Program Resources for Homeowner Foreclosure Prevention, Intervention and Relief
In light of recent troubles in the mortgage market, FHLBank Pittsburgh would like to provide a list of resources that could be helpful to your customers who may find themselves falling behind on their mortgage payments. Below is our list of resources. If you are aware of other resources that we can add to our website, please call us at 412-288-2826.
Relief Pitchers Summits
FHLBank has partnered with the Pennsylvania Housing Finance Agency (PHFA) and the Delaware State Housing Authority (DSHA) to present a series of summits designed to help civic leaders learn more about specific ways they can help homeowners avoid foreclosure.
Community organizers, employers, religious leaders, housing advocates, union representatives, local government officials and anyone else with a stake in homeownership met to gather information they can use to make the pitch that might prevent the loss of homes in their communities and to learn about programs and products available to homeowners in crisis.
Delaware Relief Pitchers Summits
Relief Pitchers events were held in Wilmington and Dover during the second half of 2008. Those unable to attend can still join the ranks of Relief Pitchers by helping to strike out foreclosures. Click below for takeaway materials made available at the summit.
Pennsylvania Relief Pitchers Summits
Relief Pitchers summits were convened in Pittsburgh (September 8) and Erie (September 12) during 2008. Those unable to attend a summit can still join the ranks of Relief Pitchers by helping to strike out foreclosures. Click below for takeaway materials made available at those summits.
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Delaware
The First State has created a foreclosure prevention task force to educate and assist homeowners and housing advocates. To review the resources being made available by the task force, visit: http://portal.delaware.gov/foreclosureinfo/
Commonly referred to as the DEMAP Program, this statewide program provides Delaware homeowners with assistance in preventing residential mortgage foreclosure(s) that result from circumstances beyond the homeowner’s control.
http://www.destatehousing.com/services/hb_demap.shtml
For a list of HUD-approved counselors in Delaware ready to assist those experiencing delinquencies or at risk of foreclosure, the following list of in-state agencies is available: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=DE
Pennsylvania
Pennsylvania Housing Finance Agency's (PHFA’s) REfinance to an Affordable Loan (REAL) program offers attractive 30-year fixed rates. Because it combines 100 percent financing with flexible credit underwriting, it may offer relief to homeowners who otherwise may not qualify for typical mortgage refinance programs.
http://www.phfa.org/consumers/homeowners/real.aspx
Thousands of Pennsylvania families faced with the possible loss of their homes through foreclosure have received help from the Homeowners’ Emergency Mortgage Assistance Program (HEMAP). By giving assurance of steady mortgage payments, HEMAP allows homeowners to seek alternate employment, job training, and/or education when they need it most. The program is funded by State appropriations and repayment of existing HEMAP loans.
www.phfa.org/consumers/homeowners/hemap.aspx
PHFA's Homeowners' Equity Recovery Opportunity Loan Program (HERO) is a loan program designed to improve the financial situation of Pennsylvanians who are not able to afford their current mortgage payments. The HERO program provides for up to 100 percent financing but, instead of refinancing the current mortgage into a new loan, PHFA purchases the loan directly from the current lender and then sets the affordable repayment agreement. This program is for borrowers not eligible for PHFA's REAL program (REfinance to an Affordable Loan) or another mortgage refinance product available in the general market due to credit issues or owing more than the home's current appraised value. www.phfa.org/consumers/homeowners/real.aspx
PHFA also lists additional foreclosure information here: www.phfa.org/consumers/homeowners/foreclosureprevention.aspx
For a list of HUD-approved counselors ready to assist those experiencing delinquencies or at risk of foreclosure, these Pennsylvania agencies are ready to assist: www.hud.gov/offices
West Virginia
The West Virginia Housing Development Fund (WVHDF) offers a wide variety of programs to educate and assist homebuyers. Visit www.wvhdf.com. For specific homebuyer programs, see: www.wvhdf.com/homebuyers/doiqualify.cfm.
In addition, HUD-approved counselors stand ready to assist those who may be facing foreclosure in the Mountain State. View the complete list of agencies here: www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=WV
Nationwide
Congress and The White House have taken the next step in addressing the nation's mounting foreclosure crisis. The cornerstone of the federal plan of action is the new 'Making Home Affordable' program, implemented on March 4, 2009.
Click here for complete details on Making Home Affordable, including program guidelines, a program summary, and a fact sheet.
Other Assistance
The NeighborWorks® Center for Foreclosure Solutions is an initiative of NeighborWorks® America, a nonprofit that creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. To learn more about NeighborWorks' foreclosure intervention efforts, visit www.nw.org/ForeclosureSolutions.
The Homeowner's HOPE Hotline, 888-995-HOPE, is provided free of charge by the Homeownership Preservation Foundation, a Minneapolis-based nonprofit dedicated to preserving homeownership and preventing foreclosure. HPF partners with local governments, nonprofits, borrowers and mortgage lenders/servicers to deliver innovative homeownership preservation solutions. For more information about the Homeownership Preservation Foundation or the 888-995-HOPE hotline, please visit www.995hope.org.
Don't Borrow Trouble is the first comprehensive consumer awareness campaign of its kind, combining public education and counseling services to help homeowners avoid lending practices that strip away their home's equity. Don't Borrow Trouble uses brochures, mailings, posters, public service announcements, transit ads and television commercials to inform the public and answer questions from potential borrowers — and to provide assistance to consumers if they've already taken out a loan. Click on the link to find the Don't Borrow Trouble Community Campaign near you.
FHLBank is ready to work with Members to help stem the foreclosure crisis. Call 1-800-288-3400, ext. 2826 for Member assistance.
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Serving our members in Delaware, Pennsylvania
