Pathways Home. Module 7 Meeting Your Financial Obligations.
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Transcript of Pathways Home. Module 7 Meeting Your Financial Obligations.
![Page 1: Pathways Home. Module 7 Meeting Your Financial Obligations.](https://reader038.fdocuments.net/reader038/viewer/2022103123/56649d1a5503460f949f0386/html5/thumbnails/1.jpg)
Pathways Home
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Module 7
Meeting Your Financial Obligations
![Page 3: Pathways Home. Module 7 Meeting Your Financial Obligations.](https://reader038.fdocuments.net/reader038/viewer/2022103123/56649d1a5503460f949f0386/html5/thumbnails/3.jpg)
Objectives
• Meeting financial obligations• Prioritizing homeownership expenses• Understanding foreclosure• Foreclosure rescue scams• Post-counseling services• Building equity
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Meeting Financial Obligations
• Importance of timely mortgage payments• Understanding foreclosure• Preparing to cope with hardship• Benefit of prepayment of your loan
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Prioritizing Homeownership Expenses
• Making a Timely Mortgage Payment
• Fixed vs. flexible expenses– Exercise page 3
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Understanding Foreclosure
• Right to take home and resell• Identify foreclosure procedures that apply to
your community
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Land Status & Foreclosure
• Trust Property• Fee Land• Hawaiian Home Lands
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Steps to Avoid Foreclosure
• Communicate with your lender• Explore loan workouts– Payment Plan– Forbearance– Loan Modification– Partial Claim
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Other Options
• Giving Up the Home• Pre-foreclosure Sale – Delay the foreclosure and give you time to sell the
house– Forgive the difference if you get less from the sale
than you owe on the loan. • Deed in lieu of foreclosure
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Foreclosure Rescue Scams
“Stop Foreclosure Now!”
“We guarantee to stop your foreclosure”
“We can Save Your Home. Guaranteed Free Consultation.”
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Reporting Fraud
• Federal Trade Commission – 1-877-FTC-HELP
• Your State Attorney General• Your Local Better Business Bureau• Your Housing Counselor
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Post-Purchase Counseling
• Budget planning and preparation• Budget review• Warranty issues• Maintenance counseling• Delinquency counseling
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Foreclosure Prevention Exercise
• Pages 10 & 11
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Prepaying Your Loan
• Review the example on page 12• Tips
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Wrapping Up Module 7
• Reflection• Highlights• Review• Suggestions
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Pathways Home
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Module 8
Protecting Your Investment
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Objectives:
• Insurance• Preparing for Emergencies• Preventing crime and ensuring safety• Home Maintenance• Housekeeping for a healthy home• Meeting your financial obligations
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Creating a Home Inventory
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http://www.theredguidetorecovery.com/the-red-guide-ebook/
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Creating a Home Inventory
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Insurance Basics
• Hazard or homeowner’s insurance• Contents Insurance• Life Insurance
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Homeowner’s Insurance Package
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Warranty Protection
• When you use a builder for a new home construction or home rehab, make sure to obtain the various warranties that cover the equipment, materials and workmanship provided.
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Preparing for Emergencies
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Ensuring Safety
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Preventing Crime
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Maintaining Your Home
• Home repairs • Preventive home maintenance plan
• Activity – Create Seasonal Maintenance Plans
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Knowing Your Home’s Features
• Plans, specification of the home• Utility consumption information• Solid waste pick-up schedule• Warranty information and certificates• Pre-purchase inspection baseline data
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Developing Home Records
• Brand Name• Serial Number• Purchase Date• Warranty expiration• Service Information• Appendix A, B & C
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Activity
• Prioritizing Home Repairs• Budgeting to Meet Future Obligations
– Exercise page 37
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Housekeeping for a Healthy Home
• Why clean?• Why disinfect?• What are the consequences of an unsanitary
home?
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Arranging for a Will
• Beneficiary• Life insurance• Tribal Life Estate Code
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Wrapping Up Module 8
• Reflection• Highlights • Exercise• Suggestions