Housing agency provides free loan modification services

Maricopa resident Henry Wade helped open an agency that provides loan modification services and housing counseling without charging clients any additional fees for the assistance. Now his biggest challenge is convincing homeowners in crisis that the service doesn’t carry any extra cost.

“One of the words that people are apprehensive about is the word ‘free,’ ” Wade said. “They believe there is no such thing.”

Wade is the branch manager and senior counselor for the state’s first branch of NID-Housing Counseling Agency, a non-profit network that provides communities with housing assistance and advocacy. He said the organization is authorized by the U.S. Department of Housing and Urban Development to conduct housing counseling and HUD compensates the agency for the services it provides.

“We don’t charge them anything, the lenders don’t charge them anything; our services are free to them,” Wade said. “The only thing we would even charge folks is the cost of a credit report, if we had to do one for them.

“We can’t guarantee we’re going to accomplish a loan modification either, it’s between the client and lender. … We’re not the decision-makers in the process, but we’re not charging either. The bottom line is we save that client the grief of having to pay a fee.”

The free services are offered through Hope Now, a national alliance of HUD-approved approved counseling agents and mortgage companies, and NeighborWorks America, an organization created by Congress in the 1970s to help revitalize communities in need.

Wade, who also sits on Maricopa’s Planning and Zoning Commission, said the main area of focus right now for his branch, which opened in April, are loan modifications, but it also offers free housing counseling, such as education on different types of loans, how to select a real estate agent and what to look for in a purchase contract.

The NID-HCA branch is located in Phoenix, but Wade said he offers services for Pinal County as well.

He said one couple who came to the agency looking for assistance had spent about $4,000 at a different housing finance services business, but it was unable to help them modify their home loan.

“Since our service is available at no charge, that $4,000 could have potentially been put toward their mortgage,” Wade said. “If these services are free, why pay for them?”

Business Details

Name: NID-Housing Counseling Agency
Address: 668 N. 44th Street, Suite 300, Phoenix
Phone: 602-685-1056
Web site: www.nidonline.org
E-mail: [email protected]

Submitted photo