Mustard Seed Development Center

Mustard Seed Development Center1357 Home Avenue - Akron, Ohio 44310 - Tel: 330-631-0350 Fax: 330-631-0355

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CLICK THE ORANGE LOGO!WAYSHOME IS ANOTHER IN A LARGE AMOUNT OF TOOLS WE USE IN OUR EFFORTS TO SERVE THE COMMUNITY BY PRESENTINGPRINCIPLES THAT PROMOTEOPPORTUNITIES FOR SAFE, DECENTAND AFFORDABLE HOUSING AND TOENCOURAGE HOMEOWNERSHIP AND PREVENT FORECLOSURES IN ONE OF THE COUNTRY'S HIGHEST FORECLOSURE AREASour programMSDC FORECLOSURE PREVENTION PROGRAMWith todays strategies andworkout plans, no homeownershould volunteer tosurrender their home withoutfirst trying to sell it.MSDC is a HUD CertifiedHousing Counseling Agencyhas experienced HousingCounselors that will assistyou in developing an ActionPlan that will identify optionsand activities that canposition you to sell or deedyour home in a safe andaffordable procedure forboth the lender and thehomeowner. Let MSDC beyour Foreclosure PreventionSpecialist and endForeclosures in Ohio in2009counselingMODIFICATIONSLOAN MODIFICATIONSLoan Modifications are determine by your lender. This processshould be used when you have determined that the mortgagepayment can be paid each month without interruption.• Change the Rate• Change the Terms• Change the Payment• Decrease the Amount Owed• Bring the Account Current• Delay Payment Over TimeREPAYMENT PLANBe careful when accepting repayment plans. Before you agreeto this type of modification be sure you can make the total payments.Most of the time this option requires you to pay a fullpayment plus an additional amount. Once you have agreed tothis arrangement, the foreclosure process can be acceleratedshould the loan go into default again.REFINANCE YOUR BALANCEMSDC has a program that can assist you in refinancing yourhome. Many Homeowners that are currently delinquent can notobtain loan approval for a refinance. With this process, and withthe partnerships of area lenders, we can position you to be refinancedwith the completion of an Action Plan.When there is not enough equity in the home, MSDC works withthe lender to buy down the loan to it current fair market value..WORKOUT PLANSWorkout plans are presented to homeowners asthe lenders way to assist the homeowner withsaving their home. This is a courtesy of the lenderand must be profitable for both you and the lenderbefore they approve the plan. Below are WorkoutPlans that can work and when to use them. Alwaysconsult with a Housing Counselor before signing anagreement. Getting a second opinion can avoiderrors and being unnecessarily denied.Contact your lender and inquire as to the types ofworkout plans they normally approve and request aworkout plan application. Copy the application andcompleted the questions in pencil. Then submitthe copy and the original to your Housing Counselorto finalize your request.TALK TO YOUR LENDEREach lender is different. There are two options that can be used ifpresented earlier:1. Deed In Lieu - HO can agree to surrender the home andlender will agree to take possession. In many cases, thelender will forgive remaining balance. Please be advisedyour written agreement MUST state the willingness of thelender to forgive the debt. This must be clearly documentedin your Deed in Lieu agreement . Have an Attorney and/orHousing Counselor review to verify the agreement includesforgiveness prior to signing the agreement.2. Short Sale - Your home must be listed with a Real EstateAgent for at least six months prior to your request. SomeRealtors are experienced in managing a Short Sale. Have adialogue with the Realtor to determine there past experiencewith handling Short Sales.seminarsPage 5Page 6

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