Yaw Encourages Homeowners Facing Threat of Foreclosure to Apply for EHLP Assistance

Applications must be delivered to the PHFA office no later than Friday, Sept. 16th. Federal Deadline is Friday, Sept. 30th

HARRISBURG – Homeowners in danger of losing their homes due to involuntary unemployment, under-employment or for medical reasons have until September 16, 2011 to apply for the Emergency Homeowners’ Loan Program (EHLP), according to State Senator Gene Yaw (R-Lycoming).

Yaw, who serves as Chairman of the Senate Urban Affairs and Housing Committee, said the federal Emergency Homeowners’ Loan Program, which is administered by the Pennsylvania Housing Finance Agency (PHFA), will offer homeowners a declining balance, deferred payment “bridge loan” (non-recourse, subordinate loan with zero interest) for up to $50,000.

The program will also help homeowners in danger of imminent foreclosure with payment of arrearages, plus up to 24 months of monthly payments on their mortgage principal, interest, mortgage insurance premiums, taxes, and hazard insurance.

“This assistance will certainly help families on the brink of foreclosure,” Yaw said. “During this very difficult economy, the EHLP program is a safety net for homeowners struggling to make payments due to involuntary unemployment or other unforeseen reasons.”

Homeowners interested in the program must apply thru a PHFA Homeowners’ Emergency Mortgage Assistance Program-approved counseling agency.

Pennsylvania residents should call PHFA at 1-800-342-2397 for a list of HEMAP-approved counseling agencies in their area.

Contact: Nick Troutman
(717) 787-3280

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