Hello and welcome to the Reside Daily Bite; I’m your host, David Doucette. Today I want to talk to you about an article that recently came out of CNNMoney.com and it is titled, “Unemployed? Get a Federal Loan to Help Pay Your Mortgage“. An interesting program and what homeowners will be able to do is apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. What it will do is it’s going to offer assistance for up to two years and it will be forgiven if the homeowner stays in the house for five years. Let’s take a closer look.
To qualify for the program, homeowners must live in Puerto Rico or one of the 32 states not in the Hardest Hit Fund area. So, if you’re one of the states in the Hardest Hit Fund area, this program will not be available to you and some of those states include California, Nevada. Florida, Michigan and Arizona, where the original 5 when the Hardest Hit Fund was created in earlier this year in February.
And to qualify for the program if you live in one of those 32 states or Puerto Rico, you have to be at least 3 months behind on your payments but have a reasonable likelihood of being able to make payments again in the near future within two years. And, you also have had to suffer a 15% drop in income, but must have been able to afford your home before the income drop.
It is called the “Emergency Homeowners Loan Program” and they’re expecting to start taking applications before the end of the year, so, you can Google the Emergency Homeowners Loan Program and find out more information about it. And I think over the coming month or so, they’re going to release some more details about it.
That is going to do it for me today. My name is David Doucette, thank you so much for checking out the Reside Daily Bite.
Tags: mortgage payment