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Counseling
Homeownership Counseling
Foreclosure
Prevention
Default Mortgage Counseling helps low-and middle-income
families avoid foreclosure. Tabor provides counsel on the various
options available to homeowners who are delinquent on their mortgages.
Tabor completes the applications for mortgage assistance on behalf
of hundreds of families each year. Possible options include, but
are not limited to, HEMAP (Homeowners Emergency Mortgage Assistance
Program) and HOPE (Home Ownership Protective Effort.) To be considered
for a HEMAP loan, homeowners must have received their Act 91 notice
of foreclosure, be a state resident, be suffering financial hardship
through no fault of their own, and demonstrate reasonable prospects
of resuming normal mortgage payments after HEMAP loan assistance
ends. The HOPE program on the other hand is an early intervention
program that can reverse the downward spirals that lead to foreclosures.
Through HOPE, participating lenders refer families who are 30-120
days in arrears on their mortgage. Through budget counseling and
tapping other community resources, Tabor helps the family come current
with their mortgage.
A study of foreclosures in Minneapolis,
Minnesota estimated the average costs of foreclosures from $28,000
- $76,000. Compare these numbers to the average cost of delinquency
counseling- $3,300.
Reverse Equity Mortgage Counseling
Available to homeowners over the age of 62, a Reverse Equity Mortgage
permits clients to tap their home equity, allowing them to increase
spendable income without selling their home or making loan payments.
Our counselors will review your financial situation, determine if
you qualify for a home equity mortgage and help you evaluate other
options for increasing income.
First Time
Homebuyer
STEPS Pre-Purchase Counseling helps low-income families purchase
their first home through budget and housing counseling. It's not
just about buying a house. It's about improving lives and making
dreams come true.
Families enrolled in Tabor's
STEPS program work one-on-one with their counselor to identify the
goals and changes they need to make to become buyer-ready. Many
families work with their counselor for up to four years, taking
the steps necessary to become homeowners. The counselor helps each
family discover that they too are capable of owning their own home.
The family begins to repair their credit, saving towards the purchase
of their home. Near the end of their process they are ready to begin
their housing search. As the family becomes buyer-ready, the counselor
walks hand in hand with them through the home buying process, the
final STEP of the dream coming true.
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