Pennsylvania Foreclosure Assistance Programs
Housing expenses are likely the largest part of your budget. Today, Pennsylvanians are losing their homes to foreclosure at a higher rate than ever before. During foreclosure, your lender will sell your home in order to pay your overdue mortgage. If you are at risk for a foreclosure, you could lose your home and your credit score will suffer.
Pennsylvania offers a few programs to save your home from foreclosure, including emergency loan programs and counseling services.
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Emergency Homeowners' Loan Program
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The Pennsylvania Housing Finance Agency (PHFA) was established to help homeowners save their homes from foreclosure. The 45 PHFA-participating counseling agencies offer free mitigation assistance to those in default or in danger of default. The PHFA will analyze and evaluate your existing mortgage, property and financial situation. The agency will also provide counseling and aid in restructuring your mortgage to bring it up to date and make payments affordable.
Homeowner's Emergency Mortgage Assistance
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The Homeowner's Emergency Mortgage Assistance Program (HEMAP) was established in 1983 as part of the Pennsylvania Foreclosure Prevention Act 91 and, is the only one of its kind in the nation. HEMAP is a loan program designed to prevent homelessness among Pennsylvanians who, through no fault of their own, become financially unable to make mortgage payments. Granted HEMAP loans generally bring your mortgage to current status, subsidized by a payment from HEMAP. Your are responsible for taking over mortgage payments from there, as well as repaying the HEMAP loan.
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Philadelphia Residential Mortgage Division Pilot Program
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The city of Philadelphia, through a pilot program of the Court of Common Pleas, is offering foreclosure assistance to its residents. If you live in Philadelphia and are facing foreclosure call the hotline number provided on the Philadelphia Sheriff Office's website to schedule a meeting with a housing counselor. If you are eligible for the program, this counselor will work with you and your mortgage company to find a reasonable arrangement.
Hope Now
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Hope Now is a federal program to which Pennsylvania agencies can refer clients. Hope Now is an alliance of counseling agencies, mortgage companies, investors and other stakeholders that serves to help homeowners in distress. The program offers free counseling through its partnership with the Homeownership Preservation Council Hotline. Hope Now also holds outreach events in cities across the country that offer face-to-face help.
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