From the Denver Business Journal (link below):
The federal government will provide another $41.3 million in loans to Colorado homeowners struggling to make mortgage payments because of the bad economy, the U.S. Department of Housing and Urban Development said Wednesday.
The funds coming to this state are part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in July by President Obama. The new law created the Emergency Homeowners Loan Program (EHLP), administered by HUD, to provide $1 billion in loans.
Via EHLP, homeowners who have suffered income drops because they have lost their jobs, are underemployed, have medical problems or are at risk for foreclosure, may qualify for assistance for as many as 24 months. HUD plans to start taking applications for the new funds by the end of this year.