Services
Housing Counseling
There are four main categories of Housing counseling for people of “Low-To-Moderate Income”. Presently, we are focusing on communities in the Chicagoland area, and the surrounding Suburbs.
Pre-Purchase Housing Counseling.
In this category, we empower the community, by assisting individuals, and families with developing, and maintaining a viable, working Budget, and teaching them the necessary steps to improve their Credit Score. This activity focuses on three main groups:
- Clients who are “First Time Home Buyers”, and want to improve their Credit Score, in order to purchase a home at the lowest possible Mortgage Rate.
- Clients who have been turned down for Mortgage loans by other lenders. These individuals will usually be referred to us by various Mortgage lenders, including Banks and other Financial Institutions. We work with these clients to improve their Credit Score. The objective is for them to return to a lender and be approved for an affordable loan.
- Finally, we also work with clients who, in general, want to develop better Budgeting Skills, manage their household expenses, and improve their Credit Scores overall. This will help increase their chances of purchasing a home, or achieving the financial goals they have set for themselves and their families.
Delinquent Mortgage/Foreclosure Prevention Housing Counseling.
In this program, our primary focus is preventing foreclosure by assisting the client in working with his/her Mortgage Lender/Account Servicer.
We encourage the Loan Account Servicer to provide Mortgage relief by exercising options available to the client, such as Loss Mitigation/Loan Modification. These techniques help the Mortgage Lenders reach sustainable resolutions, while keeping the best interest of the homeowners in mind.
Clients in this program are referred to us by their various “Mortgage Lenders”, Advertisements, the Internet, and “Word-of-Mouth”. We counsel clients in the following two categories:- Individuals who are 1-to-3 months late with their mortgage payment; and
- Individuals who are facing “Foreclosure”. .
We provide counseling in the areas of “Loss Mitigation”, “Budgeting”, and improving their Credit Score.
Reverse Mortgage Housing Counseling.
Many clients are usually referred to our organization by the various types of Mortgage Lenders, including Banks and other Financial Institutions. We conduct “Face-To-Face”, as well as “Phone” counseling.
In this program, all owners of the home must apply for the reverse mortgage and sign the loan papers. All borrowers must be at least 62 years of age for most reverse mortgages. Owners must occupy the home as a principal residence (where they live the majority of the year).
Is Debt Keeping You Up Nights?
Are you afraid to answer your phone? Are you having trouble paying your bills? Are your bank accounts being garnished? Are your bills being turned over to debt collectors? Are you worried about losing your home or your car?
The Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005
If you are considering filing for bankruptcy, you should know about one major change to the bankruptcy law: Beginning October 17, 2005, you must get credit counseling from a government approved organization within six months before you file for bankruptcy protection.
Bankruptcy Counseling
Credit counseling is required by the new bankruptcy law, and is provided to the client by I.C.C.E., in person, or by phone. Clients can expect the counseling session to last about 90 minutes, and to include an analysis of their budget. The “Bankruptcy Counseling” certificate is immediately available upon completion of the counseling session.
The “Institute for Consumer Credit Education” will: Provide qualified counselors, and educational counseling with respect to client credit problems, and deal responsibly and professionally with other matters relating to the quality, and effectiveness of the services it provides.
Things That We Can Do To Help...
Position yourself to:
- Get out of debt
- Get a lower interest rate
- Purchase a car
- Obtain a credit card
- Purchase a home
- Refinance a home
- Improve your Credit Score
- Be able to read and understand your Credit Report
I.C.C.E. advises clients on the following topics:
- Managing Money
- Managing Debts
- Developing a Budget
- Educational Materials
Bankruptcy Education Class
Clients can expect the class to last about 2 hours and to include educational materials. The class covers a number of financial literacy topics, including:
- Rebuilding Following Bankruptcy
- What You Should Do Now
- Choosing between “Wants” and “Needs”
- The Decision Making Process
- Using Sound Financial Habits
- Developing Sound Budgeting Skills
- Calculating Your “Net Worth”
- Creating a New Budget
- Understanding and Using Credit
- Predatory Lending and Identity Theft
- Insurance Issues