Unforeseen financial hardships can bring the threat of foreclosure to even the most responsible of homeowners, and during these difficult economic times, many Delaware homeowners are finding it hard to keep up with their mortgage payments.
Fortunately, the Delaware State Housing Authority (DSHA), in conjunction with the U.S. Department of Housing and Urban Development, has created the Delaware Emergency Mortgage Assistance Program (DEMAP) to assist Delaware homeowners who are three or more months behind on their mortgage payments as a result of unemployment, reduced hours, illness or injury by providing a no-interest, forgivable loan of up to $50,000 for payments and back taxes.
The window of opportunity to take advantage of this forgivable loan program is closing: applications must be approved and closed by September 30, 2011.
To be eligible for the DEMAP loan program, the homeowner must be a Delaware resident, be 90 or more days delinquent on their first mortgage payments, and face a risk of foreclosure. They must demonstrate a reasonable prospect of being able to resume payments in the near future, meet income eligibility requirements, and contribute 31% of monthly income towards their mortgage payments during the monthly payment assistance period.
If you are a Delaware homeowner who is behind on their mortgage because of unexpected hardships, know that you aren’t alone. For more information on the program, call 888-363-8808 or visit destatehousing.com.