Homeowners can apply NOW for the federal Emergency Homeowners’ Loan Program (EHLP) if they are unable to make their monthly mortgage payments because of job loss or income reduction. This program will only be available through September 30, 2011. Homeowners facing foreclosure should call 1.800.342.2397 right away to get help.
They may be eligible for a loan of up to $50,000 or 24 months of mortgage payment assistance if they:
- Have a loss of at least 15% of income;
- Have missed at least three mortgage payments or received a foreclosure notice due to job loss, income reduction and/or illness;
- Are likely to be able to start making payments again within two years;
- Are at or below 120% of area median income;
- Are applying for help with a mortgage on their primary residence, which is a 1 - 4 family house.
If they are not eligible for EHLP, they may still be eligible for Pennsylvania’s Homeowners Emergency Mortgage Assistance Program (HEMAP). Call toll free: 1.800.342.2397 or go to www.PHFA.org for more information.