More than 105 million federal dollars are available to Pennsylvanians in danger of mortgage foreclosure if they meet certain criteria, but there’s a race against the clock since applications must be submitted by September 30th.
The money is part of the $1 billion provided by HUD in the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law in July 2010. Pennsylvania’s share was authorized in October, 2010, and the PA Housing Finance Agency administering the program started accepting applications on April 1st, 2011. Executive Director and CEO Brian Hudson says they’ve approved 700 applications of the 1400 received so far, and they’re looking for 8- to 10,000 more. Homeowners who are three months behind on a mortgage because of unemployment, underemployment or illness may be eligible for a maximum $50,000 declining balance loan for arrearages and 24 monthly mortgage payments.
United Way has launched a new helpline: 2-1-1 that will not only help people apply for the mortgage help but also connect them to other resources they may need, such as utility payment assistance, health care or employment resources.