The Role of a Housing Counselor

If you are behind in your mortgage or having trouble making payments, contact our housing counselors. They are assigned to help you through the process of saving your home from foreclosure.

Here are some of the services that our housing counselors offer:

Help determine the homeowner’s objectives and needs
With a clear understanding of your financial situation and your goals, we will work with you to achieve your objectives. We’ll determine the best methods and help you identify the best options for you.

Keep track of deadlines and timing
The housing counselor will need to identify any deadlines the homeowner faces, especially the foreclosure sale date. The homeowner needs to call a housing counselor immediately if mail comes regarding foreclosure.

Assist the homeowner in establishing reasons for default & help prepare a hardship letter
This is an explanation of the borrower’s reasons for falling behind on their mortgage payments and how the borrower plans to overcome those difficulties to bring the mortgage current.

Help to identify options to increase the homeowner’s income and reducing other debt
The homeowner should work with the housing counselor to identify other debts than can be reduced and find other sources of money including loans from a family member, church or perhaps a part time job or assets that could be sold, i.e., jewelry or vehicle.

Advise the homeowner to set aside funds to prevent foreclosure
Once a realistic spending plan has been developed, the housing counselor will ask the homeowner to save the funds to help bring the loan current.

Work with the homeowner to make realistic choices
Once all the homeowner’s information is gathered and all options determined, the housing counselor will help the homeowner decide if they want to try to keep their house. If the homeowner decides it isn’t a realistic goal, then the money set aside can be used to make other housing arrangements.

Start paperwork if the homeowner chooses to try to save the home from foreclosure
The housing counselor will provide the lender or servicer with the income and expense information they require.

The housing counselor and homeowner are partners
Bridge Street Development Corporation’s housing counselor and homeowner work together for a satisfactory resolution. Each must do their part in order to make the process work. While counselors will do all that they can to assist you, the process is a two-way street with the homeowner as a critical partner in the process.