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Texas Foreclosure Prevention Task Force Urges Homeowners to Seek Help with Emergency Homeowners' Loan Program (EHLP)
The Texas Foreclosure Prevention Task Force is encouraging any Texas homeowner who has recently suffered job loss or significant reduction in income to investigate whether they are eligible for a new financial assistance program. In cooperation with the U.S. Department of Housing and Urban Development (HUD) and NeighborWorks® America (NW), the Texas Foreclosure Prevention Task Force has created a webpage at www.texasforeclosurehelp.org to help direct homeowners to the Texas nonprofit counseling agencies participating in the Emergency Homeowners' Loan Program (EHLP).
The EHLP program was created by Congress to assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment, economic conditions or a medical condition. Texas received $135 million for this program. 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 EHLP funds will pay a portion of an approved applicant's monthly mortgage as well as missed mortgage payments or past due charges including principal, interest, taxes and insurance.
"The deadline to apply for this program is July 22, 2011, so we encourage homeowners to submit their information now to a participating housing counseling nonprofit," said David Long, President of the Texas State Affordable Housing Corporation and co-chair of the Texas Foreclosure Prevention Task Force. "Even if homeowners do not qualify for this program, the participating housing counseling nonprofits are trained to assist homeowners with foreclosure intervention and other housing services."
The Texas Foreclosure Prevention Task Force has two key messages for consumers: Don't delay in investigating if you are eligible for the program, and be certain you are dealing with a nonprofit organization approved, authorized or associated with the US Department of Housing and Urban Development (HUD) or NeighborWorks® America. There is no charge to apply for this program.
For more information interested Texas homeowners should visit www.texasforeclosurehelp.org, www.FindEHLP.org, or call toll free 855-FIND-EHLP (346-3345).
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