ST. PAUL - The deadline for homeowners to qualify for up to $50,000 in mortgage assistance from the Emergency Homeowners' Loan Program is Friday. Vacant slots remain for homeowners from greater Minnesota who need assistance with their mortgage to avoid foreclosure.
According to a news release from the Minnesota Home Ownership Center, the pre-applicant screening worksheets are due by Friday afternoon.
The Emergency Homeowners' Loan Program, launched by the U.S. Department of Housing and Urban Development and administered in Minnesota by Minnesota Housing and the Minnesota Homeownership Center, is designed to assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition.
Cherrish Holland, a financial counselor with Lutheran Social Service in Willmar, pointed out that one-third of all eligible applicants will be selected from non-metro counties. As of today there are still vacant slots in the lottery for residents in greater Minnesota.
"It would be a shame if these funds were not fully utilized by struggling homeowners," Holland said.
Under the program guidelines, eligible homeowners can qualify for mortgage assistance which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.
"The July 22nd application deadline is coming fast and we want as many people as possible to apply for this program that may help save their homes," says Ed Nelson of the Minnesota Homeownership Center. "If someone is behind in their mortgage due to job loss or reduced income, they owe it to themselves to see if they qualify and submit a pre-application as quickly as possible."
Homeowners seeking additional program guidelines and applications materials should visit the Emergency Homeowners' Loan Program Minnesota website at www.EHLPMinnesota.com or call the Minnesota Homeownership Center at 866-462-6466.
Homeowners wishing to participate must submit a complete pre-application via mail or fax to the Minnesota Homeownership Center by 4:30 p.m. Friday, and certain documents also are required. Details about the required criteria and all the documentation needed are available at the website or by calling the above number.