"..$1 billion Emergency Homeowners Loan Program to provide assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition."
"HUD's emergency homeowners loan program will work through a variety of state and non-profit entities. The loans will be a deferred payment "bridge loan" (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist eligible borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months."
A $50,000 0% non-recourse loan; sweet deal. So, if you are unemployed and underwater on your home, you will receive USD to not foreclose for the next 2 years? What is wrong about foreclosing and finding a house that you can afford to rent? Where are the perks for those who are not in this pinch?
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