Emergency Homeowners Loan Program | $50k Given To Underwater Owners

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Education & Training with Tim & Julie Harris® Real Estate Coaching

For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.

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The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government’s efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don’t actually need to be repaid, if applicants meet certain requirements.

Check this CNBC video out:

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Terri Bruno 07/09/2011 05:24 PM
  2. Catherine Ulrey 07/09/2011 05:40 PM
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Rainer
221,698
James Loftis
Real Estate 911 Inc - Hollywood, FL
Real Estate 911 Inc

Hello Tim,

 

interesting post, I will have to look into this. Sounds like a program that may help a lot of homeowners that are in danger of losing there home. Does not appear that it is set up to help a large number of homeowners however.

Jul 05, 2011 07:29 PM #1
Rainmaker
160,170
Tim and Julie Harris
Tim & Julie Harris® Real Estate Coaching - Las Vegas, NV

Watch the video...the program is going to be oversubscribed...and yes, limited numbers of owners will qualify. 

Jul 05, 2011 07:36 PM #2
Rainmaker
125,008
Will Handley
Progressive Inspection Service - Dana Point, CA
Certified Master Inspection Services
Another wealth redistribution plan by a government that is clue-less on how to bring the housing industry back to health. More and more of these nonsensicle programs will pop out of the wood work as we move closer to the 2012 elections.
Jul 05, 2011 08:00 PM #3
Ambassador
935,420
Ralph Gorgoglione
John Aaroe Group - Los Angeles, CA
California Real Estate (800) 591-6121

OMG!

I didn't know anything about this!

And there's only 13 days left?

I'll definitely have to look into this and recommend to any clients.

Thanks for the post!

Jul 09, 2011 05:31 PM #4
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Rainmaker
160,170

Tim and Julie Harris

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