Senators announce $10 million
for loan program
WASHINGTON D.C. — U.S. Senators Olympia J. Snowe and Susan Collins (R-Maine) have announced that $10,379,657 in funding for the Emergency Homeowners Loan Program will be available to eligible homeowner in Maine.
The funding will be used to offer a declining balance, deferred payment “bridge loan” (non-recourse, subordinate loan with zero interest) of $50,000 or less to assist eligible homeowners with payment of arrearages, including delinquent taxes and insurance plus up to 24 months of monthly payments on their mortgage principle, interest, mortgage premiums, taxes and hazard insurance.
“This funding is critical to Maine families who continue to struggle with their mortgage payments in these tough economic times,” said Sens. Snowe and Collins, in a joint statement. “Stability in the housing market is a critical component of our state’s overall economic stability, and this assistance will potentially help homeowners avoid foreclosure.”
HUD intends for the program to begin taking applications from eligible homeowners by the end of the year.
