PA Knows How To Help Unemployed Homeowners
I wrote about this before but below is another article on it. As I have said time and time again the people who deserve help are those who lost their jobs and this program does just that. The success rate of 80% says it all to me. Towards the end of the article it explains how the program works.
“The Smiths are among the 3,250 homeowners that the housing agency’s mortgage assistance program saved from foreclosure last year. Created in 1983, the initiative provides loans of up to $60,000 for as long as 36 months to Pennsylvania residents suffering financial hardship, such as job loss, divorce or medical problems.
The program, which has distributed $450 million on behalf of 43,000 homeowners since its inception, has an 80% success rate in helping borrowers avoid foreclosure. And the recent housing crisis has prompted thousands to seek assistance. A record 14,000 homeowners applied for help in 2009, up from 10,000 in most years.”