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Emergency Homeowners’ Loan Program Pre-Application Deadline Approaching

Tuesday, July 12, 2011

Emergency Homeowners’ Loan Program Pre-Application Deadline Approaching

Applications for the $1 billion program designed to help unemployed and underemployed homeowners at risk of foreclosure are due by July 22, 2011.

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.

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 Obama Administration and HUD are committed to providing homeowners with a toolbox of options, such as EHLP, to help keep as many American families in their homes as possible,” said HUD Secretary Shaun Donovan. “It is critical that homeowners get pre-screened to qualify for this program by July 22nd so that they are able to take advantage of EHLP before it’s too late.”

The EHLP funds will pay a portion of an approved applicant’s monthly mortgage including 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.  For that reason it is imperative that homeowners submit their application by July 22nd in order to find out if they qualify,” stated Eileen M. Fitzgerald, CEO of NeighborWorks America.

The EHLP funds will be offered in the following states: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming and Puerto Rico. 

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).

Five states operating substantially similar programs are administering EHLP directly: Connecticut, Delaware, Idaho, Maryland, and Pennsylvania.  For information about how to apply for EHLP assistance in these substantially similar states, please click the links below.

FAQ:  http://ehlp.nw.org/documents/EHLP_Homeowner_FAQs.pdf

Connecticut, Delaware, Idaho, Maryland, Pennsylvania