Homeowners who are at risk of foreclosure in Milwaukee can attend a workshop next week that could help them access up to $50,000 from the Emergency Homeowners’ Loan Program (EHLP), Alderman Joe Davis, Sr. said this week.
The workshop will be held on Thursday, July 21 at the Lighthouse Youth Center , 5641 N. 68th St. , from 6 p.m. to 7:30 p.m. (sign in starts at 5:45 p.m.). Attendees can pre-register by calling 414- 431-2271.
Alderman Davis, who has served on the Joint Committee on the Redevelopment of Abandoned and Foreclosed Homes and the Milwaukee Foreclosure Partnership Initiative, said time is of the essence for interested homeowners because the deadline to register is July 22. “It is critical for residents to act before July 22 if they are interested in taking part in this unique and potentially home-saving loan program,” he said.
Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. The program assists homeowners who have experienced a reduction in income and are at risk of foreclosure because of involuntary unemployment or underemployment because of economic conditions or a medical condition. HUD allocated $51,540,638 to fund this emergency loan program in Wisconsin.
Under EHLP program guidelines, eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years or up to $50,000, whichever comes first.
The EHLP program will pay a portion of an approved applicant’s monthly mortgage including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees.
Contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP program and its eligibility requirements can be found at www.FindEHLP.org or by calling toll free at 855-FIND-EHLP (346-3345).
The following agencies in Milwaukee are also accepting applications for the EHLP:
Housing Resources, Inc.
7830 W. Burleigh Street
Milwaukee, WI 53222
Light Streams Community Development Corporation
6125 W. Baldwin Street
Milwaukee, WI 53218
Select Milwaukee, Inc.
2209 N. Dr. Martin Luther King, Jr. Drive
Milwaukee, WI 53212