KEYSER, W.Va. — Both U.S. Sen. Jay Rockefeller and Gov. Earl Ray Tomblin announced recently that those West Virginians across the state who are struggling to pay their mortgages should seek assistance from the U.S. Department of Housing and Urban Development (HUD).
Homeowners can apply for the Emergency Homeowners’ Loan Program (EHLP) now through July 22, which provides qualified homeowners who lost a large amount of income through unemployment, underemployment or a medical emergency with help.
“Struggling homeowners may find the breathing room they seek through the Emergency Homeowner’s Loan Program,” said Tomblin. “I encourage interested homeowners to see assistance.”
The EHLP will give those who qualify the chance to borrow a zero-interest, forgivable loan from the federal government that will help them make mortgage payments and to catch up on past due payments. Also available for consultation are housing counselors that help homeowners look at their options and determine what’s best for them.
“Foreclosure remains a real threat to homeowners and entire communities through West Virginia,” said Rockefeller.
Erica Boggess, deputy director of the West Virginia Housing Development Fund, said that their office, who works to increase the supply of housing for low to moderate income families and provide mortgage financing among other things, has seen a definite downturn in the number of mortgages being handed out.
“Mortgage loan values are down,” said Boggess. “I think it’s the economy. I think it’s peoples’ confidence.”
Boggess said that one factor that is enticing, are the almost historically low interest rates.
“Mortgage interest rates are very low across the nation,” said Boggess, adding that while the rates are attractive, people are still waiting until there is more certainty with the economy.
Those interested in finding out more information can visit www.hud.gov or talk to a housing counselor for free by calling the Homeowners HOPE hotline at 1-888-995-HOPE (4673).
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Mountain State residents urged to seek assistance with mortgages
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