Foreclosure/Default Counseling

Clicking the above image will direct you to our Foreclosure Portal. This portal contains a list of the forms required for our intake package, editable RDAC PDF forms and upload links to upload your documentation to us

IMPORTANT ALERT!  CLICK ABOVE LINK FOR INFORMATION

 

Foreclosure/Default Counseling is designed to empower a homeowner to make the best possible decision based on his/her personal financial situation. The goal is to educate while enabling you to make your own decision. RDAC’s counselors cannot make a decision or do the work for you, but we are here to help you understand the process to help yourself by offering guidance and trained answers.

You will find below a series of instructional videos and websites to assist you in understanding the process.  Please utilize the live chat feature of our home page for questions and guidance, a direct email will be sent after hours.

 

The Foreclosure process- What can you expect to happen?

It is important before you go any further to understand your rights and the steps in the foreclosure process

Please watch Ndukwe Agwuand,  explain the foreclosure process in New York State: CLICK HERE  

Legal Services of the Hudson Valley has an office right here in Orange County and works closely with the staff at RUPCO and RDAC to assist your needs

In addition Neighborhood Economic Development Advocacy Project NEDAP created Paths to Foreclosure  to help make it clear.

 

Is Bankruptcy a choose for you?

Although many people are struggling to make ends meet today, your financial situation is as unique as a finger print.

Edward J. Quilice Attorney at Law gives you a three part educational series on some bankruptcy basics below

PART 1

PART 2

PART 3

Most reputable attorneys offer FREE initial bankruptcy consultations. 

 

There are many terms that are unfamiliar to us when discussing bankruptcy, here is a glossary of terms from bankruptcydata.com

 

What do you do now?

Making Home Affordable is an excellent resource of information to learn about all the options available to you.  

Be sure to utilize their TOOLS sections for calculators and loan look up.

Is your loan owned by Fannie Mae or Freddie Mac?  find out here

 

Applying for assistance with the bank for a modification 
 
 
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For additional information please watch Chip Watson and Nilda Natal explain here: RDAC is very thankful for their assistance and support
 

How to fill out an intake package PART 1

How to fill out an intake package PART 2

 

In addition Chris Brogan,  gives additional package tips for you to pay attention to prior to submission

 

The Budget

One very important part of your package is the budget.  

It is important to know exactly how much money you have coming in and what exactly you can afford, especially during a crisis

Please watch Bernard Bowen, explains some budgeting tips click here

Ready for Zero built and amazing site that covers many budgeting tips topics, be sure to check them out.

Remember the idea is to spend no more than 35% of net income on housing, this is slightly different than how the banks work both originating your loan and modifying your loan.  The banks look for you to have a payment close to 32% of your gross income, if you are in that range already you will not qualify for a modification.

10% of your net income should go to savings, 15% net income should go to transportation, 15% on debt and 25% on other

The Center for Neighborhood Technology offers a Housing and Transportation index that is helpful

Useful budget sheet 

 

The Settlement Conference

RDAC housing counselors will guide you through this process, do not be afraid.  

Meet John Lindstrom, Court Appointed Referee who actually hears your conference, he explains the process to you.

RDAC prides its self on helping homeowners get from nope to hope and will answer what questions we can and refer you where needed.

 

For Additional Info:

Legal Services of the Hudson Valley
Orange County Office of the Clerk