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| Emergency Mortgage Assistance |
The Homeowners Emergency Mortgage Assistance Program (HEMAP) has moved one step closer to reinstatement with state House approval of a bill that would authorize the use of Pennsylvania's share of a national financial settlement on foreclosure-processing abuses known as "robo-signing."
HEMAP, administered by the Pennsylvania Housing Finance Agency (PHFA), was credited with saving up to 47,000 homeowners from foreclosure over its more than 27 years in existence, but as a result of budget cuts, the program ended July 1. Ending at the same time was the Act 91 requirement that defaulting borrowers be sent notices by lenders informing them of the program and available counseling. If the Senate approves SB 1433 quickly, PHFA says, it expects to resume taking HEMAP applications in early July.
Source: Philadelphia Inquirer; 6/13/2012
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