Save Your Home

New Emergency HomeOwner Loan Program (June 20th, 2011)

The NeigborWorks(R) HomeOwnership Center is pleased to be able to offer a new opportunity to save your home for residents of Worcester County.  Please act quickly: Pre-applications are ONLY being accepted Monday, June 20, through Friday, July 22.

FOR MORE INFORMATION AND APPLICATION PLEASE VISIT EHLP TO FILL OUT APPLICATION. http://ehlp.nw.org/

The Emergency HomeOwner Loan Program (EHLP )is designed to provide mortgage payment relief to eligible homeowners experiencing a decrease in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency.

Other EHLP eligibility requirements include:

  • Delinquency: Applicant must be at least three months delinquent on mortgage payments, as signified by notification by his or her first-lien lender/servicer.
  • Principal Residence: Applicant must reside in the mortgaged property as his or her principal residence. The mortgaged property must also be a single family residence (1 to 4 unit structure, manufactured housing, cooperative, or condominium unit).
  • Likelihood of Foreclosure: Applicant must have received notification of his or her lender’s/servicer’s intention to foreclose on his or her mortgage as a result of the delinquency, and must also certify to the likelihood that their mortgage will be foreclosed upon.
  • Income Limit: Applicant has a total household income equal to, or less than, the greater of either $75,000 or 120 percent of the Area Median Income (AMI) for a household size of four (4) persons previous to loss of income resulting from involuntary unemployment, underemployment, and/or medical emergency/serious injury. Income includes wages, salary, and self-employed earnings and income. Click here to determine the 120 percent AMI income limits for your area.
  • Mortgage Cost Burden: Under his or her current, reduced income, the applicant’s monthly mortgage payment is greater than 31% of their monthly income.
  • Ability to Resume Payment: Applicant must have a reasonable likelihood of being able to afford and resume repayment of monthly mortgage and all other household debt obligations when re-employed, in accordance with program qualification guidelines.

If you feel you are eligible for funding or have any questions please contact our counselors today! Call us today at (508) 791-2170.

 

Are you in Danger of Losing your Home?

The Foreclosure Prevention Workshop is the first step toward keeping your home.

Enroll in a Foreclosure Workshop Today
(Just simply click here to fill out a workshop form)

The NeighborWorks® HomeOwnership Center is proud to announce that we are taking our organization into the next level of technology and implementing the Helping Hands Debt Solutions Software Program.

The Helping Hands program will allow us to better services homeowners in distress. The Helping Hands Software will guide borrowers to creating loan modification packages that our counselors can review before we begin negotiating with your lender for a modification. The software will help make the process faster and more effective.

The Software is FREE to all NeighborWorks® HomeOwnership Center clients and affiliates.

If you are interested in downloading the software for your personal use please click the Helping Hands Icon and follow the installation instructions.

Foreclosure Resources

Our friends at the Homeownership Preservation Foundation have provided us with a list of a few federal resources that may help you through this housing crisis. Take a look and see if one of these programs can help you stay in your home.

President Obama’s “Making Home Affordable” Plan
Making Home Affordable Website
Detailed Program Description
Making Home Affordable Second Lien Program
Payment Reduction Estimator

Fannie Mae “Home Affordable Refinance”
Highlights
FAQs

Freddie Mac “Home Affordable Modification Program”
Requirements
Online Training – Home Affordable Modification Program

U.S Department of Housing and Urban Development
Link to Program Options

Federal Deposit Insurance Corporation
Managing Your Money in Good Times and Bad

Federal Reserve Board
Tips to Protect Consumers from Foreclosure Scams

Federal Trade Commission
Facts for Consumers – Foreclosure Rescue Scams