RI Volunteer Opportunities and February Newsletter

Update on Housing Counseling Services

Reston Interfaith's housing counseling and foreclosure mitigation and prevention program began in response to the housing crisis that hit residents of Fairfax County, and especially those in Herndon, in the fall of 2008. Eighteen months into the program, we have seen a shift in those seeking assistance. The first wave of people coming to RI for help took on risky mortgages that were unsustainable, often saddled with loans that had been marketed by unscrupulous members of the real estate and lending industry. The housing bust dashed the dreams of these homeowners, and they came to RI needing assistance in evaluating their options. Today, the majority of our housing clients took out conventional loans with fixed rates that were well within their budgets, but due to the ongoing economic downturn, these families are now are unable to make their payments. Many work in the service industry and are earning hourly wages; with reductions in hours or the disappearance of second or part-time jobs, they have fallen far behind on payments and are in dire need of assistance.

RI's Dedicated Housing Counselor, Martin Rios
Housing Counselor Martin Rios

Our housing counselors work quickly to understand the financial condition of each family, lay out the strategies available to them, and then put together a plan of action based on the goals of the client. Whether this means renegotiating payments and saving the home, or opting for a short sale, our trained staff provides the guidance needed to understand complex financial matters and sort out all the options. Out of the 54 clients served since July 2009, while all were on the brink of foreclosure, only one has actually foreclosed. We have been highly successful in modifying the terms of the loans, obtaining forbearance agreements, and keeping lenders engaged in pursuit of a mutually acceptable outcome.

RI is one of the only organizations in the area that offers free and reliable housing assistance, especially for Spanish-speaking clients. While the NoVA Foreclosure Network provides an important housing safety net, the need for more assistance absolutely exists. RI receives an average of six phone calls per day, all from new families in dire need of help. Our message to those who may be facing a housing crisis is not to wait - those homeowners who seek assistance early are more likely to save their homes. For more information about our housing counseling program, please click here.