Question: What is HAMP? 

Answer: In 2009, President Obama instituted the HAMP Modification Program, which stands for Home Affordable Modification Program. It’s also known by MHA, the President’s Plan or the Obama Plan.  The HAMP Modification Program works by allowing homeowners to modify the terms of their original mortgage agreement with their banks by going through a mortgage servicer. Those who qualify can lower their monthly mortgage payments so that it doesn’t exceed more than 31 percent of their pre-tax earned income. Not everyone is eligible for HAMP that is why it is important to speak with a HUD-Approved counselor to review your unique circumstance. 

Question: Is there more than one option for saving my home?

Answer: Yes, Options are determined on a case-by-case basis and depend on the type of loan, loan status, lender and the homeowner’s financial situation.  A housing counselor will identify all possible solutions and provide support to the homeowner.

Question: Is there fee for foreclosure avoidance counseling?

Answer: No, NTHC does not charge a fee for foreclosure counseling. As a non-profit housing agency, certified by the U.S. Department of Housing and Urban Development (HUD), NTHC  provides free counseling to those  who are at risk of foreclosure .

Question: What is a “HUD Approved Housing Counseling Agency”?

Answer: Approved Housing Counseling Agencies are compliant with the U.S. Department of Housing and Urban Development program that promotes objective, professional counseling for prospective homebuyers, renters, and existing homeowners (particularly those facing the risk of foreclosure). 

Question: What do certified housing counselors do?

Answer: Counselors generally follow seven steps for individual clients:

• Identify resources (within the counseling agency, the client's community, or HUD) that might help meet the need or resolve the problem.
• Design a counseling plan for the client. 
• Explain the plan to the client and obtains the client's consent for the counselor to carry out the plan, including the actions the client must take.
• Refer the client to other resources within the community and assist the client in making appointments.
• Recommend additional private or group counseling sessions conducted by the agency or other community resources.
• Monitor the client's progress toward meeting the need or resolving the problem.

Question: What is FEC?

Answer: Financial Education Coaching (FEC) is a set of one-on-one comprehensive coaching sessions that build upon THC's Financial Fitness Workshops.  FEC provides financial accountability which enables individuals to become proactive in their ever changing economic circumstances.   Participants learn to achieve specific goals by effectively turning knowledge into sustainable actions.

Question: What are financial fitness workshops?

Answer: North Texas Housing Coalition’s Financial Education Workshops educate consumers about money management as well as empower them to take control of their financial situations helping them understand their spending habits. Attendees learn the ABC’s of banking and credit accountability.