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S • Straight talk. Sometimes the answers are hard and solutions mean lifestyle <br /> changes. <br /> • Review of the homeowner's whole financial picture based on income, bills, <br /> and spending habits <br /> • Guidance as the homeowner sorts through their financial issues and explores <br /> solutions. <br /> • Direction to other community resources that may be a part of the solution to <br /> the financial situation. <br /> • Information about the foreclosure process so that they understand what will <br /> happen and when. <br /> How does MFPP work? <br /> 1. First, the homeowner submits an application and the necessary <br /> documentation. <br /> 2. The Foreclosure Prevention Counselor then contacts the mortgage company, <br /> gathers information, and begins to develop a plan to address the issues at <br /> hand. <br /> 3. The homeowner will meet with a program counselor to go over the application <br /> in detail and continue the process of developing a plan to resolve the <br /> delinquency. The homeowner and counselor will also go over the <br /> homeowner's finances in depth. This includes looking at past months' income <br /> and expenses and working together to develop a budget for the future. <br /> 4. After meeting with the program counselor the homeowner's file will go to the <br /> • MFPP Review Committee. The Review Committee will evaluate the situation <br /> and determine what options are available for bringing the client's mortgage <br /> current. As a last resort, one option is a limited amount of financial <br /> assistance. The Review Committee will determine if the client qualifies for <br /> MFPP's financial assistance program. Financial assistance is in no way <br /> promised or guaranteed. <br /> The criteria that the Review Committee uses for evaluation are as follows: <br /> • Commitment. Has the homeowner shown a commitment to staying in their <br /> home by taking the necessary steps to address the problems? <br /> • Affordability. Based on the budget prepared by the homeowner and <br /> Financial Counselor, can the homeowner afford the house payment on a long- <br /> term basis? <br /> • Solvability. Would financial assistance be a long-term solution that will keep <br /> the homeowner in the home? <br /> • Reason for Default. What caused the delinquency? Has it been resolved? <br /> • Other Relevant Information. Are there other issues or circumstances to be <br /> considered? <br /> If you have questions or would like to apply, please contact us at 612-331-4090 <br /> x689 or to have us contact you fill out this form. <br /> List of organizations offering foreclosure prevention programs <br /> South or Southeast Minneapolis <br /> Twin Cities Habitat for Humanity <br /> • 612-331-4090 x689 <br /> www.tchabitat.org <br />