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Released: December 15, 2011
Mortgage aid program stumbled from the start
Source: Julie Schmit, USA Today
“Congratulations” began the letter, dated Sept. 27. Lorraine and Jude Austin, who had battled against foreclosure for two years, were “approved” for $48,113 in federal mortgage assistance, read the letter from the Department of Housing and Urban Development.
It cautioned there was no “guarantee” that funding would come through and that final verification was needed. Almost three months later, the Austins still don’t have final approval for the “emergency” loan they’re counting on to avoid losing their Scott, La., house.
Similar countdowns are likely underway in two dozen states as HUD makes final decisions on almost 5,000 applicants preliminarily approved for up to $50,000 each from the $1 billion Emergency Homeowners’ Loan Program.
Read Full Article: Mortgage aid program stumbled from the start
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