Published: Oct 22, 2010 1:39 PM EDT
Updated: Oct 22, 2010 10:39 AM EDT

FORT MYERS, Fla. - The Obama Administration is out with a new program to help struggling homeowners. It's called the Emergency Homeowner Loan Program.

$1 billion is set aside for interest free, forgivable loans to homeowners. Those that qualify can get as much as $50,000. The payments will be deferred and the loan forgiven if the mortgage keeps current and the owner stays in their home for five years.

The qualifications are very specific and WINK News Now real estate contributor Denny Grimes joined us Friday to go over them.