Individual counseling that aims to assist delinquent homeowners and those that are facing foreclosure. We help clients examine their current situation and help them determine if keeping the house is possible, and the steps the clients will have to take to keep their home.
Counseling is not a guarantee to prevent or stop a foreclosure. However, many servicers agree to put the foreclosure process on hold during modification negotiations or while the homeowner is exploring an appropriate workout for the delinquency or default on the mortgage.
During the foreclosure counseling session, the counselor will:
- Review the client’s current financial situation
- Help clients take a close look at their current spending.
- Assist in developing a budget that will determine the maximum possible funds available to make mortgage payments.
- The reasons for the default will also be explored and documented, (these reasons will be the basis for preparing a hardship letter).
- The counselor will review the workout options available to the client and help determine whether the default can be resolved.