Washington, DC – October 5, 2010 – (RealEstateRama) — Today, U.S. Congresswoman Gwen Moore (D-Milwaukee) announced that Wisconsin will receive more than $51.5 million to help keep unemployed homeowners in their homes.
This announcement comes on the heels of news that after months of decline, foreclosure rates in Southeastern Wisconsin rose last month.
Moore, a member of the House Financial Services Committee, worked to create this new program in recently enacted Wall Street reform legislation. The bill was signed into law last July and the Housing Department began distributing the funding today.
Moore said, “This new and important program gives families a real sense of security during these uncertain times. By helping unemployed homeowners stay in their homes, in many cases, we can prevent a bad situation from getting even worse.”
Under the program, qualified homeowners can receive up to $50,000 in low-interest loans to help pay their mortgage payments and avoid foreclosure.
Moore continued, “Foreclosures played a major role in the financial crisis and further threaten the security of families who have fallen on hard times. This crucial provision does double duty – it helps keep families in their homes and helps communities by reducing foreclosures.”