Foreclosure Intervention and Default Management

November 14, 2009 Foreclosure Prevention Workshop participants

AAHC Offers FREE Foreclosure Prevention Services

No walk-ins. Call or Email to make an appointment with counselor at 301-760-7636 or Counseling@aa-hc.org

 

 

What to expect at the initial face to face counseling:

a. Collect and review counseling intake forms including disclosures, monthly expenses and third party authorization forms, etc.
b. Help complete any missing information, and sign and date all documents
c. Gather payment history, story on client situation and current status, etc.
d. Explain the options, loss mitigation timelines, and possible expectation
e. Provide a preliminary action plans
f. Final action plan will be provided after 3 merge credit reports and scores are pulled, all financial has been analyzed and documents are collected
g. Loan modification or any other mortgage assistance request will be submitted to Servicer when we have a completed package.

Learn About Making Home Affordable

The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives (HAFA) Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

Click here to learn more.

Information available in Chinese, Korean, Hmoob, Portuguese, Spanish, Tagalog and Vietnamese.

Loan Modification

If you can no longer afford to make your monthly payments, you may qualify for a loan modification to make your monthly mortgage payments more affordable. The Home Affordable Modification Program (HAMP) provides eligible homeowners the opportunity to modify their mortgages to make them more affordable.

Click here for the Eligibility Test.

Mortgage Refinance

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may still be able to refinance. The Home Affordable Refinance Program (HARP) gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance and obtain more affordable monthly payments.

Click here for the Eligibility Test.

Second Mortgage

The Second Lien Modification Program (2MP) offers homeowners a way to modify their second mortgages to make them more affordable when their first mortgage is modified under the Home Affordable Modification Program (HAMP).

Detailed information available by clicking here.

Short Sale

The Home Affordable Foreclosure Alternatives Program (HAFA) provides opportunities for homeowners who can no longer afford to stay in their home, but want to avoid foreclosure and transition to more affordable housing through a short sale or deed-in-lieu of foreclosure.

Detailed information available by clicking here.

Reverse Mortgage

If you are currently in default with property taxes and homeowners insurance premiums, and/or, received a letter from your lender with a notification of loan becoming due, or a letter of intent to foreclosure, please contact us for a workout plan. We have a reverse mortgage expert counselor available to help.

Home Savers

A foreclosure prevention program that rescues homes from foreclosure due to homeowners HOA fee/ condo fee or property tax defaults. To request information, speak to a housing counselor, or sign up for the next orientation sessions, please email or call us!

To locate housing counseling agencies visit:

http://www.virginiaforeclosureprevention.com/index.asp?video=on

http://www.mdhope.org/CounselorsList.aspx

<<< Reverse Mortgage Default Services for Senior Homeowners.  If you are currently in default with property taxes and homeowners insurance premiums, and/or, received a letter from your lender with a notification of loan becoming due, or a letter of intent to foreclosure, please contact us for a workout plan. We have a reverse mortgage expert counselor availble to help. >>>

Home Savers

A foreclosure prevention program that rescues homes from foreclosure due to homeowners HOA fee/ condo fee or property tax defaults. To request information, speak to a housing counselor, or sign up for the next orientation sessions, please email or call us!