Mortgage Loan Assistance For Unemployed
Has your job loss stopped you from paying your mortgages? If so, here is some good news to see off your mortgage. The state has finally stepped in to bail you out. You can now apply for a no-interest government loan for up to $50,000 to pay your mortgage loans, assistance given to unemployed to cover arrears. The loan, which can back you for up to two years, will be overlooked if the homeowner stays in the house for five years.
You can apply for the Emergency Homeowners Loan Program by the end of the year. The new federal loan program is designed along the lines of a 1983 initiative in Pennsylvania. Funded by the state, the initiative provided loans of up to $60,000 for up to three years. It had distributed $470 million on behalf of more than 40,000 homeowners since inception and boasted a success rate of 80% in preventing foreclosure. The federal program, however, is relatively small. The Congress has given the Housing Department $1 billion to spend. This means the mortgage loans assistance for unemployed program can help at least 20,000 people.
You can qualify for the loan if you have the following:
• Are at least three months behind in your payments
• If you have a likelihood of resuming the mortgage payments within two years
• If you have suffered at least a 15% fall in income, and were in a position to afford the mortgage before the income loss.
• The property must be your principle residence and you cannot own a second home.
• You must be a resident of Puerto Rico or one of the 32 states not receiving federal assistance through the Hardest Hit Fund