Federal foreclosure help coming for Colo. homeowners

Filed under: Daily News |

This year is expected to be the second worst for foreclosures in El Paso County and 2011 isn’t likely to be much better.

The U.S. Department of Housing and Urban Development is offering $41 million to help homeowners who are at risk of foreclosure in Colorado.

Congress provided $1 billion dollars to the department to implement the program.

The program will assist homeowners who have lost income and are at risk of foreclosure due to involuntary unemployment, underemployment, due to economic conditions or a medical condition.

Under the program, homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.