A new program will be initiated this year to help homeowners in Texas avoidforeclosure.

According to an announcement made by the U.S. Department of Housing and Urban Development, the new program will allot $135.4 million to those homeowners who are in danger of losing their houses. Rather than file for bankruptcy or submit to foreclosure, homeowners will be given the chance to apply for a zero percent interest loan to pay off delinquent payments as well as a portion of future payments. Those who qualify for the loan will be able to get a loan for payments up to 12 months in the future or up to $50,000 maximum.

To qualify, you must have had a loss of ability to pay due to underemployment, involuntary unemployment or a medical condition. This loan program is being coordinated by the HUD program in connection with NeighborWorks America. It is part of a national $1 billion program that is set to help 30,000 homeowners this year.

If you'd like to fight your foreclosure, contact us to enlist the help of a Houston bankruptcy lawyer.