What makes you so different from all the others who say they want to help me?
What is this going to cost me?
I cannot afford to pay the mediation fees, what can I do?
How does the loss mitigation process work exactly and how long does it take?
Why do you think Hope for Families can do a better job of negotiating with my lender than me?
What if I just let my home go to foreclosure, what worse thing could they do to me?
Can I get any equity out of my home?
What is a pre-foreclosure sale?

What makes you so different from all the others who say they want to help me?
We cannot speak on behalf of others. Hope for Families is a 501c3 non-profit organization and is accountable to the Board of Directors and to Spiritual Concepts International, our sponsor. Hope for Families has a number of services to help the homeowner get back on their feet. These services include credit repair, financial education, human service assessment and financial assistance.

What is this going to cost me?
Our initial consultations cost clients nothing. Many of our services are at no cost to the client and the schedule of fees varies depending on the scope of service and the client’s location. The Hope for Families Service Coordinators will cover any fees with the client after the pre-qualification consultation.

I cannot afford to pay the mediation fees, what can I do?
Although we do need to charge fees for some of our services, we do want to work out an acceptable proposition with our clients. Hope for Families will work with clients to find alternatives to help the client receive the services required.

How does the loss mitigation process work exactly and how long does it take?
Our field staff (Regional Managers and Service Coordinators) collects all the information that is needed to discuss the client situation. The Account Managers assemble the information into a mitigation packet or hardship packet. This packet will be assigned to one of the Hope for Family Loss Mitigators, who will represent the client to the lender. All the information is verified with the lender, the title company, existing liens or 2nds and they will work toward an acceptable solution on behalf of the client. The process generally takes a minimum of 15 business days from the time the packet is complete (which generally takes a couple of days). There are exceptions on the time requirement depending on the state and state requirements.

Why do you think Hope for Families can do a better job of negotiating with my lender than me?
It is very difficult for a client to represent their self to the lender. There has already been a breach in the relationship. The client is negotiating from a lesser position being in default of their promise to pay. A 3rd party service can talk with the lender even after the lender will no longer talk with the client. Hope for Families has the experience in knowing what the lender will do and won’t do which helps with the negotiation process. In most cases, when a homeowner works with the lender there are two options offered and there is no other place to go. Our loss mitigation team is tenacious in staying in contact with the lender and knowing how to speak to the right person who can make decisions. It is also very frustrating as a homeowner to constantly speak to a recording rather than a live person.

What if I just let my home go to foreclosure, what worse thing could they do to me?
First and foremost a foreclosure will destroy your credit for many years. The chance of ever owning another home is very small. Any purchases that you are able to make on credit will cost you severely with very high costs and interest. Second, if your home is sold at auction you may not be absolved of the liabilities to the mortgage loan. In most states, the homeowner is still liable for the difference of what was owed, plus the penalties, interest and arrearage and what the home brings at auction. Third, there is no way you will be able to stay in your home. You will have to relocate your family and finding a rental with a destroyed credit rating and foreclosure will be difficult and costly. The worse thing that you can do is let your house go to foreclosure.

Can I get any equity out of my home?
The answer is yes or no depending on the ability of the homeowner in the loss mitigation process. If we can successfully mediate on your behalf, you can keep your existing loan and all your equity. If the home goes to a pre-foreclosure sale or sold at trustee sale/auction the homeowner cannot receive equity. If the homeowner lists and sells the house prior to foreclosure the homeowner can realize equity. If the homeowner chooses to work with a Hope for Families Service Provider they can not only purchase their house back but also preserve their equity. If the home sold at a pre-foreclosure sale Hope for Families will assist financially to help with relocation, deposits and rent for those who would qualify. (SEE: What is a pre-foreclosure sale?)

What is a pre-foreclosure sale?
This is the term for the process of selling a home prior to foreclosure. The goal of a pre-foreclosure sale is to relieve the homeowner of the liability of the foreclosure and avoid foreclosure. The loss mitigator will negotiate with the lender to agree to absolve the homeowner of all liabilities at an agreed to sale price of the property.