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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Smiling Bob who wrote (282926)10/13/2010 12:06:29 AM
From: Broken_ClockRead Replies (2) of 306849
 
Hopium pipes spins bent's way -g-

NeighborWorks America: Working Together for Strong Communities
> HUD announced today a new $1 billion zero-interest mortgage loan program to help struggling
homeowners who are at risk of foreclosure. These loans will be a maximum of $50,000, based on
eligibility. This program will be targeted to the 32 states, plus Puerto Rico, that did not receive hardest hit
funds under the Treasury program.
Urban Edge Community Development Corp., a NeighborWorks member in Roxbury, Mass., hosted an
announcement of the program by HUD Secretary Shaun Donovan. Read More.
HUD delegated NeighborWorks America, the administrator of the National Foreclosure Mitigation
Counseling (NFMC) program, as administrator of this new program in cooperation with a to-be determined
fiscal agent.
Homeowners will be able to submit applications through qualifying nonprofits beginning December
2010. Nonprofits participating in the program will receive payment to cover the administrative costs of
performing intake and housing counseling services.
NeighborWorks America plans to provide counselor training on the new program in order to ensure that
it operates as efficiently as possible and that as many distressed homeowners as possible receive the
assistance for which they qualify.
More information will be forthcoming as it becomes available.

It is an interest free loan for 5 years. Providing the homeowner makes the mortgage payment for 5 years on time, the loan is reduced by 20% each year and is gone by the end of the 5th year. These are funds to help make mortgage payments, pay arrearage, etc for a 24 month period.
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