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HUD Announces Emergency Bridge Loans For Colorado Borrowers in Trouble

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Mortgage and Lending with Lending Maven Mortgage - Denver, Colorado NMLS 283900 CMLO 20102

HUD Announces Emergency Bridge Loans For Colorado Borrowers in Trouble

October 6, 2010 HUD has announced another program to help homeowners who are having trouble making their payments. HUD will provide $41,286,747, to help struggling homeowners in Coloradothrough its Emergency Homeowners Loan Program (EHLP). EHLP will provide assistance for up to 24 months for homeowners experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition and are at-risk of foreclosure. 32 states qualify for this emergency money provided and is based on the each states unemployment rate. HUD is stating the program will be up and running by the end of the year.

Who Will Be Helped: The program will complement existing Administration efforts to assist struggling Colorado homeowners- including the Home Affordable Modification and Hardest Hit Fund initiative administered by the U.S. Treasury Department. Under the EHLP:

  1. the borrower must be at least three month delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years
  2. the property must be the principle residence of the borrower, and eligible borrowers may not own a second home
  3. the borrower must have suffered at least a 15 percent reduction in income and have been able to afford their mortgage payments prior to the event that triggered the loss income.

How They Will Be Helped
The HUD Emergency Homeowners Loan Program will offer a forgivable, deferred payment "bridge loan" (zero percent interest, non-recourse, subordinate loans) for up to $50,000 to assist eligible borrowers with their mortgage arrearages and payments on their for mortgage principal, interest, mortgage insurance premiums, taxes and hazard insurance for up to 24 months.

 

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Tricia Houston, Licensed Colorado Mortgage Broker 

Lending Maven Mortgage ~ Affiliate of Universal Lending Corporation

Doing business in Colorado for 30 years!

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James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate

Zero interest...sounds steep...right?

Oct 11, 2010 04:26 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I will need to bookmark this blog, and look back at clients that have indicated they are in trouble.

Oct 12, 2010 04:25 AM
Tricia Houston
Lending Maven Mortgage - Denver, Colorado - Highlands Ranch, CO

James - glad to see the goverment isn't trying to profit off the people who need this

Joan - hopefully it can help some of your clients if they need it

Oct 12, 2010 03:21 PM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
Great topic for this blog Tricia. Thank you for sharing the announcement made by HUD to help homeowners who are having trouble making their payments. All the best and keep up the good work.
Apr 13, 2013 07:13 PM
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist
Informative article you have here Tricia. I'm sure this program will be of great help to home owners who are under water in making payments with their mortgage. Thank you for the post and nicely done.
Apr 22, 2013 08:47 PM
Pat and Ed Okenica
DRAKE REALTY Lake Oconee Ga - Greensboro, GA
Lake Oconee Ga Real Estate
This is a great source of information for Colorado borrowers on how to avail the  Emergency Homeowners Loan Program. Thanks to you Tricia. All the best!
Apr 22, 2013 08:59 PM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale
Hello Tricia, this is a great post about the Emergency Homeowners Loan Program . Very informative. I hope readers were able to find this article useful. Keep it up! 
Apr 22, 2013 11:38 PM
Melissa Muse Wiggans
Real Estate Muses - San Antonio, TX
CRS, GRI, ABR - Real Estate Muses
Great stuff Tricia on the EHLP. This article provides information on who and how Colorado homeowners will be helped for  the said program. Thank you for sharing.
Apr 22, 2013 11:48 PM
Waynette Hoover Araj
Keller Williams Realty - Asheboro, NC
Connecting your Dreams with the Right Real Estate
Hi Tricia thanks for the update about  HUD announcing the  emergency bridge loans for Colorado borrowers in trouble. Keep up the good work and stay the best!
Apr 22, 2013 11:55 PM