Foreclosure Prevention Services at Community Teamwork, Inc.

Helping Homeowners Prevent Foreclosure
By Deborah Mullins
The Home Preservation Coalition of the Merrimack Valley (HPC) is a collaboration of six agencies of which Community Teamwork, Inc. is an active partner.

The HPC mission is to assist homeowners in resolving mortgage defaults on their debt obligations, improve their housing stability through budget counseling and when home retention is not an option, offer other solutions until the family or individual has been able to transition into new housing.
HPC counselors are HUD certified in foreclosure intervention and mediation through NeighborWorks Training Institute.

The counselors take continuing education classes from Fannie Mae, FHA and The Treasury Department and continue to stay apprised of the rapidly changing program guidelines and foreclosure laws.
There are laws and regulations in Massachusetts that protect the consumer by not allowing a company to charge an upfront fee for a mortgage modification.

Your lender, legislators and regulators suggest using the free service of a HUD Counseling Agency. Find out more by watching a short video from Attorney General Martha Coakley at http://www.youtube.com/watch?v=zakL98-McEE&feature=player_embedded#at=12. Visit http://www.ma.gov/ago or call 617-727-8400.


The HPC is proud to serve homeowners in helping them reaching their goals. Mortgage lending is a complex industry and the process of loss mitigation even more so. When resolution is reached, our team is delighted homeowners can retain their home and that their financial position has been strengthened.

To get started with the HPC program, download the forms at http://www.cbacre.org/home-preservation-center-hpc/foreclosure-forms-info or contact us at 978-970-0600 ext 1. HPC offers bi-weekly workshops on Thursday evenings at 450 Merrimack Street, Lowell starting at 5:30 p.m. Register by calling 978-970-0600 ext 0.
The HPC offers face-to-face counseling sessions with homeowners that are at various stages of default or imminent default. Coming in at the earliest signs of financial trouble is important and encouraged. The initial counseling session will include a review of the closing documents on your loan, a registry review, credit analysis, investor research, creating a budget and completing an “Action Plan”. If home retention is the chosen option, the counselor will help you put your package together for the lender and submit.
A recent resolution involved a woman whose income had been reduced due to a disability. She had lost her hearing and it is uncertain whether she will be able to return to work. She had refinanced on a sub-prime loan with negative amortization. After submitting a detailed package to her lender and supplying addition-supporting information, she was modified on an in-house loan modification at a rate of 2.82% for the life of the loan. She is so relieved and is now free to concentrate on training for a new career with the Massachusetts Rehabilitation Commission.

CTI has worked in partnership with our HPC clients to obtain positive results, achieving a 37% modification rate.

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