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Mortgage Help Program in Need of Help
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You're Now Reading:
Mortgage Help Program in Need of Help
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Mortgage Help Program in Need of Help
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

October 13, 2011 (Jeff Alan)

A federal loan assistance program modeled after a successful program in Pennsylvania targeting homeowners who had experienced a reduction in income or were at risk of foreclosure due to involuntary unemployment or underemployment will likely only meet half its goals on a national level because so few people could meet the strict guidelines.

The Emergency Homeowner Loan Program (EHLP) was part of last years Dodd-Frank Wall Street Reform and Consumer Protection Act in which $1 billion was put aside to assist homeowners who met the programs criteria.

EHLP was available in twenty-seven states and Puerto Rico and was designed as a complement to the Hardest Hit Fund that was previously available to 18 states and the District of Columbia.

Eligible homeowners could qualify to receive an interest free loan which could be used to pay a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

After the bill’s passage, the program immediately became bogged down with delays as the Department of Housing and Urban Development (HUD) was tasked with creating a whole new program from the ground up and implementing the requirements of the bill under a strict deadline, leading to a postponement in the launch of the program for months.

The program was subsequently launched in June by HUD in conjunction with NeighborWorks America and was expected to aid up to 30,000 distressed borrowers with an average loan of approximately $35,000.

As the program neared its end on July 22nd, it was woefully short of its goals and was extended until July 27th. With plenty of resources available the program was reopened at the end of August and ran through September 15th.

Response was overwhelming as nearly 100,000 homeowners applied for the program but strict income and delinquency guidelines, employment guidelines and a complicated formula that calculated monthly payments, income and payments in arrears disqualified many applicants.

Fewer than 15,000 applicants are now expected to receive assistance and it’s estimated that about half of the money that was allocated is left unspent. HUD was required to use all of the funds or lose any that was left over, but there have been calls from some members of Congress to either reopen the program or reduce the eligibility requirements for those who have already applied so that more homeowners who are in need can receive assistance.

Tags: EHLP, HUD, Dodd-Frank, mortgage assistance, homeowner assistance, unemployment, underemployment, overly strict guidelines

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

October 13, 2011 (Jeff Alan)

A federal loan assistance program modeled after a successful program in Pennsylvania targeting homeowners who had experienced a reduction in income or were at risk of foreclosure due to involuntary unemployment or underemployment will likely only meet half its goals on a national level because so few people could meet the strict guidelines.

The Emergency Homeowner Loan Program (EHLP) was part of last years Dodd-Frank Wall Street Reform and Consumer Protection Act in which $1 billion was put aside to assist homeowners who met the programs criteria.

EHLP was available in twenty-seven states and Puerto Rico and was designed as a complement to the Hardest Hit Fund that was previously available to 18 states and the District of Columbia.

Eligible homeowners could qualify to receive an interest free loan which could be used to pay a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

After the bill’s passage, the program immediately became bogged down with delays as the Department of Housing and Urban Development (HUD) was tasked with creating a whole new program from the ground up and implementing the requirements of the bill under a strict deadline, leading to a postponement in the launch of the program for months.

The program was subsequently launched in June by HUD in conjunction with NeighborWorks America and was expected to aid up to 30,000 distressed borrowers with an average loan of approximately $35,000.

As the program neared its end on July 22nd, it was woefully short of its goals and was extended until July 27th. With plenty of resources available the program was reopened at the end of August and ran through September 15th.

Response was overwhelming as nearly 100,000 homeowners applied for the program but strict income and delinquency guidelines, employment guidelines and a complicated formula that calculated monthly payments, income and payments in arrears disqualified many applicants.

Fewer than 15,000 applicants are now expected to receive assistance and it’s estimated that about half of the money that was allocated is left unspent. HUD was required to use all of the funds or lose any that was left over, but there have been calls from some members of Congress to either reopen the program or reduce the eligibility requirements for those who have already applied so that more homeowners who are in need can receive assistance.

Tags: EHLP, HUD, Dodd-Frank, mortgage assistance, homeowner assistance, unemployment, underemployment, overly strict guidelines

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 13, 2011 (Jeff Alan)

A federal loan assistance program modeled after a successful program in Pennsylvania targeting homeowners who had experienced a reduction in income or were at risk of foreclosure due to involuntary unemployment or underemployment will likely only meet half its goals on a national level because so few people could meet the strict guidelines.

The Emergency Homeowner Loan Program (EHLP) was part of last years Dodd-Frank Wall Street Reform and Consumer Protection Act in which $1 billion was put aside to assist homeowners who met the programs criteria.

EHLP was available in twenty-seven states and Puerto Rico and was designed as a complement to the Hardest Hit Fund that was previously available to 18 states and the District of Columbia.

Eligible homeowners could qualify to receive an interest free loan which could be used to pay a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

After the bill’s passage, the program immediately became bogged down with delays as the Department of Housing and Urban Development (HUD) was tasked with creating a whole new program from the ground up and implementing the requirements of the bill under a strict deadline, leading to a postponement in the launch of the program for months.

The program was subsequently launched in June by HUD in conjunction with NeighborWorks America and was expected to aid up to 30,000 distressed borrowers with an average loan of approximately $35,000.

As the program neared its end on July 22nd, it was woefully short of its goals and was extended until July 27th. With plenty of resources available the program was reopened at the end of August and ran through September 15th.

Response was overwhelming as nearly 100,000 homeowners applied for the program but strict income and delinquency guidelines, employment guidelines and a complicated formula that calculated monthly payments, income and payments in arrears disqualified many applicants.

Fewer than 15,000 applicants are now expected to receive assistance and it’s estimated that about half of the money that was allocated is left unspent. HUD was required to use all of the funds or lose any that was left over, but there have been calls from some members of Congress to either reopen the program or reduce the eligibility requirements for those who have already applied so that more homeowners who are in need can receive assistance.

Tags: EHLP, HUD, Dodd-Frank, mortgage assistance, homeowner assistance, unemployment, underemployment, overly strict guidelines

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.