- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
Pennsylvania HEMAP Program Help
Are you facing foreclosure? Are housing and other living expenses mounting up and draining your tight budget? You are not alone. In Pennsylvania thousands of homeowners are also facing the possibility of losing their home to a foreclosure. Now is the time to take control of the situation and find ways to reduce your costs and apply for programs that will help you save your home.
In our previous article we focused on how you can save money on your home’s energy expenses and carry out vital repairs with the help of Pennsylvania State programs. In this article we hone on one of the most successful mortgage aid programs in Pennsylvania and the United States. Although this program cannot help everyone at risk of foreclosure, thousands have saved their homes thanks to it.
Pennsylvania Foreclosure Prevention Act and the Homeowner’s Emergency Mortgage Assistance Program.
This Homeowner’s Emergency Mortgage Assistance Program (HEMAP) is unique. There are no other programs like it in the United States. This program, which has been running for over 28 years, provides a loan to homeowners to rescue them from the imminent danger of losing their home to foreclosure. The HEMAP loan is secured on their property. There are two types of programs homeowners can apply for under HEMAP depending on their income and assets: continuing mortgage assistance and non-continuing mortgage assistance.
Non-Continuous Mortgage Assistance.
This program-type is for homeowners who according to HEMAP guidelines can afford to pay their mortgage. It is popular with homeowners who have suffered financial difficulties which caused them to fall behind in their mortgage payments but who can now afford the mortgage if only they were not behind in their payments. A non-continuous mortgage assistance program brings the delinquent loan up-to-date. The homeowner must then continue making payments to their lender and the HEMAP program until each loan is repaid.
Continuous Mortgage Assistance
This program is for homeowners who currently cannot afford their mortgages but who can reasonably be expected to afford them in the future. Under this program a HEMAP loan is used to pay for any arrears on the mortgage and HEMAP subsidizes the homeowner’s mortgage payments to the lender.
Mortgage and Time Limits
Both the non-continuous and continuous programs are available for a maximum of 24 months or $60,000, whatever happens first. Also, in both cases the homeowner must pay a minimum of 40 percent of his or her income towards housing costs. The minimum payment is $25. However, in the non-continuous format it is the homeowner who is responsible of paying for the mortgage, while in the continuous mortgage assistance HEMAP takes over this responsibility for the duration of the program and pays the lender with the homeowner’s funds and the HEMAP subsidizing contribution.
No comments yet.
Sorry, the comment form is closed at this time.