A program aiming to assist homeowners who may be going through property foreclosure or financial distress due to involuntary unemployment, underemployment, economic conditions or medical conditions was recently announced by the U.S. Department of Housing and Urban Development and NeighborWorks America.
The program will help those at risk of foreclosures in 27 states and in Puerto Rico. About $1 billion will be available to HUD as apart of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Homeowners could potentially receive interest-free loans and mortgage assistance.
Julie Gugin, director of the Minnesota Homeownership Center, told the Minnesota Star Tribune about 66 percent of those who seek counseling suffer from medical issues. She said the program will offer an "important lifeline" to homeowners who would otherwise struggle to pay their bills.
Applications for the program must be submitted by July 27. The government said the funding is a complement to the Hardest Hit Fund, which made $7.6 billion available to Washington, D.C., and 18 states hit the hardest by the housing crisis. Officials said help for home foreclosure is now available in every state.
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