Money for homeowners facing foreclosures

Posted by Iva Radman – email

RICHMOND, VA (WWBT) - The Federal government is offering emergency loans to homeowners in Virginia who face foreclosure because they've lost income due to a job loss, or a medical condition.

These are basically no-interest loans for up to $50,000, but not everybody qualifies for these loans.

The borrower must have lost at least 15 percent of their income to be eligible for a loan, and they must have been able to afford their mortgage payment before their income was reduced.

There are other rules too: people with second homes don't qualify.

For more information about these loans and to see if you qualify, you can check out the Housing & Urban Development Web site at www.hud.gov or just check out more information under the business page.

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