Pennsylvania Foreclosure Help Plan Set Up by Governor, Wife

The foreclosure help initiative called Get Help Now Pennsylvania was launched by Governor Ed Rendell in partnership with his wife, Federal Judge Marjorie Rendell, last week to help troubled homeowners across the state.

The initiative involves bankers, lawyers, mortgage brokers and financial analysts, considered belonging to the most maligned professions because of their role in the foreclosure crisis and the resulting recession.

Last week, 13 sites have already been set as locations of foreclosure help centers that would be open to troubled borrowers on Tuesday and Thursday afternoons until September 11 this year. Among the locations chosen are in Pittsburgh, Washington, Beaver and Westmoreland.

Borrowers of other loans will also be helped by the foreclosure prevention initiative, such as people troubled by credit card debts, bankruptcies and recession-related problems.

Almost 115,000 mortgage borrowers in Pennsylvania have defaulted on their home loans in the first quarter this year. Also, nearly 43,000 borrowers were in foreclosure last year, more than twice the foreclosure number in 2007. The number of bankruptcies and credit card debts also increased.

The governor’s office said there are already state resources that can help financially troubled families, but the governor’s newly crafted foreclosure help initiative hopes to reach more people. Consumers will be connected with lawyers, bankers and financial analysts who will analyze their financial conditions for free and then refer them to services that can make the necessary actions to help them avoid foreclosure.

Troubled borrowers are advised to call the toll-free number of the Pennsylvania Bar Association and ask the location nearest their residences.

The foreclosure help initiative was crafted and launched in partnership with volunteer bankers, lawyers, credit union officers, mortgage brokers and other financial service professionals.

The office of Judge Marjorie Rendell, the first lady of Pennsylvania, and the state Banking Department are also participating in the foreclosure help program. Professionals in the financial and legal service sectors are being called upon to volunteer for the program not only to help troubled homeowners and credit card borrowers but also to help enhance the image of their professions.

In a foreclosure report for the month of May, Pennsylvania is 32nd in a chart of state foreclosure rates, with one in every 1,252 housing units receiving a foreclosure notice and a total of 4,376 foreclosure filings.

Compared to states battered by foreclosures, Pennsylvania is not as clobbered, but still, the state of Pennsylvania wants to reach out to all troubled families with its foreclosure help initiative.

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