Seeing desperate homeowners in our office each day and hearing them tell their stories outside my office makes it easy to see the good our team is doing. However, it isn’t always as easy for me to understand what our team actually does to save these homes. In the month I’ve been working here, I’ve realized my heart has fully grasped the emotions and heartache of this but my brain hasn’t fully understood the process leading up to it.
Recently, I spent some time with our housing counselors to try to better understand the foreclosure process and where they enter to help save homes. I realized, “Gosh, everyone should have the opportunity to know this.”
This is what they said:
At Able Works, the clients we serve are applying for a loan modification as a result of being in danger of losing their homes and sometimes facing homelessness. (Modifying their loan allows them to more successfully make the payments.)
After our housing counselors submit a full financial package (which can be a very tedious and detail specific process), the client’s lender will review the information and send it to the underwriter. At this point, the underwriter decides whether or not the client is approved to move forward with a modification. If the modification is approved, the lender will typically send the homeowner a trial payment plan lasting three months. During this time the homeowner is responsible for making all payments on time. Once the payment plan is over, the file will return to the underwriter and the modification will likely be finalized – allowing our client, the homeowner, to remain in their home.
Due to the bureaucratic and confusing nature of the banking system, the loan modification process is one that can take up to several months, sometimes even over a year. During this time, our counselors are providing as much emotional support as they are financial counseling to these families.
It is amazing to me that these counselors can be working with clients for a long time and the subject matter is certainly not easy to handle. They are fighting for these homes alongside the homeowners and providing hope without judgment. I get emotional just writing about this and our team does it every single day.
I hope, like me, you were able to gain some perspective on the foreclosure process as well as understand the great work our LiveAble team is doing on a daily basis. They are truly saving families from homelessness and the emotional impact that causes.