About Me 0055: foreclosure help

By: Trisha Ocona Francis

While tens of thousands of Americans are losing their homes to foreclosure every day and the unemployment rate still remains high, many middle-class American homeowners have asked the question, “Where is my bailout?” Well, our voices have not fallen on deaf ears. Thousands of homeowners will finally have access to the miracle aid they have been seeking.

One-billion dollars has been awarded to the U.S. Department of Housing and Urban Development (HUD) through the Dodd-Frank Wall Street Protection Act for the Emergency Homeowner’s Loan Program (EHLP). Through this program, eligible homeowners can receive assistance with both their delinquent and future mortgage payments for up to 24 consecutive months or up to $50,000. This should give the granted homeowners enough time and financial assistance to get back on their feet and avoid losing their homes. This homeowners’ loan will be granted at 0% interest and be forgivable, which means the balance will be automatically reduced by 20% every year for five years until the balance is clear.

Some of the requirements include: [consult with an EHLP Counselor for all EHLP eligibility requirements]

Temporarily and involuntarily unemployed or underemployed due to the economy or a medical condition

At least 90 days delinquent on mortgage, with a risk of foreclosure and have received a written notice from lender stating such

Property must be owner’s primary residence

Applicant must be the deed holder

Property must be a single-family, multi-family up to four units, cooperative or condominium

Have a good history or paying the mortgage payments before income reduction.

The enrollment period ends on Friday, July 22, 2011. To be sure that homeowners are eligible, HUD requests that you take the first step by submitting a Pre-Applicant Screening Worksheet to an EHLP counseling agency. This worksheet, along with a listing of counseling agencies in your area, can be found on the EHLP website www.ehlp.org or by calling 1.855.346.3345. HUD may establish a random lottery program to select applicants in the event that submissions are higher than anticipated. If selected, applicants will be required to meet with an EHLP counselor to submit supporting documents. Lottery selection does not guarantee EHLP assistance. Once ultimately approved and selected, a homeowner’s contribution amount is determined by HUD, which is 31% of your currency monthly income or $150 (whichever is more) and the EHLP will pay the remainder of your monthly mortgage payment.

EHLP is available to homeowners in 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. It is also offered in Puerto Rico. If EHLP is unavailable in your state or you are not eligible to qualify, visit www.findaforeclosure counselor.org to contact a counselor to discuss your options and determine if your state has received funds through the U.S Treasury’s Hardest Hit Fund Program.

I know many of us will think of this as another attempt to help American homeowners who won’t do much at all. However, remember home is the place you and your family rest their heads at night—an investment that has consumed a lot of your time and energy. It can be taken away from you for reasons beyond your control. Think of the words of Theodore Roosevelt, “It is hard to fail, but it is worse never to have tried to succeed, and take another shot at saving what we call home.”

*PLEASE NOTE: Both the EHLP application process and the opportunity to receive assistance from an EHLP counseling agency is FREE. Anyone who requests a fee for this kind of assistance is being deceitful.

RELATED:

Obama offers mortgage relief to unemployed homeowners

It's about damn time. "Implementation delays"? Doesn't sound like it was enough of a priority. Think of all the pain that could have been avoided:

Sandra Allwine has been pleading with her bank for more than two years to modify the mortgage on her Arlington County home. Despite exhausting all her savings and having her daughter move in to help with her $3,000 mortgage payment, Allwine, 65 and unable to find work, is struggling to save her home from foreclosure.

In June, a potential lifeline opened up. The newly launched $1 billion Emergency Homeowners’ Loan Program, or EHLP, is targeting homeowners who are among the most difficult to help: those who fell behind on their payments because of job loss or unexpected medical bills. For many of them, it might be the last chance to save their homes.

“We were normal middle-class Americans who had saved and lived very carefully and frugally . . . and still wound up getting kicked in the teeth,” Allwine said. She applied as soon as she heard about the program.

If she is approved, the government will subsidize Allwine’s mortgage payments for a maximum of $50,000 over two years. After that, the interest-free loan will be forgiven over five years if she stays in her home and stays current on her payments.

EHLP is the latest government program targeting the nearly 1.8 million homeowners like Allwine facing foreclosure. It is going to have to move fast: The program was supposed to start last year, but implementation delays mean that the Department of Housing and Urban Development must spend all its $1 billion by the end of the federal government’s fiscal year, Sept. 30.

That gives homeowners in 27 states, including Virginia, until July 22 to complete their applications. If demand outstrips available funds, HUD will run a lottery to pick successful applicants. Five additional states, including Maryland, are subject to slightly different rules, which gave them more time to spend the funds, because they started taking EHLP applications earlier under similar state-run programs.

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About Me 0055

Wednesday, August 3, 2011

foreclosure help

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