What To Expect During Your Counseling Process

Thank you for choosing NID-HCA Atlanta Metro to help you avoid foreclosure. Below is a step-by-step guide of what you can expect over the next few months to help you understand the process.

Step 1

Your first and most important obligation is to COMPLETE THE APPLICATION in its entirety AND SUBMIT IT. Time is of the essence, and the sooner we receive your information the sooner we can begin the counseling process to help you keep your home. If you need assistance completing the forms, you can make an appointment with NID-HCA Atlanta Metro for assistance with completing the package.

Step 2

You will receive a call from our Borrower Intake and Verification Department to verify your information and provide you with the contact information for your counselor. We will contact you to review the information you provided on the Financial and Budget Statements, collect any other information that we may need, and schedule an appointment with a counselor.

Step 3

Your counselor WILL develop a budget for you based on your oral representation of your debts, expenses, and available sources of income.

Your counselor MAY do a budget verification during which the counselor will review documented evidence provided by you to establish true debt obligations (e.g., credit report), monthly expenses (e.g., monthly bills and bank statements, spending patterns), and realistic opportunities for income (e.g., returns and pay stubs).

Your Counselor will give you a Housing Counseling Plan, which will include the following:

• A brief statement of why you are delinquent or in danger of becoming delinquent, including the involuntary inability to pay, unexpected increase in expenses, decrease in income, loan reset and/or other factors.
   
• An assessment of the property's condition and a discussion and calculation of positive or negative equity.
   

A financial assessment that leads to recommendations for resolving the delinquency if you want to and can afford to keep the house under available option. Otherwise, it will discuss other options including foreclosure, sale of the property, deed in lieu, and short sale, and the possible tax consequences and/or deficiency judgment issues.

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