5.3 Disposition Options

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Module Summary If clients decide to leave or are unable to maintain their homes, housing counselors can help by providing options and resources. In this module, you’ll learn about the costs and consequences of disposition options such as foreclosure, short sale, and deed-in-lieu. You’ll also learn about the steps involved in transitioning away from the home, through foreclosure or other methods, and programs that can assist in the process.

Learning Objectives
By the end of this module, counselor will be able to:

  • Explain the costs and consequences of a foreclosure (judicial and non-judicial), short sale, or deed-in-lieu.
  • Analyze a client’s information if the client seeks to transition away from homeownership, demonstrating knowledge of programs like HAFA and FHA cash-for-keys.
  • Apply knowledge of the foreclosure timeline, processes, and next steps to occur if a client is unable to stay in the home, devising appropriate action steps to assist the client in recovering from a mortgage default as soon as possible.