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HUD program offers aid to avert foreclosures
By: Associated Press//July 8, 2011//
MILWAUKEE (AP) — Wisconsin homeowners who are at risk of foreclosure have two more weeks to apply for assistance through a federal program.
Eligible homeowners can qualify for an interest-free loan up to $50,000. The money would be used to pay a portion of their monthly mortgage for up to two years.
The deadline to apply is July 22.
The program is called the Emergency Homeowners’ Loan Program. It’s administered through the U.S. Department of Housing and Urban Development.
It’s intended to help homeowners who are at risk of foreclosure due to layoff, underemployment, economic hardship or a medical condition.
HUD has allocated $51.5 million to fund the program in Wisconsin. Officials say they expect the average loan to be about $35,000.
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