We need more of our homes for sale to benefit individuals, not banks via foreclosure. Foreclosures are putting banks in possession of too many properties being sold and those that once were homeowners become renters. This decreases home values and increases rent everywhere and people still struggling to keep their homes are spending all their money on living expenses and not on other things which is what causes the economy to suffer. So for all you homeowners that have fallen behind on your mortgage; HUD has a possible solution.
HUD’s program opening right now is called Emergency Homeowner’s Loan Program (EHLP). I would call it H.E.L.P (Homeowner’s Emergency Loan Program). They did it before earlier in the year but the deadline was in July; now they have decided to reopen the program and accept new applications until September 15, 2011 because HUD believes there are enough funds to help more people. Funding comes from the Dodd-Frank Wall Street Reform and Consumer Protection Act. You can read about it in this recent article in DSNews.com.
To be eligible you must be a homeowner who is struggling to pay due to involuntary loss of income, such as a lay-off, salary reduction, or a medical condition. A list of required documents and instructions to apply can be found at FindEHLP.org or you can click on this link to the HUD site describing the program. There are also HUD housing counselors that you can talk to for further help.
Hurry, because time is running out soon and it is a first come-first-serve basis. We are lucky that Washington is one of the 27 states that is able to participate in this program. This could be one more tool used to preventing more foreclosures and healing our economy.