Coalition Releases Foreclosure Prevention Resource Guide

Date: 
September 22, 2011

A practical and comprehensive guide for residents, housing counselors, lawyers, and mortgage lenders

The national foreclosure crisis continues to have a devastating effect on communities across the Philadelphia region. The Urban Affairs Coalition (UAC), a nonprofit organization that works to build wealth in urban communities, has released the newest edition of its Foreclosure Prevention Resource Guide. The Guide is designed to help residents, housing counselors, lawyers, and mortgage lenders navigate the mortgage foreclosure process.

The Foreclosure Prevention Resource Guide Summer/Fall 2011 edition is only available online at www.uac.org/foreclosurehelp.htm

 “The Coalition is very concerned that many homeowners were not receiving the help they needed for navigating this complex process or even fully understanding their options when facing potential foreclosure,” said Sharmain Matlock-Turner, President and CEO of the Coalition. “This guide provides a practical and comprehensive view of the foreclosure process, community resources, how to obtain a reputable housing counselor, and how to avoid foreclosure rescue scams.”

The Guide also notes some important changes that have taken place with programs designed to help residents at risk of foreclosure in Philadelphia’s five-county region.  This past year has been an extremely challenging time for the housing market due to the shutdown of the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program (HEMAP), a loan program that helped homeowners at risk of foreclosure. In addition, another emergency loan program, the federal Emergency Homeowners’ Loan Program (EHLP) has also ended. With the loss of these programs, a guide to help residents navigate the foreclosure process has never been more important. 

Highlights of the guide include:

  • A flow chart of the new foreclosure process in light of the elimination of PA’s Homeowners’ Emergency Mortgage Assistance (HEMAP)
  • Samples of foreclosure notices
  • Updated information on how to report mortgage foreclosure rescue scams
  • Updated directory of housing counselors available to help at-risk residents

The Guide is produced by UAC’s Community and Economic Development department, with the assistance of the Urban Affairs Coalition’s Foreclosure Prevention Task Force, a collaboration of bankers, public interest attorneys, and housing advocates.

 Production of the Guide was made possible by a grant from Citi Foundation.