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Nonprofit financial counseling agency will assist distressed homeowners with HUD initiative

Posted on June 29, 2011

Money Management International (MMI), the nation’s largest nonprofit, full-service credit counseling agency, has been approved to assist struggling homeowners in applying for the Emergency Homeowners’ Loan Program (EHLP). The EHLP, announced this week by the U.S. Department of Housing and Urban Development (HUD), was implemented as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The program will provide $1 billion to assist up to 30 thousand homeowners in 27 states and Puerto Rico.

 The financial educators at MMI are trained in helping clients find solutions for delinquent mortgages, alternative options to foreclosure, and create a plan to maintain their dream of successful homeownership.

“There are so many homeowners still at risk of losing their homes, said Kim McGrigg, community manager for MMI. “We are excited to be one of the organizations chosen to help families take advantage of this wonderful opportunity.”

Through this program, applicants who have experienced a drop in income of at least 15 percent due to economic hardships caused by unemployment, underemployment, or a medical condition, may receive a zero interest forgivable loan that pays past due mortgage payments, including missed payments and late charges, up to a maximum of $50,000. Acting fast is vital; the deadline for submission is July 27, 2011.

Qualification for EHLP assistance is a three-step process that includes pre-screening, selection, and application phases.

Call MMI at 877.329.2502 for information and assistance with the qualification process, or go online at Get-EHLP.org.

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About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit-counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800.432.7310 or visit www.MoneyManagement.org.

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