Foreclosure Intervention and Default Counseling

Community Housing Initiatives, Inc. is a member of the Iowa Mortgage Help Hotline. We help people that are struggling with their home mortgage. To name a few, we can help them negotiate a repayment plan or modification with their lender, streamline budgets, and eliminate debts to help keep them in their homes. If it is not possible to keep the home, we can help prepare them for subsequent housing and a viable exit strategy from the current loan which may include a Short Sale or Deed-In-Lieu.

 

Within the Iowa Mortgage Help Hotline, we are partnered with Iowa Mediation Services and Iowa Legal Aid to help ensure you receive the help necessary to protect your legal rights and to help you through this trying time.

 

·        You have the legal right to file a Demand for Delay of Sale once your lender has filed the petition to foreclose on your house. What this does is delay a possible sheriff sale for six months, giving you time to work with your lender or find alternative housing.

·        A Foreclosure will be on your credit report for seven years and a bankruptcy for ten years.

·        While a bankruptcy will delay a foreclosure, it will not eliminate the debt owed on your home mortgage.

·        Many Landlords check your credit before qualifying you to rent from them and a foreclosure or bankruptcy will hinder your ability to find quality housing.

·        Iowa was the only state in the U.S. with a percentage decrease in bank owned homes between Jan. – August ’08 compared to the same time last year (See map from Newsweek below), the Iowa Mortgage Help Hotline played a vital part of this result.