Live in Pennsylvania? Get 24 months of your mortgage or $60,000 loan!

Many are saying it's great to live in Pennsylvania! This wonderful state has a forward-thinking program to help keep people from foreclosure. HEMAP (link: http://www.phfa.org/consumers/homeowners/hemap.aspx) is the Homeowners' Emergency Mortgage Assistance Program. This program was created by Act 91 in 1983. It is the only one of its type in the U.S.A. - but hopefully other government officials will be inspired by its success. HEMAP helps people who through no fault of their own are unable to make their mortgage payments. Pennsylvania residents are eligible for help for up to 24 months or for a maximum of $60,000 loan. What a great way to help families in Pennsylvania!
Title: HEMAP (Homeowners Emergency Mortgage Assistance Program)
Description: Pennsylvania state assistance to families facing foreclosure
State: Pennsylvania
Age: All
Income: $10,000 - $1,000,000
Subject Category: Other
Money Type: Loan
Contact Info: 800-342-2397 Pennsylvania Housing Finance Agency 211 North Front Street, Harrisburg, Pennsylvania 17101-1406
Application Web Site: www.phfa.org/about/contact/telephonedirectory.aspx

New Federal Gov't Plan to Offer Help for Foreclosures

Project Lifeline is the new trial plan that could help at-risk borrowers with all types of mortgages, not just high-cost subprime loans. The plan will involve six big home lenders and will allow overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms. The new plan applies to seriously delinquent homeowners, those whose mortgages are 90 days or more past due. You can read more about Project Lifeline here: http://www.npr.org/templates/story/story.php?storyId=18905411. To keep up with developments in Project Lifeline, go here: http://www.ustreas.gov/news/index1.html

Help Getting Bonded for Construction Contracts

Under this program, small contractors unable to obtain a bond are guaranteed surety bonds issued by commercial surety companies. Guarantees are for up to ninety percent of the losses incurred and are paid by participating sureties when conditions are met. For more information on the program (59.016 Bond Guarantees for Surety Companies) contact Associate Administrator, Robert J. Moffitt, Office of Surety Guarantees, Small Business Administration, 409 Third Street, SW, Washington, DC 20416; 202-205-6540; www.sba.gov and http://www.sba.gov/services/financialassistance/suretybond/index.html
Income Eligibility: Contractors gross receipts must not exceed $6 million as averaged for the last 3 fiscal years

$5 Million in Grants to Fix-Up Homes in Small Towns

The Small Cities Program provides funding for the development of viable urban communities by providing decent housing, a suitable living environment, and expanding economic opportunities, principally for persons of low- and moderate-income. Small Cities develop their own programs and funding priorities. It could be acquisition, rehabilitation or construction of certain public works facilities and improvements, clearance, housing rehabilitation, code enforcement, direct assistance to facilitate and expand homeownership among persons of low and moderate income, relocation payments and assistance, administrative expenses, economic development, completing existing urban renewal projects, and certain public services with some restrictions. This program is only available to three counties in Hawaii. (14.219 Community Development Block Grants/ Small Cities Program (Small Cities)). Contact State and Small Cities Division, Office of Block Grant Assistance, Community Planning and Development, Department of Housing and Urban Development, 451 7th Street, SW., Washington, DC 20410; 202-708-1322; www.hud.gov/offices/cpd/about/cpd_programs.cfm and http://www.hud.gov/offices/cpd/communitydevelopment/programs/108/index.cfm
Application: http://www.hud.gov/offices/cpd/communitydevelopment/programs/108/appquestions.cfm
Income Eligibility: Determined on a case-by-case basis.

Money to Build or Renovate Single-Room Occupancy Units

Section 221(d)(3) and 221(d)(4) program insures mortgage loans for multi-family properties consisting of single-room occupancy (SRO) apartments. It is aimed at those tenants who have a source of income but are priced out of the rental apartment market. SRO projects generally require assistance from local governing bodies or charitable organizations in order to reduce the rents to affordable levels. Each SRO apartment can have its own kitchen or bathroom facilities, or these facilities may be shared by several apartments. Apartments can be designed to allow for more than one occupant. (14.184 Mortgage Insurance for Single Room Occupancy Projects) Contact your local HUD office or check out the program online at
www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm
Application: Forms can be found at: www.hudclips.org
Income Eligibility: None

Weeping on Lawn As She Burns Down Home in Foreclosure

With her husband and teenage children inside, 38-year-old Sheryl Christman set fire to her home in foreclosure in order to escape her mortgage…and her family.



Christman has pleaded no contest to charges of arson after torching her home in Grand Rapids Township, Michigan.

Although a no contest plea is not an admission of guilt, it is treated as such at sentencing.

According to prosecutors, Christman wanted to get out of her mortgage on the $150,000 by burning down the home before it went into foreclosure and collecting the insurance money.

She also wanted to leave her family to be with her boyfriend, say prosecutors.

Christman set fire to mattresses in the garage on September 1, 2007.

The 38-year-old woman stood outside weeping while the home began to burn with her unwitting husband and three children were inside, according to investigators.

Her family was able to escape without physical injury.

According to investigators, Christman “had her story straight regarding the fire” and expected to collect her insurance check within a few months.

A local fire inspector initially declared the fire of undetermined origin, but an insurance investigator later ruled the blaze was the result of deliberate arson.

The boyfriend she planned to move in with agreed to wear a wire and recorded a conversation in which she admitted to setting the home ablaze.

In District Court, Christman shed tears as she sat before her husband and children, agreeing to the plea of no contest.

She faces up to 20 years in prison for arson, but could walk away with less than two years in County Jail because of her lack of a prior criminal record.

Christman has been released on a $20,000 bond.

Real Estate Investing is NOT....

Real estate investing is not flipping houses, condo contracts, or property management, those are just jobs and speculation bordering on gambling. Real estate investing is for the long term, and that is the true key to becoming wealthy.


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