32 States across the country are participating in the D0dd-Frank Wall Street Reform and Consumer Protection Act announced last week. This program, known as the Emergency Homeowner’s Loan Program, will help up to 30,000 homeowners who are in need of assistance so they don’t lose their home to foreclosure. Actually, it’s not a loan; well it’s an interest-free loan. These type of loans are considered “bridge loans” that have been structured to reduce the temptation for underwater homeowners to otherwise “walk away” from their homes. The banks and the lenders would rather you stay in your home because remember they don’t want these homes on their books because it looks bad for them. You must of course meet the criteria in order to get the help but there is at least some help to get.
Here is the link to the full article, check it out for yourself:
Why isn’t Atlantic County, NJ included in this 32-state wide assistance program? Well, the State of New Jersey decided not to participate in the program because they wanted to set up something else. Tune in tomorrow….