Pennsylvania Housing Finance Agency

Those facing home foreclosure do have options.  In addition to the information in the article below the Pennsylvania Housing Finance Agency also provides services.  If you are in an adjustable rate mortgage and want to refinance they have advice and assistance here.  REfinance to an Affordable Loan Program (REAL) is one alternative.  You can qualify if you meet these conditions:

• The combined gross annual income of all borrowers may not exceed $120,000. Certain exceptions may apply.
• You are no more than 59 days past due on your existing mortgage.
• You must have a credit score of at least 620 OR meet all of the following conditions:
  1. Your mortgage payment adjusted in the last 12 months to a higher interest rate or a fully amortized payment and you have made no more than two, 30-day late payments since the adjustment. Your mortgage payment history 12 months prior to the adjustment must show no history of late payments.
  2. Your credit history of other debt (car loan, credit cards, etc.) shows no more than three, 30-day late payments 12 months prior to the adjustment of your mortgage.
• You may borrow up to 100 percent of your home's value based upon a current appraisal (or 95 percent for borrowers with a credit score below 620). The REAL loan may be used to finance items such as subordinate mortgages, closing costs, prepayment penalties, delinquent property taxes, and arrearages that have occurred within the past 12 months after the loan reset to a higher monthly payment amount.
• Your monthly total debt costs (credit cards, car loans, installment loans, REAL mortgage payment, student loans, etc.) may not be more than 50 percent of your total gross monthly income (or 45 percent for borrowers with a credit score below 620).

If you meet the conditions above, contact a PHFA-participating REAL lender. Click on your county and call any lender with a checkmark in the "Refi" column. You may also call PHFA's toll-free consumer information hotline at 1.800.822.1174 (option #2) for more details and the name of a participating lender in your area.

They also have a program called HERO.   The information for that is available at the same website as REAL.  These are some of the solutions available for homeowners facing financial distress.  Obtaining counseling and assistance can help you stay in your home.