The Pennsylvania Housing Finance Agency, a leading provider of capital for affordable homes and apartments in the Commonwealth, was created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities.
The agency operates homeownership programs, rental housing development initiatives, and a foreclosure prevention effort. In more than 35 years of existence, PHFA has provided $8,000,000,000 of funding and tax credits for home mortgage loans and apartment units, while saving the homes of tens of thousands of families from foreclosure. The looming darkness of foreclosure has only been on the rise in Pennsylvania. It is estimated that there are more than 200,000 subprime mortgages in the state including nearly 66,000 adjustable rate mortgages, which have led to nearly 6,000 foreclosure filings.
The Pennsylvania Housing Finance Agency has established programs to assist families in danger of foreclosure. The Foreclosure Mitigation Counseling Initiative is available to individuals with mortgages in default or in danger of default, which could likely lead to foreclosure, provided they own and reside in the mortgaged home. Homeowners will be offered assistance that will consist of activities that are likely to prevent foreclosures and result in the “long-term affordability” of the mortgage or other positive outcomes for the homeowner.
As part of this initiative, counseling services are provided free of charge to the homeowner and will involve a reasonable analysis of the borrower's financial situation, an evaluation of the current value of the property that is subject to the mortgage, and/or counseling regarding the possible purchase or refinance of the mortgage in question. Consumers will also be given information on additional programs designed to assist struggling homeowners.
There are 28 counseling agencies in the PHFA Foreclosure Mitigation Counseling Initiative Network. For additional information and for a list of agencies to contact for an appointment, interested homeowners should visit www.phfa.org