AAFE Community Development Fund’s Emergency Foreclosure Prevention (EFP) Loan is a product designed to assist homeowners who are at risk of foreclosure on their homes. The New York metro areas, as well as the nation as a whole, have been deeply affected by the foreclosure crisis. As recently as February 2011, 67,620 mortgages in New York City were in a stage of delinquincy. An estimated 10,568 homes were in foreclosure in Brooklyn alone.
In order to stem the tide and keep people in their homes, AAFE CDF created the EFP Loan with the purpose of reducing principal payments for homeowners and paying off any accumulated mortgage arrears. With a loan maximum of $30,000 dollars and interest rates as low as 5%, the EFP Loan is designed to prevent more New Yorkers from losing their homes.
Loan Purpose: To help homeowners at risk of foreclosure in their home.
-Payment of mortgage arrears
-Payment for high-interest bearing revolving
debts to reduce debt ratios.
Loan Maximum: $30,000
Terms: 15 years
Interest Rate: 5%
-Income below 165% of Area Median Income
-HUD Counseling Certification
-EFP Loan funds must be used in conjunction with a modification
Property Eligibility: 1-4 Family, Coop, Condo
Location Limits: 5 boroughs, Nassau, Suffolk, and Westchester
How can I apply?
If you are eligible and would like to apply please Contact Us or