If you’re a Minneapolis or St Paul duplex owner occupant and at least three months behind on your mortgage payments due to becoming unemployed, under-employed, or medical challenges, help may be available.
The Emergency Homeowners Loan Program (EHLP) is accepting applications between now and July 22, 2011, for zero interest, forgivable loans for duplex owners. The loan will pay some back payments and fees to your lender, as well as provide monthly assistance for payments on your first mortgage.
This payment help is available for up to 24 months, with a cap of $50,000. It is forgivable over 5 years if the duplex owner continues to meet program requirements.
Qualifying criteria is relatively strict, and not everyone who qualifies will be given a loan. Rather, applicants names will be put into a lottery. Those selected will receive duplex payment assistance.
To qualify, you must owner occupy the property. There can be no more than 4 units in your building. You must be a U.S. citizen.
Prior to the change in your employment circumstances, all of the people whose names are on the mortgage must have had a gross income below 120% of the median area income or $75,000. Your current household income must be at least 15% less than it was in 2009.
You must also have a history of making duplex mortgage payments on time prior to the change in your circumstances, have no more than two liens on the property and be current all of your federal debts (including income tax).
Finally, you must also have received written notification from your mortgage company that you are in danger of having the duplex foreclosed upon.