Foreclosure Prevention

Foreclosure Prevention

The Credit Counseling Center along with the Pennsylvania Housing Finance Agency are working together to combat the home foreclosure crisis in Pennsylvania.  If you are having difficulty making your mortgage payment, are trying to stay in your home and avoid foreclosure, we can help.

Call the Credit Counseling Center’s toll-free number at (877) 900-4222 to schedule an appointment with a certified housing counselor.  It’s free and the counselors can help you address a lot of the problems homeowners like you are struggling to solve.  A counselor may be able to help you work out terms with your existing mortgage and provide other options appropriate for your unique situation.

Loss mitigation is the act of lessening the mortgage holder’s risk of foreclosure. Our loss mitigation specialist can propose several strategies to the lender to put the loan back in good graces.

Alternatives to Foreclosure When You Can Afford to Keep the Home

Loan Modification
A loan modification involves changing one or more of the terms of a mortgage in order to bring the defaulted loan current.

Repayment Plan
The lender may be able to arrange an increase in monthly payments until the loan is brought current.

Forbearance
Forbearance is a formal, written agreement between the homeowner and the lender to reduce or suspend monthly payments for a specific period of time.

Alternatives to Foreclosure When You May Not Afford to Keep the Home

Assumption of the Loan
An assumption is a method of transferring a house to a new buyer who agrees to take responsibility for (assumes) the existing mortgage.

Pre-foreclosure Sale
A pre-foreclosure sale is the sale of a property in which the lender and Fannie Mae agree to accept the proceeds of the sale, even though it may be less than the amount owed on the mortgage.

Financial Literacy Education Seminars
This includes developing a spending plan, value clarification, savings, how credit affects job hunting, insurance pricing, renting and mortgage access.

Deed-in-Lieu of Foreclosure
A deed-in-lieu of foreclosure takes place when the mortgagee voluntarily gives the deed to the property to the lender

Call our housing counselor today 877-900-4222 to set up an appointment.

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