If you are struggling to make your payments it is important that you seek assistance as soon as possible. By missing mortgage payments you will incur late fees and if a loan becomes delinquent for more than four (4) months the bank can refer the loan to their foreclosure attorney, which the filing of the initial foreclosure will cost thousands of dollars.
Important notices to be aware of from the bank or their attorneys:
- Notices by the bank offering assistance through the loss mitigation program
- Act 91 Notice or Notice of Intent to Foreclose (sent by the lender when you are at least three months delinquent)
- Notice of attending a conciliation hearing (Front page of a thick packet called the mortgage foreclosure complaint sent by the foreclosure attorney, hand-delivered)
- Notice of Sheriff Sale (Either sent by mail or posted on your door)
AHCOPA Counselors are certified in dealing distressed homeowners. AHCOPA counselors also attend the conciliation hearings at City Hall to negotiate with the bank and their attorneys about workout options available. They will review your financial capacity and will assist on your behalf to have you be eligible for:
- Mortgage modification
- Government assistance loan or grant (HEMAP assistance or through the Housing Trust Fund)
- Repayment plan
- Reverse mortgage (to pay off the forward mortgage for a homeowner that is over the age of 62)
- Short sale
Do not ignore the situation. Seek help immediately.