Congress authorized $1 billion last July to help unemployed homeowners nationwide who are at risk of foreclosure as part of the Emergency Homeowners Loan Program (EHLP). EHLP was signed into law 180 days ago by President Obama as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
On October 5th, 2010 the U.S. Department of Housing and Urban Development (HUD) issued a press release stating that: "It is HUD's intention for the program to begin taking applications from eligible homeowners by the end of the year."
To date, the Pennsylvania Housing Finance Agency (PHFA) which will administer the HUD loans is still waiting for the money from Washington.
HUD spokesman Brian Sullivan recently stated that "the target is the first quarter of this year."
The EHLP law will provide up to $50,000 in zero-interest loans for each homeowner who qualifies, or who is behind on their mortgage payments due to unemployment, underemployment or medical bills.
Homeowners in Pennsylvania need this money today as there are 13,000 new foreclosure notices sent out every month to residents of the keystone state.
The situation in Philadelphia is even more dire but fortunately Judge Pamela D. Dembe, the president judge of the Court of Common Pleas of Philadelphia has issued a 30 day moratorium for the nearly 1,500 residential properties in foreclosure.
The time for HUD to act is now. Pennsylvania families threatened with eviction in the winter of 2011 need help today.
To speak directly, one on one, with an experienced and knowledgeable Philadelphia Bankruptcy Lawyer, please contact the Dunne Law Offices at (215) 854-6342. We offer a free initial consultation for all consumer bankruptcy matters.
The Dunne Law Offices, P.C. is a debt relief agency. The Dunne Law Offices, P.C. helps people file for bankruptcy relief under the bankruptcy code.