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Module 7 Meeting Your Financial Obligations

Objectives Meeting financial obligations Prioritizing homeownership expenses Understanding foreclosure Foreclosure rescue scams Post-counseling services Building equity

Meeting Financial Obligations Importance of timely mortgage payments Understanding foreclosure Preparing to cope with hardship Benefit of prepayment of your loan

Prioritizing Homeownership Expenses Making a Timely Mortgage Payment Fixed vs. flexible expenses – Exercise page 3

Understanding Foreclosure Right to take home and resell Identify foreclosure procedures that apply to your community

Land Status & Foreclosure Trust Property Fee Land Hawaiian Home Lands

Steps to Avoid Foreclosure Communicate with your lender Explore loan workouts – Payment Plan – Forbearance – Loan Modification – Partial Claim

Other Options Giving Up the Home Pre-foreclosure Sale – Delay the foreclosure and give you time to sell the house – Forgive the difference if you get less from the sale than you owe on the loan. Deed in lieu of foreclosure

Foreclosure Rescue Scams “Stop Foreclosure Now!” “We guarantee to stop your foreclosure” “We can Save Your Home. Guaranteed Free Consultation.”

Reporting Fraud Federal Trade Commission – FTC-HELP Your State Attorney General Your Local Better Business Bureau Your Housing Counselor

Post-Purchase Counseling Budget planning and preparation Budget review Warranty issues Maintenance counseling Delinquency counseling

Foreclosure Prevention Exercise Pages 10 & 11

Prepaying Your Loan Review the example on page 12 Tips

Wrapping Up Module 7 Reflection Highlights Review Suggestions

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Module 8 Protecting Your Investment

Objectives: Insurance Preparing for Emergencies Preventing crime and ensuring safety Home Maintenance Housekeeping for a healthy home Meeting your financial obligations

Creating a Home Inventory

Creating a Home Inventory

Insurance Basics Hazard or homeowner’s insurance Contents Insurance Life Insurance

Homeowner’s Insurance Package

Warranty Protection When you use a builder for a new home construction or home rehab, make sure to obtain the various warranties that cover the equipment, materials and workmanship provided.

Preparing for Emergencies

Ensuring Safety

Preventing Crime

Maintaining Your Home Home repairs Preventive home maintenance plan Activity – Create Seasonal Maintenance Plans

Knowing Your Home’s Features Plans, specification of the home Utility consumption information Solid waste pick-up schedule Warranty information and certificates Pre-purchase inspection baseline data

Developing Home Records Brand Name Serial Number Purchase Date Warranty expiration Service Information Appendix A, B & C

Activity Prioritizing Home Repairs Budgeting to Meet Future Obligations – Exercise page 37

Housekeeping for a Healthy Home Why clean? Why disinfect? What are the consequences of an unsanitary home?

Arranging for a Will Beneficiary Life insurance Tribal Life Estate Code

Wrapping Up Module 8 Reflection Highlights Exercise Suggestions