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Area Homeowners Facing Foreclosure Hurry to Get Help

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 http://dc.urbanturf.com/articles/blog/area_homeowners_facing_foreclosure_hurry_to_get_help/4164

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