Section 1680.401c - General authority(a) The Pennsylvania Housing Finance Agency, hereinafter referred to as the "agency," may make loans secured by liens on residential real property located in Pennsylvania to residents of Pennsylvania eligible for such loans as described in this article. For the purpose of this article, the term "mortgage" shall include any obligation evidenced by a security document and secured by a lien upon real property located within this Commonwealth including, but not limited to, a deed of trust and land sale agreement. The term shall also include an obligation evidenced by a security lien on real property upon which an owner-occupied mobile home is located. The provisions of this article shall not be applicable if: (1) The property securing the mortgage is not the principal residence of the mortgagor.(2) The property securing the mortgage is not a one or two-family owner-occupied residence.(3) The mortgage is insured by the Federal Housing Administration under Title II of the National Housing Act ( 12 U.S.C.§§ 1707 - 1715z - 18 ).(4) The mortgage on the property was given by a noncorporate seller, unless the noncorporate seller elects, in writing, in the mortgage or elsewhere to be covered by this article. For purposes of this article "noncorporate seller" means any person who is given a mortgage by a buyer to secure repayment of the purchase price of real property who is not a bank, a savings and loan association, a mortgage bank, a consumer discount company or other entity in the mortgage lending business.(5) The mortgagor is more than twenty-four (24) months delinquent or in default for more than twenty-four (24) months, pursuant to the terms of mortgagor's residential mortgage. This requirement shall mean that if the mortgagor is more than twenty-four (24) consecutive or nonconsecutive months in arrears on the residential mortgage in question, no matter what the reason therefor, the agency shall not be authorized to make any loans hereunder to such mortgagor.(6) The aggregate amount of arrearages due to a mortgagee pursuant to the terms of the mortgage, without regard to any acceleration under the mortgage, including, but not limited to, the amount of principal, interest, taxes, assessments, ground rents, hazard insurance, any mortgage insurance or credit insurance premiums, exceeds the sum of sixty thousand dollars ($60,000).(7) The property is encumbered by more than two mortgages, other than a mortgage filed by the agency to secure repayment of the mortgage assistance loans, or by other liens or encumbrances which would unreasonably impair the security of the agency's mortgage.(b) The agency shall carry out the program established by this article. Within sixty days of the effective date of this article, the agency shall adopt initial program guidelines for the implementation of this article and may revise the guidelines whenever appropriate. The agency shall report annually to the General Assembly on the effectiveness of the Homeowner's Emergency Mortgage Assistance Program in accomplishing the purposes of this article.(c) The agency shall develop uniform notices and rules and regulations in order to implement the provisions of this article.(d) The agency shall designate and approve nonprofit consumer credit counseling agencies in each county to be available to assist the agency in implementing the provisions of this article, including, but not limited to, mandated counseling. A "consumer credit counseling agency" shall be defined for the purpose of this article as a nonprofit consumer credit counseling agency located in Pennsylvania which is approved by the agency or a housing counseling agency certified by the United States Department of Housing and Urban Development. The agency shall maintain an up-to-date list of approved consumer credit counseling agencies for each county and publish the list on the agency's Internet website.1959, Dec. 3, P.L. 1688, No. 621, art. IV-C, § 401-C, added 1983 , Dec. 23, P.L. 385, No. 91, § 2, imd. effective. Amended 1984 , May 31, P.L. 364, No. 73, § 2, imd. effective; 1992, Dec. 18, P.L. 1652, No. 182, § 7, imd. effective; 1998, Dec. 21, P.L. 1258, No. 160, § 1, effective in 60 days; 2008, July 8, P.L. 841, No. 60, §1, effective in 60 days [ 9/8/2008].