TX Foreclosure Prevention Task Force Urges Homeowners to Seek Help with Emergency Homeowners' Loan Program (EHLP)
Help for Unemployed Texas Homeowners at Risk of Foreclosure
AUSTIN, Texas, June 29, 2011 /PRNewswire-USNewswire/ -- The Texas Foreclosure Prevention Task Force is encouraging any Texas homeowner who has recently suffered job loss or significant reduction in income to investigate whether they are eligible for a new financial assistance program. In cooperation with the U.S. Department of Housing and Urban Development (HUD) and NeighborWorks® America (NW) the Texas Foreclosure Prevention Task Force has created a webpage at www.texasforeclosurehelp.org to help direct homeowners to the Texas nonprofit counseling agencies participating in the Emergency Homeowners' Loan Program (EHLP).
The EHLP program was created by Congress to assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment, economic conditions or a medical condition. Texas received $135 million for this program. Eligible homeowners can qualify for an interest free loan, which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.
The EHLP funds will pay a portion of an approved applicant's monthly mortgage as well as missed mortgage payments or past due charges including principal, interest, taxes and insurance.
"The deadline to apply for this program is July 22, 2011, so we encourage homeowners to submit their information now to a participating housing counseling nonprofit," said David Long, President of the Texas State Affordable Housing Corporation and co-chair of the Texas Foreclosure Prevention Task Force. "Even if homeowners do not qualify for this program, the participating housing counseling nonprofits are trained to assist homeowners with foreclosure intervention and other housing services."
The Texas Foreclosure Prevention Task Force has two key messages for consumers: Don't delay in investigating if you are eligible for the program, and be certain you are dealing with a nonprofit organization approved, authorized or associated with the U.S. Department of Housing and Urban Development (HUD) or NeighborWorks® America. There is no charge to apply for this program.
For more information interested Texas homeowners should visit www.texasforeclosurehelp.org, www.FindEHLP.org, or call toll free 855-FIND-EHLP (346-3345).
About the Texas Foreclosure Prevention Task Force
The Texas Foreclosure Prevention Task Force (TFPTF) is a statewide initiative working to inform at-risk borrowers of the options available to them, link them with local nonprofit housing agencies, and increase the capacity of these counseling organizations to provide guidance to homeowners.
Originally facilitated by NeighborWorks® America in 2007, the TFPTF is currently comprised of representatives from over 90 organizations including state, local, and federal government organizations, the financial industry, the nonprofit sector, and other industry stakeholders working together toward a common goal--averting home mortgage foreclosures and the impact of foreclosure on Texas families.
SOURCE Texas Foreclosure Prevention Task Force
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