SNHC Hosts Successful Home Foreclosure Education Seminar

On Thursday, May 16th, SNHC hosted a Foreclosure Education Seminar at the SNHC office. The seminar, sponsored by Commerce Bank, included a presentation from Linda Ingram who is the Director of Foreclosure Intervention Services for Beyond Housing. While there was a great turnout, here is a summary of some of the information Linda went over in case you were unable to attend.

Beyond Housing, located at 4156 Manchester Ave, has been a leader in foreclosure intervention counseling since 2005. They have counselors who are certified to help you with the following:

• Understand your mortgage.

• Evaluate your monthly income and expenses.

• Explain options to help you avoid foreclosure.

• Negotiate with your mortgage company to find a “workout option.”

• Explore other resources.

• Experience a “soft landing” if you decide not to keep your home.

One of the programs Linda highlighted was the Home Affordable Modification Program (HAMP). This program is designed to help reduce mortgage payments, making them more affordable and sustainable over the long term. To qualify, the program starts with your mortgage company reviewing your request. Once you qualify, you may start with a three-to-four-month trial period. All payments must be on time. After a successful trial, your mortgage company will offer you a permanent modification. It is crucial that you understand the details of the new arrangement and on-time payments are continually made. The modifications offered through this program also feature lower interest rates, and some form of principal reduction with a total possible savings of over $500 a month.

You may eligible for HAMP if...

• You are struggling to make your mortgage payments.

• You are delinquent or in danger of falling behind on your mortgage.

• You owe up to $729,750 on your primary residence or single unit rental property.

• You obtained your mortgage on or before January 1, 2009.

• Your property has not been condemned.

• You have not been convicted, within the last 10 years, or a crime in connection with a mortgage or real estate transaction.

Missouri is a non-judicial foreclosure state, which means that the foreclosure process is very quick; from the time of the first missed payment to the point of eviction there is very little time (around 140-150 days), so the need for action is immediate. Communication, one of the most stressed elements of resolution throughout Linda’s presentation, must begin as early as possible. It can even start before a payment is missed. She discussed imminent default, which is where a mortgage holder realizes that they will be unable to make their upcoming mortgage payment and begins the process of working through the problem with the lender. Beyond Housing wants homeowners to understand that there are many options available and the best way to figure out which avenue is best for your particular situation is by seeking help. If you, or someone you know, would like more information you can reach Linda Ingram by calling 314-533-0600 or by email at lingram@beyondhousing.org.