In an effort to help distressed homeowners avoid foreclosure, the U.S. Department of Housing and Urban Development (HUD) and NeighborWorks® America launched the Emergency Homeowners’ Loan Program (EHLP) last month. The deadline for applications is July 22, 2011.

The program will aid Puerto Rico and 27 states, and five states operating substantially similar programs are administering EHLP directly. Between the EHLP and the Hardest Hit Fund, a similar program that provides financial aid ...