Wednesday, October 6, 2010

Mortgage "relief" on the way

Mortgage "relief" or haelp is on the way. If you run into some financial problems and can not make your mortgage payment you can apply for the Emergency Homeowners Loan Program of up to $50,000, The program will be available the end of the year. The borrower must be at least have to show some possibilitya of resuming within two years. Not all borroweres who are deliquent will qualify; the borrow must have at least a 15% drop in income, but was able to their mortgage before the income loss. Im pretty sure they will have specific guidlines once the program is ready to roll out. A very importatnt factor, the property must be their principle residence and they cannot own a second home. Hopefully this program will assist borrowers who can afford and who would like to remain in their home

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