Applications are now being accepted for a new initiative from the Idaho Housing and Finance Association that will use $13 million in federal funds to extend assistance to consumers facing foreclosure in the near future, according to a report from The Associated Press. The program is open to those in the state who have been unable to pay their home loan bills due to unemployment or a medical condition that caused them to lose at least 15 percent of their income.
Those who qualify for the program can receive up to $50,000 in assistance over as long as 24 months, in interest-free, forgivable loans, the report said. In all, the program will likely help between 500 and 600 state residents to avoid foreclosure. So far, the IHFA has received 340 applications.
However, many foreclosure assistance programs that use federal funds to protect homeowners have proven difficult for some consumers to qualify for, regardless of how dire their financial situation has grown due to various issues including prolonged unemployment.