The Washington Post

HUD program to aid distressed borrowers

The Department of Housing and Urban Development announced the launch Monday of a $1 billion program to save delinquent homeowners in more than two dozen states from foreclosure.

Unemployed homeowners or those underemployed because of economic conditions or a medical condition will be eligible for an interest free loan that will cover a portion of their mortgage for up to two years, or up to $50,000, whichever comes first. The program, known as the Emergency Homeowners’ Loan Program, is expected to help up to 30,000 distressed borrowers, according to HUD.

Maryland and Virginia were among the states choosen by HUD to share in the funds, which are being distributed to nonprofit and government housing agencies. Homeowners have until July 22nd to apply for the help.

Renae Merle covers white collar crime and Wall Street for The Washington Post.
Show Comments
Most Read
DJIA -0.62%
NASDAQ 0.35%
Last Update: 4:32 PM 02/11/2016(DJIA&NASDAQ)



Success! Check your inbox for details.

See all newsletters

Close video player
Now Playing

To keep reading, please enter your email address.

You’ll also receive from The Washington Post:
  • A free 6-week digital subscription
  • Our daily newsletter in your inbox

Please enter a valid email address

I have read and agree to the Terms of Service and Privacy Policy.

Please indicate agreement.

Thank you.

Check your inbox. We’ve sent an email explaining how to set up an account and activate your free digital subscription.