Can't make your mortgage? Get an emergency loan.
While the jobless don't get a lot of support from president Obama's loan modification program, the people in Pennsylvania have another place to turn to.
The Pennsylvania housing finance agency offers the jobless and those who are suffering from financial hardship loans up t $60 000 for as long as three years to cover their monthly payments. The program has already distributed $ 450 million on behalf of 43 000 homeowners.
Last year they had a record of applicants up to 14 000, the years before there were only 10 000.
This program is funded by the state and borrowers' repayments. President Obama is now looking at the possibilities of this program to make it national.
The organization says that if you allow people some time to find a job, they can keep their home. When people can keep their own home that is not just good for them but also for their friends, family and the community.
Not everybody can get in this program they have to go threw a careful inspection which looks at their future plans, if they have racked up their credit cards debts .... On the results of this inspection they will decide who can get a loan and who doesn't.
The best is that you have a reasonable prospect of resuming full payments within 36 months and paying of the mortgage in full.
The loan payments are made directly to the services and a lien is placed on the property. The aid is repaid at a 5,25% interest rate over 10 years average, but the clients financial circumstances are taken in account.
HomeSaver Advance is a similar program that was started in 2008 with the difference that the loans were for a short time and for only $15 000.
But this program missed the success link that the other program does have. So they had to shut the program down after not even a year in running.
I think this is a good solution for people who are in trouble and it may also be their last option. But they can't give everybody money so they have to be really careful within the selection-program. So they don't give money to people who have enough money or to people who can't keep and don't spend it all in once.
This is a good solution to give people some more time between jobs or to find a new job or to cope with an unexpected large bill.
If president Obama can make this national it may be the solution for the jobless rate and the number of people that lose their homes.
My blog was based on following article: http://money.cnn.com/2010/03/08/news/economy/mortgage_help_for_unemployed/index.htm
Liesbeth Masschelein 2FV4
The Pennsylvania housing finance agency offers the jobless and those who are suffering from financial hardship loans up t $60 000 for as long as three years to cover their monthly payments. The program has already distributed $ 450 million on behalf of 43 000 homeowners.
Last year they had a record of applicants up to 14 000, the years before there were only 10 000.
This program is funded by the state and borrowers' repayments. President Obama is now looking at the possibilities of this program to make it national.
The organization says that if you allow people some time to find a job, they can keep their home. When people can keep their own home that is not just good for them but also for their friends, family and the community.
Not everybody can get in this program they have to go threw a careful inspection which looks at their future plans, if they have racked up their credit cards debts .... On the results of this inspection they will decide who can get a loan and who doesn't.
The best is that you have a reasonable prospect of resuming full payments within 36 months and paying of the mortgage in full.
The loan payments are made directly to the services and a lien is placed on the property. The aid is repaid at a 5,25% interest rate over 10 years average, but the clients financial circumstances are taken in account.
HomeSaver Advance is a similar program that was started in 2008 with the difference that the loans were for a short time and for only $15 000.
But this program missed the success link that the other program does have. So they had to shut the program down after not even a year in running.
I think this is a good solution for people who are in trouble and it may also be their last option. But they can't give everybody money so they have to be really careful within the selection-program. So they don't give money to people who have enough money or to people who can't keep and don't spend it all in once.
This is a good solution to give people some more time between jobs or to find a new job or to cope with an unexpected large bill.
If president Obama can make this national it may be the solution for the jobless rate and the number of people that lose their homes.
My blog was based on following article: http://money.cnn.com/2010/03/08/news/economy/mortgage_help_for_unemployed/index.htm
Liesbeth Masschelein 2FV4
1 opmerking:
At my opinion this is a good action of Pennsylvania for helping their residents, so they will keep their houses, while having a little financial problem.
I totally agree with the fact that they should keep an eye on the selection.
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