A federal mortgage program finally has money available to help those laid off and in danger of losing their homes.
The Emergency Homeowner Loan Program of EHLP is designed to offer up to 24 months of mortgage payments for out of work people facing foreclosure. U.S. Senator Bob Casey said $105 million is available for Pennsylvania and now the job is signing people up for the program.
“Since the program began, 74 applicants have already been approved. It’s been estimated that between 4,000 and 5,000 people will be assisted by the program by the conclusion of the program September 30th,” said Casey.
John Goryl of the Pennsylvania Housing Finance Agency said the loan can turn into a grant.
“[As] Long as you stay in your home for a five-year period it will be forgiven at the rate of 20 percent a year for as long as you are in your home,” said Goryl. “So at the end of the day if you are in there five years, the EHLP loan goes away.”
To qualify you have to be in financial distress and out of a job. To find out more Philadelphia residents can call 215-334-HOME. Outside of the city, people are encouraged to contact a local counseling agency.