About the Process PDF Print E-mail
  • The homeowner submits an application and other required documentation.
  • The MFPP counselor contacts the lender, gathers further information and develops a strategy to prevent foreclosure.
  • During a meeting between the homeowner and counselor, both the application and strategy are discussed in detail.
  • The homeowner also meets with a financial counselor to discuss the homeowner’s finances, including recent income and expenses, and to develop a budget for the future.
  • The homeowner's file may go to the MFPP Review Committee, which determines what options are available to correct a delinquency. The Committee also determines if the homeowner is eligible for financial assistance. Financial assistance is in no way promised or guaranteed.

 

In order to determine what options are available, the MFPP considers:

  • Commitment: Is the homeowner willing to make long-term budget changes in order to stay in their home?
  • Affordability: Based on the newly developed budget, can the homeowner afford the house payment on a long-term basis?
  • Solvability: Is financial assistance one of the long-term solutions to prevent foreclosure?
  • Reason for Default: What caused the delinquency? Has it been resolved?
  • Other Relevant Information: Are there other issues or circumstances to be considered?
 
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