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 be able to contribute a portion of the monthly mortgage payment.
Other EHLP eligibility requirements include*:
Not everyone who applies and qualifies for this program will receive assistance. Funds are limited and homeowners will be selected randomly. It is critical to make sure your pre-applications are as complete as possible.
For more information contact one of American Financial Solutions certified housing counselors. You can also learn more information and complete the pre application by visiting www.findehlp.org.