Foreclosure
Prevention and Loss Mitigation Counseling
VBCDC offers free and confidential foreclosure prevention
and loss mitigation counseling for owner-occupied homeowners
in financial distress, those who are behind on mortgage payments,
or those facing interest rate resets from an adjustable rate
mortgage. VBCDC employs one full time Housing Counselor who
is dedicated to providing free and confidential prevention
counseling to homeowners throughout South Eastern Hampton
Roads.
VBCDC carefully reviews the client's current financial situation
and educates the client on their options and the possible
consequences of foreclosure. VBCDC works with the client to
develop an achievable and realistic budget and contacts the
lender in hopes of negotiating a workout plan that could include:
- Forbearance Agreement
- Repayment Agreement
- Loan modifications or extensions
- Refinancing
- Sale of the home
- Pre-foreclosure Sale or Short Sale
- Deed in lieu of foreclosure
Homeowners, who are behind on payments,
have an inability to pay their mortgage, or are facing foreclosure
should call VBCDC at 757-463-9516, and ask to speak to the
Housing Counselor. Early intervention is key and many situations
can be helped if dealt with in time. |
