How It Works
Thrive Virginia seeks to strengthen our community by creating opportunities for families and communities to thrive. As a HUD approved counseling agency, our workshops are designed to:
- Educate first-time homebuyers on the homeownership process
- Build financial stability
- Eliminate debt to promote long-term financial freedom
We provide the following services to families to prepare them for homeownership:
- Collect all necessary income and credit information to conduct assessment
- Conduct affordability and credit analysis to determine the family’s readiness to purchase
- Develop an action plan that provides assistance in credit repair, saving and budgeting, and addresses various homeownership barriers
Through homeownership education and individual counseling, Thrive Virginia’s families have the ability to fulfill their dream of homeownership.
Our certified financial counselors assist homeowners who are in danger of foreclosure to find the best remedy to cure the default. There are several workout options that may be available, such as a short sale, deed in lieu, loan modification, repayment and/or forbearance plans.
We understand that homeowners’ experiences vary widely depending on severity and where they are in the debt delinquency process. We work extensively with homeowners and their lenders to assess the current financial situation to develop an action plan and budget to find a solution to avoid foreclosure.
Our goal is to provide hands-on assistance to homeowners in these key areas:
- Develop an action plan and estimate of what you can afford to pay for your housing costs.
- Engage in budget verification to establish true debt obligations
- Attempt to contact the loan servicer or lender to negotiate a workout plan on your behalf.
- Determine and discuss the reason for delinquency
- Submit required forms to the servicer to move forward with a workout plan, loan modification, or other programs that may be available
- Provide information on other housing options that may be available
Reverse Mortgage Counseling*
To be considered for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that homeowners participate in a counseling session with an approved housing counseling agency. At completion of the session, the counselor issues a certificate to the homeowner that must be provided to the chosen lender.
We have counselors certified by HUD who specialize in helping consumers 62 years of age or older explore and evaluate this financial tool. There are many factors to consider before deciding if a reverse mortgage is right for you. To aid in this process, we recommend that you meet with a counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining and repaying the loan. Counselors will also discuss the provisions for the mortgage becoming due and payable.
During your reverse mortgage counseling session, your counselor will work with you to help you understand:
- The pros and cons of a reverse mortgage
- The financial and tax implications of a reverse mortgage
- Payment options and costs associated with a reverse mortgage
- Available resources that you may find useful in meeting your financial needs
It is our desire to make this process as smooth and efficient as possible. Please call Thrive Virginia at 540-368-2700 to get started.
We understand it may make some time to achieve financial wealth and stability, which may require substantial counseling tailored to a person’s unique situation. For some, this could include financial coaching and debt management. Through one-on-one counseling and workshops we are able to:
- Improve your understanding of financial concepts to take action and improve your financial well-being
- Develop real-life financial skills that empower you to become a financially responsible wealth-builder, homeowner, investor and productive member of the workforce
- Use the Needs Versus Wants method to help you identify and avoid predatory lending and financial scams, build a positive credit score, and establish and maintain your financial well-being.
*For foreclosure prevention services, we assist with modification submission only. No monetary funds available. Thrive Virginia’s counselors are not lenders or financial advisors. Our goal is to help you understand your options so you can make an informed decision.