Professional Home Staging and Photography Blog: Help for Homeowners Struggling with Their Mortgage Payments

Help for Homeowners Struggling with Their Mortgage Payments

Help for Homeowners Struggling with Their Mortgage Payments
Free Seminar on HUD’s Emergency Homeowner’s Loan Program

HUD is offering a limited-time loan program for unemployed and underemployed homeowners who are struggling with their mortgage payments. HUD launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states – including Massachusetts.

A new federal home loan program – the Emergency Homeowner’s Loan Program – is available to homeowners who had at least a 15 % loss in income as a result of unemployment or underemployment.

The Emergency Homeowner’s Loan Program offers up to $50,000 in interest free forgivable loans to homeowners who are struggling to make their monthly mortgage payments. Under the program, homeowners can receive a one-time assistance to bring their delinquent mortgage current as well as monthly assistance to help them pay their monthly mortgage payments. The rescue plan will pay only a portion of a homeowner's monthly mortgage, including mortgage payments or past due charges, principal, interest, taxes, insurance and attorney fees.

Struggling homeowners can receive assistance for up to 2 years or up to $50,000 – whichever comes first. The Emergency Homeowner’s Loan is secured by a lien against the homeowner’s primary home. However, if the loan is paid on time every month, the loan is forgivable over a 5-year period.

In order to be eligible for the Emergency Homeowner’s Loan, homeowners must apply by July 22, 2011. You can find an application for the Emergency Homeowner’s Loan online on the Neighborhood Housing Services website at www.neighborhoodhousing.org.

Two area workshops hosted by Neighborhood Housing Services of the South Shore are available to help you learn more about the Emergency Homeowner’s Loan Program:

• 2 p.m. – 8 p.m., July 6, 2011 at the Massasoit Conference Center, located at 770 Crescent Street (Rte 27) in Brockton

• 8 p.m., July 11, 2011 at the Thomas Crane Public Library, located at 40 Washington Street in Quincy

For more information about the Emergency Homeowner’s Loan Program, contact Neighborhood Housing Services of the South Shore at (508) 587-0950.

 

East Bridgewater, MA 02333
Phone: (508) 443-1332

Lew Corcoran, ASP®, IAHSP, IAHSP-CB
Accredited Home Staging Professional
Professional Real Estate Photographer

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Comment balloon 0 commentsLew Corcoran, ASP® • July 05 2011 09:38AM

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