Foreclosure can be an extremely trying time for you and your family. If you are concerned about meeting your mortgage obligation, the first step is to meet with a Foreclosure Counselor to evaluate your situation and consider all options available to you. Call CHAC for an appointment.
Foreclosure Prevention Counseling:
CHAC provides FREE Housing Counseling Services. This is the place to start. Our housing counseling entails meeting with a HUD approved housing counselor to discuss your financial information, discuss your hardship and assess your options for preventing a foreclosure. We can provide:
- Budget, credit and mortgage review
- Communication with your lender, HOA, etc
- Assistance with financial documentation
- Review of loss mitigation and loan modification details
- Referrals to appropriate community resources
CHAC's Foreclosure Prevention Loan program helps low to moderate income homeowners keep their home in the face of a hardship via a secured loan that brings the homeowner’s mortgage current, allowing you to resume regular monthly payments. In some cases, if a home owner has an ARM loan that will reset into an unaffordable monthly payment, assistance could by considered when trying to refinance into a fixed rate affordable mortgage.
Criteria
To be considered for this program you must meet the following criteria:
• Experienced an isolated hardship causing delinquency on your mortgage.
• Have a loan to value of less than 105%.
• Have a debt to income ratio of less than 50%.
• Meet set income limits.
• Must be your primary residence.
• Maximum assistance offered is $10,000.
Terms of the Foreclosure program are:
• 10 year maximum loan term
• 6% interest rate APR approximately 6.8%
• Estimated closing costs $300.00
Application Process
Contact CHAC to schedule an appointment with a housing counselor
at 303-572-9445 Ext. 23
Para asistencia en Español favor de llamar con Julissa Martinez 303-572-9445 ext. 12
Current CHAC customers having financial difficulty call Linda at 303-572-9445 Ext. 11.