CHARLESTON -- West Virginia Attorney General Darrell McGraw wants to remind the state's consumers that time is running out to take advantage of the federally funded Emergency Homeowner Loan Program.
The Emergency Homeowner Loan Program (EHLP), administered by the Department of Housing and Urban Development (HUD), is currently accepting pre-applications from West Virginia consumers at www.findehlp.org or 855-346-3345. Due to the limited amount of funds available, West Virginia homeowners must pre-apply by July 22, 2011. There is no fee to apply.
To qualify for EHLP, homeowners must be unemployed or underemployed, be at risk of losing their home and 90 days delinquent on their mortgage. After pre-applying, homeowners selected to submit an application must be prepared to promptly provide key documents.
"The Emergency Homeowner Loan Program could provide some valuable relief for homeowners struggling to get back on their financial feet," McGraw said in a press release. "My office wants to make sure West Virginians don't miss the opportunity to take advantage of that help."
The Emergency Homeowners' Loan Program was implemented through funds provided to HUD by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The EHLP is designed to provide mortgage payment relief to eligible homeowners who have experienced a drop in income of at least 15 percent resulting from involuntary unemployment, underemployment due to adverse economic conditions, or a medical emergency.
Other EHLP eligibility requirements include: applicants must reside in the mortgaged home as their principal residence; a maximum household income of $75,000 to 88,200, depending on the West Virginia county, previous to loss of employment; a likelihood of impending foreclosure; and a reasonable probability that the applicant will have the ability to resume repayment of first mortgage obligations within two years.
For more details on EHLP requirements, interested consumers can check the EHLP website ehlp.nw.org, the HUD website hud.gov, or call Kim Stitzinger Jones at the Attorney General's Office, 1-800-368-8808. EHLP funds are being used to assist borrowers in Puerto Rico and 32 states, including West Virginia, that were not funded through the Treasury's Innovation Fund for Hardest Hit Housing Market program.
West Virginians can reach the Attorney General's Office online at www.wvago.gov or by calling the Consumer Protection Hotline at 1-800-368-8808. For regular consumer news updates and tips, follow "AGWestV" on Facebook, Twitter and YouTube.