Foreclosure Prevention

Housing Foreclosure PreventionInCharge is a HUD-approved housing counseling agency and provides assistance to struggling homeowners with the goal of helping them keep their homes when possible.
If you are behind on your monthly bills, including your mortgage, we offer free confidential financial counseling assistance. Let one of our certified housing counseling assist you in person or via the telephone.

What Happens During a Foreclosure Prevention Counseling Session

  • Review your current income, living expenses, savings, and debts
  • Help you understand your options and possible solutions to your financial challenges
  • Assess your options for avoiding foreclosure, which could include a loan modification available under the federal Making Home Affordable program or another borrower assistance program.

There is no obligation for you to speak with one of our counselors before or after your session.

Prepare for Your Counseling Session

Being prepared will help your counselor better understand your financial position so he or she can assess possible options for you.  When you speak with your counselor, please have the following documents available:

  • Most recent pay stubs and most recent tax return.
  • Most recent bank statements.
  • Credit card bills.
  • Your monthly mortgage statement.
  • Any utility bills and car payments.

The certified housing counselor will work with you and your lender to determine your options.

Freddie Mac Borrower Help Network

Freddie Mac LogoInCharge Debt Solutions has also teamed up with Freddie Mac as their nationwide Borrower Help Network. Does Freddie Mac own your mortgage?  Visit Freddie Mac to find out. Call today to set up a free appointment.

Visit the Freddie Mac Avoiding Foreclosure Resource Center to find useful tips, tools, and educational resources, including information on what to expect when working with your Servicer.  Freddie Mac Borrower Help Centers are located in several cities throughout the United States.

Making Home Affordable Program

The Making Home Affordable Program has two paths for struggling homeowners:

The Home Affordable Refinance Program (HARP) has been designed to give up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments.

The Home Affordable Modification Program (HAMP) commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Q. How do I find out if I’m eligible for these programs?

Call InCharge Housing Counseling and speak to a certified housing counselor. You can also visit MakingHomeAffordable.gov and click on the eligibility tab. It is also helpful to know if your loan is owned by one of the two government mortgage programs, Freddie Mac or Fannie Mae. Your mortgage company can tell you, or you can check on your own, either online or by phone:

Fannie Mae: 1-800-7FANNIE (8am to 8pm EST)

Fannie Mae Loan Lookup

Freddie Mac: 1-800-FREDDIE (8am to 8pm EST)

Freddie Mac Loan Lookup

Q. I’m behind on my mortgage by a couple of months and my lender has started calling asking about the status of my payments? What should I do?

Never avoid speaking to your lender. Take their calls, tell them your situation and explain why you are behind in payments. Some financial changes are inevitable, especially when they involve loss of employment, accidents and illness, or other major economic factors. Ask your lender about the above programs to see if you may be eligible for a refinance or a modification.

You can also contact InCharge Debt Solutions Housing Counseling. After learning more about your situation, one of our certified housing counselors can contact your lender on your behalf.

Thanks to U.S. Department of Housing and Urban Development (HUD)-approved housing counseling agencies, including InCharge Debt Solutions, homeowners have an advocate. With the help of a housing counselor, you can learn how to avoid foreclosure, what steps to take when you are facing foreclosure and how to avoid foreclosure scams. A housing counselor can also help you understand the housing terminology, complete the required paperwork, and work with your mortgage lender.

Many of us feel we are alone in our battle to overcome the additional stressors brought on by the mortgage crisis. That’s why we want homeowners to know that free, unbiased and professional education and assistance is available.

Lender Forms

Please find your lender’s name below to access required forms.  If your lender is not listed, use InCharge Debt Solutions General.

Forms should be completed and returned to InCharge within 72 hours of your counseling session

Fax:        877-267-9014
Email:    OHC@InCharge.org
Mail:      5750 Major BLVD., Suite 300, Orlando, FL 32819

What Is A Foreclosure?

A foreclosure legally allows your lender to take back your home and resell it if you fail to make your mortgage payments. If the resale value is lower than the amount you still owe on your mortgage, you could end up owing the difference (this is called a deficiency judgment). Not only does foreclosure have long-term, damaging effects on your credit history, it also becomes a matter of public record.

Foreclosure occurs on a property for several reasons. Monthly mortgage payments may not be made, or some type of fraud is involved and the lender has decided to accelerate the loan.

Whatever the situation, after a certain period of time – depending on the closing documents–the lender will accelerate the loan. An acceleration letter will be sent requesting the full amount past due. This amount is to be paid by a specified date. If the amount is not paid, the lender will accelerate the loan, and foreclosure proceedings will begin. A foreclosure package will be forwarded to an attorney or trustee by the lender, depending on the state in which the property is located, and legal action will commence. The period of time in which it takes a lender to foreclose varies by state.

Once the attorney receives the package, his or her fees and costs as they are incurred become part of the amount due and the total debt. The attorney files a complaint and the foreclosure process begins. The longer the process, the more it costs the consumer.

As the foreclosure progresses and the sale takes place, the fear of losing the home becomes a reality. Once the foreclosure sale takes place, the home is lost. In certain states, a property may be redeemed, but at the total debt amount, not the past-due amount.

If a foreclosure sale takes place and the former homeowners remain in the property, they will be evicted. All personal items will either be set out on the street or stored for a specified period of time. In addition, individuals can be sued in some states for a deficiency balance, and wages and/or assets can be attached.

A foreclosure will impact your credit score negatively and will make it difficult for you to obtain another mortgage in the next two to three years. The good news is that the foreclosure will have less of an impact on your score with each passing year, and there are many ways you can commence rebuilding your credit immediately.