New Loan To Help Troubled Homeowners – Act Fast!
An article from MSN Money announced a new interest-free government loan to help delinquent homeowners escape foreclosure. In order to have the opportunity to apply for this loan homeowners must be pre-screened before July 22nd. Only those who pass the pre-screening will be allowed to apply for the funds.
The article recommends applying for the funds if you meet these guidelines:
- You’re (involuntarily) unemployed or underemployed after losing a job or because of a serious medical condition.
- You’re at least 90 days delinquent on your mortgage payments on your primary home.
- You’ve received a notice of foreclosure.
- Your income has dropped by at least 15%.
- You’re likely to be able to resume home payments within two years.
- You meet the income eligibility criteria. Roughly, that’s if your household income in 2009 was at or below $75,000 a year or 120% of the area median income for a household size of four.
The loans are only available in the following states: Alaska, Arkansas, Colorado, Connecticut, Delaware, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming and Puerto Rico.
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