Information on the Maine Emergency Homeowner Loan Program.
Homeowners in Maine may be able to receive an interest free loan to pay their mortgage. The U.S. Department of Housing and Urban Development (HUD) has started a program that will provide interest-free loans for qualified homeowners in Maine who are behind on their mortgage payments because of lost income due to unemployment or a reduction in income. The loans are being provided as part of the Emergency Homeowners Loan Program.
While the program is still very new, HUD expects the first loans to be given by the end of 2010. The zero percent interest loans will be provided to an amount of up to $50,000. The funds are being provided to assist eligible homeowners who have lost their jobs or income, or who have had a reduction in their income with payments on their mortgage interest, principal, property taxes, and homeowner insurance insurance for up to 24 months.
Qualifications in Maine
Under the new zero percent loan program, eligible homeowners must meet the following qualifications.
-The applicant will need to have a home or mortgaged property that is the primary, or so called principal residence of the borrower. Eligible borrowers may not even own a second home.