Pre-Purchase Counseling
Pre-Purchase home buyer education consists of individual counseling sessions and workshops which provide an overview of the home buying process. Issues that may prevent or delay affordable mortgage financing are addressed. Specific steps to help the client achieve their goal of homeownership are defined.
The housing counselor helps clients understand how to avoid potential problems that might jeopardize their ability to retain their home. A review of the client’s current profile — analysis of income, expenses, debt, and credit obligations is completed. This review covers the client’s current affordability for home ownership; a personalized strategy for increasing savings for a down payment is developed. The housing counselor reviews the debt-to-income requirements for various home buying programs, the types of loans and the pros and cons of each; how to avoid predatory lending is discussed.
Homebuyer Education
The Homebuyer Education program is an eight hour course that covers the basics of home buying i.e. household budgeting, credit awareness, shopping for a house, obtaining a mortgage, maintaining the home to avoid foreclosure. Homebuyer Education and pre purchase counseling is provided in both group and individual sessions. One-on-one counseling includes developing a personal action plan to overcome obstacles to achieve goals.
Mortgage Delinquency and Default Resolution Counseling
HOND offers one-on-one counseling designed to help homeowners resolve mortgage delinquency and/or prevent foreclosure. With the help of a counselor, possible solutions are discussed and a plan developed to resolve the delinquency. Our services offer hope to homeowners who are delinquent on their mortgage and/or facing foreclosure. The counseling service specifically provides: 1) a thorough financial analysis to assess the client’s ability to maintain the mortgage; 2) help to submit a complete and accurate loss mitigation packet to lender on the client’s behalf to initiate the review process; 3) help in working with the lending institution to develop a mutually agreeable workout option to prevent default and/or foreclosure for the client; 4) budget counseling to reduce the risk of future mortgage delinquency issues.
Mortgage Delinquency and Default Resolution Counseling from HOND provides clients who are delinquent on their mortgage or facing foreclosure, the opportunity to bring their mortgage payments current and potentially save their home. This is accomplished through education and advocacy. HOND’s housing counselors will work on behalf of the client with their mortgage company to find a workable solution for both parties. The housing counselor assesses the client’s current financial situation and creates detailed budget based information gathered in a private one-on-one counseling session. After the detailed budget has been drafted, the housing counselor will be able to determine the best course of action and work with the client and the mortgage company toward a realistic and beneficial solution for all parties. HOND’s’ housing counselors will typically work with clients to achieve the following: 1) Loss mitigation; 2) Forbearance 3) Loan modification 4) Partial Claim 5) Repayment Plan 6) Deed in lieu 7) Short sale.
Fair Housing Education Pre-Purchase Workshops
This workshop covers the fair housing and lending laws. We discuss the seven protected classes covered under the Fair Housing Act and discrimination with regard to home mortgage loans. We give examples of discrimination and the actions to take if discrimination occurs. We cover how to file a Fair Housing complaint beginning with our local government.