May 7, 2014
HUD AND NEIGHBORWORKS® AMERICA ACCEPTING ADDITIONAL APPLICATIONS
FOR EMERGENCY HOMEOWNERS' LOAN PROGRAM
Homeowners in New Mexico Will Have Until September 15 to Apply for EHLP Funding
FOR INFORMATION OR TO APPLY FOR EHLP: www.findEHLP.org or
call toll free: 855-FIND-EHLP (346-3345)
ALBUQUERQUE - The U.S. Department of Housing and Urban Development and NeighborWorks® America today reopened the application process for the Emergency Homeowners' Loan Program (EHLP) in 27 states and Puerto Rico, including New Mexico, to give homeowners at risk of foreclosure more time to apply for the program. While the original application deadline was July 27, HUD estimates that resources will be available to reach more struggling homeowners and NeighborWorks will accept applications submitted through September 15, 2011.
EHLP will assist New Mexico 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 a 0% interest, forgivable loan which will pay past mortgage payments, taxes and insurance, and then pay a portion of future monthly mortgage payments for up to two years, or up to $50,000, whichever comes first. This emergency bridge loan will gradually be forgiven provided the homeowner remains in his or her property for five years.
Homeowners must contact a participating counseling agency for more information in order to determine their eligibility for the program and to apply for mortgage assistance. Only participating counseling agencies can accept applications from homeowners.
Information can be found at www.FindEHLP.org or by calling, toll free, (855) FIND-EHLP (346-3345). The website contains:
• Contact information to help people find participating counseling agencies in their area;
• The Applicant Screening Worksheet;
• List of documents required for applying; and
• Information on EHLP assistance and eligibility requirements.
(more)
HUD No. 11-139
Page 2
Since EHLP funds are provided to qualified homeowners on a first-come, first-served basis, it is critical homeowners provide all required documents in a timely manner or risk losing the opportunity to apply for assistance under the program. There is no cost to apply for this program.
The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes HUD to administer a $1 billion Emergency Homeowners Loan Program nationwide..
HUD is aggressively promoting this emergency mortgage assistance program to nearly 80,000 homeowners in these 27 states and Puerto Rico with mortgages insured by the Federal Housing Administration (FHA) and who are at least 90-days delinquent on their loan payments.
About NeighborWorks® America
NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated $20 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals.
###