Home | Newsletter | Advertise
loading...

Area Homeowners Facing Foreclosure Hurry to Get Help

  • September 16th 2011

by Mark Wellborn

Area Homeowners Facing Foreclosure Hurry to Get Help: Figure 1

The Washington Post is reporting that Maryland and Virginia homeowners facing foreclosure are rushing to get assistance from a $1 billion federal aid program.

The goal of the Emergency Homeowners’ Loan Program is to help the unemployed pay their mortgages by providing them with zero-interest loans. Under program guidelines, 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.

While there is a different program for DC residents, which does not have an immediate deadline, the expiration of programs in Maryland and Virginia is fast approaching or passed. From The Post:

About 4,000 Marylanders struggling to hold on to their homes have applied [to the program]. An additional 10,000 sought help in Virginia, where the deadline to apply for the program passed Thursday and eligibility is being determined by the federal government rather than the state.

Ironically, this news came on the same day that RealtyTrac reported that foreclosures dropped 80 percent year-over-year in Maryland. Last month, the state had 958 properties with foreclosure filings, compared to one in every 2,444 homes in foreclosure in August 2010.

See other articles related to: the washington post

This article originally published at https://dc.urbanturf.com/articles/blog/area_homeowners_facing_foreclosure_hurry_to_get_help/4164.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse