For Austin homeowners concerned about the possibility of property foreclosure, there is hope. The City of Austin has announced that residents who are facing foreclosure may be eligible for an Emergency Homeowners Loan Program (ELHP).
The federal program was recently enacted in the state of Texas. This special financing assistance through the US Department of Housing and Urban Development targets homeowners who have been affected by medical conditions, unemployment or under-employment. Mortgage funding of as much as $50,000 is available for up to two years for those who qualify and are admitted into the program.
The application deadline for pre-screening on eligibility is July 22, 2011. If there are more applicants than funds available as expected, qualified applicants will be entered into a random lottery. Those chosen in the lottery will have just five days to attend an ELHP application appointment and submit all paperwork for foreclosure assistance. Once the application has been turned in, it will then be reviewed for loan approval.
For more information about the federal Emergency Homeowners Loan program or to download an application, visit www.ehlp.texas.org.