Program offers forgivable loans to struggling homeowners in Alexandria areaUnemployed? Has your income dropped? Struggling with your mortgage?
Unemployed? Has your income dropped? Struggling with your mortgage?
The Emergency Homeowners Loan Program (EHLP) may help, according to the Alexandria office of Legal Services of Northwest Minnesota.
A program of the U.S. Department of Housing and Urban Development, the EHLP offers a zero interest, forgivable loan to eligible homeowners.
You must meet strict eligibility requirements. For example, you must be unemployed, underemployed, or have experienced a medical emergency.
Eligible homeowners are selected through a lottery.
An EHLP loan will pay some back payments and fees and provide monthly assistance for your mortgage payments. Assistance is available for up to 24 months or a maximum of $50,000.
An EHLP loan is secured by a lien against your house and is forgivable over five years if you continue to meet the requirements of the program.
The deadline for applying is July 22.
For eligibility criteria and information on how to enter the lottery, visit www.EHLPMinnesota.com or call 1-866-462-6466.