Post-Purchase Counseling Services
NeighborWorks Green Bay is a HUD approved agency that provides foreclosure prevention counseling at no cost to you. If you are experiencing the potential of foreclosure, or have received a notice of foreclosure action being taken, our counselors can help you to understand how your financial situation affects your mortgage, and the various options that may be available to you. Wisconsin has some of the most consumer-friendly foreclosure laws in the nation, and our housing counselors can help you understand the timeline of foreclosure, as well as your rights under the law.
A new study finds that homeowners at risk of foreclosure who work with housing counseling organizations like NeighborWorks Green Bay are much more likely to have a positive outcome. They are almost three times more likely to obtain a money saving mortgage modification, nearly twice as likely to get caught up on missed mortgage payments, and about 60% less likely to fall behind again. Moreover, homeowners who owe more than the value of their home, and choose to sell, often benefit financially from working with a housing counselor.
Facing foreclosure is a challenging situation and can be very confusing. You can access an online educational course that will walk you through the foreclosure process and help you understand what you can expect based upon your personal situation. The course is free. This course will prepare you to meet with a NeighborWorks housing counselor for personalized services focused on your specific circumstances. To register, click here.
To view the Wisconsin Foreclosure Timeline click here.
Home Equity Conversion Mortgage (HECM) Counseling
Home Equity Conversion Mortgage (HECM), sometimes known as a reverse mortgage, is a special type of home loan that may be available if you are age 62 years or older. It lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. Borrowers can also use a HECM loan to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
Potential HECM borrowers can apply for a reverse mortgage loan through a lender who specializes in HECM loans. As part of the application process, you will be required to receive reverse mortgage counseling from a HECM counselor. The housing counseling staff from NeighborWorks Green Bay can provide this service, which will help potential borrowers determine if a reverse mortgage loan is right for you. The goal is to help you understand your obligations if you apply for and receive a reverse mortgage loan.
The information that you will receive will include
- A reverse mortgage analysis with a breakdown of loan programs
- Loan amortization schedule
- Helping you understand reverse mortgages and the appropriateness of a reverse mortgage to meet your needs
- Discuss your financial and other needs for remaining in your home
- Features of a reverse mortgage and how it works
- Your responsibilities with a reverse mortgage
- Impact of a reverse mortgage on you and your heirs
- Help you understand your options and their impact
NeighborWorks Green Bay will only charge a fee for its HECM counseling services if you receive a loan. The fee will be incorporated into the loan. To find out more about receiving counseling for a HECM loan, contact firstname.lastname@example.org or 920-448-3075
How Counselors Make a Difference
The National Foreclosure Mitigation Counseling (NFMC) Program was launched in December 2007 with funds appropriated by Congress to address the nationwide foreclosure crisis by dramatically increasing the availability of housing counseling for families at risk of foreclosure. NeighborWorks America distributes funds to competitively selected grantee organizations, which in turn provide the counseling services, either directly or through sub-grantee organizations. Grants are also being made to fund legal assistance to homeowners and to train foreclosure counselors. More than 1,700 counseling agencies operate under the program.