|HUD No. 11-57
July 20, 2011
JULY 22nd IS DEADLINE FOR TROUBLED NEW YORK HOMEOWNERS TO APPLY FOR FINANCIAL HELP TO AVOID FORECLOSURE
NEW YORK - This Friday, July 22nd, is the deadline for troubled New York State homeowners facing foreclosure to qualify for the Department's Emergency Homeowners' Loan Program (EHLP) in order to remain in their homes.
"The clock is ticking for New York State homeowners at risk of foreclosure," said HUD's Regional Administrator Adolfo Carrión. "It is absolutely critical for them to get to the EHLP Web site at www.findEHLP.org or call (855) 346-3345 before Friday, July 22nd, to apply for an EHLP bridge loan. Simply put, it could be the difference between losing or holding onto their homes."
Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment, due to economic conditions or a medical condition. HUD allocated $111,649,112 to fund this emergency loan program in New York.
Under EHLP program guidelines 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 monies may be applied to missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees. EHLP is expected to aid about 3,000 distressed New York homeowners, with an average loan of approximately $35,000.
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. You can also follow HUD on Twitter at @HUDnews or on Facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's News Listserv.