• Home
  • About
  • Our Listings
  • Search Homes
  • Mortgage Calculator
  • Blog

ReferralRealty.US

Serving Raleigh, Durham, Chapel Hill & The Triangle

ReferralRealty.US – North Carolina Homes

Browse All Homes for Sale in Raleigh and Surrounding Areas

Cutoff Date for Relief Loan Applications Fast Approaching

July 5, 2011 by PeterGreijn

Filed under: News, Refinancing, Credit

Washington is acting to rescue tens of thousands of beleaguered homeowners by offering interest-free loans, some of which will ultimately be “forgiven” if borrowers follow the rules.

But the pre-screening deadline for applicants is July 22, so interested homeowners must move fast. Click here to get started.

Coming out of the budget of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the $ 1 billion allotted for the Emergency Homeowners’ Loan Program is expected to help about 30,000 of them, reports The Washington Post.

But qualifying for the relief program is not easy. Among other conditions, applicants must be unemployed or underemployed, 90 days behind on mortgage payments and have received a foreclosure notice.
Homeowners who qualify for the program — which is offered only in 32 states — receive a loan enabling them to meet up to two years or $ 50,000 worth of mortgage payments. The loan requires no payments for five years, as long as borrowers contribute 31 percent of their income or at least $ 150 to their mortgage payments. After that, the magic starts: The government reduces the loan balance by 20 percent each year until, poof — no more loan.

MSN Money offers a more thorough breakdown of the program.

For more on mortgages and related topics see these AOL Real Estate guides:

  • Stop Foreclosure Scammers Before They Scam You
  • How to Get a Low Mortgage Rate
  • Mortgage Jargon in Simple Terms
  • Foreclosure Help: What a Housing Counselor Can Do

More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find
homes for sale in your area.
Find
foreclosures in your area.

 

Permalink | Email this | Linking Blogs | Comments

AOL Real Estate – Blog

Filed Under: News on Real Estate Tagged With: Applications, Approaching, Cutoff, Date, Fast, Loan, Relief

Be Social – Follow Us

  • facebook
  • twitter
  • instagram
Request a FREE Foreclosure List
Foreclosure Subscription
Click on this Link or Photo to SUBSCRIBE

ReferralRealty.US LLC

For more information Phone:919-422-9677  Or, click here to: E-mail Peter. 

Copyright © 2021 · AgentPress Pro on Genesis Framework · WordPress · Log in

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange™ Program of the Triangle MLS, Inc. of Cary. Real estate listings held by brokerage firms other than ReferralRealty.US, LLC are marked with the Internet Data Exchange™ logo or the Internet Data Exchange™ thumbnail logo (the TMLS logo) and detailed information about them includes the name of the listing firms. Listing information is deemed reliable but not guaranteed. This web site is monitored for signs of third party scraping and any use of search facilities of data on the site, other than by potential buyers and sellers, is prohibited.