HUD Has Loans for Out-of-Work Borrowers
The U.S. Department of Housing and Urban Development announced Tuesday that it will offer $50,000 loans to unemployed borrowers who are at least three months behind in their payments, but who have a reasonable likelihood of being able to resume regular payments within two years.
The property must be the borrower’s principal residence and they cannot own a second home. They must have suffered at least a 15 percent decline in income.
The loan is available in 32 states not receiving assistance through the Hardest Hit Fund, which gave 18 states more than $4 billion to devise programs to help the unemployed and underwater borrowers.
Source: CNNMoney.com, Tami Luhby (01/05/2010)