Frequently Asked Questions
- Why should I trust my situation to the U S Community Foundation, Inc.?
- What documentation do I need for a Counseling session?
- I'm trying to get a Loan modification (or negotiate my credit card balances) and I have been told I have to stop making payments first. Is this true?
- How do I negotiate on my delinquent account(s):
- Will you come to a presentation upon invitation?
Why should I trust my situation to the U S Community Foundation, Inc.?
We REALLY care! Our passion is to walk as many people as possible through the maze of homeownership. We don't just want you to be a homeowner, we want you to be a SUCCESSFUL homeowner.
What documentation do I need for a Counseling session?
We will usually ask for the following items at a minimum. Please bring any other documents you may have, which may further help us in the evaluation of your unique situation:
- Paycheck stubs for the last 1 month
- Social Security award letters and proof of receipt
- Public assistance award letters and proof of receipt
- Basic Expenses: mortgage or rent, utilities, taxes, insurance,food, clothing, medical, transportation, child care
- The extras: restaurants, gifts, entertainment, pets, vacations, car maintenance, dry cleaners and other general bills
- Credit card bills
- Installment loan statements
- Student loan statements and proof of deferment where applicable
- Medical bills, especially if you are in long term healthcare
- Collection account statements
In addition, please bring (where applicable):
- Bankruptcy filing and discharge papers with List of creditors
- Loan delinquency/foreclosure papers
- Bank statements for the last 2 months
- W2s and 1040s for the last year
I'm trying to get a Loan modification (or negotiate my credit card balances) and I have been told I have to stop making payments first. Is this true?
No! Please disregard any and all calls to stop making payments. The Obama plan actually includes a plan for people who have kept their loan in good standing. Remember that once you are late, you are subject to fees, penalties and accrued interest, which may actually negate your ability to receive assistance.
How do I negotiate on my delinquent account(s)?
Always remember to:
- Call your Lender: Explain your situation. This is very important because it puts them on notice that you are in a high risk situation and need help.
- Pick up and Return your Lender's calls: Ignoring a problem does not make it go away.
- Keep a written record of everyone you talk to at your Lender Company: Make sure to take a name, call reference number or id number if available, date, time and number you called, as well as a short summary of the conversation.
- Open your mail: Your Lender may be trying to communicate something urgent to you. Also, as stated before, ignoring the mail will not make it go away.
- Get it in writing: Make sure to get ALL negotiated agreements in writing, signed by your Lender, before you pay any money to them. Keep this for your records.
- Go to any hearings: The Judge will usually be a better listener than the Lender.
- PAY negotiated sums: You have been given a second chance and you should make every effort not to fall behind again.
- KEEP RECORDS OF ALL PAYMENTS MADE: Keep every canceled check, money order etc that you use to pay any negotiated bills.
- CHECK YOUR CREDIT REPORT: After paying off any bills, check your credit report and send in the necessary documentation to get the delinquency updated (hopefully deleted) from your report. DO NOT ASSUME it is taken care of just because you sent papers in or made a dispute. Continue to work on and request the report updates until the report shows a clean slate.
Will you come to a presentation upon invitation?
We at the USCFI are always delighted to attend events and speak with participants. We will come out and do One Hour Mini-Seminars at your Job, Church, Community gathering etc. Just call or email us, and we will respond immediately.
