Wednesday, July 13, 2011

Homestead Solutions, Inc. Awarded Emergency Homeowners’ Loan Program Funds to Provide Mortgage Assistance to Wisconsin Homeowners

CONTACT: Romi Norton
Homestead Solutions
Homestead Solutions, Inc. Awarded Emergency Homeowners’ Loan Program Funds to Provide Mortgage Assistance to Wisconsin Homeowners Program is Designed to Help Wisconsin Homeowners Who Are at Risk of Foreclosure
Homestead Solutions, Inc. of Oshkosh has announced that it has been selected by NeighborWorks America in conjunction with the U.S. Department of Housing and Urban Development (HUD) to help promote the Emergency Homeowners’ Loan Program (EHLP) in the state of Wisconsin.

Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition.

Under EHLP guidelines eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

"The Emergency Homeowners’ Loan Program will make it possible for struggling Wisconsin homeowners to receive some much needed assistance in paying their mortgages," stated Romi Norton.

The EHLP program will pay a portion of a successful applicant’s monthly mortgage and homeowners can use the money for missed mortgage payments or past due charges including principal, interest, taxes, and insurance. EHLP is expected to aid as many as 30,000 distressed borrowers in the US.

"NeighborWorks America is very pleased to partner with Homestead Solutions to raise awareness of the EHLP program among Wisconsin and help those that qualify receive mortgage assistance," stated Eileen M. Fitzgerald, of NeighborWorks America.

The EHLP funding is a complement to the Hardest Hit Fund which makes available $7.6 billion to 18 states and the District of Columbia that were hardest hit by the housing crisis. The EHLP funds will be offered in the following states: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming and Puerto Rico. Five states operating substantially similar programs are administering EHLP funds through their existing programs: Connecticut, Delaware, Idaho, Maryland, and Pennsylvania.

With the launch of this program, mortgage assistance is now available for unemployed and underemployed homeowners in every state.

Contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP assistance and its eligibility requirements can be found at or by calling toll free at 855-FIND-EHLP (346-3345).

About NeighborWorks® America
NeighborWorks® America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network ― more than 235 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.
About Homestead Solutions, Inc.
Homestead Solutions, Inc. is a Non-Profit HUD-Certified Housing Counseling Agency located in Oshkosh. We work with homeowners that are at risk of, or are already having difficulties keeping up with their mortgage payments. We help the homeowner take any necessary action to avoid the foreclosure. As a HUD-Certified Agency, homeowners can feel confident that they are not getting involved in a scam. There are no up-front fees and the Homestead Solutions counselors are truly here to help. We are funded by a grant through the US Government, so in most cases there is no fee to the homeowners for our services.



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