Foreclosure Prevention

NHS OC’s home ownership preservation program promotes foreclosure prevention through educational workshops, face-to-face counseling and community outreach. This three-pronged approach ensures that NHS OC reaches out to as many distress borrowers are possible while providing individual, customized counseling.

Forclosure Prevention Workshops are 2-3 hour classes held twice a month that will provide an overview of all options related to delinquency and loss mitigation and emphasizes how delinquent borrowers can prevent the loss of their home by receiving housing counseling and taking action. The class covers what to do when mortgage payments become difficult, how to assess current finance alternatives to delinquent borrowers and how to avoid becoming a victim of predatory lenders and home equity fraud. The instructor will discuss methods of bringing a loan current using several loss mitigation tools provided by HUD and the secondary market, such as reducing the monthly payment, negotiating a repayment plan, establishing a temporary deferment, modifing loan terms or refinancing before an interest rate reset.