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Jan 18, 2008 9:59 pm US/Eastern
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Federal Program To Help Foreclosure Crisis
PITTSBURGH (KDKA) ―
A federal program that adds up to $180 million nationwide is geared toward subprime mortgage counseling and local nonprofits are being put on alert that they should apply for these funds to help more people avoid financial disaster.
The release of funding was announced so that mortgage counseling can be expanded to more nonprofit community agencies.
Over the past eight years, one in seven homes sold in Pittsburgh and eastern Allegheny County have been foreclosed. The number of sheriff sales now is a lot like the amount in the early 1980's when steel mills began to close.
Back then, Allegheny County Judge Nicholas Papadaoks imposed a moratorium on sheriff sales. He didn't actually issue a court order, but rather, as administrative judge, he suspended scheduling sales. It gave anxious homeowners more time to find options.
No such moratorium is on the horizon yet, but counseling can help. NeighborWorks offers a free national mortgage counseling hotline at
1-888-995-HOPE. The deadline for local HUD-approved agencies to apply for their own counseling assistance grants is February 8.
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