HONOLULU (HawaiiNewsNow) - Hawai'i homeowners at risk of foreclosure due to unemployment or a medical condition may be eligible for emergency mortgage assistance as part of the Emergency Homeowners' Loan Program (EHLP).
The program, funded by the U.S. Department of Housing and Urban Development (HUD), is managed by the Hawai'i Housing Finance and Development Corporation, and will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment, due to economic conditions or a medical condition.
EHLP can provide eligible homeowners with zero percent interest, forgivable loan of up to $50,000 that pays past-due mortgage payments, as well as a portion of the homeowner's mortgage payment, for up to 24 months. Homeowners will receive counseling before and during the loan period.
"Many of our families, friends, and neighbors are at risk of losing their homes because of circumstances beyond their control," said Governor Neil Abercrombie. "This is a time to reach out and make sure everyone knows about this opportunity for assistance."
Assistance is available to 130 total Hawai'i homeowners under EHLP. Three local nonprofit's agencies -- the Consumer Credit Counseling Service, Hawai'i Home Ownership Center, and Hale Mahaolu (Maui County only) - will provide services for 54 Hawai'i homeowners. Three agencies on the mainland approved by HUD -- Homeownership Preservation Foundation, Money Management International Inc. and National Community Reinvestment Coalition - will provide services for 76 other Hawai'i homeowners.