Congress Approves $1 Billion for Homeowners Who Need Help Paying Mortgages

July 29, 2010

Homeowners facing a job loss or health problem who need short-term help making mortgage payments will be pleased to know that Congress included a $1 billion provision in the Wall Street reform bill which is aimed at helping homeowners with their mortgages.

The Emergency Mortgage Relief program will make more than $1 billion in federal funds available to families about to lose their homes. Homeowners may borrow up to $50,000 if they can show they have a reasonable prospect of resuming mortgage payments within 24 months.

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