Foreclosure Help Available in 32 States

Emergency financial help is available in 32 states for the next couple of months through the Emergency Homeowners Loan Program. This $1 billion program is providing homeowners in trouble with interest-free loans to pay their monthly mortgage payments, back payments or legal fees for up to two years or $50,000, whichever comes first. The loans are forgiven if the homeowner makes payments on time for five years. These funds are available for areas that did not receive “hardest hit" funds.

To be eligible, homeowners need to be three months delinquent or more on their loans and have experienced income loss due to job loss or medical problems. There are income limits. The program strives to help those who can resume their mortgage payments after economic conditions improve or their health improves. Homeowners apply through their local housing counseling agency and eligible participants are selected through a lottery process.

Participating states include: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.   Learn more