Tuesday, February 15, 2011

Billions in Aid

A $7.6 billion federal effort to help unemployed homeowners avoid foreclosure will soon be running in all 18 states sharing the funds.

"Those eligible receive forgivable loans for mortgage payments, or they may tap other programs, such as one to help them get current on mortgage payments. Generally, the loans are forgiven after five years if borrowers stay in the homes and keep current on payments. Next month, all of the states plus the District of Columbia are expected to have launched partial, full or pilot programs, says Treasury Department spokeswoman Andrea Risotto."

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