Homeowners - Don't take the "head-in-the-sand" approach - there are options!

The following are excerpts from "Your Money Matters" by Gail Buckner, CFP, of  10/14/06 that you need to read if you are having problems with making your mortgage payments.

"The sole purpose of the Homeowners Preservation Foundation (www.995HOPE.org) is to help financially struggling mortgage holders work things out with their lenders. The foundation — which was established several years ago thanks to a $20 million grant from General Motors’ residential funding division — offers a hotline you can call 24/7 because, as Beton explains, “sometimes you wake up in the middle of the night worried about how you’re going to make this month’s mortgage payment.” Its counselors have all passed a special training course certified by HUD, the federal Department of Housing and Urban Development. They stand ready to help you understand your options so you can approach your lender and work out a solution.

Here’s the only problem: you have to ask for it.

Unfortunately, “in 50 percent of the cases” a homeowner who receives a default notice from his/her mortgage company takes the head-in-the-sand approach. When/if they finally call the Homeowners Preservation Foundation, it’s in the eleventh hour and there are few, if any, options left.

If you are among the thousands of individuals worried about making mortgage payments, you need to understand that you have a much better chance of keeping your home if you contact your bank or mortgage company sooner rather than later. “Ignoring the notices or going into a state of denial,” says Beton, “is the worst thing they can do.” ...

... This piece of advice is from Gail: be careful when choosing who to turn to. The Homeowners Preservation Foundation is non-profit. You can contact them as many times as you like. All of its services are completely free. In some cases, they will even contact your lender on your behalf. Their hotline is: 1-888-995-HOPE (1-888-995-4673)."...

For the full article go to:

http://www.foxnews.com/printer_friendly_story/0,3566,220678,00.html

Let us help.  Request your free, no obligation, market analysis of your home's value by emailing  Cynthia@TeamDadAndDaughters.com

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