NJ Foreclosure Victims Soon to Get Federal Aid

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New Jersey lawyer, Joshua Denbeaux, sees the Emergency Homeowner Loan program (EHLP) and the Neighbor Works America program as helping some homeowners in financial difficulty. He will answer questions about the consequences of those programs related to New Jersey homeowners needing a foreclosure defense or a home loan modification in a series up upcoming live webinars..

As the EHLP and Neighbor Works America programs are rolled out, people are still being dual tracked with foreclosure proceedings... Homeowners should call right away to get legal advice and to know their rights and options

New Jersey lawyer, Joshua Denbeaux, continues to help homeowners by answering questions related to foreclosure defense and home loan modification and also addressing the recent announcement about The Emergency Homeowner Loan Program (EHLP) and Neighbor Works America.

The Dodd-Frank Wall Street Reform and Consumer Protection Act provides $1 billion to the United States Department of Housing and Urban Development (HUD ) to execute the Emergency Homeowners' Loan Program (EHLP) which will be managed by HUD's Office of Housing Counseling and administered through Neighbor Works America and individual states that operate programs similar to EHLP

Under the program, those who qualify will be entitled to up to $50,000 of interest-free loans from the US Department of Housing and Urban Development, for up to five years. Also, the loan may even be forgiven should the homeowner remain in the property for five years. The plan would also enable unemployed homeowners to keep up with their mortgage repayments.

In order to qualify for what many will see as a lifesaver, homeowners must be at least three months overdue on their mortgage payments, and must also show that they have a reasonable chance of resuming payments within two years. Furthermore, they must show that their income has decreased by 15% or more, that the property is their primary residence and that they do not own any other properties anywhere.

As of today, only those residents in Pennsylvania, Maryland, Connecticut, Idaho and Delaware can access the EHLP program directly. Residents on 27 other states, including New Jersey, will need to contact the Neighbor Works America federal funding plan. Other states not covered by EHLP, including California, Michigan and Nevada will instead have to rely on Treasury Department aid, where $7.6 billion has been allotted for homeowner assistance.

For more information on aspects of the EHLP program, visit the HUD website. For more information on home loan modifications, mortgage loan default, and foreclosure, homeowners may call New Jersey lawyer Joshua Denbeaux, or pre-register for live webinars that address questions related to these topics.

"As the EHLP program and Neighbor Works America are rolled out to provide loans, people are still being dual tracked with foreclosure proceedings. We are doing the webinars and webcasts to inform as many people as possible. Homeowners should call right away to get legal advice and to know their rights and options,” said Josh Denbeaux.

Topics and questions will be covered in the webinar include problem areas such as:

1.    difficulty paying mortgage on time due to hardship.
2.    defaulting on a mortgage due to late payments.
3.    negotiating with a bank for a home loan modification.
4.    time lines for processing modifications.

New Jersey lawyer, Josh Denbeaux, of the law firm Denbeaux & Denbeaux, fights for the rights of all homeowners. If homeowners have questions, feel they might have been advantage of, or are in default, or nearing default, they should get a free consultation to find out what their rights are by calling Joshua Denbeaux at 201-664-8855 or send an email to pr(at)denbeauxlaw(dot)com.

If New Jersey homeowners would like to be notified of the days and times of the webinar series, they can pre-register by sending an email to pr(at)denbeauxlaw(dot)com with the word "webinar" in the subject field.

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