(2) The homeowner fails to report changes in employment status or income within 15 days of the change;(a) Emergency assistance to an eligible homeowner may be made available in an amount up to the amount of the principal, interest, taxes, ground rents, hazard insurance, and mortgage insurance premiums due under the homeowner's mortgage and such other costs as may be specified by HUD. )(i) 25 percent of the amount collected by the attorney on the defaulted note, or(b) Have incurred a substantial reduction of income as evidenced by current monthly income that is at least 15 percent lower than the pre-Event income, as a result of involuntary unemployment or underemployment due to adverse economic or medical conditions, or such other reduction in income as may be specified by HUD.267 documents in the last year(d) At such times as may be prescribed by HUD, the servicer, in addition to making its monthly accounting, shall pay to HUD a premium equal to one-half of one percent of the average outstanding balance during the previous calendar year of all the emergency mortgage relief loans it serviced during that period. (1) Be a single-family residence in a one-to-four unit building, or a condominium or a housing cooperative or a manufactured home;(1) Funds have been explicitly appropriated or made available for this program and the statute making funding available directs the Secretary to commence making emergency assistance available to homeowners; or(c) Unless otherwise authorized by HUD, the lender or servicer shall not approve an emergency mortgage loan or advance of credit when the outstanding balance, including delinquent interest, of the delinquent mortgage when added to the other liens against the mortgaged property, plus the maximum emergency mortgage relief loan that may be advanced to the homeowner under this part, exceeds the value of the mortgaged property. The amount of emergency assistance provided to the homeowner shall be an amount that is determined by HUD to be reasonably necessary to supplement such amount as the homeowner is capable of contributing toward the homeowner's delinquent first mortgage payments, except that the aggregate amount of emergency relief provided to any homeowner shall not exceed $50,000, including any fees allowed under §§ 2700.310(a) and 2700.415(a).
With a program limit of approximately $901 million available for loans to homeowners, after subtracting administrative costs, this would assist a maximum of 34,474 homeowners.
Applicants who meet the program… The Emergency Homeowners Loan Program will provide mortgage help and loans to those homeowners who may be facing a foreclosure due to a drop in household income from a job loss, underemployment or reduction in working hours, involuntary unemployment, or a medical condition or emergency.
Asterisks are used to represent text which is not changed. It should precisely identify and describe the changes made to the CFR. Section 202 ... Home / Program Offices / Housing / Single Family / Housing Counselors / EHLP / HUD Emergency Homeowner Loan Program (EHLP) HUD Office of Housing Counseling . (a) If a homeowner defaults on an emergency mortgage loan, the servicer shall elect:770 documents in the last year(iii) The failure of a lending institution to comply with the regulations of this part, or such additional program policies or requirements as specified by HUD. (b) The lender acquires the mortgaged property securing the emergency mortgage relief loan or advance of credit and notifies HUD that no claim for insurance benefits has been or will be made;The following file types are permitted:(c) Have a delinquent mortgage, as defined in § 2700.5;(a) The lender may collect from the homeowner during the year following the origination of the emergency mortgage relief loan or advance of credit the following fees or charges in conjunction with providing the emergency mortgage relief loan or advance of credit:763 documents in the last year(4) The homeowner sells the mortgaged property or refinances the mortgaged property for cash-out;(5) The homeowner may repay the emergency mortgage relief loan or advance of credit in full, without penalty, by lump sum or by installment payments at any time before the emergency mortgage relief loan or advance of credit becomes due and payable; and(c) The homeowner and the lender jointly request termination; orThe OFR/GPO partnership is committed to presenting accurate and reliable regulatory information on FederalRegister.gov with the objective of establishing the XML-based Federal Register as an ACFR-sanctioned publication in the future.