Pennsylvania Foreclosure Homes – Hopeful, and Then Some

Last week, a bill was signed by President Bush that is to provide aid to the struggling mortgage and housing sectors. A provision in the bill includes funds to the tune of $3.9 billion for local communities to buy and fix properties that have been foreclosed. Freddie Mac and Fannie Mae, the two governments funded mortgage guarantors are to receive federal funding, In addition, close to 400,000 home owners, including owners of foreclosure homes in Pennsylvania, could refinance their existing loans into loans with lower, more affordable fixed rates of interest.

Critics say that this is the government’s way of bailing out lenders and borrowers who have been reckless in the past. Many others in the state view this as a much needed effort on the government’s part, where the people connected with Pennsylvania foreclosure homes were looking for some relief.

In Allegheny County in Pennsylvania, 2,320 homes have been foreclosed. This has incited Sheriff William Mullen, proposing a plan, where owners of foreclosure homes in Pennsylvania (Allegheny in particular) will have help in avoiding foreclosures. The Allegheny County Common Pleas Court has been asked to pass orders for lenders to meet borrowers who are delinquent to work on new payment plans before the property goes up for ’sheriff’s-sale’. He sees this as a final effort to help homeowners facing foreclosure.

In Wyoming County, Dave Bollinger, the state’s officer for hazard mitigation, said that around a request for $1.4 million has been made, to be used as money for hazard mitigation. The Pennsylvania Emergency Management Agency and the Federal Emergency Management Agency are to review the application.

Tony Litwin, the County’s Commissioner expects the funds to be cleared by November.

Bollinger said that Eaton County’s request had passed, but the approval of Wyoming County’s request was still to go through, mentioning that the funds available for hazard mitigation were limited. The township of Eaton expects to receive $554,250.

Randy Ehrenzeller, Eaton Township’s supervisor said that even though it might take some months before the funds are cleared, the community was very happy with the request being approved.

Related Posts:

• New Law for Pennsylvania Foreclosure Homes
• Long Island Rehabs Government Repo Houses for Families
• Charities to Help Alleviate Effects of House Repossession
• Program Revamped to Benefit REO Properties for Sale
• Aid to Stem the Tide of Foreclosed House in Ohio