Title
Calling on the Governor and the Pennsylvania General Assembly to restore funding for the Homeowners Emergency Mortgage Assistance Program.
Body
WHEREAS, In 1984 the Pennsylvania General Assembly established the Homeowners Emergency Assistance Program (HEMAP) which has been recognized nationally as a model foreclosure prevention program; and
WHEREAS, Since the inception of the program HEMAP has provided assistance to over 45,000 Pennsylvania homeowners lending them over $479,000,000 of which 7,000 Philadelphia homeowners were assisted with over $64,000,000 in loans; and
WHEREAS, HEMAP offers two significant benefits to homeowners who are behind on their mortgages and are in danger of foreclosure. First, HEMAP, provides loans to qualifying homeowners who are delinquent due to circum-stances beyond their control, but who have a reasonable likelihood of resuming full mortgage payments within 24 or 36 months (depending on the state unemployment rate). Second and equally important, the statute gives homeowners time to try to resolve their problems, whether they end up qualifying for a HEMAP loan or not. Depending on the timing, a homeowner can get up to 120 days to try to resolve his financial difficulties before the lender can start foreclosure proceedings; and
WHEREAS, Before a lender can start a foreclosure action against most Pennsylvania homeowners, the lender must send a notice stating that the homeowner may be eligible for HEMAP loan assistance, detailing the total amount due, providing contact information for housing counseling agencies, and advising them that they have 33 days to work with the housing counselor to attempt to resolve the delinquency (the "Act 91 Notice"); and
WHEREAS, If the homeowner meets with a housing counselor within that 33-day period, the mortgagee is prohibited from filing the foreclosure for another 30 days. If the homeowner applies for a HEMAP loan withi...
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