PathStone receives award to help homeowners in danger of foreclosure through new Emergency Homeowner’s Loan Program
Rochester, NY (June 30, 2011)- PathStone Corporation was awarded a grant to help 31 homeowners in the Rochester region through the new Emergency Homeowner’s Loan Program (EHLP), launched by the U.S. Department of Housing and Urban Development (HUD) and NeighborWorks® America. This program was funded by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
PathStone will be taking applications from homeowners who are at risk of foreclosure due to a reduction in income. The program is designed to give a zero-interest, forgivable bridge loan to the homeowner in order to assist them in paying certain arrearages and making monthly mortgage payments for two years.
Homeowners may qualify if they have experienced an income drop of at least 15% from their 2009 income due to unemployment or underemployment because of the current economic climate or a medical condition. Those chosen for the grant are eligible to receive up to 24 months of mortgage assistance, provided that they meet certain eligibility requirements. If more than 31 eligible applicants apply, the recipients will be chosen by a random lottery.
Those seeking assistance from EHLP through PathStone should act quickly because all pre-applications must be submitted to PathStone by July 22, 2011. Applications must be completed and received by 5:00pm on July 22 in order for an individual to be considered for the EHLP program. PathStone will host open enrollment and information sessions at its offices from 1:00-6:00pm on Friday, July 8 and Monday, July 11.
Borrowers can also receive the pre-qualification package and program information by mail by calling 585-340-3324, by emailing a request to SaveMyHome@PathStone.org, or by downloading the prequalification documents from http://www.findEHLP.org.
For more information about EHLP and applications for the program, please visit the NeighborWorks® America website at http://www.findEHLP.org, or contact PathStone directly at (585)340-3324 or SaveMyHome@PathStone.org.