WASHINGTON, DC – October 5, 2010 – (RealEstateRama) — U.S. Senator Jeff Bingaman today announced that New Mexico will receive $10.7 million to help struggling homeowners stay in their homes.
The Wall Street Reform and Consumer Protection Act, signed into law earlier this year, set aside funding to implement the Emergency Homeowners Loan Program.
Funds offered through the program assist homeowners by offering a declining balance, deferred payment “bridge loan” (non-recourse, subordinate loan with zero interest) for up to $50,000 to assist eligible homeowners with payments of arrearages, including delinquent taxes and insurance plus up to 24 months of monthly payments on their mortgage principal, interest, mortgage insurance premiums, taxes, and hazard insurance.
“Like Americans across the country, many hardworking New Mexicans are struggling to keep up with their bills. This funding will help many New Mexico families remain in their homes,” Bingaman said.