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If Unemployed, Get A Federal Loan And Pay Off Your Mortgages

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By : Rudson Tren    99 or more times read
If you are unemployed and you are facing problems in repaying your mortgages, you can apply for a Federal loan of up to $50,000 and use it to pay your mortgages. The best part is that the loan is a ZERO-INTEREST loan. The loan can also be used to cover the arrears. The loan is intended to offer assistance up to 2 years and in case the homeowner stays in the house for 5 years, the loan will be forgiven.

This program is mainly targeted towards the troubled homeowners and is known as “Emergency Homeowners Loan Program”. The homeowners will be able to apply for this loan by the end of 2010. There are several conditions that the homeowners need to fulfill to be eligible for this Federal loan. The eligibility criteria laid down by the government are summed below:

  • Homeowners must be behind their payments by at least 3 months.

  • There should be a likelihood of the income sources being resumed after 2 years.

  • The homeowners must have suffered at least 15% fall in income.

  • The homeowners have been able to afford their mortgage payments before the fall in income.

  • The property needs to be the principal residence of the homeowners. They should not have any other property in possession.

  • The homeowners need to be the residents of Puerto Rico or any of the 32 states of US which are not receiving Harvest Hit Fund assistance from the Federal government.

If these conditions are not satisfied by the consumers, they will not be allowed to apply for the Federal loan. This “Emergency Homeowners Loan Program” is based on the similar initiatives which were taken by the federal government in the state of Pennsylvania in 1983. The program in Pennsylvania gave out $470 million ($60,000 for individuals) to 44,000 homeowners and registered a success of 80% in preventing foreclosures.

This program is, however, a smaller one and Congress gave only $1 billion to the Housing Department for spending. This will mean that 20,000 people will be helped by this program, which is just a small fraction of total number of people needing help. However, those who are not troubled and are planning to invest in Real Estate, can eye for foreclosed properties which are repossessed by the lenders.
For more information of foreclosure listings, visit, your source of fixer upper homes for sale.

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