To: Graneros
To: Borax Queen
This is nothing more than pissing borrowed money into the wind.
11 posted on
06/20/2011 4:49:40 PM PDT by
glorgau
To: Borax Queen
Forgivable....
Jut shoot me now
How Does EHLP Work? The Emergency Homeowners Loan Program will offer a zero interest, forgivable bridge loan to homeowners who have experienced a substantial loss of income (a reduction of at least 15%) due to unemployment or underemployment caused by adverse economic conditions or medical condition.
Approved homeowners are eligible to receive one-time EHLP assistance to pay certain arrearages to bring them current, as well as ongoing monthly assistance to help them to make their monthly first lien mortgage payments (including payments of principal, interest, taxes, and insurances).
Assistance is limited to a maximum duration of 24 months, or up to a maximum loan amount of $50,000 in mortgage payment assistance, whichever occurs first. The EHLP loan is secured by a junior lien against the approved homeowner's principal residence and is forgivable over a 5-year principal reduction period.
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