Post-Purchase & Foreclosure Prevention
Foreclosure prevention counseling is free, individual counseling offered to homeowners in Northampton, Easthampton, Amherst, Hadley.  There are no income restrictions. 

Evaluation of your current mortgage
We look at your current mortgage and help you understand the terms of your loan(s).  We look at all aspects of a loan, including your current rate, what your rate will adjust to (if it is an adjustable loan), balloon payments, how much you owe, how much your house is worth, pre-payment penalties, etc. 

Budgeting, Debt Management, and Credit
In addition to looking at your mortgage, post-purchase and foreclosure prevention counseling provides an opportunity to understand and work on your entire financial picture.  We will help you prepare and evaluate your current household budget and see how that fits with your current debts.  We will look at each debt you owe and help you figure out how to prioritize and deal with each debt.  The counseling session also gives you a chance to evaluate your credit report and develop a plan to improve your credit score.

Next Steps
We explore all viable options with you.  In most cases, we are able to negotiate directly with the lender to modify your existing mortgage.  In other cases, we may help you negotiate other options with your current lender or plan for a future refinance.  In some situations, we may recommend that you sell the property.  We will help you evaluate all options and plan your next steps in navigating the challenges. 

Our Funding
These services are funded by the Community Foundation of Western Massachusetts through the Credit Data Services, Inc. Fund, the Division of Banks, and a partnership between HAPHousing and the Attorney General's Office. 

What to bring to your foreclosure counseling session: 

• Your loan documents for all current loans including Truth-in-lending statement, Uniform Loan Application and Good Faith Estimate
• Your HUD1 closing documents for all current loans
• Promissory note(s)
• Mortgage
• Property appraisal (if you have one)
• Recent property tax, sewer and water bills
• Recent mortgage statement (bill) and home equity statement(s) (bill)
• All current household income info, including 2 months pay stubs, child support, social security award letter, unemployment, VA disability etc.
• Any leases or rental agreements with tenants or boarders
• All self-employment info
• 2 most recent Federal tax return (if you are self-employed, please also bring 3 prior years) and all W2's
• All other loan docs such as auto, student and personal loan docs
• Most recent credit and store card bills
• Current utility bills
• 2 most recent bank statements (personal and/or business)
• Homeowners insurance statement

Please bring in as many of these documents as possible to your first  counseling session.  We may need all of them to negotiate with your lender.  The sooner we have all of the above documents, the quicker we can help you attain a sustainable mortgage payment.

For more information about foreclosure prevention counseling, please contact Donna Cabana, Homeownership Counselor at 413-586-5855 x18 or dc@valleycdc.com.