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Foreclosure Prevention Counseling
Millions of Americans find themselves in a position where they are at risk of losing their home. The reasons for this are many. Some homeowners lose a job, or incur a new, unexpected expense. Some homeowners have family changes, such as a divorce or a new child. More and more, homeowners are finding themselves in trouble after taking out 'exotic' loans with high interest rates that reset.
Whatever the reason, Foreclosure counseling through Clinch-Powell can help a family save their home or, in some cases, free themselves of the home and the attached loan without damaging their credit.
Please call the RC&D office at 800-814-6355 if you are behind, or will soon be behind, on your home loan.
About Foreclosure
When a family falls behind on their home payment, the lender can foreclose, or take the home to pay off the debt. Lenders generally see this as a last resort- they would much rather keep a family in their home and making payments.
In Tennessee, the lender will usually send out a letter of delinquency 30 days after the first late payments. 30-60 days after this, the lender will send out a Notice of Default, stating that the family has failed to live up to the agreement in the promissary note, and that they have 20-30 days to respond. If no action is taken during this time, the lender will send the loan to the Trustee - an attorney responsible for the legal process of foreclosing on the home. The Attorney will send the family a Notice of Foreclosure Sale and will publish a notice of sale in the closest local newspaper. They must publish the notice at least 21 days before the foreclosure sale, and must publish the notice two more weeks after that.
The Foreclosure Sale occures at the county courthouse on a Tuesday morning. The property is sold to the lowest bidder, usually for far less than it is worth. At this point, the home is lost to the family. They can either work with the new owner on when they will move out, or wait for the new owner to file eviction papers.
In Tennessee, a typical period from the first late payment to the foreclosure sale is 5-6 months. However, it can go faster, depending on the wording of the Deed of Trust. Please note that, from the first day your payments are late, you will begin to accure late fees and other related charges. The sooner you contact us, the more likely we will be able to help you.
How to set up an appointment with the Home Team
When setting up your appointment, the counselor will ask you to fill out the forms below. In addition, the counselor will need you to bring as several documents.
THINGS YOU WILL NEED
- Counseling Application Form (Completed)
- Signed Counseling Agreement
- Signed Authorization Form
- Your most recent tax returns (1040) and W2's
- Most recent Paycheck stubs
- Your last two months of Bank Statements
- Mortgage Documents (you received these at closing and should include a HUD-1, Deed of Trust and(Promissary)Note)
- Any letters received from you Lender
Please fill out the forms as well as possible. when you are finished, please fax all the information (except the legal documents, if they are on legal size paper) to 865-828-5212
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Clinch-Powell RC&D is a Fair Housing / Equal Opportunity Organization |
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Telecommunications and Infrastructure Administration.
“All programs and assistance of the RC&D Council are available without regard to race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact the USDA’s TARGET Center at (202) 720-2600 (voice and TDD).”
