EHLP helps employment-challenged homeowners

For many homeowners, loans from the new “The Emergency Homeowners’ Loan Program (EHLP)” will amount to a grant they won’t have to pay back. Unfortunately, there’s only so much EHLP to go around and you don't have much time to apply.

by Broderick Perkins
© 2011 DeadlineNews.Com

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Deadline Newsroom - More struggling homeowners are getting a small slice of the federal bailout pie, served up as a special no-interest loan of up to $50,000.

For many homeowners, loans from the new “The Emergency Homeowners’ Loan Program (EHLP)” will amount to a grant they won’t have to pay back.

Unfortunately, there’s only so much EHLP to go around.

Demand is expected to be so high, even if you are a qualified homeowner you will have to win a lottery to get one of the loans.

The $1 billion federal program is expected to help an estimated 30,000 distressed homeowners facing foreclosure because of unemployment or reduced employment, provided you can also demonstrate the loan will help you resume mortgage payments down the road.

The U.S. Department of Housing and Urban Development recently announced EHLP as the latest infusion from the “Dodd-Frank Wall Street Reform and Consumer Protection Act.”

Get the full scoop here: "EHLP Helps Distressed Homeowners"

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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