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Saturday, July 23, 2011

Homeowner loan deadline extended

Deadlines for the Emergency Homeowners’ Loan Program have been extended until Wednesday for unemployed and medically challenged homeowners seeking mortgage assistance, the Homeownership Preservation Foundation announced Friday.

The deadline originally was Friday.

The federal Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to the U.S. Department of Housing and Urban Development to develop the program it administers through NeighborWorks America and other HUD partners in the state.

HUD granted a deadline extension to enable as many eligible homeowners as possible to take advantage of the program.

The program is expected to help 270 households in New Hampshire.

EHLP was created to provide emergency mortgage assistance to homeowners who are temporarily and involuntarily unemployed or underemployed because of the economy or a medical condition and are at risk of foreclosure.

Under EHLP guidelines, eligible homeowners can qualify for an interest-free loan that pays a portion of their monthly mortgage for up to two years or up to $50,000, whichever comes first.

Homeowners will be able to apply for the assistance through the Homeowners’ HOPE Hotline until 11:59 p.m. Wednesday .

For more information about the program in New Hampshire, visit www.homehelpnh.org or call Neighborworks Greater Manchester at 626-4663.

Maryalice Gill can be reached at 594-6490 or mgill@nashuatelegraph.com.