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HUD offers program for mortgage payment relief to eligible homeowners

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.

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