Delinquency Counseling &
Foreclosure Prevention Program
MHANY Management, Inc. (MHANY) is a HUD approved counseling agency and part of the Center for NYC Neighborhoods Counseling organization. MHANY is working with mortgage servicers to improve delinquency rates and prevent foreclosures. The program increases the effectiveness of housing counselors working with delinquent borrowers by creating partnerships with major servicers and improving the communication between counselors and servicer representatives. The Program Components include:
Mortgage Delinquency Counselors
MHANY HUD certified housing counselors work with delinquent borrowers, reviewing household incomes, debts, savings, and expenses. The counselors determine the problems and constructs an action plan with the borrower to bring them to financial stability. Counselors submit proposals to servicers/lenders and negotiate on behalf of borrowers for modifications or work-outs.
Mortgage Servicer Network
MHANY is working with over 30 mortgage servicing companies for expedited resolutions for borrowers. Each servicer has appointed a senior staff person, who works directly with MHANY housing counselors on cases. Prime and subprime servicers participate.
The servicers and MHANY have agreed on a standard client authorization form, which is signed by the client and the counselor. The form includes address and loan identification numbers, and gives permission to discuss the borrower's financial information. The authorization is sent to the servicer and the housing counselor calls the designated contact. The counselor is prepared with client information, financials and proposed action plan.
MHANY has a reputation for assisting low income and minority borrowers. Sometimes, borrowers are nervous talking to their servicer because they do not know their options. Sometimes, borrowers are more candid with a housing counselor than they might be with a representative from the servicing company. Housing counselors are trained to be sympathetic listeners who are solution focused.
Outreach to Out-of-Contact Borrowers
MHANY, through contracts with NYCC offers a door-to-door outreach program for servicers who have out-of-contact borrowers. Some borrowers become discouraged and stop taking the servicer's calls, change their phone number, stop opening servicer mailings and drop contact with the servicer. NYCC community organizers visit properties owned by out-of-contact borrowers. The servicer provides the addresses. The organizer will encourage homeowners to contact their servicer or a housing counselor, obtain contact phone numbers, and report relevant property information, such as property abandonment, for-sale signs, or renter occupying the property. In all cases, servicer and MHANY literature with phone numbers will be left at the house.
Ongoing Programs to Help Borrowers
Where servicers have the capacity to track and report individual loan performance, MHANY will continue to provide counseling for any client who falls behind. Participating clients give written permission to the servicer to release this information. A housing counselor will call delinquent borrowers and work with them to get back to timely payment.
MHANY has city-wide housing counseling offices in which personal counseling and seminars are held. We also host seminars and counsel clients throughout New York State.
MHANY has several housing counselors who are fluent in Spanish.
Please contact us by:
PHONE: 718-246-8080 ext. 239