HOUSING COUNSELING
Foreclosure & Delinquency If you’re in foreclosure or have received a notice of intent to foreclose then time is not on your side. If you have missed a payment let us examine your situation before it’s too late and foreclosure is filed on your property. Most foreclosure filings can happen after 90 days past due. Once the filing is complete you have a limited amount of time to work out an agreement with your mortgage service provider. Some programs that are now available to the delinquent homeowner include – FHA-HAMP and FHA- HAMP Partial Claim, Fannie Mae and Freddie Mac standard modifications, and Loan Servicer Modifications for conventional loans. Homeowners with verifiable income and hardship who have fallen behind on their mortgage payments may be eligible for these mortgage modifications programs. Unemployed retired, or disabled homeowners should have some verification of income before attempting to apply. Verification would consist of the original award letter for unemployment, disability, or social security retirement benefits. Please contact a SWIC housing counselor if you have any questions regarding income verification. The SWIC housing counseling office attends training seminars every couple of months to stay current on the critical information that is needed in the foreclosure market. We are ready to become your advocate. SWIC is also a member of the Colorado Housing Counseling Coalition. http://coloradohcc.org/Home_Page.html One-on-one counseling sessions are available Monday – Friday by appointment only. Call a SWIC Housing Counselor TODAY for assistance or to register for a Homebuyer workshop! 303-934-0923 or send an email to lancegswic@gmail.com For more information you can watch this series of videos produced by Freddie Mac. Your help makes these services possible for our community.THANK YOU |
FREQUENTLY ASKED QUESTIONS
How fast can a foreclosure happen? A foreclosure timeline is different for each state from the time that the loan becomes delinquent. Meaning as soon as you miss one monthly mortgage payment, normally two-three missed payments later, the lender can send out the Notice of Default. Once the Notice of Election and Demand has been filed, foreclosure can be completed in less than four months. In Colorado the process is unique as the governor appoints a “Public Trustee” who presents the homeowner with a Notice of Election and Demand and subsequently publishes that information in the local newspaper. Once those actions have taken place the foreclosure process is in motion. How do I stop a foreclosure from happening? The easiest way is to bring the loan current by paying back all the delinquent amounts, including costs and fees by the mortgage company to file and process the foreclosure. This however is not an option for many of us and even if you are well into the foreclosure process, many lenders are willing to work with you by granting additional time to remedy the situation. What are my options? The first thing you should do is contact a HUD approved non-profit housing counseling agency, like Southwest Improvement Council (SWIC), to work with you as an independent third party. Contact SWIC to set up a counseling meeting to learn exactly what your options are, as they vary on an individual basis. Who is SWIC? The Southwest Improvement Council, or SWIC, is a non-profit organization that helps identify various programs that may become available to the borrower. We sit down with you and help to determine your options. SWIC and its housing counselors simply lay out your options whether it is a forbearance agreement, a modification of the loan, a repayment plan, reinstatement, or Deed-in-lieu of Foreclosure or Short Sale. How much does this cost? SWIC’s non-profit services come as absolutely no cost to you. Do I have to be behind in my mortgage payments to apply for any of these programs? No, you may still apply for some of these programs as long as you are able to provide a hardship. A hardship may be the result of loss of income, unstable income, lack of funds, no employment, excess debt, medical or other reasons. If you have suffered a hardship but have still been able to stay current on your payments, there are still options available to you. Who can apply? Anyone whose name is listed as a borrower on the mortgage may come and receive services from SWIC. Even if the property you are having difficulties with is a rental, there still maybe options. There are also options for those with 2nd mortgages/liens but those are much more limited. We will help sort out all options. Am I liable for the debt once my home has been foreclosed? Colorado is a deficiency judgment state which allows lenders to come after the additional amount due after the home has been foreclosed. Therefore, the borrower may be liable for the deficiency amount due which could result in garnished wages. Contact SWIC today, to make sure you are protected! Time is of the essence when it comes to avoiding foreclosure. |
