HUD's Emergency Homeowners' Loan Program available in Texas for short time only

June 28, 2011 - PRLog -- Business and Community Lenders (BCL) of Texas has been selected as a participating organization in the U.S. Department of HUD’s Emergency Homeowners’ Loan Program (EHLP) to assist homeowners who have become unemployed or underemployed due to the economic downturn or a medical condition.  The statewide program will only accept pre-applicants through July 22, 2011.

The EHLP will assist borrowers with payments of arrearages, including delinquent taxes and insurance plus up to 24 months of monthly payments up to a maximum of $50,000.  Borrowers will be pre-screened for eligibility and selected to apply via a lottery system, as there is expected to be more demand than funds available.

BCL of Texas is one of 11 nonprofit, HUD-approved counseling agencies and local NeighborWorks organizations across Texas that will be assisting homeowners throughout the state of Texas during the pre-screening phase.  

In order to be qualified for funding, homeowners must demonstrate their eligibility in regards to income limits, mortgage loan delinquency, likelihood of foreclosure, ability to resume payment within 2 years, and primary residence requirements.  Further information regarding eligibility can be found at http://www.ehlptexas.org.

The EHL Program, developed by HUD and administered by NeighborWorks America, is designed to emulate successful programs in other states.  The EHLP is being offered in Puerto Rico and the 32 states otherwise not funded by the U.S. Department of Treasury’s Innovation Fund for Hardest Hit Housing Markets program, which provides similar funding for homeowners in other states.

For further information on the program, visit http://www.ehlptexas.org or call (877)417-8272.

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Established in 1990 as a statewide not-for-profit Certified Development Corporation, BCL of Texas successfully promotes business and community development by providing business capital and commercial real estate loans throughout Texas and offering homeowner education and counseling.