If you are experiencing complications in making the payments associated with your mortgage, it is imperative that you take the steps necessary to prevent foreclosure. It is best to be proactive, rather than being placed in a situation where you have to be reactive.
Many do not realize it, but, you may prevent foreclosure with the assistance of a HUD-approved housing counselor. When you signed the contract for the loan on your home, you made an official agreement that if you were unable to repay that which you borrowed that the lender will take over the ownership of your home. While state laws do vary on the amount of time until foreclosure is official, it is best to seek help as soon as possible. In this brief guide, you will learn how a HUD-approved housing counselor may help you.
What is a HUD-Approved Housing Counselor?
A HUD-approved housing counselor is a professional that is sponsored by the Department of Housing and Urban Development in the United States. These individuals will aid in developing a customized action plan for your unique situation and assist you in working with the mortgage company that you originally agreed to work with when you got the loan for your home.
A housing counselor specializes in organizing the finances, outlining the various mortgage options that are available to you, and outlining a resolution that allows you and your lender to work to an effective end. These professionals may also be identified as a “foreclosure avoidance counselor”.
Fees for Housing Counselors
In the United States, there is no fee for counseling assistance for foreclosure prevention and for homelessness. These services are complimentary and offered directly through the United States Government. Individuals that practice as this type of counselor is strictly prohibited from charging consumers for these types of services.
There are fees associated with other types of services, though. These include educational services, information and services associated with reverse mortgages, post-purchase services on accounts that are not considered to be delinquent, and similar services.
If you need these services and demonstrate that you simply cannot afford to pay for them, you may be provided with free services. If, by chance, you qualify for the free services and a counselor attempts to charge you, you should contact the Office of Housing Counseling through HUD.
Locating a Counselor
There are several different methods that may be used to obtain the services of a HUD-approved housing counselor. First, you may call HUD directly by dialing 800-569-4287. Once on the call, you will be asked to provide your zip code. Then, the directory will provide you with the information on an agent near you. Next, you may find a housing counselor online.
Simply click HERE to find a professional that may assist you.
If you find that you need additional help or would simply like to discuss your options to prevent foreclosure with a financial professional, you may visit one of our bank’s many locations today: https://somervillebank.net/