 Get help with your mortgage payment
before it’s too late:
Stopping foreclosure……for homeowners, the thought of losing your home in a foreclosure is frightening. Your mortgage payment is usually your single largest financial obligation. If you find that you are unable to make your mortgage payment there is help available.
Early intervention is very important ….as soon as you realize you are unable to make your payments, talk to your mortgage company about your circumstance. Your chances of saving your home are much better if you are only one or two payments behind. Too many people in financial trouble wait until the last minute to call their mortgage company. Some hope their problems will quickly resolve themselves. Others worry the mortgage company will rush to collection or foreclosure. The truth is the longer you wait, the greater your chance of losing your home. If you are unable to make your mortgage payment, don’t delay call your mortgage company immediately. In a significant number of all foreclosures, the borrowers did not return their mortgage company’s calls or written invitations to discuss payment options.
 If you would like assistance through this process we can help in dealing with your lender, review your current financial situation and develop a workable plan to meet your needs. We will review your income and your expenses and put together a budget to enable you to meet your mortgage obligations. We will determine the cause of the delinquency and discuss with you the appropriate actions to cure your delinquency and, if possible avoid foreclosure. Time is not on your side in this matter you must act quickly and make the right decision
whether you can afford to keep your home, some alternatives would be.
Alternatives Too Foreclosure:
- Special Forbearance : Your lender may be able to arrange a repayment plan based on your financial situation and may even provide a temporary
reduction or suspension of your payments. You may qualify for this if you
recently experienced a reduction in income or an increase in living expense.You must furnish information to your lender to show that you would be able to meet the requirements of the new plan
Alternatives are available:
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Mortgage Modification: You may be able to do a type of refinance that can offer a better rate and or term that will make your payments more affordable. You may qualify if you have recovered from a financial problem and can afford the new payment amount.
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Pennsylvania Foreclosure Prevention Act 91(HEMPA:
Thousands of Pennsylvania families faced with the possible loss of their home through foreclosure have received help from the Homeowners Emergency Mortgage Assistance Program (HEMPA). This unique program, created by ACT 91 of 1983, is the only one of its kind in the nation. HEMPA is a cost effective means to prevent homelessness among Pennsylvanians. By giving assurance of steady mortgage payments, it allows homeowners to seek alternate employment, job training, and/or
education when they need it the most. The program is funded by the State appropriations and repayment of existing HEMPA loans.
HEMPA 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 house to foreclosure. HEMPA funds loaned to prevent foreclosure are not a grant. These funds are a loan and must be repaid. Please note that FHA title 2 (purchase) mortgages are not eligible under this program.
- Pre-foreclosure sale: This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.
You may qualify:
- the loan is at least 2 months delinquent;
- you are able to sell your house with in 3 to 5 months
- a new appraisal (that your lender will obtain) shows that the value of your home meets the program guidelines.
- Deed in lien of foreclosure: As a last resort, you may be able to voluntarily (give back ) your property to the lender. This won’t save your house, but it is not as damaging to your credit rating as a foreclosure.
For more information on foreclosure contact Jim Coleman at 570-585-8748 |
