2011, in order to give homeowners at risk of foreclosure in the participating 27 states and Puerto Rico more time to apply for the program. The Emergency Homeowners’ Loan Program (EHLP) will assist 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. Eligible homeowners can qualify for an interest free loan, which pays a portion of their monthly mortgage...

Posted on Jan 24, 2011

New Programs for Struggling Homeowners

Are you struggling to pay your mortgage or sell your home to avoid foreclosure? Help may be right around the corner.  Last month the government announced that it is making adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs. While the programs listed below have been updated to allow additional people to qualify, the biggest benefit to consumers are the incentives HAMP is offering to lenders and loan servicers who agree to provide a homeowner with one of the services listed below. The incentives encourage loan servicers to agree to loan modifications, refinance loans and agree to short sale offers that they previously may have denied. Here are just a few of the highlights of...

Posted on Apr 05, 2010

Stripping a Home After Foreclosure

I hear reports in the news each day about desperate homeowners smashing their walls and ripping out wiring or copper pipes. Their idea is to sell the items for cash. Some misguided homeowners are angry at the bank for foreclosing and they vandalize their homes. People who vandalize a foreclosed home are not harming the bank, they are harming themselves. Vandalism is senseless and it is against the law. When the bank receives title to the foreclosed home, they usually file a claim with the existing home owner’s insurance company to cover damage and missing real estate property items. People who strip or vandalize their home are likely to have the homeowner’s insurance company pursue and prosecute them when the bank...

Posted on Jul 06, 2008

If You MIGHT Be Late on Your Mortgage

Over the last few months, you may have seen and heard countless reports regarding mortgage foreclosures, adjustable rate mortgages “resetting” with much higher payments, and the general gloom of the mortgage industry. Many, if not most of these reports state the importance of keeping in contact with your mortgage lender once you are falling behind. What is sometimes left out, however, is the importance of keeping your lender informed any time you even suspect there is a possibility of being late on a payment. A client of mine was having severe financial difficulty due to job loss and medical conditions. They realized that their most important asset, their home, could potentially be at risk. Even though they were able to make their...

Posted on Jun 04, 2008