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.
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:
The deadline to apply for the loans is July 22.