Non-Profit Working to Help Unemployed Western Massachusetts Homeowners Access $5 Million Through Federal Relief Program

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Cambridge Credit Counseling processing Emergency Home Loan Program applications until July 22, 2011.

The EHLP is a fantastic opportunity to reestablish your family's financial stability, and I urge every unemployed homeowner facing foreclosure to apply for this program, immediately.

The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to the United States Department of Housing and Urban Development to implement the Emergency Homeowners' Loan Program (EHLP), which is designed to assist homeowners who've experienced a substantial loss of income due to unemployment, underemployment, or medical condition. Non-profit housing counseling agencies across the country have been charged with qualifying homeowners for EHLP. Local services for the program are available through Cambridge Credit Counseling Corp. in Agawam.

“We are thankful for the opportunity to help unemployed homeowners in Western Massachusetts deal with foreclosure,” remarked Cambridge's president, Christopher Viale. “Unfortunately, even though our area is one of the hardest hit regions in the Commonwealth, this is a first-come, first-served program. Homeowners only have until July 22nd to apply for assistance, and space is limited, so local residents must act quickly.”

Those qualifying for the Emergency Homeowners' Loan Program will receive zero-interest, forgivable bridge loans, which can be used to fund mortgage payments, property taxes, and insurance bills for up to two years, or until eligible homeowners exhaust the maximum EHLP loan amount of $50,000 – whichever comes first.

“Countless financial seminar attendees have quipped to my staff, “Where is my bailout?”” noted Viale. “The EHLP is a fantastic opportunity to reestablish your family's financial stability, and I urge every unemployed homeowner facing foreclosure to apply for this program, immediately.”

If you live in Massachusetts and are facing foreclosure due to a substantial loss of income arising from unemployment, underemployment, or medical condition, call 1-888-544-EHLP (1-888-544-3457) to talk to a HUD-certified housing counselor who can help you determine your eligibility for the new Emergency Homeowners’ Loan Program.

ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional housing and debt counseling agency dedicated to educating young adults on the importance of sound financial management, and to providing financially distressed Americans with education and debt management services appropriate to their needs. Visit Cambridge Credit Counseling Corp. online at http://www.cambridgecredit.org.

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