If you are behind on your mortgage due to job loss, under employment or medical condition, you may be eligible for a zero interest loan to get you caught up. Although it is a loan, HUD will forgive 20% of the loan per year if you stay in your house for the next 5 years.
I mentioned this program when it first became available and I am surprised that it still has money available. While it does not solve any negative equity issues that are so abundant in our market, it can make up more temporary loss of income issues that have gotten home owners behind on their mortgages.
To get more information you can check out Idaho Housing's website at www.ihfa.org, or call them at 1(877)888-3135. If you qualify and decide to apply please take care to provide complete documentation. Most of the rejections have come from incomplete documentation.
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