Posted on 06/20/2011 4:21:31 PM PDT by Graneros
Homeowners facing foreclosure can now tap into a $1 billion program of emergency loans to help tide them over a temporary financial crisis, the Department of Housing and Urban Development (HUD) has announced.
Beginning today, homeowners in 27 states can file preliminary applications for the Emergency Homeowner's Loan Program (EHLP). Eligible homeowners can obtain interest-free loans of up to $50,000 to help cover mortgage expenses for up to two years.
The program is available to homeowners who have seen their incomes fall and who could lose their homes to foreclosure due to circumstances beyond their control, including involuntary unemployment, underemployment, economic conditions or an illness.
The program is a counterpart to the $7.6 billion Hardest Hit Fund and is available only to homeowners in states not covered by that program. The Hardest Hit Fund provides foreclosure avoidance assistance to homeowners in states that have been most seriously affected by the declining housing market and economic downturn.
The new initiative is expected to provide assistance to up to 30,000 homeowners, with loans averaging $35,000 each. Loans may be used to pay a portion of monthly mortgage bills, including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees.
Homeowners seeking assistance must complete a pre-application screening workshop by July 22 in order to be considered for the program. As demand is expected to exceed the amount of funding available, qualifying homeowners will be chosen at random to complete the application process.
More information on the program, including links to the pre-application worksheet, are available on the NeighborWorks web site at http://www.nw.org/network/foreclosure/nfmcp/EHLPconsumers.asp. NeighborWorks is partnering with HUD to carry out the program.
(Excerpt) Read more at community.nasdaq.com ...
This is so jacked up.
With the election right around the corner what are the chances there is some money laundering going on here?
So this is bank welfare.
“Eligible homeowners can obtain interest-free loans of up to $50,000 to help cover mortgage expenses for up to two years.”
So they can take the money, default after two years, support the bankers and rape the taxpayers...again.
After all, everything bad that anybody has to experience is always the fault of somebody else.
The list, ping
Let me know if you would like to be on or off the ping list
Wonder how many tens of million of homeowners struggling to make their mortgage payments and ends-meat every month feel about the blind-sided punch called the Emergency Homeowner’s Loan = crack program? =.=
So when do they pay the loans back, because if they do not it is illegal.
This is nothing more than pissing borrowed money into the wind.
This is so wrong in so many ways!
Where is the Government getting the money it’s passing out like candy?? Are they borrowing it from the Chinese or Oil States?? I don;t think so! Are they borrowing it from the Fed?? If so, the tax payers will end up paying the interest and any principal not repaid!
This just ain’t right!!!!
How long till it’s expanded to $100 billion? $1 billion ain’t gonna last long.
Message: save, buy a house you can afford, struggle to make your payments and the government will SCREW YOU ROYALLY by taking your tax money and giving it to the guy who bought his “dream house” with a mortgage he could never pay. All because everyone believes that it was really those nasty old mortgage companies who suckered people into taking on mortgages that they couldn’t pay.
It’s like someone in DC is taking bets on how fast they can print up fake money and how fast they can throw it down the drain at every ridiculous thing they can think of.
If it is like the other programs out there the only ones who will qualify are the people who should never have been given a loan in the first place. This is not going to help the unemployed or underemployed person who brought a home within his income limits and who now has a dramatic decline in his income. It is to keep the people who went for ARM and brough way too much house from being foreclosed on.
So as I understand it they had a Hardest Hit Fund giveaway for folks whose market value declined the most. Now we have this new Hard Up Fund for folks who lost their jobs and have no income to pay their mortgage. Next will be the Hard Left fund for lefties squatting in foreclosed homes who now want to buy them with gubmint money.
OBVIOUSLY vote-buying, made possible by funny money, and delivered with the enclosed note which says “Remember where you got this”. THIS IS HOW THEY DO IT> over and over and over......
OBVIOUSLY vote-buying, made possible by funny money, and delivered with the enclosed note which says “Remember where you got this”. THIS IS HOW THEY DO IT> over and over and over......
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