Home/Mortgages/EHLP Pre-Application Ends This Week

July 18, 2011 (Jeff Alan)

The deadline for Pre-Applicant Screening Worksheets from homeowners who wish to see if they qualify for assistance from the Emergency Homeowners Loan Program (EHLP) is due this Friday, July 22nd.

Homeowners in the following states are eligible for EHLP if they meet certain requirements: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming and Puerto Rico.

Under EHLP guidelines, eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

The program was designed to assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment due to economic conditions or a medical condition.

The program was launched in June by the Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America and is expected to aid up to 30,000 distressed borrowers with an average loan of approximately $35,000.

“The Obama Administration and HUD are committed to providing homeowners with a toolbox of options, such as EHLP, to help keep as many American families in their homes as possible,” said HUD Secretary Shaun Donovan. “It is critical that homeowners get pre-screened to qualify for this program by July 22nd so that they are able to take advantage of EHLP before it’s too late.”

HUD cautions borrowers to beware of scams. Only participating agencies found on www.FindEHLP.org are approved to accept Pre-Applicant Screening Worksheets. There is no fee to submit a worksheet or to get assistance for filling out the worksheet. You can also call toll free at 855-346-3345 for assistance.

Five states, Connecticut, Delaware, Idaho, Maryland, and Pennsylvania, have similar programs and are administering EHLP directly. Residents of these states that are interested in more information can go to www.phfa.org.

Tags: HUD, NeighborWorks America, EHLP, Pre-Applicant Screening Worksheets, homeowners, interest free loan, mortgage assistance, unemployment, economic conditions