ADVERTISEMENT

ADVERTISEMENT

Time running out for homeowners wanting to ward off foreclosure

The clock is ticking on a federal program that will offer zero interest loans to many Wisconsin homeowners who are in jeopardy of facing foreclosure.

The clock is ticking on a federal program that will offer zero interest loans to many Wisconsin homeowners who are in jeopardy of facing foreclosure.

Wisconsin will receive over $51,500,000 in emergency funding from the U.S. Department of Housing to help homeowners who've suffered a substantial reduction in income and have fallen behind on their mortgage.

Ashley Lacenski, a housing specialist with Coulee Cap in LaCrosse, says it's one of the agencies selected to administer the program, known as the Emergency Homeowner's Loan Program (EHLP). She says while it will fulfill the need for some people, it won't fulfill the need for everybody.

"Some of the people that are on fixed incomes that expenses and everything have just increased so dramatically, that they can't afford their houses anymore, we're still not hitting that part of the population," says Lacenski. "But it will fulfill a need for some of the people that are looking for work and just need to get back on their feet."

EHLP will provide some qualified homeowners with zero-interest, forgivable bridge loans that will pay a portion of their monthly mortgage for up to two years, or up to $50,000.

ADVERTISEMENT

Lacenski says there are a few catches. Qualified applicants must submit a pre-screening application by July 22nd. She says HUD then enters those who qualify into a lottery, where they may or may not be selected.

Application information is available at the website, findehlp.org.

What To Read Next