NeighborWorks Montana and Rural Dynamics, Inc., to Help Provide Mortgage Assistance Using HUD Funds

NeighborWorks Montana and Rural Dynamics, Inc., announced that they have been selected by NeighborWorks America in conjunction with the U.S. Department of Housing and Urban Development (HUD) to help promote the Emergency Homeowners’ Loan Program (EHLP) in the state of New York.Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, because of economic conditions or a medical condition.Under EHLP guidelines eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.The Emergency Homeowners’ Loan Program will make it possible for struggling Montana homeowners to receive some much needed assistance in paying their mortgages.The EHLP program will pay a portion of a successful applicant’s monthly mortgage and homeowners can use the money for missed mortgage payments or past due charges including principal, interest, taxes, and insurance. EHLP is expected to aid as many as 118 distressed borrowers in the state.Applications are only being accepted from July 5th until 5 pm on July 22. For more information contact NeighborWorks Montana at 866-587-2244 or Rural Dynamics Inc. at 877-275-2227.

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