HOPE FOR HOMEOWNERS
The Dodd-Frank Wall Street Reform and Consumer Protection Act Provides 1 Billion to HUD to Implement the
Emergency Homeowners Loan Program (EHLP)
**DEADLINE TO APPLY IS JULY 22, 2011 AND APPLICANTS MAY RECEIVE A ZEROINTEREST FORGIVABLE LOAN*
GUEST:
Kim McGrigg, Community and Media Relations Manager for Money Management Int. (MMI)
Background:
The Emergency Homeowners Loan Program or EHLP was announced this week by the U.S. Department of Housing and Urban Development. Applicants who have experienced hardships may receive a zero interest forgivable loan that pays past due mortgage payments, including missed payments and late charges, up to a maximum of $50,000. Implemented as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the program 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 or 120 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).
Acting fast is vital; the deadline for submission is July 22, 2011
Kim McGrigg, community and media relations manager for MMI is available to you and your listeners to talk about how Money Management International, the nation’s largest nonprofit, full-service credit counseling agency, has been approved to assist struggling homeowners in applying for the Emergency Homeowners’ Loan Program (EHLP).
For more information please www.get-ehlp.org
SUGGESTED INTERVIEW QUESTIONS:
Who does the EHLP assist?
How does it work and who is eligible?
Tell us about Money Management International.
When is the application deadline?
Where can people find more information?
MORE ABOUT KIM MCGRIGG:
Kim McGrigg, community manager for MMI, has more than fifteen years of experience in the credit counseling industry. Her main responsibility at MMI is providing quality financial education information. In addition to authoring educational articles and resources, McGrigg is also MMI’s corporate blogger. She is an expert resource on topics relating to budgeting, money management, credit card usage, and debt repayment. She has appeared on hundreds of local and national news shows.
Kim has been quoted in national media outlets including New York Times, Washington Post, Bankrate.com, and Blog Talk Radio, and has appeared on national and local affiliates nationwide.
