July 25, 2011
The Mortgage Bail-Out Deadline has been Extended to July 27th
If you’re a homeowner struggling to make mortgage payments because you are unemployed or underemployed, the federal government has just launched a program to help. The Emergency Homeowner Loan Program, or EHLP, will provide zero-interest loans of up to $50,000 to pay your mortgage, property tax and insurance bills for up to two years.
The program will essentially subsidize your mortgage payments, allowing you to pay just 31% of your income or $150, whichever is greater. EHLP will pay the balance. Homeowners can receive this help for up to 24 months, or until they run through the maximum EHLP loan amount of $50,000.
No payments are due on the 5-year term of these loans as long as the borrower continues to meet the program requirements. Better yet, if you do meet all the conditions of the program, your loan will be forgiven in 20% increments each year, essentially turning the loan into grant over five years.
WRO has been designated by the United States Department of Housing and Urban Development to Pre Screen Applicants who have specific qualifications. WRO will review the documentation provided based on the guidelines and submit the package. Qualified homeowners will be awarded sometime in August or September.
The Deadline for applications has been extended to Wednesday, July 27th. Click here to download the application. You can also fax all three pages of your application to (914) 428-9455.
For more information please, visit WRO website www.wroinc.org or give WRO a call at (914) 428-4507.