Fearing Foreclosure? Lottery Determines Emergency Home Loan Recipients

There are close to 700 people in the Anchorage area whose homes are currently in some stage of foreclosure.

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By Lauren Maxwell
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Story Created: Jul 1, 2011 at 9:18 AM AKDT

Story Updated: Jul 1, 2011 at 9:18 AM AKDT

There are close to 700 people in the Anchorage area whose homes are currently in some stage of foreclosure. That’s why a program offered by the federal government could help.

It’s a deal that may sound too good to be true. The Emergency Home Loan Program can provide up to $50,000 for people whose homes are in foreclosure and, provided you meet the criteria, you may not have to pay the money back

“They are guaranteed funds from HUD (Housing and Urban Development), the federal government,” says Jan Jones, who is prescreening applicants at The Consumer Credit Counseling Services of Alaska. “The catch is that there are only going to be about 73 loans available for the entire state.”

Because of that, loan recipients will be chosen at random in a lottery.

“It's totally random and it's not done by our organization,” says Jones. “It will be done by HUD officials outside of Anchorage so there will be no favoritism.”

There are a number of criteria that must be met in order to be considered for the program, among them include:

  • Homeowners must be at least three months delinquent in their mortgage payments as of June 1
  • They must have received something from the bank indicating they are considering foreclosure
  • They must currently not be in bankruptcy procedures
  • They must show they have had at least a 15 percent income loss from their ’09 tax returns

The deadline to apply for the loans is July 22.

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ALECIA WILKINSON said on Sunday, Jul 3 at 1:36 PM

I 'M IN NEED OF HELP FOR MY HOME.I'M IN FORECLOSURE,SINGLE WOMAN JUST LOST MY JOB,HAS A HAIR BUSINESS AND MINORITY

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Y.Morgan said on Thursday, Jul 21 at 10:10 AM

How does one apply and is it only for Alaska?

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Y.Morgan said on Thursday, Jul 21 at 10:12 AM

HOW DOES ONE APPLY AND IS IT ONLY FOR ALASKA???? THANK YOU

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