How It Works!
The Home Help Network (THHP) makes the process easy to understand. We provide a guideline that shows every step that is involved. Because your new loan is a humanitarian loan there is no loan approval committee to scrutinize your financial status. Here is how it works
- A THHP counselor will meet with our clients to find out how to help them out of their current situation. We will assess their financial situation to determine their ability to repay a new loan. We will then have the homeowner place the property into a trust (this is required by the lenders of all homeowner), with NHA as trustee, to protect the home and homeowners from liability.
- THHP will contact your lender and explain what we are doing to help you. Knowing that the loan will be paid is normally enough for them.
- We will present your situation and our proposal to help you to our humanitarian lenders and they will determine what your new loan amount and payment will be.
- If your current monthly income is $4000.00 THHP will propose that payments be no more than $1500.00 (it can be less) per month. If your house is worth $200,000 and your current loan is approximately $300,000, THHP humanitarian lender's will payoff the current loan and a new loan of 75% of the current value (which is $150,000) will be placed on your home. This will provide a financial cushion for (you) our clients. Our lenders will require that no additional loans be placed on the home.
- Our clients will have to attend financial management classes through Consumer Credit Counseling to learn how to manage their finances in a sensible way. Studies have shown that families who have sound financial practices are less likely to find themselves in trouble.
