First Home Consulting supports and endorses any vital information regarding FORECLOSURE scams. You can find this information used throughout the campaign in stopping FORECLOSURE and we also encourage homeowners to do their own homework in choosing the right entity for assistance.

FHHDC would like to add some information for those who come across our website and are thinking or considering purchasing their first home or trying to stop the foreclosure on their properties.

When you hear the word FORECLOSURE whether it is a family member or a friend, you immediately know that this individual has experienced some financial difficulties that lead to FORECLOSURE. However, FORECLOSURE could be reduced up to 30% in the U.S. if the Professional Real Estate groups insure that a first-time homebuyers enroll in housing counseling before purchasing a home.

If your first home loan was purchased on or after June 1996 the realtor or lender should have sustained the cost to insure that the first time homebuyer understands what to do in financial difficulties or when facing FORECLOSURE.

If your loan is a FHA Loan, the pre-purchasing counseling is mandatory. On September 4, 1996 President Clinton announced that he had directed FHA to reduce the up-front mortgage insurance premium (UFMIP) for first-time homebuyers who receive housing counseling. However, the lenders, realtors and brokers would have to pay out of their pocket for pre-purchasing.

First Home Consulting has found that 60% of homeowners did not receive pre purchasing counseling, but yet, certification forms stating that the homeownesr attended was completed and submitted by the realtors, brokers, and lenders to the Computerized Home Underwriting Management System (CHUMS), when in reality they never did. In most cases, homeowners never knew or were advised about pre-purchasing counseling.

Never the less, the same entities become so concern when a homeowner is in FORECLOSURE and advice the homeowners to be aware of unscrupulous stopping FORECLOSURE services even though the problem started when the homeowner purchased their first home and the pre purchasing counseling was never paid by the lender, realtor or broker, clearly denying homeowner guidance on how to prevent FORECLOSURE from the start.

In August 13, 1997 approved mortgage letter 97-37 stated a reduction in homeowners that receive up-front mortgage insurance premium (UFMIP) for first-time homebuyers from 2.25% to 2.00%, and further reducing the UFMIP from 2.00% to 1.75%. HUD believed that this overall reduction will stimulate new interests in counseling or homeownership for potential first-time homebuyers.

We believe that the realtors, mortgage companies and brokers should be held responsible for those first-time homeowners that never were offered pre-purchasing counseling, someone should incure the expense in stopping the individuals FORECLOSURE. We doubt that your realtor, broker, attorney or mortgage company will incur the expense in stopping your FORECLOSURE, even though it could be their own fault.

First Home Consulting has found that the percentage reduction was never given to the homeowner at the beginning and if you do the math FORECLOSURE is on the rise because of this fact.

A first-time homebuyer is an individual who has had no ownership in a principal residence during the 3 year period ending on the date of purchase (closing date) of the property. Regulation does NOT exempt an individual of being a first-time homebuyer because the individual have experienced FORECLOSURE within the time frame required to purchase a home.

First Home Consulting hopes individuals that were never giving the opportunity to attend housing counseling programs, especially knowing what to do when facing FORECLOSURE.

This information is being provided to educate the homeowner in one strong point that could have lead to FORECLOSURE and to beware of the entities that could have prevented you from being in this situation from the beginning.

First Home Consulting would like to stop your FORECLOSURE and provide you with the information to prevent FORECLOSURE from ever occurring again. Please, remember, that FORECLOSURE is unnecessary.