Housing Department

MORTGAGE DEFAULT COUNSELING

What happen if I miss my mortgage payment?
If you miss mortgage loan payments, foreclosure on your property may occur. Timing is critical in   these matters, so call the Urban League’s housing department and speak with a HUD-certified counselor.

What steps do I need to take if I miss a payment?

• Immediately contact your lender and explain your situation. Be prepared to give them information about your income and expenses.
• Do not promise to make payments that you may not be able to keep.
• Make an appointment to see one of our certified housing counselors to discuss your situation and explore the various options available to you.

What options may be available to me?

• Refinancing
• Special forbearance or a repayment plan
• Mortgage modification
• Partial claim
• Pre-foreclosure sale
• Deed-in-lieu

Information is key to avoiding foreclosure when you find yourself in financial distress.  Too often, homeowners are not equipped with the knowledge that is critical to understanding every available option to save their homes. The purpose of mortgage default programs is to help homeowners avoid foreclosure.  An Urban League certified housing counselor can help analyze your financial situation and help you uncover ways of preventing foreclosure and getting your loan back on track.  A counseling session can also help you manage your expenses and plan a better payback schedule within your existing means. Defaulting on mortgage payments consistently leads to a stage known as mortgage delinquency. Counseling and especially mortgage default counseling, will also take into consideration the delinquency levels to work out an effective solution.

Most home owners are unaware of the choices available to them when faced with the possibility of losing their homes. There are ways to minimize loss for the homeowner as well as the lender. If you are facing an imminent financial crisis, housing counseling is one of the options to consider before foreclosure becomes unavoidable.

Beware of Scams

• Don’t sign any papers you don’t fully understand.
• Beware if someone suggests that you sign your house over to him or her so that they can catch up the payments and continue paying the mortgage while you pay them rent. They will usually tell you that when your financial situation improves, they will resell the house to you. This is a common scam. You may never get your home back if the delinquent payments are not made or the promise to sell the house back to you is not kept.
• If something offered to you seems too good to be true, it usually is.
• Make an appointment with one of our certified housing counselors.

FORECLOSURE INTERVENTION PROGRAM
The Urban League of Greater Dallas Housing department has a mortgage foreclosure prevention program in place. The program offers free counseling assistance to help homeowners who are in or nearing foreclosure. Allow us to educate you about your options irrespective of where you are in the mortgage foreclosure process. With our national and local partners, including our network of local housing counseling agencies, United Way 2-1-1, HUD, Fannie Mae, Citi Foundation, MetLife, Capital One, and many others, we seek to provide a comprehensive and holistic approach to mortgage foreclosure prevention. That means that we review each and every case, determine what options are available to your family, and where warranted, directly and completely negotiate your case with your lender or Mortgage Company. Let our team of skilled and experienced foreclosure counselors help you.

Homeowners interested in speaking with a trained counselor about mortgage foreclosure prevention can call 214-915-4639.

HOUSING ASSISTANCE
While home-ownership represents the “American Dream” for many individuals, it is a dream deferred for many minority and low-income families. Caught in a cycle of making high rent payments, families often find it impossible to achieve the financial stability necessary to buy their own home.

As a certified counseling agency for the Department of Housing and Urban Development (HUD), the Urban League of Greater Dallas works with families to assist them in purchasing a home and acquiring the financial management skills necessary to keep and maintain it.

Included are the following:

• Mortgage Default Counseling/Foreclosure Intervention
• Rental Delinquency Counseling
• Home Buyer Educational Workshops
• HomeBuyer’s Club
• Financial Literacy Workshops