Foreclosure Intervention • Affordable Housing Solutions 

• Credit Counseling •

• First-time Homebuyers •

 • Community Development & Revitalization •

 

If you miss a mortgage payment, call (510) 237-6459 for help right way. Download the Service Request form by clicking here.

Hope for Homeowners is a toll-free national hotline that offers free, confidential counseling advice from a network of HUD-certified counseling agencies.  The hotline is facilitated by the Homeownership Preservation Foundation in partnership wtih NeighborWorks America.More than half the homeowners facing foreclosure do not call for help when they fall behind on their mortgage payments. Call 1-888-995-HOPE.  Tell them that you are working with Richmond Neighborhood Housing Services.

You Have Options.  We will help you fy your lender as soon as you know you're going to be late.  Lenders make money on collecting interest, not on foreclosing on properties.  In fact, foreclosure is an expensive, money-losing proposition for most lenders.  Consider your options in consulation with your NHS counselor.

Housing Counselor Angela Simmons (left) and Executive Director Lynette McElhaney (right) are pictured with pre-foreclosure client Mrs. Cooper (center), 2007.

When Mrs. Cooper found NHS, she was trailing 60 days late in her adjustable-rate mortgage payments.  Mrs. Cooper has owned her home since the late '60s. When her home became damaged by a storm, a broker arranged for her to get the cash she needed by refinancing her home.  At that time, Mrs. Cooper did not know that the broker got her the loan based on false information and did not explain how and when the payments would adjust.

At first the payment was within her ability to pay.  But within a few months, the payment increased by $400 and she began falling behind. The lender began making collection calls and threats to foreclose.  After 30 years of homeownerhsip, this hard-working senior came very close to losing her home.

Despite her recent late payments, Mrs. Cooper had a strong credit profile and demonstrated that she could make regular payments.  Angela began working with Mrs. Cooper to find a solution.  NHS negotiated with the lender, getting late fees reversed and establishing on time payment.  NHS then helped her avoid foreclosure by securing a reverse mortgage from Wells Fargo. To restore the home, NHS provided Mrs. Cooper with a construction specialist and a rehabilitation loan. With no payments due on the reverse mortgage, Mrs. Cooper reduced her monthly housing cost by nearly half, saved her home from foreclosure and is getting the rehabilitation she needed to restore the beauty and habitability of her home.  She has gone from worrying about losing her home to worrying the contractor over the details of choosing new countertops and cabinets for her kitchen, new paint, floors and appliances.

"I trust NHS completely," says Mrs Cooper.  "Everyone has been so patient and helpful.  It was truly a blessing for me to find them.  I was just driving down the street (Cutting Blvd) and I didn't know if they could help me. I'm so glad I stopped in. Now I have a note I can handle and my house is being completely remodeled. Praise God."

• Forebearance:  You will be allowed to delay payments for a short time with the understanding that at the agreed upon time, you will be able to bring the account current.
• Reinstatement:  This is the option if you've gotten behind but have a large sum to get caught up by a specific date.
• Repayment Plan:  If your account is past due but you can now make payments, the lender may agree to let you catch up by adding a part of the past amount owed to each current monthly payment until your account is current.
• Modify your mortgage:  The lender can modify your mortgage to extend the length of your loan (or take steps to reduce your payments).  One solution is to add the past amount due into your existing loan, financing it over the long term.
• Refinance: This is an option you may use to lower monthly payments if you get started before you become delinquent. We can help
• Sell Your Home:  If catching up on payments is not possible, the lender might agree to put foreclosure on hold to give you some time to attempt to sell the property.  This is a very emotional challenge for some people, but remember, this may be the best business decision for you and will reduce the stress you're going through.
• Property Give Back: The lender can allow you to give back your property – and then forgive the debt. However, givebacks have a negative impact on your credit record, although not as much as a foreclosure. The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home.