Foreclosure Prevention Resource Guide Winter/Spring 2011 Edition

Posted by on April 11, 2011

The Urban Affairs Coalition and the UAC Foreclosure Prevention Task Force are pleased to present the Foreclosure Prevention Resource Guide Winter/Spring 2011 Edition.  The Guide is designed to help professional housing counselors and homeowners in the Philadelphia five-county region better navigate the mortgage foreclosure process and the foreclosure prevention programs available to homeowners.

There are a few program updates since the last edition we would like to highlight:

·         The Pennsylvania Housing Finance Agency’s refinance programs, REfinance into an Affordable Loan (REAL) and Homeowners’ Equity Recovery Opportunity (HERO) Loan, are no longer available.  The programs expired on December 31, 2010.

·         To reach underwater homeowners with non-FHA mortgages, the Federal Housing Administration is working with approved lenders to offer the new loan product, FHA Short Refinance.

The anxiously awaited Emergency Homeowners’ Loan Program (EHLP) is now available!  It is anticipated the program will help homeowners in foreclosure who experience involuntary unemployment, underemployment or loss of income due to a medical condition.  Through EHLP, Pennsylvania received nearly $105 million to assist struggling homeowners.

The Winter/Spring 2011 Edition is only available online.  To download the guide, please visit http://www.uac.org/foreclosurehelp.htm.  To request a hard copy of the Summer/Fall 2010 edition of the guide or for any feedback on the contents, please e-mail foreclosureguide@uac.org.