Statewide Mortgage Assistance Fairs to Offer One-on-One Counseling and Up to $30k to Help Pay Mortgages

On average, homeowners who have secured a loan modification with HCA's assistance have reduced their mortgage payments by $533 per month.

HAWAII - Local HUD-certified housing counseling agency and Native CDFI, Hawaiian Community Assets (HCA) will be conducting statewide Mortgage Assistance Fairs to offer Hawaii homeowners free financial counseling and up to $30,000 in housing assistance loans to pay mortgage debt.

HCA is partnering with community-based organizations across the state to hold the fairs beginning September and running through December 2014. Partners will include Council for Native Hawaiian Advancement, Hawaiian Homestead Associations of West Kauai, Anahola, and Papakolea, Friends of Mokuula, Queen Liliuokalani Children's Center, and more. The fairs will take place in or near communities with the highest rates of mortgage delinquency in the state and provide homeowners the opportunity to meet privately with a HUD-certified counselor to learn about their options, receive financial counseling, and access up to $30,000 in housing assistance loans to sustain homeownership.
 

"The Fairs are a community-based solution to the ongoing housing crisis felt by our low- and moderate-income families," said HCA Executive Director, Jeff Gilbreath, citing the state's overall mortgage delinquency rate dropped to 1.57 percent in January 2014, while there are Hawaiian Homelands communities facing delinquency rates as high as 30.1 percent today.  "These Fairs are only possible with the amazing support of our partners.  Together, they are providing venue space and volunteers who are actively outreaching in their communities and referring families."

According to Gilbreath, 79 percent of homeowners enrolled in HCA's Foreclosure Prevention Program identified job loss or reduction in income as the primary financial hardship leading to mortgage delinquency and greater likelihood of foreclosure.  Furthermore, Native Hawaiian families enrolled in HCA's services reported an 11.1 percent unemployment rate at intake, standing in stark contrast to the State's unemployment rate of 4.4 percent as of June 2014.

"Despite the struggles, our Hawaii homeowners are resilient," shared HCA Foreclosure Program Coordinator, Kahaunani Mahoe-Thoene. "As HUD-certified counselors, our team works with families to identify options, communicate with their lenders, and create action plans that prevent foreclosure and carry forward the legacy of homeownership."

Since October 2011 HCA has assisted 40 Hawaii homeowners successfully secure loan modifications to prevent foreclosure or lease cancellation due to mortgage delinquency. On average, homeowners who have secured a loan modification with HCA's assistance have reduced their mortgage payments $533 per month.

What to bring to Fairs?

Homeowners or first-time homebuyers interested in attending Mortgage Assistance Fairs in their community are encouraged to bring a completed Client Intake Packet and copies of financial documents, including:

• 2 Months of Paystubs
• 2 Months of Bank Statements
• 2 Months of Electricity, Gas, Water, and Phone Bills
• 2 Years of W2 Forms
• 2 Years of Federal Tax Returns
• Most recent asset statements, including pension and 401(k) retirement information 

For more information or to request a Mortgage Assistance Fair in your community, please call 808.587.7657 or (toll-free) 1.866.400.1116.

 NOTE: Housing assistance loans are limited to homeowners on Hawaiian Home Lands.  Loan funds will be provided by HCA as a Native CDFI as well as the State Department of Hawaiian Home Lands with funding from its Native American Housing and Self-Determination (NAHASDA) Community Grant Program. NAHASDA funding is a federal funding source made available through the Native Hawaiian Housing Block Grant administered by the U.S. Department of Housing and Urban Development.