Services Available for Families Facing Foreclosure

If you or someone you know is facing foreclosure, we can help. The following services are available for families residing in Kent County, Michigan:

Budget Analysis – An in-depth review of the family budget to assess whether the house is affordable and continued ownership is realistic.

Case Management – If the budget analysis shows that continued home ownership is realistic, our financial counselors prepare a detailed plan with the homeowners and regularly review their progress, including ongoing follow-up.

Advocacy with Lender – When a mortgage is overdue, we can work with lenders on the homeowner’s behalf on various alternatives to foreclosure (called “loss mitigation”). These alternatives can include:

• Repayment Plans - for increased payments over a pre-determined period of time
• Loan Modification - to increase the loan by the amount past-due and issue new loan terms
• Partial Claim – a second loan to accommodate the past-due amount to be paid after the first mortgage is paid off
• Special Forbearance - where the lender agrees to allow extra time to acquire more income, while reducing or suspending payment

Fund Coordination – Referral and coordination with other non-profit agencies that provide emergency cash assistance for mortgage arrearages.

Weekly Financial Literacy Classes – We offer free financial education classes each week on Wednesday evenings. The series includes Financial Basics, Credit/Credit Repair, Money Management, Rainy Day Money and the Ins and Outs of Refinancing. Homeowners who receive services through our Foreclosure Intervention Program make a commitment to attend Money Matters classes as part of their counseling.

Homeownership Exit Counseling – For homeowners who cannot realistically afford to keep their house, we offer special advice and counseling. The objective is to salvage the credit rating even if the house will be lost.

Predatory Lending Prevention – We offer homeowners who are re-financing an independent review of mortgage documentation prior to signing or within the three-day “right-to-rescission” period. We can help determine if the new mortgage is generally fair and free of “predatory” clauses.

Reverse Mortgage Counseling – Senior citizens who are considering a reverse mortgage can meet with us to discuss their options and learn more about reverse mortgage financing.

To learn more, call us at (616) 241-2601. For more information about foreclosure, select one of the links in the box above.