New Bridge Loan Mortgage Assistance Program
The US Government mortgage assistance efforts are hard at work. HUD is pushing out another billion dollar loan help program.
The new program is a HUD bridge loan program for homeowners.
These loans will be originated for terms of two years. They will not charge any interest and all the will be given a low priority status in terms of hierarchy in collections. this is commonly refered to as junior lien debt.
The program is said to be called the HUD Emergency Homeowner Loan Program. HUD claims that they will be partnering up with nonprofits and housing agencies to better target small local communities where the loans will do the most benefit.
These loans will have nothing to do with loan modification or the like. These are just bridge loans. They do require that homeowners be in or near default but no more behind then 3 months.
This program has been established to help homeowners stop foreclosure