The U.S. Department of Housing and Urban Development recently announced that they would soon be implementing the Emergency Homeowners' Loan Program (EHLP), which will give out $1 billion, in total, to homeowners who are struggling to keep their homes.

Under EHLP, homeowners who have experienced a decrease in income will receive up to $50,000 to help pay their mortgage or have their mortgage paid for two years, whichever comes first. This program is part of new financial reform legislation and will be similar to a past program, called the Making Homes Affordable Program.

The program will be offered in several states throughout the country. In states such as Maryland, similar programs have already been implemented.

If you or someone you love is having difficulty paying a mortgage, please contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., at 443-546-4608 to discuss your options.