The Obama administration will offer $1 billion in zero-interest loans to help homeowners who’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas. Under the new $1 billion program, the Department of Housing and Urban Development will offer loans of up to $50,000 to borrowers “in hard hit local areas” to make mortgage, tax and insurance payments for as long as two years, HUD said today in a statement. The Treasury Department will also offer as much as $2 billion in aid under an existing program for 17 states and the District of Columbia, according to the news release. The initiatives “will ultimately impact a broad group of struggling borrowers across the country and in doing so further contribute to the administration’s efforts to stabilize housing markets and communities,” Bill Apgar, HUD’s senior adviser for mortgage finance, said in the statement.
Unemployment, following the worst housing crash since the Great Depression, is helping accelerate foreclosures. A record 269,962 U.S. homes were seized in the second quarter, according to RealtyTrac Inc. Foreclosures probably will top 1 million this year, the Irvine, California-based data company said in a July 15 report. Read more
here:
Free Lunch? Nope - Free Loans? Yep
The Obama administration will offer $1 billion in zero-interest loans to help homeowners who’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas. Under the new $1 billion program, the Department of Housing and Urban Development will offer loans of up to $50,000 to borrowers “in hard hit local areas” to make mortgage, tax and insurance payments for as long as two years, HUD said today in a statement. The Treasury Department will also offer as much as $2 billion in aid under an existing program for 17 states and the District of Columbia, according to the news release. The initiatives “will ultimately impact a broad group of struggling borrowers across the country and in doing so further contribute to the administration’s efforts to stabilize housing markets and communities,” Bill Apgar, HUD’s senior adviser for mortgage finance, said in the statement.
Unemployment, following the worst housing crash since the Great Depression, is helping accelerate foreclosures. A record 269,962 U.S. homes were seized in the second quarter, according to RealtyTrac Inc. Foreclosures probably will top 1 million this year, the Irvine, California-based data company said in a July 15 report. Read more here:
Posts
0 comments:
Post a Comment