http://www.housingwire.com/2010/10/06/new-hud-program-offers-up-to-24-months-of-mortgage-assistance-to-unemployed
What I'd like to know is why it's only offered to 37 states?
Wednesday, October 6th, 2010, 11:46 am
A new program run by the Department of Housing and Urban Development allows delinquent borrowers who are unemployed or suffering from a severe medical condition to receive assistance with mortgage payments for up to 24 months.
The Emergency Homeowners Loan Program offers up to $50,000 to eligible borrowers at a 0% interest rate. HUD officials called it a true bridge loan because all deferred payments are forgivable provided the borrower lives in a home and remains current on payments for five consecutive years.
But the program isn't for everyone. Brian Sullivan, public affairs representative for HUD, said borrowers must have a consistent track record of making mortgage payments on time. A household's yearly income also may not exceed 120% of the area median income and must have had its income reduced by at least 15% in two years due to sudden unemployment, underemployment or a medical condition.
The property must be the borrower's primary residence and at risk of foreclosure.
