Categorized | Finance and Mortgage

Deadline Extended for Emergency Homeowners’ Loan Program

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For a select group of New Hampshire homeowners that are struggling with their mortgage payments, the federal Emergency Homeowners Loan Program has provided some much needed benefits. However, the program has rejected the majority of those that apply, and as such, it has been extended with the hope that more homeowners will be able to benefit from its services.

The program was started with the intentions of helping those New Hampshire homeowners that have either been unemployed, underemployed, or who have medical problems severe enough to impact their ability to pay their mortgage. The very strict and tedious approval process, however, has made it very difficult for the majority of homeowners faced with the required situations to actually receive any kind of aid or benefit from the program.

In fact, less than twenty-five percent of those that applied actually received aid. The program requires that homeowners meet twelve specific criteria before they are actually eligible to receive benefits, including being at least ninety days late on mortgage payments. With some of the criteria being very limited, the majority of homeowners find that they do not qualify. As such, the program has not yet approved enough homeowners to match its quota, and has opted to extend the program’s deadline with hopes of helping more who might qualify.

Of all the criteria required to receive benefits from the Emergency Homeowners Loan Program, it is the ninety-day delinquency period that has caused the most potential qualifiers to be disqualified. With the extension, as well as a possible change in qualifying criteria, there is hope that the program will be able to help additional homeowners to avoid foreclosure.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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