HOUSING COUNSELING |
Contact our Housing Department: 1-866-472-4557
novadebthousing@novadebt.org |
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Novadebt is approved by the U.S. Department of Housing and Urban Development
as a Housing Counseling agency providing pre-purchase, default/foreclosure
and Home Equity Conversion mortgage counseling. We are pro-active in our
communities by providing housing literacy and counseling locations where
individuals can learn about available resources and programs. It is our
belief that housing programs must be integrated closely with other programs
that address the needs of all residents and their communities, including
economic development, human services and education programs.
All residents should have access to decent, affordable housing in a safe
living environment. Our agency services all segments of the population
regardless of race, color, religion, national origin, sex, familial
status and disability. Novadebt’s housing counseling services enable a
client to make informed and reasonable decisions to achieve their
housing goal, by meeting their needs.
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What does our HUD approval mean?
Certification/Training of our Counselors
Pre-Purchase Counseling
Default/Foreclosure Counseling
Home Equity Conversion Mortgage Counseling
What does our HUD approval mean?
Section 106 (a) (2) of the Housing and Urban Development Act of 1968 provides the legislative authority for HUD to provide housing counseling services directly, or through private or public organizations with special competence and knowledge in counseling low and moderate income families. Our housing counselors are familiar with various HUD housing and community programs and know what course of action makes the most sense for you. Having this knowledge enables our counselors to inform the client in detail regarding what housing is available for which the client is eligible and the rights and responsibilities of all parties involved in particular housing transactions-laws, mortgages, notes, contracts, etc.
Certification/Training of our Counselors
Novadebt’s commitment to providing an effective housing counseling program is
evident through the knowledge and experiences of its staff. On average, each
housing counselor has been counseling for at least two years. They are required
to complete certification in the housing counseling area administered by the
Association for Financial Counseling and Planning Education (Institutes for
Personal Finance), designating Counselors as Certified Housing Counselors
upon completion. The Association for Financial Counseling and Planning
Education is recognized nationally for their certification programs. One
of the requirements to maintain membership in the Association for Independent
Consumer Credit counseling Agencies, our national affiliate, is to achieve
and maintain the Accredited Financial Counselor status.
Counselors participate regularly in continuing education programs to increase their knowledge in specialized subjects. They are required to attend necessary training education programs in order to uphold a current, high level of knowledge in the housing counseling area. Continuing education programs include topics such as; loans, mortgages, terms, mortgage default, the foreclosure process, etc. All housing counselors are required to be fully knowledgeable in areas of Federal, State, and local fair housing laws and regulations. They also attend training sessions sponsored by our HUD Philadelphia Homeownership office. Because of this training and certification process, our housing counselors are familiar with various HUD housing and community programs and know what course of action makes the most sense for you.
Pre-Purchase Counseling
If you are interested in buying a home now or in the future, Novadebt can help you through the process. You may be curious about whether you are ready to stop renting and start paying yourself. You may have seen a home you are interested in buying, or may have even consulted a lender about pre-qualifying for a loan. The process of buying a home is reviewed through utilization of the HUD document, “Preparing to Buy Your Home”. Your initial counseling session will cover topics such as budgeting for mortgage payments, money management and referral to community services. If applicable, a review is performed of HUD loan qualifications, assuring that Fair Housing laws are understood.
Novadebt offers a homebuyer education course titled “Make Your Move”. This program is set up similarly to the financial education course, “Credit When Credit Is Due”. It may be completed via self-study where you can learn about who the players are in a home purchase and what roles they have; what lenders will require from you; what loans you may qualify for; how much you may be approved for; what terms to expect in relation to your credit history; and most important, how to avoid predatory lending practices.
Additionally, Novadebt schedules homebuyer education workshops either in our Freehold, New Jersey headquarters, or at locations of requesting organizations. Just reference our calendar to see what is planned now or in the future.
Default/Foreclosure Counseling
Default counseling is provided to any individual with a current or expected delinquent mortgage situation on a FHA, VA, or conventional mortgage. A certified housing counselor will help you prepare an assessment of your financial situation to determine the root cause of the problem and the best course of action to resolve your issues based on your capability to handle the mortgage payment. Our housing counselors work with lenders in loan modifications, short sales and deed in lieu of foreclosure, to name a few. When required by the mortgagor, applicable HUD forms, including Homeownership Counseling Certificate (Form HUD-90038) and Application to Participate in a Pre-Foreclosure sale (Form HUD-90036), may be issued through our agency as a result of our HUD approval.
Novadebt offers a Mortgage Resolution Plan where our agency serves as a mediator between you and your mortgage lender on your current default. With regard to loan modification/forbearance programs, assistance is given in the completion of applicable lender documents. Contact with your mortgage lender in reaching a resolution provides needed support and facilitates a realistic achievable result. The Mortgage Resolution Program consists of a full housing session including a detailed budget analysis, a complete Client Action Plan and any applicable education material, in addition to lender contact.
Home Equity Conversion Mortgage (HECM)
Novadebt certified housing counselors provide you with the information necessary to make an educated decision as to whether a Home Equity Conversion Mortgage is a beneficial tool to help you stay in your primary residence. Your counselor will provide basic information on reverse mortgages in general, key HECM program features, review of implications of this financing tool, and any explanation or resources for remaining questions you may have.
Novadebt is also a participating agency in the AARP Reverse Mortgage Education Project.
Should your lending institution require this type of counseling before proceeding
with any loan application, we have AARP Foundation Network counselors who can assist you
in this process.
Novadebt is poised to meet your housing counseling needs. Contact us today at:
novadebthousing@novadebt.org or 1-866-472–4557.
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