Housing Counselors to Avoid Foreclosure
HUD Certified Housing Counselors are a nonprofit organization that offers advice and resources to help homeowners with financial challenges.
1.
Non-profit housing and credit counselors are particularly helpful in assisting to analyze your financial situation.
2.
These organizations help borrowers organize a budget to the mortgage and other monthly expenses-without the stress of your mortgage company's direct involvement.
3.
Finally, these agencies can help you find and take advantage of local services or programs that provide financial, legal, medical or other support.
You can find a credit counseling agency in your local phone book or by contacting the U.
S.
Department of Housing and Urban Development (HUD) at (800) 569-4287 on weekdays between 9:00 a.
m.
and 5:00 p.
m.
Eastern time.
You can find a list of HUD-approved agencies on their web site.
Disadvantages of Non Profit Counseling Agency: oSome non profit housing agencies are extremely busy and over whelmed by the sheer volume of incoming calls from distressed homeowners.
Be patient, as you can see from the list of HUD approved agencies, there are many in your area.
HUD Counselor Example: Chris's wife was out of work for 4 additional months because of an especially difficult pregnancy.
She has now returned to work and the household is back to two incomes.
Unfortunately, the mortgage has fell 2 months behind.
Chris contacts a HUD approved agency, with his bills and pay stubs, the agency helps Chris organize his monthly budget and then sends the budget and a letter to the lender requesting that the lender consider a forbearance plan to Chris to put his missing mortgage payments to the back of his mortgage loan.
Chris takes care to answer and return the calls from his lender (the department that calls doesn't seem to know what the Loss Mitigation department that is working on his workout plan is doing!) 3 weeks later, Chris receives a FedEx package from the lender with an approved forbearance plan, that he must sign and fax/mail back to the lender.
1.
Non-profit housing and credit counselors are particularly helpful in assisting to analyze your financial situation.
2.
These organizations help borrowers organize a budget to the mortgage and other monthly expenses-without the stress of your mortgage company's direct involvement.
3.
Finally, these agencies can help you find and take advantage of local services or programs that provide financial, legal, medical or other support.
You can find a credit counseling agency in your local phone book or by contacting the U.
S.
Department of Housing and Urban Development (HUD) at (800) 569-4287 on weekdays between 9:00 a.
m.
and 5:00 p.
m.
Eastern time.
You can find a list of HUD-approved agencies on their web site.
Disadvantages of Non Profit Counseling Agency: oSome non profit housing agencies are extremely busy and over whelmed by the sheer volume of incoming calls from distressed homeowners.
Be patient, as you can see from the list of HUD approved agencies, there are many in your area.
HUD Counselor Example: Chris's wife was out of work for 4 additional months because of an especially difficult pregnancy.
She has now returned to work and the household is back to two incomes.
Unfortunately, the mortgage has fell 2 months behind.
Chris contacts a HUD approved agency, with his bills and pay stubs, the agency helps Chris organize his monthly budget and then sends the budget and a letter to the lender requesting that the lender consider a forbearance plan to Chris to put his missing mortgage payments to the back of his mortgage loan.
Chris takes care to answer and return the calls from his lender (the department that calls doesn't seem to know what the Loss Mitigation department that is working on his workout plan is doing!) 3 weeks later, Chris receives a FedEx package from the lender with an approved forbearance plan, that he must sign and fax/mail back to the lender.
Source...