Home Loan Help for Jobless in Jeopardy
Thousands of potentially eligible homeowners may be left out of a $1 billion Department of Housing and Urban Development program that provides interest-free loans to the unemployed because of documentation and timing problems.
The Dodd-Frank Act required HUD to develop the Emergency Homeowners Loan Program. Unemployed borrowers in 27 states could apply through nonprofit counseling centers for up to $50,000 in mortgage assistance so long as they contribute $150 per month.
