Mt. Airy, USA Ready to Help Prevent Foreclosure

Through EHLP, the Emergency Home Loan Program

Organization offers free foreclosure prevention and assistance to homeowners

As the foreclosure crisis continues, Mt. Airy, USA, a non-profit community development corporation, is working to help homeowners throughout Greater Philadelphia save their homes and avoid foreclosure. Mt. Airy USA is participating in the federal government’s new foreclosure prevention program – the Emergency Home Loan Program (EHLP).  Executive Director, Anuj Gupta noted, “We are grateful that Washington continues to recognize the depths of the foreclosure crisis.  EHLP is a significant tool to help keep homeowners in their homes and prevent foreclosure.  Our counselors stand ready to help homeowners complete EHLP applications and get the assistance they need.” 

Through EHLP, homeowners may be eligible for no-interest loans of up to $50,000.00. Eligibility requirements for EHLP include:

Applicant must be the owner of the property

The property must be their Primary residence

The homeowner must beat least 3 months behind on their first mortgage;

The property must be a single family residence;

The mortgage delinquency must be due to unemployment, underemployment, or medical reasons;

The applicant must show at least a 15% reduction from the pre-event income level;

Household income at the time of application must be equal to, or less than, 120% of the Area Median Income (AMI);

Applicant must have a reasonable likelihood of being able to resume repayment of the first mortgage within  2 years and meet other housing expenses and debt obligations when the household regains full employment or when assistance ends;

Assistance is limited to 24 months and can not exceed $50,000.00; 

Assistance is limited to the first mortgage only.

If you think you may be eligible for EHLP, please call Mt. Airy USA at (215) 844-6021.  While Mt. Airy, USA is located in northwest Philadelphia, its counseling services are available to any Pennsylvania resident.  Mt. Airy, USA also helps eligible homeowners prevent foreclosure by participating in a number of loan modification programs including the City of Philadelphia’s nationally recognized foreclosure diversion program and the Pennsylvania Housing Finance Agency’s Homeowners Emergency Mortgage Assistance Program (HEMAP).

Mt. Airy, USA is a nonprofit organization whose mission is to preserve, empower, and advance a vibrant and diverse community by stimulating development responsive to Mt. Airy. In line with its mission, Mt. Airy, USA seeks to improve the quality of life for residents through four program areas: Housing Counseling, Real Estate Development, Commercial Corridor Revitalization, and Neighborhood Programs. For more information about the organization, call 215-844-6021 or visit www.mtairyusa.org.