Mortgage California Blog

New Federal Program to Help Struggling Homeowners

July 13th, 2011

The federal government has created a program to help the over four million unemployed homeowners behind on their mortgage payments – a loan that doesn’t need to be repaid.

According to an article in the Wall Street Journal, the effort by the Department of Housing and Urban Development will allow qualified homeowners that have lost their jobs to borrow up to $50,000 which they may never have to repay if they meet the requirements.

HUD’s goal with this $1 billion effort, called the Emergency Homeowners Loan Program, is to help people in the short-term who will likely be back on their feet soon. There are conflicting viewpoints on the chance of success of this program; some see it as a band-aid, others as not enough help.

Applications for the program will be accepted through July 22.

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