Individuals and families receive the tools needed to gain financial control of their future.
Foreclosure Prevention assistance in provided to homeowners in navigating for foreclosure process by intervening with lenders and attorneys, and applying for any available assistance to mitigate housing disruptions.
Homeowners who are currently unemployed, struggling to meet mortgage payments, or leaving their home due to short-sale, deed-in-lieu of foreclosure, or foreclosure may have options available to avoid these negative experiences.
- Loss mitigation is the process of working with delinquent home buyers who may be facing foreclosure and their lender in an attempt to find a favorable outcome for homeowners. Our counselors are knowledgeable about the options which may be available such as a; loan modification, forbearance, deed-in-lieu and short sale which helps borrowers to obtain a financially sustainable solution to remain in their home and avoid foreclosure.
Why We Do It
The negative impacts of foreclosure on communities are far reaching. Local news accounts, reports from local officials and data from non-profit agencies paint a picture of the effects of foreclosure. When people lose their homes, communities suffer economically, physically, and socially. Foreclosures cause property values in the neighborhood to drop, leading to a smaller tax base and often increased crime rates. Community members become vulnerable to financial scams. Youth experience stress and instability. It is estimated that over 1.95 million youth are affected by foreclosure. Displaced residents struggle to find shelter and often move in with relatives and friends or emergency shelters, and still others add to the homeless population.
The following is a list of documents which will be required in order to complete an application:
Supporting Documentation Needed:
- GSE Hardship
- Homeownership Packet
- IRS FORM 4506T-EZ
- Most recent monthly mortgage statement
- Other correspondence and/or legal paperwork regarding mortgage
- Household Income:
- Paystubs for the last 30 consecutive days
- Documentation of award letter if you receive income from other sources (alimony, child support, social security, etc.)
- Unemployment: Determination Letter and proof of unemployment income
- If self-employed, the most recent quarterly or year-to-date signed profit and loss statement
- Last two years of tax returns and W2’s
- Two most recent bank statements
- Proof of ownership (a loan note, deed, recorded mortgage)
- Spending Plan
- Information about other mortgages on your home