If it looks as if the homeowner has a chance of going into foreclosure, the counselor and borrower will communicate on the foreclosure process and the steps involved. Filing a foreclosure is almost always the last option though. However, if it does come to that, you will be advised of all your rights and obligations during the process.
Free solutions to prevention a foreclosure
If after reviewing the homeowners situation, that if it appears as if the home can be saved, or if it seems that the counselor may be of further service, they may directly help the borrower. For example, when it is deemed to be appropriate, and of course at the borrower’s request, the housing counselor from PathStone may enter into negotiations with the homeowners bank or lender. The objective would to to explore solutions to the housing crisis.
For example, after negotiations, or maybe even during a mediation session, the homeowner and mortgage servicer may decide to modify the existing home loan and agree to new terms. They may agree to a mortgage forbearance period. Or other solutions may be some type of reduction in interest rates, waiving of fees, or the entering foreclosure into assistance programs that are offered directly by lenders. In rare cases the bank may offer a solution involving reducing principal. The goal would be to provide short term relief, and to also put in place a new mortgage that is sustainable over the long term. Click here to learn more on other housing assistance programs, such as a Deed in Lieu.
States that offer the mortgage and foreclosure programs
PathStone operates and provides free foreclosure counseling in several states and counties. The services are offered in the following locations.
New York: Dutchess County, Monroe County, Genesee County, Livingston County, , Ontario County, Sullivan County, Orange County, Orleans County, Wayne County, Wyoming County. Call (845) 569-0770 x 12.
Ohio: Auglaize County, Allen County, Fulton County, Henry County, Defiance County, Mercer County, Paulding County, Putnam County, Van Wert County. Phone number (419) 875-6654 x 240.
Indiana: Adams County, Delaware County, Blackford County, , Grant County, Hancock County, Henry County, Madison County, Marion County, Randolph County, Wells County. Dial (765) 286-2162.
Contact PathStone to learn more about their free foreclosure prevention programs and solutions.