Foreclosure Program a Failure

Not all the funds appropriated for government funds are actually used as intended, as was proven by the relative failure of one federal program.

According to the Department of Urban Housing and Development, not even half of the $1 billion federal loan intended to help homeowners was used. Just $432 million was given to homeowners who are in danger of or are already in foreclosure. Despite petitioning several lawmakers to extend the deadline for the Emergency Homeowners' Loan Program, the effort was shut down as scheduled last week.

One of the major problems that HUD faced was approving people for loans up to $50,000. Not everyone who applied was approved, but the department also did not get a chance to review all of the applications it received due to time constraints. Now, more homeowners will face foreclosure throughout the country with limited relief.

If you are on the verge of foreclosure, take immediate action by contacting Bizar & Doyle, LLC today to enlist the help of an experienced Chicago bankruptcy attorney. We will get involved quickly to assess your financial situation and work with your lender to stop foreclosure on your home.