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Module 7

Meeting Your Financial Obligations

Objectives

• Meeting financial obligations• Prioritizing homeownership expenses• Understanding foreclosure• Foreclosure rescue scams• Post-counseling services• Building equity

Meeting Financial Obligations

• Importance of timely mortgage payments• Understanding foreclosure• Preparing to cope with hardship• Benefit of prepayment of your loan

Prioritizing Homeownership Expenses

• Making a Timely Mortgage Payment

• Fixed vs. flexible expenses– Exercise page 3

Understanding Foreclosure

• Right to take home and resell• Identify foreclosure procedures that apply to

your community

Land Status & Foreclosure

• Trust Property• Fee Land• Hawaiian Home Lands

Steps to Avoid Foreclosure

• Communicate with your lender• Explore loan workouts– Payment Plan– Forbearance– Loan Modification– Partial Claim

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

Foreclosure Rescue Scams

“Stop Foreclosure Now!”

“We guarantee to stop your foreclosure”

“We can Save Your Home. Guaranteed Free Consultation.”

Reporting Fraud

• Federal Trade Commission – 1-877-FTC-HELP

• Your State Attorney General• Your Local Better Business Bureau• Your Housing Counselor

Post-Purchase Counseling

• Budget planning and preparation• Budget review• Warranty issues• Maintenance counseling• Delinquency counseling

Foreclosure Prevention Exercise

• Pages 10 & 11

Prepaying Your Loan

• Review the example on page 12• Tips

Wrapping Up Module 7

• Reflection• Highlights• Review• Suggestions

Pathways Home

Module 8

Protecting Your Investment

Objectives:

• Insurance• Preparing for Emergencies• Preventing crime and ensuring safety• Home Maintenance• Housekeeping for a healthy home• Meeting your financial obligations

Creating a Home Inventory

http://www.theredguidetorecovery.com/the-red-guide-ebook/

Creating a Home Inventory

Insurance Basics

• Hazard or homeowner’s insurance• Contents Insurance• Life Insurance

Homeowner’s Insurance Package

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.

Preparing for Emergencies

Ensuring Safety

Preventing Crime

Maintaining Your Home

• Home repairs • Preventive home maintenance plan

• Activity – Create Seasonal Maintenance Plans

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

Developing Home Records

• Brand Name• Serial Number• Purchase Date• Warranty expiration• Service Information• Appendix A, B & C

Activity

• Prioritizing Home Repairs• Budgeting to Meet Future Obligations

– Exercise page 37

Housekeeping for a Healthy Home

• Why clean?• Why disinfect?• What are the consequences of an unsanitary

home?

Arranging for a Will

• Beneficiary• Life insurance• Tribal Life Estate Code

Wrapping Up Module 8

• Reflection• Highlights • Exercise• Suggestions