Department of Housing and Community Development Offers Money to Homeowners to Avoid Foreclosure

Boston, MA – July 11, 2011 – (RealEstateRama) — On June 20, the Department of Housing and Community Development (HUD) made funding available to help homeowners avoid foreclosure. The funding program – the Emergency Homeowners’ Loan Program (EHLP) – will provide much-needed funds for homeowners who have lost their job or experienced an involuntary decline in income. Homeowners who have received a foreclosure notice may be eligible for a deferred payment loan that will allow them to pay loan arrearages, back taxes and up to 24 months of mortgage payments. The EHLP loans will be two-year, no interest, forgivable loans. Eligible families must make less than 120 percent of the median income.