Emergency Homeowners’ Loan Program

Emergency Homeowners’ Loan Program

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$1 billion worth of emergency mortgage assistance has been made available for qualified homeowners who are unemployed or underemployed due to the economy and at risk of foreclosure. HUD has developed the program (EHLP) via the Dodd-Frank Wall Street Reform and Consumer Protection Act. For eligible homeowners, funds are available for 0% loans for past-due mortgage payments as well as up to 24-months of additional payments (or a cap of $50,000, which ever comes first). Banker & Tradesman reports that $61 million has been allotted for Massachusetts homeowners. More information on the Emergency Homeowner’s Loan Program is available through a list of frequently asked questions. Details of EHLP can be found on the HUD web site.

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