It is amazing that after all that our country has been through, and everything that we have seen that we are now hearing about a program that was established long ago and is effective! So, what is this program called? The Pennsylvania Homeowners Emergency Mortgage Assistance Program was established in 1984, and the way it is structured makes sense. The program creates bridge loans for those who have lost their jobs, and there is no interest accruing until they are once again gainfully employed. Hmmm, so what now?
Our Books Show That Pennsylvania Program Works Smarter not Harder
Isn’t working smarter the whole idea with anything in life? You bet it is, and this is how the Pennsylvania program works. Yes, it is effective, and yes it costs much less than our $30 billion dollar program! The Home Affordable Modification Program has not been so successful, in fact it has been shown that only 9% of those who apply get approved. Those numbers aren’t strong, so maybe we can follow the Penn state model? I am thinking that it sounds like it is worth a shot at least. What are your thoughts? The numbers speak; Pennsylvania had the 26th highest unemployment rate, but yet the 37th highest foreclosure rating. I think Pennsylvania might be onto something folks.
-Mayer Dallal
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