The handwriting is on the wall, the number of foreclosures is on the rise. In 2006 the Pennsylvania Housing Finance Agency saw a record number of applications for the Homeowner's Emergency Mortgage Assistance Program (HEMAP). HEMAP is made possible through Act 91 of 1983 and is only one its kind in the country. Homeowners who are more than 60 days delinquent on their mortgage are eligible to apply for this program. HEMAP is a loan program designed to protect Pennsylvanians who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure. HEMAP funds loaned to prevent foreclosures are not a grant. The funds are a loan and must be repaid.
Once a homeowner receives notice that the mortgage-lending company is filing for foreclosure, the homeowner must meet with an approved credit counselor within 33 days of receiving notice. The credit counselor will help the homeowner prepares his application for HEMAP.
There are two types of mortgage assistance loans, continuing and non-continuing. Both are limited to a maximum of 24 months from the date of the mortgage delinquency or to a maximum of $60,000. whichever comes first. If I can help you in your Real Estate needs feel free to email me at findit@LehighValleyRealty.com If you like more info on this topic please visit: www.phfa.org/consumers/homeowners/hemap.aspx
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