Pennsylvania Mortgage Relief
What can I say PA knows how to do it. Okay, I’m from PA so I am biased. According to the article it seems PA is providing short term aid to those who are suffering from a hardship such as jobless which is exactly who we should be helping.
I received a call from someone yesterday that lost their job and they aren’t getting any help from Bank of America. I told him to ask for a forbearance of 6 months which can give him time to get a new job. Why are the people who really need it the most and can clearly show a hardship not getting help? Anyone can play with their debts and income to make it look like it’s a hardship but if someone lost their job, could afford it prior to, then help them out!! They are trying to duplicate this in other states and has already been copied by a handful.
“Pennsylvania’s Homeowners’ Emergency Mortgage Assistance Program was created in the 1980s in response to job losses in the steel and coal industries. With funding tight, the approval rate for new loans in the Pennsylvania program has fallen to about 22% from a high of more than 40% in the 1980s. Roughly 80% of loans involve one-time payments, with just 20% going to borrowers who need continuing help with their mortgage payments for up to three years.”