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Mortgage Assistances can Avoid Foreclosure
Real Estate - Renting a Foreclosed Home Leasing - Careers
If a homeowner is in default on a home mortgage loan, a state agency could help them save that home from foreclosure and give that person a chance to get back on track with payments.
Yet according to Regional Housing Legal Services attorney Donald Marritz, only one in four homeowners with troubled mortgages bothers to apply for the assistance.
Typically, after a borrower misses a second house payment, the lender can move toward foreclosing on a property, but the process can often be delayed.
"Before a lender files a foreclosure, (it) has to send the borrower an Act 91 notice," he said. "(The notice) tells them, if they go to a housing counselor, the lender can't file for foreclosure for 30 days."
If homeowners meet with a counselor within 33 days of the date an Act 91 notice is received, the mortgage company is temporarily prohibited from starting a foreclosure case.
Regional Housing Legal Services, a member of the Pennsylvania Legal Aid Network, provides legal and technical assistance to low-income families and other homeowners.
The Pennsylvania state Homeowners' Emergency Mortgage Assistance Program (HEMAP) could help save a family's home, but homeowners must meet the qualifications.
To be eligible, delinquent borrowers must have gotten behind in their mortgage payments through circumstances beyond their control — a job loss or mounting medical expenses.
"What we've found is homeowners are good at explaining how they got in to the situation, but they're not so good at explaining how they're going to get out of it," Marritz said.
Those meeting the requirements are given 24 months to resume paying the mortgage. However, in times of high unemployment they get up to 36 months, he said.
If an application is granted, the Pennsylvania Housing Finance Agency (PHFA) will loan the homeowner money to bring his mortgage up to date, according to that state agency.
As the threat of foreclosures have increased significantly in recent years, those applying to HEMAP has risen accordingly.
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