BCHA is a HUD-certified housing counseling agency providing the services listed below. Our HUD-certified counselors will design a case management plan to meet your housing needs. Counselors have first-hand knowledge of available resources, such as local community, county, state and HUD related programs. Counselors will assist in addressing challenges, identifying opportunities and developing a work plan to improve your situation and overcome barriers to sustainable home ownership. Education and Counseling Services includes the following subject areas:
If you are facing foreclosure we may be able to help. Counselors will assist in addressing challenges, identifying opportunities and developing a work plan to improve your situation; overcome barriers to sustainable home ownership; and will help to resolve housing related issues by reviewing the client’s personal housing situation allowing them to maintain homeownership.
Beware of Loan Modification Scams – scam artists across the country are preying on homeowners who are facing foreclosure or seeking a loan modification. Anyone can be a victim – but you don’t have to be.The red flags include people or companies that:
For loan modification guidance from a HUD-approved counseling agency or to report a scam, call 1-888-995-HOPE or visit www.loanscamalert.org by clicking: http://www.loanscamalert.org/en-us/
Default/Delinquency assistance covers the following topics enabling access to the options available to you:
By working with your lender you can determine if you are eligible for any of the following workout options:
Refinance: If you have enough equity in your home, your new mortgage could pay off the old loan along with any late fees and attorney fees. If you decide to pursue a refinance, remember to shop around for the best terms and compare the Annual Percentage
Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment and by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund, or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated with a reinstatement plan.
Forbearance: Your lender may offer a temporary reduction or suspension of your mortgage payments while you get back on your feet. Forbearance is often combined with a reinstatement or a repayment plan to pay off the missed or reduced mortgage payments.
Repayment Plan: This is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
Loan modification: This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable.
Depending on your circumstances it may not be possible to keep your home. But there are still incurable options available to you including preventing foreclosure:
Short Sale or Short Payoff: In cases where you sell your home for less than you owe, your lender may accept the lesser amount.
Deed-in-lieu of foreclosure: Your lender may accept the voluntary transfer of the title of your home back to them in exchange for cancellation of your mortgage debt. This approach may have tax implications for you, and it may not be possible if there are other liens against your home.
Assumption: This option permits a qualified buyer to take over your mortgage debt and the mortgage payments, even if the mortgage was originally non-assumable. Be aware that some workout options affect your credit rating more than others. Foreclosures, short sales and deeds-in-lieu of foreclosure are considered “not paid as agreed” and may have serious negative impact on your credit score.
Bridging the communication gap with homeowner associations: The Home Owners Association may agree to let you pay the total amount due to bring the account fully current, in a lump sum payment and by a specific date, and/or a combined agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid in full the amount of your association arrear fees. Counselors may assist finding financial assistance resources, such as local community, county, state and HUD related programs (to qualified clients, as available).
That is why it is important for you to get help early to try to prevent further damage to your credit. For more information about your credit and how alternatives to foreclosure may affect it, visit www.myfico.com
Prioritize Your Debts and Avoiding Delinquencies.
Prepare information for your lender and contact your lender directly.
When you call your lender, be sure to have your account information handy and be ready to give a summary of the financial problems you are having. You should also have recent income statements and your household budget with you.
If you don’t have a budget, now is the time to know exactly what you are spending each month. If you can, have your budget information on hand before calling your lender.
Be prepared for more than one conversation. Your lender may require you to complete a loan workout package. It is important that you complete it as soon as you receive it because in some cases the lender cannot proceed to the next step without the completed and signed documents.
The FREE six(6) hour First Time Home Buyer Education Workshop provides education to prospective home buyers. This workshop is offered in a group setting and includes the following key topics:
Workshops are held the second Saturday of each month from 8:30 a.m. to 4:00 p.m. via ZOOM meeting platform. ZOOM link and access information is e-mailed prior to the event. Registration is required. To register send e-mail to housingcounselor@bchafl.org
One-on-one counseling sessions are available in addition to attendance of the First Time Homebuyer workshop. One-of-one sessions provide counseling, advice and options tailored to individual household needs. To schedule a one-on-one counseling session, send e-mail to housingcounselor@bchafl.org.
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