Housing counseling available for those facing foreclosure

The PCHC is a designated HUD Housing Counseling agency offering a comprehensive housing counseling program including Pre-purchase Counseling, Homebuyer Education, Delinquency/Default Counseling, Non-Delinquency Post-Purchase Counseling; Reverse Mortgage Counseling, Rental Counseling, Homeless/Displacement Counseling and Fair Housing. The NFMC program has been developed in response to the nationwide sub-prime foreclosure crisis, Congress approved and President George W. Bush signed legislation authorizing $180 million for a national NFMC Program. The NFMC directed that funds be prioritized for use in "areas of greatest Need". These were defined as areas experiencing a high rate of sub-prime lending, delinquent loans and foreclosure starts. Putnam County is currently experiencing a high rate of foreclosures and the funding will allow the PCHC to assist owner-occupants of single-family (one to four unit) properties that obtained sub-prime loans, are delinquent on their mortgages and are at risk of default and foreclosure. Counseling activities will include an analysis of the client's financial situation; an evaluation of the current value of the home that is subject to the mortgage; and a review of options such as the assumption of the mortgage by another non-federal party, the purchase of the mortgage by a non-federal third party, other restructuring and refinancing strategies, or the approval of a workout strategy by all interested. While the PCHC's goal is to help homeowners retain their homes with a mortgage they can afford, in some instances the only solution to successfully cure a default may be to sell the home.

For further information, please contact the PCHC at 845-225-8493 or visit the office located at 11 Seminary Hill Road, Carmel which is open from 8:30 a.m. to 4:30 p.m., Monday through Friday.