PCHC, as a certified HUD Housing Counseling Agency, can assist homebuyers at risk of foreclosure. PCHC receives funding from HUD and the New York State Attorney General Home Ownership Protection Program (HOPP). The homeowner must fill out an intake application for Housing Counseling assistance. Once the counselor receives the application and reviews it they will call homeowner to schedule an appointment within one week.
The counselor will meet with the homeowner to determine their objectives, the reasons for the default and the time constraints of the case. Homeowner will be assisted by the counselor to document income and expenses and establish a current budget and set up a realistic budget going forward.
The Counselor will then advise the borrower of the options available to them: Forbearance and Reinstatement; Loan Modification; Preforeclosure Sales; Assumptions and Deed in Lieu of Foreclosure; or Home Equity Conversion Mortgages (HECM). The counselor may refer the homeowner to Legal Services of the Hudson Valley for free legal services if appropriate or the Putnam County Department of Social Services. The counselor may attend the Mandatory Court Settlement Conference with the homeowner.
PCHC also works with lenders, bank and mortgage companies to arrange work-out agreements, short sales and other remedies for customers.
