Help for Hurting Homeowners
The REALTORS® Association of York & Adams Counties commends the Obama administration for offering a plan to prevent foreclosures and help millions of homeowners who are at risk of losing their homes.
"We realize that when people lose their homes from foreclosure, our communities, the housing market and the economy all suffer," stated Steve Snell, executive officer of the REALTORS® Association of York & Adams Counties.
The recent Homeowner Affordability and Stability Plan aims to help struggling homeowners by providing incentives to lenders, services, mortgage holders and borrowers to help modify mortgage loans. The U.S. Treasury Department will be issuing uniform guidelines in the near future that financial institutions receiving assistance must agree to follow.
- The key components of the plan include:
- Refinancing options from Government Sponsored Enterprises (GSEs) for up to 4 to 5 million responsible homeowners to make their mortgages more affordable.
- A $75 billion homeowner stability initiative to reach up to 3 to 4 million at-risk homeowners
- Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.
- More details on the new recovery efforts are available online. Go to www.REALTOR®.org and click on review components of the plan.
- Also, here are some resources for homeowners who are facing difficulty paying their mortgage.
- Contact your lender first.
- Check into free counseling services provided by Housing Alliance of York - (717) 854-1541 or www.housingallianceofyork.com or Pennsylvania Interfaith Community Programs - (717) 334-2911 ext. 235 or www.adamscha.org
- Investigate possible financial assistance programs from Pennsylvania Housing Finance Agency to ease the financial burden 1-800-342-2397 or www.phfa.org
- Click on the link below for information on the:
- For further information click on the following links:
- NAR Field Guide to Foreclosures http://www.REALTOR®.org/library/library/fg329
- NAR Field Guide to Short Sales http://www.REALTOR®.org/library/library/fg335
- York County Sherriff's Department- http://ycwebserver.york-county.org/sheriff/sheriff_sales.html
- Pennsylvania Housing Finance Agency- http://www.phfa.org/
- Housing Alliance of York- www.housingallianceofyork.com
- Pennsylvania Interfaith Community Programs www.adamscha.org
- Homeowner Affordability and Stability http://financialstability.gov