Wednesday, July 6, 2011

New Foreclosure Prevention Assistance Program - EHLP

Homeowners facing foreclosure due to involuntary unemployment, underemployment or medical issues are eligible to benefit from a new federal program: the Emergency Homeowners' Loan Program (EHLP).

The program is only accepting applications between July 5 & July 22. Under this program, more than 1,400 selected Minnesota homeowners will receive up to $50,000 in interest-free loans over the next two years to help pay mortgage costs. The loans are also 100% forgivable for homeowners who stay in their home for 5 years following the program's completion.

Homeowners eligible to apply for the federal program must meet several criteria, including:

  • Have faced an income decline of at least 15% due to involuntary unemployment, underemployment or medical issues
  • Have been unable to make their mortgage payment for at least 3 months prior to June 1, 2011
  • Reside in the mortgaged property

Unemployed or underemployed homeowners should visit the program's Minnesota website at  to learn more about the program, verify eligibility and download a pre-application.

Remember: The deadline to apply for this one-of-a-kind program is 4:30p.m. on Friday, July 22.

Homeowners are also being warned to steer clear of scams.  There is no charge to apply for EHLP and checking eligibility and filling out the pre-application is simple.  An offer to help fill out EHLP forms for a fee or anyone who guarantees that a pre-application will result in acceptance in the program in exchange for money is a scam. 

Visit for more information.


CALL TO ACTION:  Help Us Spread The Word!

If you know of unemployed/underemployed homeowners who are struggling with mortgage payments, we ask that you spread the word to them about this unique, and short-lived, opportunity.

Below you will find additional tools that you can use to help spread the word (Links to documents):

Maybe a link on your website?  An email to friends/family or clients?  A handout at the cash register or inserted into clients purchases? A blog post on your company or personal blog?  WHATEVER!  We'd love to hear about it!  Post a comment about how you're helping, or visit our Facebook page and share your outreach ideas.  THANKS! 

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