Post-Purchase & Foreclosure Prevention Counseling
Foreclosure prevention counseling is free, individual
counseling offered to homeowners in
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.
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.
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 will help you find a new lender to refinance your loan. In some situations, we recommend that you sell the property. We will help you evaluate all options.
These services are funded by a state budget allocation from the MA Division of Banks through the MA Department of Housing and Community Development.
- Your loan documents for all current loans including Truth-in-lending statement and Good Faith Estimate
- Your HUD1 closing documents for all current loans
- Property appraisal (if you have one)
- Recent property tax, sewer and water bills
- Recent mortgage statement and home equity statement(s)
- All current household income info, including pay stubs, child support, social security, etc.
- 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