The Pennsylvania Homeowner Emergency Mortgage Assistance Program, which had helped to keep 45,000 financially troubled consumers in their homes over the last 25 years, was shut down recently as a result of budget cuts, according to a report from the Philadelphia Inquirer. The state had spent $10 million to keep it afloat last year, but slashed that funding to just $2 million in 2011.
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The change comes at a time when many within the state are still struggling with prolonged unemployment, and the Pennsylvania Save Our Homes Coalition is working to restore the funding from some of the state’s budget surplus, the report said. In addition, some other nonprofit groups have risen to help those who are in danger of losing their homes to better understand their options.
However, data from the foreclosure monitoring firm RealtyTrac shows that the amount of home seizure in a majority of the nation’s largest metropolitan areas have declined significantly in the first half of 2011 on a year-over-year basis, the Associated Press reported. And while much of that is largely due to delays in the process caused by the industry’s attempts to handle the robosigning scandal, the extra time may have helped some consumers get their finances in order and avoid the process.
Currently, about 1.7 million foreclosures nationwide are delayed for one reason or another, the report said.
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Image: Chester Paul Sgroi, via Flickr.com