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New Federal Aid - Loans to Struggling Homeowners that May Not Have to Be Repaid
Many of us are fighting to get by these days in a world where prices keep rising and pay raises don't even come close to keeping up. And that's for those that are fortunate to still have a job. This program will be available to homeowners who have fallen behind on their mortgage payments.
For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.
The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.