HEMAP

Hi Weiner,

Welcome to Mortgagefit discussion board.

Homeowners' Emergency Mortgage Assistance Program is a type of loan program created to protect homeowners from losing their homes to foreclosure.

To qualify for the HEMAP loan there are certain criteria which are required to be met like:

1. Your mortgage must be delinquent by at least sixty days. In addition you must have received from your lender an Act 91 notice ( The lender provides information about a person's delinquent status and advice about availability of help from HEMAP through the Act 91 Notice.).


2. The property should be a one or two family residence. In addition if the property is used for business purposes then it will not be eligible.


3. If the mortgage is taken for business purposes then also you will not be able to qualify.


4. Loan will not qualify if it is an FHA Title II loan.


5. During the last five years before the delinquency you must have had good mortgage credit history.


6. The financial hardship you are facing currently is because of situation which is not in your control.


7. Within the next twenty four months you expect to financially recover and resume you normal mortgage payments. And also be able to pay the mortgage completely by its maturity time frame.


8. The loan should have at least the position of a third lien.

Thanks
Blue

One more thing I like to tell Weiner is that the loan amount under HEMAP is limited to a maximum of $60,000 and the assistance provided is for a maximum time period of twenty four months.

the details you all have provided is quite helpful, one more thing want to ask is, are there different types of assistance schemes if I qualify as per the points Blue mentioned?

Hi Weiner,

There are two loans which are provided under this assistance program, Continuing loan and Non-continuing loan.

In continuing loan, the mortgage is brought current and continuing help will be provided to you towards your mortgage. After getting approved for this type of loan, based on your housing related expenses and income you will have to make monthly contributions towards your mortgage payment. An amount not less than $25 will have to be paid per month per mortgage assisted through this loan.

Non-continuing loan helps to bring the mortgage current and after the closing you will be responsible for your mortgage payments. Plus, based on income you will be required to make immediate repayment of an amount equaling a minimum of $25 per month per mortgage assisted.

Colin

Yeah, it's a good move to protect home owners from foreclosure. The state should come up with more and more programs of the kind if they really want to help the common people.

if my hemap loan is rejected can I request an appeal?

Hi Barry,

You can request an appeal hearing if your loan gets rejected but the request has to be made within 15 days in writing from the date you get the rejection letter.

Hearing examiners will schedule & conduct hearing to consider all the facts and circumstances after which they will try to determine if the previous decision of rejecting your loan request was correct or not. The hearing examiners will be different from the ones who made the initial decision about your loan request.

If the examiners uphold the previous decision of rejection of your loan then you are allowed to file a further appeal within 30 days with the commonwealth court.

Miller

do you need this program to save your home and if so how does it save your home from disclosure

Hi,

This program helps you to prevent foreclosure which result from circumstances which are beyond the homeowners' control.

This is recorded as a mortgage lien against your property and helps you to make your mortgage regular.