Housing Counseling

Mortgage Delinquency

Clients addressing issues of delinquency or facing foreclosure are directed on how to mitigate their situation and given counseling to help them reach their desired goal.  We provide loss mitigation counseling and are an approved Housing Emergency Mortgage Assistance Program (HEMAP) counseling agency.  Through Pennsylvania Housing Finance Agency (PHFA), we also provide level one, level two and level three counseling through the National Foreclosure Mitigation Counseling Program (NFMC).  Additionally, we are one of the participating counseling agencies with Allegheny County’s “Save your Home”, conciliation process.

 

We draft a budget and design an action plan for each client.  Not everyone that delinquent with their mortgage wants to keep their home or is able to.  We help the homeowner determine if the default is curable or incurable through a series of steps. 

 

If it is determined that the situation is incurable there are a number of solution that can be implemented to lessen the financial impact loosing ones home and they are as follows:

• Sell the home
• Hardship assumption
• Pre-foreclosure sale
• Deed in-lieu
• Foreclosure
• Bankruptcy chapter 7

If the delinquency is found to be curable there are also several loan workout plans possible and depending on the specifics of each situation recommendation are given to the homeowner and requests are made to the service/lender.  Some of the most common are as follows:

• Payment plan or forbearance
• Modification
• Partial or advance claim
• Area specific resources
• Refinance or reverse equity mortgage
• Bankruptcy chapter 13

In some situations we will recommend legal assistance and through both NFMC and “Save your Home” there is legal support available to our clients.  Depending on their income the service may be at no cost to the client.