Talk to an NHS Housing Counselor
NeighborWorks Housing Solutions is a HUD-approved housing counseling agency and provides counseling to anyone in the southern MA area. Our counselors can help you:
- Realistically assess your financial situation
- Determine available options
- Negotiate with your lender
Our counselors are knowledgeable on the various workout arrangements that lenders consider and can quickly identify the course of action that will make the most sense for you and your family’s situation. Your counselor can also call the lender with you, or on your behalf, to discuss a workout plan.
When you meet with a counselor before you are too far behind on your mortgage payments, you protect yourself from future credit problems. Your counselor will provide an analysis of your financial situation and help you determine a personal financial plan, which includes establishing a realistic and doable monthly budget plan ensuring you can meet all of your monthly expenses — including your mortgage payment.
Your counselor may also provide additional resources and programs that may be available to you in your local area.
Completely fill out this intake form BEFORE your counseling appointment so we may assist you in the best and quickest way possible.
What Happens Next
Expect to have several phone conversations with your lender. Generally, your lender will mail you a “loan workout” package which will contain information, instructions, and the forms you’ll need to fill out.
Your NHS counselor can and will guide you as you fill out the various needed forms. If you want to be considered for assistance, you must complete the forms and return them to your lender as quickly as possible. The completed package will be reviewed by your lender before solutions will be discussed with you.
- Do Not Ignore Mail from Your Lender
If you do not initiate contact with your lender before you have a problem or the first month in which you cannot make a payment, your lender will try to contact you by mail and phone soon after a missed payment. It is very important to respond immediately. If your lender does not hear from you, they will likely begin legal action proceedings leading to foreclosure. Once they do, this will substantially increase the cost of bringing your mortgage loan current.
- Prioritize Debts
It is imperative and helpful for you to prioritize your bills and pay those most necessary for your family: food, utilities, and shelter. If your employment income has stopped or been reduced, first reduce or eliminate non-vital monthly expenses, examples: dining out, entertainment, cable and/or or telephone services. If that does not provide enough space in your income, consider using other financial resources you may have like a savings accounts or selling a second car. The idea is to take any responsible action you can to save cash. For the unemployed, getting by will require a new, tightened budget. Failing to pay any of your debts can seriously affect your credit rating. However, if you stop making your mortgage payments, you could lose your home. Whenever possible, any income available after paying for food and utilities should be used to pay your monthly mortgage payments. Remember, if you need help reworking your budget, your NHS Foreclosure Prevention counselor is here for you!
- Beware of Scams
People in financial distress are a favorite target for financial predators. They find it easy to panic their targets into decisions that appear as solutions, but in fact, make the financial problems worse and increase the risk of losing your home. You may be asked for a fee upfront before they help you. You may be asked to sign your house over to them in return for paying your mortgage. You may be told that they can stop foreclosure proceedings. You may be asked to release sensitive personal or financial information over the phone. Do not give money to anyone other than your mortgage lender in the form of a payment. Do not sign the deed to your house over to anyone.
If an offer sounds too good to be true, it is.
If you receive a call, notice, or letter in the mail that you don’t understand, contact us and we can help you figure out if it is a valid notice to which you must respond or if it is a scam attempt. Learn more about loan scams and prevention. on the HUD website.
GET HELP—It All Starts Here
Completely fill out this form BEFORE your counseling appointment so we may assist you in the best and quickest way possible.