Obama Reaches out to Unemployed Homeowners

According to MSN online, the Treasury Department just announced an additional $3 billion in funding that targets the nation’s unemployed borrowers. $2 billion of that money is being directed to States participating in the Hardest Hit Fund, boosting the $1.5 billion that they already have and $1 billion will be available through the Department of Housing and Urban Development to help homeowners in other hard-hit areas. Eligible homeowners will get 24-month no interest loan of up to $50,000. To be eligible they have to be at risk of foreclosure because of substantial reduction in income, like involuntary unemployment and underemployment or medical situation. The Atlanta movers learnt that homeowners also must prove that they have a reasonable likelihood to resume their mortgage payments and related housing expenses in two years, in addition to demonstrating a good payment record before they lost their job.

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