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Monroe Hit Hard by Foreclosures What programs are available to help residents facing foreclosure?
Homeowners in Monroe County are struggling to keep their homes, and it isn’t getting any easier. The economy continues its downward spiral, therefore, making it that much harder for individuals to find jobs and even keep the ones they have. A sudden loss of income will make paying the bills and mortgage that much more of a challenge, if not a near impossibility.
The Pocono area has shown to be one of the hardest hit areas within Pennsylvania’s foreclosure crisis, with the Sheriff’s office being inundated with more foreclosure notices and filings than it can handle. According to the Monroe County Prothonotary’s office, the number of foreclosures has been steadily increasing since 2006. Only two years ago, there were 835 total foreclosures, in 2008, there were 1,500; and as of the third week of January 2009, Monroe is on track to have another 1,500 foreclosure filings for 2009.* The number of home sales has also been affected, with only 1,717 homes sold in 2008 compared to the 3,132 homes sold in 2006.**
Despite the tough times and bleak outlook, residents do not have to feel like they are alone in this struggle. The Pennsylvania Housing Finance Agency (PHFA) has implemented various programs to assist residents who are facing mortgage payment challenges. These programs include:
· Homeowners’ Emergency Mortgage Assistance Program (HEMAP) o http://www.phfa.org/consumers/homeowners/hemap.aspx · REfinance to an Affordable Loan Program (REAL) o http://www.phfa.org/consumers/homeowners/real.aspx#hero · Homeowners’ Equity Recovery Opportunity Loan Program (HERO) o http://www.phfa.org/consumers/homeowners/real.aspx#hero
Each program is designed to address the issues most commonly encountered when homeowners struggle to pay their mortgage. You may refer to the links above to learn more about these programs and how they may assist you.
The PHFA has also established the Foreclosure Mitigation Counseling Initiative, with 28 counseling agencies across the Commonwealth all participating to assist homeowners. Please feel free to check their locations on the web at:
http://www.phfa.org/consumers/homeowners/fm_counseling.aspx
Further information can be found on the PHFA at website http://www.phfa.org/ or by phone at 717.780.3800.
Also, please feel free to contact Senator Boscola’s Stroudsburg district office with any additional questions or concerns you may have at (570) 420-2938.
Sources: *Monroe County Prothonotary’s Office **Pocono Mountains Association of Realtors
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