Little Funds from Government Foreclosure Program Used

One government program promised $1 billion in financial relief to those who were eligible, but only $432 million of that amount was actually used.

The Emergency Homeowners' Loan Program ended this week to the dismay of thousands of homeowners. According to the Department of Urban Housing and Development, not enough people filed for relief, and of those who did, even fewer qualified. The program was supposed to help unemployed or under-employed homeowners who were in danger of falling behind on payments or were already negligent.

Those that did qualify could receive a federal loan up to $50,000. On average, homeowners were given loans between $35,000 to $45,000 to use towards their mortgage payments. While this program was open to applicants in 32 states and Puerto Rico, there was just not enough time to reach out to everyone in need. The remaining funds will be returned to the U.S. Treasury later this month.

Did you recently receive notice of foreclosure in Texas? Contact the Malaise Law Firm now so you know what alternatives are available. By speaking with a San Antonio bankruptcy attorney, you'll have a better understanding of federal programs and options that may enable you to keep your home.