Foreclosure Prevention Workshop
Homeowners that are facing financial difficulties to make the mortgage payments work with a Housing Counselor to avoid foreclosure by helping the client to develop a short term intervention plan to negotiate with the lender a workout solution and a long-term plan to stabilize the client’s housing needs. The comprehensive plan includes credit repair, budgeting, debt and money management, employment, and education. The dual approach to short-term intervention and long-term stability reduces the risk of foreclosure and homelessness creating an environment for family self-sufficiency.
Clients are encouraged to participate in a foreclosure prevention workshop before seeing the Counselor in a one on one meeting. The foreclosure prevention workshop educate homeowners in the Colorado foreclosure timeline, the different workout solutions the lenders have to help clients to avoid foreclosure, how to talk to the lender and how to create a successful loan modification packet to request the lender a positive outcome to cure the delinquency. Clients are advised on the types of documentation that they must bring to the counseling session including verification of income, expenses, hardship letter and mortgage documentation including mortgage statement, loan modification packet received from the lender and foreclosure documents if the home is in foreclosure.
At the end of the seminar clients schedule a one on one meeting with a Housing Counselor to start the process of engagement for this service.