(EHLP) Emergency Homeowner Loan Program

If you’re a homeowner facing foreclosure because
of a decrease in income to do with job loss or serious illness, there is a new program
that may be able to help, but time is limited. The Emergency Home on a Loan Program or EHLP
is a government program aimed at easing the national housing crisis that has left more
than 6.3 million homeowners facing foreclosure. Homeowners who have experienced a substantial
loss of income due to unemployment, underemployment, or medical condition can receive interest-free,
forgivable loans to pay their mortgage, property tax, and insurance bills for up to two years,
or until they exhaust the maximum EHLP loan amount of $50,000, whichever comes first. Approved homeowners are eligible to receive
one time EHLP assistance to bring their mortgage current, as well as ongoing monthly assistance. If you are selected to receive a loan, through
the EHLP program payments will subsidize your mortgage payments, allowing you to pay just
thirty one percent of your income or one hundred and fifty dollars whichever is greater, EHLP
will pay the balance. No payments are due during the five-year term
of these loans providing you meet all the conditions of the program if so your loan
will be forgiven in twenty percent increments each year. The deadline for homeowners to apply for the
program is July 22nd 2011, so you must act quickly. To qualify for the EHLP program you must live
in one of the 32 states affected by the program a full listing of which can be found on our
website: www.cambridgecredit.org/EHLP. Homeowners applying for EHLP loans have to
complete a pre applicant screening worksheet which you can locate on our website as well. This worksheet must be submitted to an EHLP
counseling agency by July 22nd 2011. Applicants will need to work with an approved
EHLP housing counseling agency and provide all required documentation; a checklist of
these documents is listed in the pre applicant screen worksheet. If you live in Massachusetts and are a homeowner
facing foreclosure because of a substantial loss of income due to unemployment, underemployment
or a medical condition call 888-544-EHLP to talk to a HUD-certified housing counselor. They will help you determine your eligibility
for the new emergency homeowner loan program. The deadline for homeowners to apply for the
program is July 22nd 2011 so do not delay. Call 888-544-EHLP to learn if you qualify.

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