If you are waiting for a loan of up to $50,000 to ward offforeclosure, you will have to wait until the beginning of 2011. These federal loans will be available in 32 states, including Washington, who will be able to give out money from the Department of Housing and Urban Development's Emergency Homeowners Loan Program.

These funds are only available to those who are in serious danger of foreclosure due to losing a large portion of their income due to wage cuts, a medical condition or a layoff.

Leland Jones, regional HUD spokesman, has said that the agency is in the process of determining who will administer the program. In total the state will receive $56,272,599 for zero-interest loans. If you are interested in filing an application with the agency, they should be ready by January of 2010. You can check application status online through the HUD website.

Have questions about foreclosure or bankruptcy?  The Malaise Law Firm can help.  Contact us to speak with a Houston bankruptcy lawyer.