Posted: Thu Apr 12, 2007 11:01 am Post subject: act 91 and act 6 notice
what are act 91 and act 6 notices, I am in Pennsylvania, how are they related to foreclosure,thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Act 91 Notice is given when someone is behind in his mortgage payments advising that person to apply for a Homeowners Emergency Assistance Program (HEMAP).
If you have received such a notice then you should contact your local HEMAP housing counseling office. In the notice you will see a list is given of the counseling agencies or to find an agency in your neighborhood call Pennsylvania Housing Finance Agency at 800-342-2397.
The other notice, called the Act 6 Notice is sent when someone is sixty days behind on the payments and is also known as Notice of Intention to Foreclose. After receiving this notice you will have thirty days to pay the past dues and bring the loan current. If within these thirty days due payments are not made or any new arrangement is not established with the lender, then they can file a lawsuit to start the foreclosure process.
If you are facing financial hardship because of some happenings which are beyond your control & have chance of paying your original mortgage payments again in 24 months from the time of your first default then you would be able to qualify.
The loan is provided to catch up the outstanding amounts and make your mortgage payments for up to 24 months. After receiving the Act 91 notice you can apply for the loan.
Posted: Fri Apr 13, 2007 5:29 am Post subject: RE: Act 91 foreclousre
The total loan amount provided through the HEMAP is equal to 24 months of mortgage payments from the date of delinquency or a maximum of $60,000 whichever is lower.
In order to qualify for the HEMAP, the concerned borrower should pay up to 40% of his net monthly income towards his housing costs. The minimum monthly payment on such a loan as set up by the law is $25 per month for each type of mortgage for which he seeks assistance.
The HEMAP is beneficial for the people of Pennsylvania who fail to carry on with their mortgage payments and may lose their home if the lender forecloses.
colin
