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What if you are struggling to pay your mortgage?

While owning a home is a sign of success, being unable to keep up with mortgage payments can feel like you are failing. If your family's financial situation is different than when you first purchased your home, you have to make tough decisions in order to stay afloat. To help struggling homeowners, there are programs in Pennsylvania that can help prevent foreclosure.

According to the Pennsylvania Housing Finance Agency, your first step if you are having difficulty paying your mortgage is to contact the company that services the loan. If you get in touch with them early on, they will often be able to work with you to restructure payments. The servicer may also issue an Act 91 Notice, which allows you to apply for a loan through the Homeowners' Emergency Mortgage Assistance Program. If you apply in a timely manner, your mortgage company cannot take action related to foreclosure.

Although there are various options available for homeowners who wish to hold on to their home, some may decide it is the best decision to relinquish ownership. To avoid the negative consequences of foreclosure, other options may include to sell the home, return the property to the mortgage servicer or sign over the property to someone who can continue regular mortgage payments.

To help you make the best decision in regard to your property, the U.S. Department of Housing and Urban Development offers a housing counseling program. These services are free and may include debt management, foreclosure prevention or general advice. There may be fees associated with services related to reverse mortgages, rentals or pre-purchases.



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