Post-Purchase & Foreclosure Prevention
Foreclosure prevention counseling is free, individual counseling offered to homeowners in Northampton, Easthampton, Amherst, Hadley.  There are no income restrictions. 

Evaluation of your current mortgage
We look at your current mortgage and help you understand the terms of your loan.  We look at all aspects of a loan, including your current rate, what your rate will adjust to (if it is an adjustable loan), how much you owe, how much your house is worth, pre-payment penalties, etc. 

Budgeting, Debt Management, and Credit
In addition to looking at your mortgage, post-purchase and foreclosure prevention counseling provides an opportunity to understand and work on your entire financial picture.  We will help you prepare and evaluate your current household budget and see how that fits with your current debts.  We will look at each debt you owe and help you figure out how to deal with this debt.  The counseling session also gives you a chance to work on your credit report and score.

Next Steps
We explore all viable options with you.  In some cases, we are able to negotiate directly with the lender and modify your existing mortgage.  In other cases, we may help you negotiate a deed-in-lieu or plan for a future refinance.  In some situations, we may recommend that you sell the property.  We will help you evaluate all options, plan your next steps in navigating the challenges. 

Our Funding
These services are funded by the City of Easthampton by DHCD with ARRA CDBG-R Program funds, Community Foundation of Western Massachusetts Board Discretionary Grantmaking Fund and Joan Walker Memorial Fund and several banks.

What to bring to your foreclosure counseling session: 

• Your loan documents for all current loans including Truth-in-lending statement, Uniform Loan Application and Good Faith Estimate
• Your HUD1 closing documents for all current loans
• Promissory note(s)
• Mortgage
• Property appraisal (if you have one)
• Recent property tax, sewer and water bills
• Recent mortgage statement (bill) and home equity statement(s) (bill)
• All current household income info, including pay stubs, child support, social security, unemployment, etc.
• Any leases or rental agreements with tenants or boarders
• All self-employment info
• Most recent Federal tax return (if you are self-employed, please also bring 2 prior years)
• All other loan docs such as auto, student and personal loan docs
• Most recent credit and store card bills
• Current utility bills
• 2 most recent bank statements

Please bring in as many of these documents as possible to your first  counseling session.  We will eventually need all of them to negotiate with your lender.

For more information about foreclosure prevention counseling, please contact Michele Morris, Homeownership Director at 413-586-5855 x18 or mm@valleycdc.com.