5.2 Retention Options

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Module Summary
To fully support clients who are struggling with mortgage payments, foreclosure counselors regularly review retention strategies and often request loan modifications, forbearance agreements, or other loss mitigation options. In order to determine which option is best suited for each client, counselors must be familiar with mortgage servicing processes and loss mitigation requests. In this module, you’ll learn about different workout options and the process to help a client with a loss mitigation request. You’ll also learn about mortgage default scams and reporting methods.

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

  • Apply knowledge of the Making Home Affordable program and options such as HAMP, HARP, and principal reduction programs, as well as state-funded and proprietary programs, when assessing a client's circumstances for foreclosure prevention options.
  • Demonstrate knowledge of the necessary forms and requirements for a mortgage lender loss mitigation package.
  • Apply knowledge of HOPE LoanPort, including how to upload a client's loss mitigation packet and track its progress.
  • Evaluate a client's information to better discuss appropriate loss mitigation options for a client whose loan is insured by FHA.
  • Apply knowledge of mortgage default scams to describe ways to avoid these scams and where to report being a scam victim.