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Help available for homeowners struggling with mortgages

Wednesday - 7/6/2011, 12:59pm  ET

WASHINGTON - If you are struggling with your mortgage, there is help out there.

About 30,000 homeowners nationwide are expected to receive zero-interest loans of up to $50,000 each, which will not require repayment, as part of the Emergency Homeowners' Loan Program.

Of the $1 billion provided by EHLP, Virginia's share is $46.6 million.

It won't be available for long. Homeowners have until July 22 to complete their applications.

"You must have been at least three months behind on your mortgage on June 1, and there can be no more than two open liens on your home," says Kim McGrigg, spokesperson for Money Management International.

Applicants also must have seen their income drop at least 15 percent because of illness or unemployment or some other cause beyond their control.

Those interested in applying can search for counseling agencies online, but the only states in the region that will receive EHLP funds are Virginia and West Virginia.

The District is part of the Hardest Hit Fund. Maryland homeowners may seek help through the Emergency Mortgage Assistance (EMA) Program.

WTOP's Evan Haning contributed to this report. Follow WTOP on Twitter.

(Copyright 2011 by WTOP. All Rights Reserved.)

Tags: mortgage