Homeowners May Have to Wait for Federal Loan Applications

Some homeowners that are facing foreclosure will have until next year for federal loan applications to become available. Washington, along with 31 other states, will receive funds from the Department of Housing and Urban Development's Emergency Homeowners Loan Program. The monies provided will go to supporting homeowners who are in danger of foreclosure because they became victims of wage cuts, layoffs or a medical condition.

At this time HUD in Washington is still trying to decide who will administer the new program that will bring $56,272,599 in funds to the state for zero-interest loans. Although they had hoped to have the applications prepared for this month, they are now realizing that they will have to be pushed back further.

Interested homeowners could be eligible for up to $50,000 in loans to pay for mortgage arrears as well as payments towards their taxes, insurance, mortgage insurance premiums, interest and principal.

Do you have questions pertaining to foreclosure? Contact us to speak with a San Antonio bankruptcy lawyer.