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New federal loan program to help homeowners at risk of foreclosure
The Business Review - by Michael DeMasi
Date: Thursday, July 7, 2011, 2:36pm EDT

Two nonprofit housing agencies in the Albany, New York, region will administer a new federal program to help homeowners at risk of foreclosure.

The Troy Rehabilitation and Improvement Program and Better Neighborhoods Inc. in Schenectady are the local resources for the U.S. Department of Housing and Urban Development ’s Emergency Homeowners’ Loan Program (EHLP).
Congress set aside $1 billion to fund the program to help homeowners who have lost income and are at risk of foreclosure due to involuntary unemployment or underemployment due to economic conditions or a medical condition.
To qualify, homeowners must be at least 90 days delinquent on their mortgage as of June 1.
Eligible homeowners can qualify for an interest-free loan which can bring them current and pay a portion of their monthly mortgage for up to two years, up to $50,000. There are other benefits, too.................>>>>................>>>>..................>>>>.......................http://www.bizjournals.com/albany/news/2011/07/07/new-federal-loan-program-to-help.html

If the home is in foreclosure, another loan is not going to help the homeowner. It's another $50K the homeowner is tacking onto their existing mortgage?

These housing authorities are not banks and should not be acting in that capacity. They should be helping the homeowner either re-fi with a better interest rate (if it was not a fixed rate mortgage) and/or getting the monthly payments lowered.

might as well flush the taxpayer $ down the toilet.

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and Better Neighborhoods Inc. in Schenectady are the local resources for the U.S. Department of Housing and Urban Development ’s Emergency Homeowners’ Loan Program (EHLP).

Isn't it Better Neighborhoods that builds/rehabs those 'green houses' for hundreds of thousands and then sells them for less? Just about a month or so ago, someone said that they were running low on funds!!!

So now the feds give them taxpayer $$$$ to loan to folks that are defaulting on their mortgage???? OMG!
Yet another example of 'a false sense of economic security'!!
And what will be the return on THIS investment?

I realize folks are losing their homes due to the job market or in our case taxed to death but this isn't the answer.  Folks need jobs.

Quoted from Cel

I realize folks are losing their homes due to the job market or in our case taxed to death but this isn't the answer. Folks need jobs.

Where are the jobs Death Ray? Where are the jobs Judy DAG? Another band aid that does nothing for the big problems-no jobs, record taxes and the chasing away of job producers by the working together DEMS. Wait until the DEMS raise County taxes over $9 MILLION a year for 30 years. They can't pay the mortgage because the property taxes go up more than the paycheck.

Quoted from Cel

I realize folks are losing their homes due to the job market or in our case taxed to death but this isn't the answer.  Folks need jobs.

Jobs?   Wait a minute,     Where's DV?????     He's been reminding us that his (socialist savage girlfriend) and the rest of the dem team created $3,500 new jobs in Schenectady.

So, there should be no foreclosures.    Except that these were not new jobs.  Some were filled with long term employees and the jobs merelly moved from one street to another.  

I hardly think ticket takers and dishwashers and burrito makers could buy a house.

Then, how many bought houses and really couldn't afford them to begin with, all because these dem groups want to see increased homeownership.   Can't get a mortgage the traditional way (saving for a 20% down payment, scrimping and sacrificing to insure good credit, and getting a bank loan), no worry, the government will give you money to buy a house, give you money when you can't pay the mortgage, etc.

And what about th country's debt ceiling?    

On jobs, many of us are responsible ourselves for the loss of jobs.   How many times do you trot over to Walmart to buy your kids backpacks for school?   Did you ever think to go to Tough Traveler?   How many times to you run to Walmart for bedding?   As you pulled out of the driveway, how many times did you decide to drive off in a different direction and go to that place, oh gosh Waterford, Cohoes maybe for that place Softex I think it was, they had commercials on TV, we replaced almost all our bed sheets a couple years ago at Sears because they carried stuff made by that company, I can't remember the brand name it was sold under.

If we keep shopping Walmart, then we have only ourselves to blame for loss of jobs in this country.    On the local front, we have only those dems helping their rich downtown buddies to blame.

And how many people who are at risk of foreclosure will give up cable TV, internet, the salon, the health club memberships, etc in order to pay their mortgage?

And this government sets the example for all.  Credit problems?  Their advice?   Get a new credit card to pay your old credit card.  Take out a new loan to pay your existing loan.  Oh, don't forget, each new line of credit probably has an interest rate higher than the previous one