Emergency Homeowners' Loan Program Proves Immensely Popular

The government has created a new program for un- or underemployed homeowners who have gotten behind on their mortgage payments, and thus far the response has been enormous. The Emergency Homeowners' Loan Program, funded by $1 billion in federal funds, is available to homeowners in 32 states (Oregon as yet is not included) and Puerto Rico who are at least three months behind on their mortgages and have suffered at least a 15% decrease in income. The loans go to help homeowners avoid foreclosure and need not be paid back, so long as the individual stays current on their mortgage for the next five years.

The program has proved so popular however, that it's been inundated with thousands of applications, with plenty more expected before the July 22nd deadline. At this point, applicants will likely be selected based on a random lottery. Stay tuned with Summa for more news on the program, such as the possibility of an extension or expansion.