The deadline for distressed homeowners to apply for a government mortgage aid program has been extended through Wednesday. The Emergency Homeowner's Loan Program or EHLP, a program offered through the Department of Housing and Urban Development and NeighborWorks, offers up to $50,000 in interest-free loans to qualified homeowners to help pay for a portion of their monthly mortgage for up to two years. Qualified applicants include homeowners at risk of foreclosure and who are unemployed or underemployed due to economic conditions or a medical condition.
HUD extended the deadline to enable more homeowners to apply for the loan program. In-need homeowners must submit two documents by midnight Wednesday, including the pre-application and a third-party authorization form, which can be found on the NeighborWorks and HUD program website. Payments for homeowners who receive EHLP funds are expected to start in late September.