The Emergency Homeowners Loan Program is targeted at people who are not terribly far behind on their payments but who need that short-term boost to get them back on track with making payments.
From SmartMoney.com:
Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America, the program is making loans with far better terms than anything on offer at a local bank. The loans are interest-free. Payments go directly to the lender for a portion of the borrower's monthly mortgage, including missed payments or past due charges. And when the assistance period — which runs for up to two years — ends, 20% of the loan is forgiven with each passing year. In other words, for qualified borrowers who stay in their home for at least five years after the assistance period and who don't fall behind on their mortgage again, this money doesn't have to be paid back.
5 comments:
This is the most incredible piece of legislation I have ever witnessed.
What else could possibly happen to our Country. Not only am I standing in line behind people at Wal-mart who have orange
Independence Cards that eat better than I do - now there are families who will receive a housing subsidy for being in default.
Come-on America - WAKE UP!
Whether you black, hispanic, white, chinese, rich, or poor - this El Presidento needs to be put out to pasture.
How many more years do we have to hear where it is everyone elses fault for the mess we are in?
How many more times do we have to hear Obama's accusation that its the rich's fault for our economy!
How many more times do we have to see where he chastises the private corporate jet execs - and then takes a whole fleet of US planes on his weekly excursions to TIN BUC TOO!
This guy is absolutely the worse President this Country has ever seen!
America doesn't have a President.
Obama is so pre-occupied with playing golf, visiting Brazil, Europe, Africa, Ireland - and a whole host of domestic dinner engagements using Air Force One - that he has no time for studying and making decisions.
America has literally gone 'to the dogs'. Now the public realizes that they got what the deserve.
Obama just chastized the congress for taking a 4th of Julu break, and at the same time is planning his Martha's Vineyard vacation.
This guy thinks he's an King
Sorry Anon 7:50 - Congress has serious work to do before even considering a 4th of July break. America should demand resolution of the debt ceiling issue before anyone takes a "holiday". I'm sick to death of our ineffective Congress! The President should also be forced to remain at the White House until this issue is resolved. And that's all I have to say about that!
This country is turning into the biggest joke of the free world. So now, with this legislation I can default on my mtg. & still keep my house??? Mayby I'll go buy a new mansion & not have to pay for it. Wow. Amazing.
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