Department of Housing and Urban Development Announces $135 Million for Texas Homeowners Facing Foreclosure
The U.S. Department of Housing and Urban Development has allocated a hefty sum of money to help homeowners in Texas that are facing foreclosure.
The Emergency Homeowners’ Loan Program has been launched, to assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment due to economic conditions or a medical condition.
The program can provide eligible homeowners with a zero percent interest, forgivable loan to cover past due mortgage payments and other costs, such as taxes, attorney fees, and a portion of the mortgage payment for up to 24 consecutive months or up to $50,000, as long as certain eligibility requirements are maintained.
These funds come as part of $1 billion provided by Congress to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Over $135 million will go to Texas homeowners.
Hud Secretary Shaun Donovan said “We are pleased to launch this program today in 27 states and Puerto Rico to help families keep their homes while looking for work or recovering from illness.”
The program is also being offered in Alaska, Arkansas, Colorado, Oklahoma, New Mexico, and others.
For more information, visit www.findEHLP.org or call 855-FIND-EHLP.