Our counselors work with clients and their creditors towards the repayment of unsecured debts by offering lower interest rates, a cessation of certain fees, and lower required monthly payments, in a formal Debt Management Plan. Over the years, the plan has helped hundreds of thousands of people save millions of dollars, pay off debts, and increase their financial health.
Our counselors review current spending patterns and create a spending plan which allows clients to take charge of their financial situation by creating financial goals and developing an action plan for overcoming challenges that threaten their future growth
Housing: Pre-Purchase Counseling
Buying a house is the largest purchase a consumer will probably ever make, so it’s vital to have as much information as possible in preparation for taking that step. A neutral, non-biased, HUD-certified housing counseling counselor can help consumers navigate the roadmap to homeownership. A housing counselor will help clients understand how much buying power they have, create a successful and sustainable spending plan, identify any potential down payment assistance programs, explain the different types of mortgage loans, from how to pick the right realtor, the importance of a home inspection and prepare clients for closing in order to confidently make this financial commitment.
Housing: Reverse Mortgage/HECM Counseling
A reverse mortgage, also known as Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that allows the consumer to convert a portion of the equity in your home into cash. HECM counseling by a HECM certified counselor is required prior to obtaining a HECM loan. They will explain the responsibilities of having a reverse mortgage including the maintenance of the home and payment of property taxes.
Housing: Foreclosure Prevention/Default Counseling
This counseling is for those at risk of falling behind on their mortgage payments or are already delinquent. A HUD-certified Housing counselor can work with clients and their mortgage servicer to identify which options are available. The housing counselor will help develop a comprehensive action plan specifically tailored to the client’s unique financial circumstances.
Credit Report Review
We review credit reports and answer questions about credit scoring, building a strong credit history, and correcting any inaccuracies that appear on the report. A clean credit report means consumers are candidates for better rates on mortgages, car loans, personal loans, credit cards, getting hired for a job, and securing insurance.
Student Loan Counseling
We provide comprehensive custom-tailored plans to help people burdened by federal student loans. We will typically:
- Conduct a thorough budget analysis of income, expenses, and debt obligations
- Provide a comprehensive review of federal student loans
- Evaluate repayment and/or postponement options
- Determine how to address defaulted student loans
- Determine whether consolidation is a good option
BALANCE is an intermediary for the HUD Housing Counseling Network comprised of 12 Affiliates, 1 Local Housing Counseling Agency, and 4 BALANCE branches.