For Current Borrowers - Loan Postponement
The following information is for current URA loan clients.
In order to make an informed decision as to whether or not the URA is willing to postpone our mortgage or judgement lien in favor of another lender, the following information must be submitted in writing to our Department of Finance:
- Postponement application (Mortage Postponement Request) signed by all borrowers.
- Completed application form with all pertinent information included.
- Copy of current appraisal only if required by lender. Total loan amounts cannot exceed appraised value.
The Mortgage Postponement Request be completed and signed by all borrowers.
See Borrower Beware! to get the facts on home equity, mortgage refinancing, and debt equity loans.
After you review the Borrower Beware document, if you wish to proceed, we will require the following information from the lending institution or you, i.e., mortgagee clause, HUD 101 Settlement Sheet & Good Faith Estimate, first mortgage payoff letter, home improvement estimates, and commitment letter from the lending institution confirming the loan terms. All property taxes must be current or be brought current at time of loan approval. No cash out is permitted.
As soon as all necessary information is received, we will inform you of our decision. If we agree to a postponement, you will be asked at that time to provide a document review and preparation fee made payable by cashier's check or money order to the URBAN REDEVELOPMENT AUTHORITY OF PITTSBURGH. This fee will be accepted from the borrower only.
Please note that postponements are done as a service to you, the borrower, and we are not obligated to do so in the event that it will jeopardize our loan security.