Foreclosure Counseling Sanchez

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Foreclosure Counseling Sanchez

  1. 1. Tampa Bay Community Development Corporation Foreclosure: Practices and Challenges Bill Sanchez, Vice President
  2. 2. Best Practices <ul><li>Streamling the Intake Process </li></ul><ul><li>Clients provide complete information and backup documentation prior to the Intake session to allow the counselor to get an overall picture of the client’s individual situation </li></ul>
  3. 3. Streamlining the Intake Process <ul><li>Backlog: counselors use alerts (“tickle dates”) in the database case management system to track progress and ensure timely follow up </li></ul>
  4. 4. Streamlining the Intake Process <ul><li>Case Notes: are input every time a client’s file is worked on or contact is initiated to or from lender and client. This enables any staff member to provide status, add new information, and facilitates ongoing case management </li></ul>
  5. 5. TIME IS VALUABLE!!! <ul><li>By tracking all activity electronically, support staff may assist counselors in answering routine inquiries and taking or giving updates to the client. Counselors are able to do what they do best – Counsel! </li></ul>
  6. 6. Challenges for Housing Counselors <ul><li>1. CAPACITY </li></ul><ul><li>So few counselors, so many clients </li></ul>
  7. 7. Challenges for Housing Counselors <ul><li>Client first contact with the agency close to, or AT, the Sale Date </li></ul>
  8. 8. Challenges for Housing Counselors <ul><li>MISINFORMATION: URBAN MYTHS AND LEGENDS </li></ul><ul><li>My lender can’t proceed with foreclosure if they can’t produce the note </li></ul><ul><li>My lender must modify for the new, lower value of my home </li></ul><ul><li>My lender must modify my loan even if I have no income </li></ul><ul><li>My lender must modify my loan according to my terms </li></ul>
  9. 9. Challenges for Housing Counselors <ul><li>Imminent Default: The client knows they will become delinquent due to anticipated layoffs, surgeries, etc… The lender needs to work with the client while they are current, not only after they have defaulted on their payments </li></ul>
  10. 10. FUNDING <ul><li>The biggest portion of funding supporting foreclosure counseling is through the NFMC program. It is in the final round of funding. This last round is 1/3 of the previous two rounds. </li></ul>
  11. 11. FUNDING <ul><li>It is anticipated that we will be seeing a high volume of foreclosure clients for the next 18 – 24 months. </li></ul><ul><li>Who will fund those services? </li></ul>
  12. 12. Tampa Bay Community Development Corporation <ul><li>Bill Sanchez, Vice President </li></ul><ul><li>2139 N.E. Coachman Road </li></ul><ul><li>Clearwater, FL 33765 </li></ul><ul><li>(727) 446-6222 </li></ul>

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