MINNEAPOLIS (WCCO) — There is new hope for homeowners who are facing foreclosure, but they need to act fast.

A new federal loan program, called the Emergency Homeowners Loan Program, is offering up to $50,000 that homeowners might not have to pay back.

However, the deadline to apply is Friday by 5 p.m.

To qualify, homeowners must have either lost your job, had a cut in wages or health problems.

In Minnesota, there are 1,400 loans available and people will be chosen by a lottery system.

For more information, click here.

Comments (4)
  1. M says:

    A cloud went in front of the sun when I was looking out my window. Does that count?

  2. Dumb US says:

    I’ve never missed or been late on my first or second mortgage payment. Where’s my incentive? Oh thats right, boohoo I didnt lose my job or get sick so no bailouts. So those of you that get a job again and back on your feet, I’ll still be paying my mortgage while your’s is paid off… makes me litteraly sick.

    I ‘hope’ the ‘change’ comes soon…… : (

    1. Mark says:

      Me too. Like much tighter restrictio ns on the banking and financial industry who brought most homeowners into this debacle, as well as our entire nation and world to the brink of economic collapse.

      Maybe if the banks and stock markets would have learned by the debacle of the great depression that seculation and divest… Hmmm, that’s right we eliminated Glass-Steagel which prevented many of these destructive practices.

      If we kept closer regulations on the banking industry, maybe then… Hmm, that’s right. Reagan in his wisdom deregulated banking as part of his grand plan.

    2. mn mom says:

      Same here… where is the reward or incentive for those of us who have drained our savings making house payments and have been doing the right thing by honoring our contracts?? I’m a single mother with 5 kids I am raising on my own… where are all my benefits, hand outs, incentives, tax breaks, free medical care and free money?? Oh yeah… I have a good job and work my butt off to take care of what is mine.

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