Legislation was recently signed into law to direct funding for the Homeowners’ Emergency Mortgage Assistance Program (HEMAP) to aid Pennsylvanians facing home foreclosure, said State Rep. Jim Cox (R-129).
Act 70 of 2012 directs the Pennsylvania Treasury to use most of the funds acquired through the Homeowner Assistance Settlement Agreement to fund HEMAP. The Homeowner Assistance Settlement Agreement was established in February between the state attorney general and leading U.S. mortgage companies. In addition to providing funding for HEMAP, the new law also provides homeowners with additional time to challenge certain foreclosures and clarifies other aspects of the process.
Nearly all of the funding from the payments made pursuant to the agreement is directed to consumers, with 90 percent of funding going to HEMAP, 5 percent to the Office of Attorney General for housing consumer protection programs, and 5 percent for legal assistance involving housing programs.
This is great news. I have a friend who faces foreclosure on her modest condominium. She had an excellent salary until 3 years ago, when first one and then the other retina detached in her eyes. She “pieces together” low-paying jobs and prays that she can find a better paying one. And, yes, she struggles to pay her health insurance bill each month…but that’s for another blog.