The itemized deduction for mortgage insurance premiums expired on December 31, At the time this publication went to print, Congress was considering legislation to extend the itemized deduction for mortgage insurance premiums. To find out if this legislation was enacted, and for more details, go to IRS.
In order to put the foreclosure process on hold, you must have a face-to-face meeting with one of these counseling agencies within 33 days from the date of your Act 91 Notice. To locate a counseling agency in your area, please choose a county from the menu list below; or, select "All Counties" for a statewide list.
Frequently Asked Questions What is foreclosure?
Foreclosure is a legal action taken by the lender wherein a homeowner could lose their home and all rights and privileges associated with homeownership. After a foreclosure action is completed, the owner no longer holds legal title to the residence and, in most cases, will be required to vacate the subject property.
Homeowner must be at least 60 days delinquent on their mortgage and have received an Appendix A from their lender. The home must be located in Pennsylvania and must be owner—occupied.
The property must be a one— or two—family residence. A home used primarily for business purposes is not eligible.
Mortgage loans obtained primarily for business purposes are not eligible. The homeowner must have had a favorable mortgage credit history prior to the delinquency during the previous five years.
The homeowner must be suffering financial hardship due to circumstances beyond their control. It is extremely important for the homeowner to do a complete self evaluation of their job history, job skills, and potential for securing future employment in order to present an accurate picture of whether or not there is a reasonable prospect of being able to resume mortgage payments within the required time frame.
What are circumstances beyond your control? To be eligible for a HEMAP loan, a homeowner must be suffering financial hardship due to circumstances beyond their control. How do I demonstrate a reasonable prospect of resuming full mortgage payments?
Some circumstances which cause financial hardship are, by nature, temporary and predictable. A job layoff or temporary unemployment due to a curable medical condition are examples of circumstances which will clearly come and go, and the homeowner will be re—employed and be able to resume making their mortgage payments.
If a person demonstrates a good employment history, a good credit history while employed, employable skills or efforts toward retraining, and an active search for employment, they will likely meet the reasonable prospect issue.
Where do I get help? If a Homeowner did not receive a listing of designated counseling agencies, they may contact the HEMAP offices at Please note the application process cannot begin without first receiving an Act 91 Notice. An Act 91 Notice is not required to be issued by the lender and the mortgagor may not apply for assistance without the Act 91 Notice.
How do I apply? The application process can take up to four months to complete.
The counseling agency compiles the appropriate information, prepares the application, and forwards it to HEMAP for processing. This must be done within 30 days from the Face—to—Face Meeting. During this time while applications are processed, foreclosure actions cease, as long as the procedural time limits are met.
Upon initial contact with the designated counseling agency to schedule the Face—to—Face Meeting, the applicant will be notified of the information they must bring to the meeting. The applicant must also prepare a Letter of Circumstance explaining the exact reason their mortgage is delinquent and include verification.For Decades, some New Home Builders have required consumers to use “in-house” lenders.
Based on the CFPB’s decision regarding the Prospect mortgage case, New Home Builders are non-compliant. An extensive list of mortgage topics geared to help you better understand the home loan process and ideally get a better deal when it comes time to buy real estate and apply for a mortgage.
Future developments. For the latest information about developments related to Pub. , Home Mortgage Interest Deduction, such as legislation enacted after it was published, go to regardbouddhiste.com Photographs of missing children. Gustan Cho is a senior mortgage expert and National Managing Director, providing direct-to-consumer advice at Loan Cabin.
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