ACT 91 Information
If you are in default in the payment of your mortgage, Pennsylvania's Act 91 of 1983 may provide you relief. The Act provides for an automatic temporary stay of forclosure. In the event you are delinquent in your mortgage payments, your lender will send you an Act 91 Notice. Within 30 days of reciept of the Notice, you must advise the lender which Act 91 option ( as described below) you elect. If you do ot elect any of the options, the lender may accelerate payments and begin foreclosure proceedings.
Option 1: Consumer Credit Counseling - An Act 91 approved agency will have a face-to-face meeting with you to make a plan to bring payments current. The lender must delay further action until at least 30 days from the meeting.
Option 2: Homeowners Emergency Mortgage Assistance Program (HEMAP) - HEMAP assistance is in the form of a loan, for a maximum 24-month period and a maximum loan amount of 60,000. To qualify for HEMAP, you must have financial hardship and at least 60 days of delinquent payments.
Option 3: Cure Default - Make all past due payments, including principle, interest, escrow, penalties and administrative fees.
We have extensive experience with the foreclosure process and your options as a homeowner and would be more than happy to answer your questions or concerns regarding your current or foreseeable situation. Should you find yourself with the stresses of foreclosure, there is no better time than now to understand your options and how we can help!