FAQ

What Should I Expect During My First Meeting with a HUD Housing Counselor?

During your first meeting, the counselor will review your financial situation, discuss your housing options, and explore possible solutions to help you best meet your needs. They will also provide you with a plan of action tailored to your circumstances

Do I need to come in person to receive counseling & how long is an appointment?

Our counseling clients have three options for meeting with their counselor:

In-person at our offices (located at 24 Martin Road in Voorheesville), via a Zoom Video Conference, or by phone.

The first appointment is between one and 1.5 hours.

Do I have to pay for housing counseling?

Foreclosure prevention counseling is free.

Prepurchase counseling itself is free as well, however there is a fee for a soft tri-merge pull to your credit. If you have had a lender pull your credit within the last 30 days and they can provide a copy of your complete report (scores & credit history) then we can use that credit report in lieu of ACRHA pulling your credit. Please note: If you are purchasing your home with a partner, we suggest both of you complete a credit report pull so that we can review it together

What is prepurchase housing counseling?

Participating in Prepurchase Counseling is an excellent way to understand your readiness to purchase.    During prepurchase counseling, you and your counselor will review and discuss your income, budget, savings, credit, affordability, and possible grant programs.

Is prepurchase housing counseling the same as homebuyer education?

Taking a homebuyer education class is different from meeting with a prepurchase housing counselor. During a homebuyer education class, you learn about the process of purchasing a home and become familiar with the terminology & documents that you will see during the purchase process. Also, at the end of a homebuyer education class, you receive a certificate of completion. This is different from prepurchase housing counseling. When you meet with a prepurchase counselor, it is a one-on-one appointment where you & your counselor discuss your readiness to purchase by reviewing and discussing your income, budget, savings, credit, affordability, and possible grant programs. Your housing counselor helps you develop a plan for what you need to do next to achieve your goals. Follow-up appointments can be made with your counselor if you need additional help with credit or budgeting.

How do I enroll in a homebuyer education class?

Our agency offers two options for homebuyer education. ACRHA holds an in-person class every 6-8 weeks. Check with the housing counselor for details. The second option is to enroll in ACRHA’s online class through eHome America. Please note, A minimum of 5 households need to be registered for an in-person class to be held. If a class is cancelled due to low enrollment, online homebuyer education or 1:1 FastTrack Education is available.

How Does Foreclosure Affect My Credit?

Foreclosure can significantly impact your credit score, often lowering it by 100 points or more, and can remain on your credit report for up to seven years.

Can I Stop a Foreclosure in NYS?

Yes, there are several ways to stop a foreclosure:

  • Loan Modification: Renegotiate the terms of the loan with the lender.
  • Reinstatement: Pay the overdue amount to bring the mortgage current.
  • Short Sale: Sell the property for less than the balance owed on the mortgage, with lender approval.
  • Filing for Bankruptcy: This can temporarily halt the foreclosure process.

How Long Does the Foreclosure Process Take in NYS?

The process can take anywhere from a few months to several years, depending on the complexity of the case, the backlog in the courts, and whether the borrower contests the foreclosure. DO NOT LEAVE THE PROPERTY IF YOU PLAN TO CONTEST THE FORECLOSURE. The foreclosure process generally involves several steps:

  • Notice of Default: The lender notifies the borrower that they are in default.
  • Pre-Foreclosure: The borrower has a chance to cure the default.
  • Lis Pendens: The lender files a lawsuit, starting the formal foreclosure process.
  • Judgment: If the borrower does not respond, the court may issue a judgment of foreclosure.
  • Auction: The property is auctioned off to the highest bidder.

Are There Alternatives to Foreclosure?

Yes, alternatives include:

  • Loan Modification
  • Deed in Lieu of Foreclosure: The homeowner voluntarily transfers ownership to the lender.
  • Short Sale
  • Forbearance: A temporary reduction or suspension of payments.

Is It Too Late to Get Help If My Lender Has Already Sent a Notice of Default?

No, it is not too late. A HUD housing counselor can still assist you in understanding your options and potentially help you avoid foreclosure, even if you have received a Notice of Default.

How Can a HUD Housing Counselor Help Me If I Am Behind on My Mortgage?

A HUD housing counselor can assist you in several ways:

  • Assess Your Situation: They can help you understand your financial situation and the reasons for your delinquency.
  • Explore Options: They can discuss available options to avoid foreclosure, such as loan modifications, refinancing, forbearance, or repayment plans.
  • Budget Counseling: They can help you create a budget to manage your expenses and make your mortgage payments more affordable.
  • Negotiate with Your Lender: They can communicate with your lender on your behalf to explore solutions like loan modifications or other forms of relief.