ARE YOU A VICTIM OF WELLS FARGO'S PAIN?: Puerto Rico

Showing posts with label Puerto Rico. Show all posts

Friday, July 22, 2011

JULY 22 DEADLINE FOR PRE-APPLICATION FILING!!

MMI is approved by the U.S. Department of Housing and Urban Development (HUD) to qualify homeowners for HUD’s Emergency Homeowners’ Loan Program (EHLP).

The EHLP is designed to provide mortgage payment relief for qualifying homeowners who have experienced a drop in income of at least 15 percent due to circumstances beyond their control, such as unemployment or underemployment due to adverse economic conditions or an illness.

Some highlights of the program include:

The $1 billion initiative is expected to provide help for up to 30,000 homeowners.
Applicants who meet the program’s eligibility requirements may receive a zero interest forgivable loan that pays past due mortgage payments, including missed payments and past-due charges, for up to a maximum of $50,000.
The zero percent interest forgivable loans will average $35,000 each, with a maximum of $50,000 awarded to eligible homeowners who are selected through the program. Learn more about this selection process by reading the EHLP frequently asked questions.
The deadline for filing a pre-application worksheet is July 22.

EHLP documents will only be accepted by approved agencies, such as Money Management International. To determine whether you may qualify to for help through this program, fill out the EHLP pre-applicant screening worksheet.

For more information about EHLP, read our list of EHLP FAQs or visit FindEHLP.org.

Friday, July 1, 2011

$50,000 GRANTS TO HOMEOWNERS?

HUD Emergency Homeowners' Loan Program (EHLP)

EHLP Overview

The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to HUD to implement the Emergency Homeowners' Loan Program (EHLP).

Features

The EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency. Other EHLP eligibility requirements include:

Income Limit: Applicant has a total household income equal to, or less than, the greater of either $75,000 or120 percent of the Area Median Income (AMI) for a household size of four (4) persons previous to loss of income resulting from involuntary unemployment, underemployment, and/or medical emergency/serious injury.
Delinquency: Applicant must be at least three months delinquent on mortgage payments, as signified by notification by their lender/servicer.
Likelihood of Foreclosure: Applicant must have received notification of their lender's/servicer's intention to foreclose on their mortgage as a result of the delinquency, and must also certify to the likelihood that their mortgage will be foreclosed upon.
Ability to Resume Payment: Applicant can be determined to have a reasonable likelihood of being able to resume repayment of the first mortgage obligations within 2 years, and meet other housing expenses and debt obligations when the household income rises above 85% of the previous level.
Principal Residence: Applicant must reside in the mortgaged property as their principal residence, both at time of application and for the duration of the program loan period. The mortgaged property must also be a single family residence (1 to 4 unit structure or condominium unit).

EHLP funds will be used to assist borrowers in Puerto Rico and the 32 states not funded through theTreasury's Innovation Fund for Hardest Hit Housing Market program.

Additional program information is available on the following web pages: