Foreclosure Prevention Counseling
Our Foreclosure Mitigation Program is for homeowners who are in danger of defaulting on their mortgage and those who are already in foreclosure or facing a trustee sale. BOTHANDS counselors help clients compile and complete the paperwork necessary for homeowners to apply for a loan modification, follow up with lenders and assist in modification negotiations. Our agency does not provide direct financial assistance. Each lender decides which programs they will participate in and how they handle modifying loans. Our counselors are dedicated to helping clients navigate the process of applying for a modification - all decisions and results are up to individual lenders.
Due to an extremely high demand for Foreclosure Prevention Services, BOTHANDS is currently accepting new Foreclosure Prevention clients that fit the following criteria:
Residents of Coconino, Yavapai and Mohave Counties who own only one home, which is their primary residence, and earn no more than $100,000 annually.
Among the programs that our counselors assist with is Save My Home AZ. We have partenred with the Arizona Department of Housing to provide counseling and help determine program eligibility for families in our service area for Save My Home AZ. This program can help homeowners reduce the principal of their loan in cooperation with their lender if they meet the qualifications for the program. Interested homeowners must first take a self assesment for this program. Click this link to take the self assesment.
Our counseling is free of charge thanks to grants from the Rural Community Assistance Corporation, the State of Arizona and the Arizona Attorney General's Office.
If you have already worked out a plan with your lender and must meet with a counselor as part of your agreement, please call us and request a Level Four counsleing packet and appointment. We are often able to complete the counseling requirements of these agreements in about an hour and a half long meeting. You must, however, complete and return the enrollment packet before this appointment can be scheduled.
Prior to providing any counseling or guidance, we must receive our Foreclosure Prevention Program Enrollment Packet. The document must be completed, with all required documents copied and included, and mailed or dropped off to the BOTHANDS office before a counseling appointment will be scheduled. We recognize that there is a cost associated with copying the required documents and mailing them to our office, however - we provide this counseling program at no cost and copying and mailing will be the only cost a client will have to pay to participate in our program. You can request that an Enrollment Packet be mailed or emailed to you by calling 928.214.7456 or emailing info@bothands.org.
We appologize that there are people in need who we will not be able to serve, but we will begin accepting additional Foreclosure Prevention clients from a broader geographic region as current cases are resolved. Please contact the State's Foreclosure Prevention Hotline to be referred to another agency: 877-448-1211.
NeighborWorks America has recently published a report on the effectiveness of working with a counselor to obtain a modification, stating that their researchers found that a homeowner who works with a housing counselor is nearly two times more likely to avoid foreclosure than those who don't. Click here to read an article summarizing the report.
Resources are also available at: www.financialstability.gov
The FTC has prvided a flyer that can be used to help warn homeowners against scams. It is available at: http://ftc.gov/bcp/menus/consumer/credit/mortgage.shtme
The Attorney General's office has created a foreclosure prevention workbook, it is available at http://www.azag.gov/consumer/foreclosure/documents/StateTaskForceWorkbook.pdf
Click here for a sample hardship letter that you can use to work with your lender directly.
