Federal foreclosure assistance
program falls short of goals
Source:
Informa Research Services
(9/23/2011) A
federal program designed to help consumers avoid having their homes foreclosed
upon is now considered extremely unlikely to reach its goals.
The
Emergency Homeowners' Loan Program, administered by the Department of Housing
and Urban Development in conjunction with state governments, and backed by about
$1 billion in federal funds, will most likely not meet its goal of helping
30,000 consumers nationwide, according to a report from USA Today. The problem
was that most of the 100,000 or so consumers who filed applications through two
deadline extensions were not eligible for assistance or did not provide the
necessary documents.
Consumers
who did not have access to or did not qualify for the EHLP initiative may want
to consider refinancing their home loan instead. Typically, homeowners can trim their monthly bills by
as much as a few hundred dollars by checking the latest online rate tables to
find the best local mortgage
rates.
Critics
believe the program has been criticized for qualification requirements that were
too great for many consumers to deal with, the report said. This has been a
common complaint about federal foreclosure assistance programs in the last few
years.
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