The Department of Housing and Urban Development said its EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a decrease in income of at least 15 percent directly resulting from involuntary unemployment or underemployment because of adverse economic conditions or a medical emergency.
Other EHLP eligibility requirements include:
Delinquency: Applicant must be at least three months delinquent on mortgage payments, as signified by notification by his first-lien lender/servicer.Principal Residence: Applicant must live in the mortgaged property as his principal residence. The mortgaged property must also be a single family residence (1 to 4 unit structure, manufactured housing, cooperative, or condominium unit).Likelihood of Foreclosure: Applicant must have received notification of his lender's/servicer's intention to foreclose on his mortgage as a result of the delinquency, and must also certify to the likelihood that their mortgage will be foreclosed upon.Income Limit: Applicant has a total household income equal to, or less than, the greater of either $75,000 or 120 percent of the Area Median Income (AMI) for a household size of four persons previous to the loss of income resulting from involuntary unemployment, underemployment or medical emergency/serious injury. Income includes wages, salary, and self-employed earnings and income. Mortgage Cost Burden: Under his current reduced income, the applicant's monthly mortgage payment is greater than 31 percent of his monthly income.Ability to Resume Payment: Applicant must have a reasonable likelihood of being able to afford and resume repayment of monthly mortgage and all other household debt obligations when re-employed, in accordance with program qualification guidelines.
For more information, go to http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hcc/ehlp/who