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This is a terrible idea.
There is no real qualifying condition, other than no job, behind 3 months on your payment and foreclosure being imminent. I mean come on, would you lend money to someone that didn’t have a job.
I don’t mean to be harsh, but this just seems crazy. It also states that to be approved there has to be a reasonable chance of repayment within 2 years.
Really! Someone is going to get back on there feet, and try to make sense of all the craziness going on in their life, and you want them to pay back a $50k loan. Seriously, $25k a year!
This is just nuts.
I saw a reference to this new $50,000 giveaway a few weeks ago and then it quickly disappeared from the main stream news. It’s as if somebody is intentionally keeping this out of the spot light. And the reason is that it’s an absurd idea – I agree with Corri above. It just makes me sick to my stomach that first we try $8,000 giveaways, and now we are giving away $50,000. What the hell is going on this country?!?!?! Very disturbing!!!
I say let the market prevail. Last I checked we were supposed to be a market driven economy.
To the above comments. The reason why most people are behind in their mortgage payments or lost of job is because Wall Street created financial products to make more profit and did not look at the long term effect. No one wants to loose their jobs or be unable to pay the monthly mortgage. To remind you the Banks received 800 billion dollars in help and companies like AIG took the money and went on vacation (This is very disturbing). This program is design to help people stay in their house and in less then to years start making their mortgage payments again. The economic effect of millions of foreclosures is way worst rather than programs trying to help homeowners.
and if you live in a state the hardest hit with forclosures. Fla, AZ, Nevada, Calif…… I see there is no help for those states. so is iit really about helping the ones hardest hit. I think not.
Has anyone who applied for this help gotten it yet? For those of you slamming those who have applied your cruelty in doing so is unfounded. I applied in an effort to save my home not out of greed but necessity. I suffered a heart attack 3 months after my spouse was laid off. We were already struggling due to his lay off but we were making it. I did not choose to have a heart attack which took us from getting by to having no income for the 3 months I was in the hospital and off work. I had no choice but to return early against my doctors advice so that I could continue to pay my bills that only consist of house, car, electricity, insurance and phone bills, No credit cards or extravagances. By the time I did return my house payment was behind and we received a “breach” letter from an attorney. This program was the only hope I had of saving my home. With minor children and now a heart condition in this economically depressed area I thought it would be a solution to help me get back on my feet. That was over 5 months, 2 different processing agencies and hundreds of faxes ago. I still do not know if I am going to receive the emergency home loan. All I know is that I was chosen in the random lottery and that I was prequalified. I hear from my bank at least twice a week and todays call from them was to let me know that I will be going into foreclosure soon since they are out of patience waiting on the agency we were assigned to, to make contact or disburse funds.And for those of you who want to criticize me or anyone else for applying let me assure you that if I do receive any help at all it will not amount to more than $10,000.00 at most. No one is guaranteed 50K. READ the ehlp website and perhaps you will understand, it will only pay the arrearages and fees associated with those as well as a portion of a monthly mortgage, insurance and taxes for up to 2 years or 50K whichever comes first. The processing is not easy nor is is painless. MY bank will not work with me but they were willing to work with this program. So for me it’s either walk away from the only home my children have ever known or try to save it. A home I might mention only 4 years ago I had 30K equity in but now have nothing due to a poor economy. And by walking away that means that at 45 I will never be able to own a home again and instead will be forced to pay around 900.00 a month just for a halfway decent place to rent where my house payments are less than 600.00. In my place what would you do?
Just another totally INEFFECTIVE program… like the current administration: destined for failure.
I was approved for EHLP and closed the loan and signed paperwork yesterday. The government paid off the 8 months I was behind bringing my loan current. For the next 24 months instead of paying $1200 a month mortgage payment I’ll be paying only $400. I was facing foreclosure. With this program I am able to keep my home. I feel this program was successful, but it’s too bad more people couldn’t be helped.
KAR – I got the loan too, but no one ever told me my mortgage payment would go down. Did I miss something here? Can you shed some light on this for me?
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