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Posted on 07/25/2011 9:29:33 AM PDT by existentialist
EHLP Overview
The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to HUD to implement the Emergency Homeowners' Loan Program (EHLP).
The EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency. Other EHLP eligibility requirements include:
* Income Limit: Applicant has a total household income equal to, or less than, the greater of either $75,000 or 120 percent of the Area Median Income (AMI) for a household size of four (4) persons previous to loss of income resulting from involuntary unemployment, underemployment, and/or medical emergency/serious injury.
* Delinquency: Applicant must be at least three months delinquent on mortgage payments, as signified by notification by their lender/servicer.
* Likelihood of Foreclosure: Applicant must have received notification of their lender's/servicer's intention to foreclose on their mortgage as a result of the delinquency, and must also certify to the likelihood that their mortgage will be foreclosed upon.
* Ability to Resume Payment: Applicant can be determined to have a reasonable likelihood of being able to resume repayment of the first mortgage obligations within 2 years, and meet other housing expenses and debt obligations when the household income rises above 85% of the previous level.
* Principal Residence: Applicant must reside in the mortgaged property as their principal residence, both at time of application and for the duration of the program loan period. The mortgaged property must also be a single family residence (1 to 4 unit structure or condominium unit).
EHLP funds will be used to assist borrowers in Puerto Rico and the 32 states not funded through the Treasury's Innovation Fund for Hardest Hit Housing Market program.
Today the Obama administration launched its latest $1 billion "stimulus" in the form of the Emergency Homeowner's Loan Program (EHLP), certainly not to be confused with Homeowner Emergency something something.
The formal reason for the program is to provide emergency loans to 'homeowners' facing foreclosure to help tide them over "a temporary financial crisis". The informal reason is to provide thousands of Americans with a $50,000 recourse and interest-free loan for up to two years.
Chances the government will be re-paid?
So what about all of us who lived within our means and actually do not need yet another bailout? We get the privilege of funding all of the above.
A billion here, a billion there...
absurd that everything is a giveaway - to attempt to ameliorate a problem exacerbated by Oidiot
Everything does.
In the debt ceiling deal, eliminate:
1. voting rights for welfare recipients
2. gradually eliminate welfare
3. eliminate HUD
Problem solved.
Actually, if the dole were eliminated, then everyone would have to make better decisions. Deficit problem solved. Individual responsibility problem solved. Not that either of these things will ever happen, of course.
ACORN hasn’t existed since March 2010.
Why is this program labeled Emergency Homeowner’s Loan Program (EHLP)? Why not “Homeowner’s Emergency Loan Program”? Then the acronym would be HELP— but I’ll bet that’s already taken.
Ultimately, Obama wants to take over the dodgy housing in forgiveness of bank loans (keeps them afloat), so he can dole out state-owned housing to his favorite constituencies. That’s a longer range Soviet-style program, but if he has the time, he’ll propose it.
They merely changed their name.
The unspoken “requirement” - you must not be a white Christian male or married, intact family.
I knew someone who got rejected for such help, called into the mortgage company about it, and was told that there was a higher rejection rate for “his demographic”.
must be behind three months?
are they INSANE?
this is encouraging MORE not less forclosures.
You are kidding?? ACORN just changed their name. The Marxist will find a way to funnel our tax dollars to his reelection campaign.
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