Only about 30,000 are expected to get these interest-free loans, which can eventually be forgiven by the Emergency Homeowners' Loan Program.

The word (OK, two words) for today is: Get moving.

Homeowners have until July 22 to get pre-screened for a new, interest-free government loan intended to help delinquent homeowners stave off foreclosure. In fact, for those who play by the rules, the loan isn't really a loan -- it's a gift.

No reason is offered for the short deadline, only that the next four weeks are for "pre-screening" applicants. After that, presumably, selected homeowners will be allowed to apply.

>The $1 billion in aid -- money provided in the Dodd-Frank Wall Street Reform and Consumer Protection Act (.pdf file) -- was announced this week.

"The program, known as the Emergency Homeowners' Loan Program, is expected to help up to 30,000 distressed borrowers, according to HUD," says The Washington Post. That's about $34,000 apiece, on average. Sounds great, but of course there are plenty of caveats and qualifications.

Who's eligible?
Apply if:

• You're (involuntarily) unemployed or underemployed after losing a job or because of a serious medical condition.
• You're at least 90 days delinquent on your mortgage payments on your primary home.
• You've received a notice of foreclosure.
• Your income has dropped by at least 15%.
• You're likely to be able to resume home payments within two years.
• You meet the income eligibility criteria. Roughly, that's if your household income in 2009 was at or below $75,000 a year or 120% of the area median income for a household size of four.

These loans can become gifts
These "bridge loans" of up to $50,000 are "forgivable," says HUD. They appear to be carefully constructed to reduce the incentive for underwater homeowners to walk away from their homes.

Here's how the program works:

• Lucky approved homeowners will get one-time help to become current on overdue mortgage costs and make monthly (first lien) mortgage payments (including principal, interest, taxes, and insurance) for a maximum of two years or $50,000.
• The loan becomes a junior lien against the borrower's home. No payments on the loan are due for five years if the borrower stays current on mortgage payments and meets other requirements. After that, the loan balance is reduced by 20% a year until nothing is owed and the junior lien is eliminated.

The loans are available only in 32 states and Puerto Rico. Participating states: Alaska, Arkansas, Colorado, Connecticut, Delaware, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Tips:

• You can fill out the pre-screening questionnaire beginning in the middle of this page.
• Look here to find eligibility requirements and application details for most states.
• Check here for help in Connecticut, Delaware, Idaho, Maryland and Pennsylvania.
• Here's a checklist of documents (.pdf file) you'll need to apply.
• To get help applying from an agency or counselor, go to the bottom of this page and choose a participating state. (It won't work if you select a state that's not in the list above).
• Call toll-free (855) 346-3345 or email ehlp@nw.org with questions.
• Or get help from a HUD-approved housing counseling agency.

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