Monday, August 29, 2011

HUD extends deadline for unemployed mortgage assistance

The Department of Housing and Urban Development will begin taking applications again for a new program providing interest-free loans to unemployed borrowers struggling with their mortgage payments.
Under Dodd-Frank Act authority, HUD launched the $1 billion Emergency Homeowners Loan Program in June. Unemployed homeowners in 27 states including five others that operate similar existing programs could apply for up to $50,000 in assistance.
The deadline expired July 27 after a brief three-day extension. On Monday, HUD said it would take applications through Sept. 15 as resources remain available.
HUD initially targeted 30,000 borrowers through EHLP at an average $35,000 loan size. Recipients must still be able to contribute $150 per month to the mortgage.
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