Pennsylvania Foreclosure and Mortgage Help

Homeowners' Emergency Mortgage Assistance Program (HEMAP)

The HEMAP program has already helped thousands of Pennsylvania homeowners who have been at risk of losing their home to foreclosure. This mortgage and foreclosure assistance program, which was created over 20 years ago, is the only mortgage assistance program of its kind that is available anywhere across the nation. The HEMAP program is a very effective, not to mention cost effective, way to both reduce and ideally stop the foreclosure process and to ensure homelessness among Pennsylvanians households does not increase. What this program does is to help ensure that families mortgage payments are consistent. In addition, it helps homeowners to with finding alternate employment, job training, and it will provide education resources when families need the assistance the most.

So what is HEMAP? HEMAP is a Pennsylvania loan program that was created primarily to help Pennsylvania families who are struggling with their monthly mortgage payments. The primary focus is on families who are in danger of losing their primary home to foreclosure. Any person who is looking into this mortgage assistance program needs to know that HEMAP funds that are loaned to residents to help stop a foreclosure are not a grant. The money provided as assistance is a typical loan, but at a reduced interest rate, and the loan must be repaid.

Affordable Loan Program (REAL)

If you are a Pennsylvania resident and your mortgage is an adjustable rate mortgage, an interest only mortgage, or another type of high risk loan, and if the mortgage is scheduled to reset to a much higher rate, then this plan may be for you. Especially if you are in danger of losing your home to foreclosure.

The Pennsylvania REAL mortgage assistance program provides state residents a very competitive 30-year fixed interest rate. Because this mortgage assistance program offers 100 percent financing with very flexible payment terms and credit underwriting, it can provide an enormous amount of help to homeowners in the form of lower monthly mortgage payments.

Homeowners' Equity Recovery Opportunity Loan Program (HERO)

The Pennsylvania HERO mortgage assistance plan is another resource for families, and this plan as well was created to improve the financial situation of Pennsylvanians who no longer can afford to pay their current mortgage. The HERO program also gives 100 percent financing, but it does differ in how the aid is provided. Instead of HERO refinancing your current mortgage loan into a new mortgage, the Pennsylvania state government will actually purchase your outstanding loan directly from your current lender and then the government will set give you a brand new, affordable loan repayment plan. This foreclosure assistance program is best for borrowers who are not eligible for PHFA's REAL program above or if can’t sign up for any other mortgage refinance product or other assistance plan that is available across the nation. This aid is also for homeowners who are upside down on their mortgage.

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