Monday, June 20, 2011

Federal foreclosure assistance; Emergency Homeowner's Loan Program (EHLP); Pennsylvania participation

From comes details of a new $ 1 billion federal program to bail out homeowners facing foreclosure. The bailout takes the form of interest free loans.

This program will have the effect of delaying the price correction that we have needed to reignite sales volume since the market crash of 2006-2008.

The program is available in 27 states, but does not include Pennsylvania. Residents of Pennsylvania may apply for PA administered assistance that draws funds from the federal program.

There are more details at The Boston Globe, including the information that in some cases, the loans might not have to be repaid at all.

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