Wednesday, August 11, 2010

Obama's mortgage assistance program

The HUD Emergency Homeowners Loan Program

If you:

1) Are at least three months delinquent in your payments and have a reasonable likelihood of being able to resume repayment of your mortgage payments and related housing expenses within two years;

2) Have a mortgage property that is the principal residence of the borrower, and you do not own a second home;

3) And you had a good payment record prior to the event that produced the reduction of income.

You then can get thru:

a variety of state and non-profit entities a declining balance, deferred payment "bridge loan" (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist you, the eligible borrower with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months.

And if your state has an unemployment rate at or above the national average, your state then has targeted unemployment programs--and then, these funds are available----for example:

Alabama $60,672,471
California $476,257,070
Florida $238,864,755
Georgia $126,650,987
Illinois $166,352,726
Indiana $82,762,859
Kentucky $55,588,050
Michigan $128,461,559
Mississippi $38,036,950
Nevada $34,056,581
New Jersey $112,200,638
North Carolina $120,874,221
Ohio $148,728,864
Oregon $49,294,215
Rhode Island $13,570,770
South Carolina $58,772,347
Tennessee $81,128,260
Washington, DC $7,726,678

So get some of that Obama money to pay your mortgage!!

To read about the program, click here.