SHAHEEN ANNOUNCES MORE THAN $12 MILLION TO HELP NEW HAMPSHIRE HOMEOWNERS
Funding will help people who are out of work stay in their homesOctober 05, 2010
(Washington, D.C.) - U.S. Senator Jeanne Shaheen today announced that New Hampshire will receive $12,655,243 to help families who are in danger of losing their homes. The funding, which is part of the Emergency Homeowners Loan Program (EHLP), will be used to offer zero interest bridge loans to help eligible homeowners who have fallen behind on their mortgage payments because of unemployment, a reduction in income, or a medical emergency.
"While New Hampshire's economy has started to recover, hundreds of families in New Hampshire remain on the brink of foreclosure through no fault of their own," said Shaheen. "Home foreclosures hurt everyone by depressing home values, and this assistance will help avoid preventable foreclosures by keeping working families on their feet while they look for a job."
Many families in New Hampshire have fallen behind on their mortgage payments because someone in the family lost a job, experienced a reduction in income, or had an unforeseen medical condition. The program will help eligible homeowners stay in their homes while they look for new employment by providing zero-interest bridge loans for up to $50,000.
In August, there were 408 foreclosure deeds recorded in New Hampshire, which was a record high for the month, according to the New Hampshire Housing Finance Authority.
A homeowner may qualify for the program if he or she meets the following eligibility standards:
- The borrower must be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years.
- The property must be the principal residence of the borrower, and eligible borrowers may not own a second home.
- The borrower must have suffered at least a 15 percent reduction in income and have been able to afford their mortgage payments prior to the event that triggered the loss in income.
It is HUD's intention for the program to begin taking applications from eligible homeowners by the end of the year.
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