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Keep informed and educated about the credit counseling industry, credit and money management issues. In this section you'll find articles on a variety of topics. Just click on the title to get to the article. Remember to check back often for new information.

Help for people facing Adjustable Rate Mortgages - 11/07/2007

With nearly two million adjustable rate mortgages about to reset and thousands of people across Pennsylvania facing home foreclosures, many people are left wondering where they can turn for help.

There are numerous programs in place to help homeowners who are falling behind on their mortgage payments or who have received a foreclosure notice. Some programs are offered through the Pennsylvania Housing and Finance Agency, while other avenues are available by dealing directly with lenders.

The certified counselors at Advantage Credit Counseling Service can assist homeowners who are facing foreclosure by directing them towards the proper programs and helping them navigate the process to apply for assistance.

Homeowners should contact their lenders as soon as they have difficulties paying their mortgage. “The biggest mistake people make is that they are afraid to call their lenders,” Mary Loftus, vice president of agency services and education for Advantage CCS, said. She said only 40 percent of borrowers talk to their lenders before receiving a foreclosure notice.

Loftus said it is also crucial for homeowners to act immediately if they do receive a foreclosure notice.

Advantage Credit Counseling Service, formerly known as Consumer Credit Counseling Service of Western Pennsylvania, has been helping people get rid of their “debt monkey” since 1968 by educating them on matters of personal finance management, budgeting and credit management. Advantage CCS has offices in Pittsburgh, Greensburg, Butler, Altoona, Erie, Harrisburg and York.

The non-profit 501(c)(3) agency is accredited by the Council on Accreditation (COA) and holds membership with the Better Business Bureau. Advantage has been designated as a certified comprehensive housing counseling agency by the U.S. Department of Housing and Urban Development (HUD). Advantage is also a member of the National Foundation for Credit Counseling, the umbrella association for over 115 credit counseling agencies nation-wide that promotes the highest member standards for credit counseling.

Housing Foreclosure Facts

Nationally, mortgage foreclosures increased 30 percent in the third quarter of 2007. That number is double the number of foreclosures for the same period in 2006. (Source: RealtyTrac)

It has been estimated that mortgage defaults could rise to two million in the coming two years in the subprime mortgage market where loans were provided to borrowers with weak credit histories. Those loans will reset from low introductory interest rates to significantly higher rates which can add as much as $250 to $300 to the typical monthly mortgage payment. (Source: Associated Press)

There were sheriff sale notices filed on over 4,000 of homes in Allegheny County this year due to mortgage foreclosures. (Source: Allegheny County Sheriff’s Department)

In 2007, Beaver County has averaged about 60 sheriff sales each month because of mortgage foreclosures. The average number of sheriff sales per month has doubled since 2005. (Source: Beaver County Sheriff’s Department)

There were 716 sheriff sales because of mortgage foreclosures scheduled in Erie County this year. That number increased from 636 sales in 2006 and 573 sales in 2005. (Source: Erie County Sheriff’s Department)

Through October 2007, there were 216 sheriff sales due to mortgage foreclosures in Bucks County and more are scheduled for the remainder of the year. That number increased from a total of 133 sales in 2006.

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