Delayed Mortgage Aid Now Set for March Release
About $1 billion in federal funds will finally become available in March to help unemployed homeowners cover their mortgage costs while they look for employment. These bridge loans through the Emergency Homeowner Loan Program can be up to $50,000 for homeowners in the 32 participating states and Puerto Rico. Once the program starts accepting applications, participating homeowners will be selected randomly. The funds were supposed to be released by the end of 2010, but there have been delays due to the complexity of the program.
SOURCE: Boston.com
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