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July 20th, 2011

Deadline for mortgage assistance just days away



DeadlineLast month we told you about the Emergency Homeowners’ Loan Program (EHLP) that was designed to provide substantial mortgage relief to those in 27 states and Puerto Rico. EHLP will provide interest-free loans to those struggling to make their monthly payments due to unemployment, underemployment, illness or injury.

The thing is, there’s only a few days left to apply! Struggling borrowers have until Friday July, 22, 2011 to apply.

EHLP will help homeowners pay a portion of their monthly mortgage payments for up to two years or provide up to $50,000, whichever comes first. HUD, who is administering the program along with NeighborWorks, expects to reach up to 30,000 distressed homeowners with loan amounts which are expected to average $35,000.

Here’s how to apply

Interested homeowners need to first visit the NeighborWorks website and fill out a Pre-Applicant Screening Worksheet (available on the website).

According to NeighborWorks:

EHLP counseling agencies will evaluate completed screening worksheets to make an initial, informal pre-determination of household eligibility. Homeowners whose completed worksheets meet this standard will be randomly selected, and these homeowners will be invited to apply for an EHLP loan in the order they are selected.

The Pre-Applicant eligibility screening period will run from between June 20, 2011 through July 22, 2011. The homeowner application period will not begin until late July 2011. The Pre-Applicant screening procedures are described below, and include a link to a downloadable and printable screening worksheet. Click here for the contact information of the EHLP housing counseling agency serving your community, county or state.

Homeowners who are randomly selected will be called by their local EHLP housing counseling agency to schedule an appointment to complete the EHLP application packet. NOTE: There is no charge for this service. During the appointment, homeowners will be required to submit the specified documentation to support eligibility. It is very important for all homeowners to be familiar with all of the EHLP documentation requirements and have all specified documents prepared to submit at the time of their application appointment. Click on this link to review the document checklist.

Which states are participating?

According to HUD, homeowners in the following states can apply for this mortgage relief program:

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 and Puerto Rico. Five states operating substantially similar programs are administering EHLP directly: Connecticut, Delaware, Idaho, Maryland, and Pennsylvania.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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