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

Housing quagmire: Is it time to remove relief?
For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their mortgages after seeing their property values fall below the amount they owe, and the other includes another round of funding to help the unemployed or underemployed with their payments.Read Article
Tue, 31 Aug 2010 12:47:10 EDT

Home prices gain 3.6% in past year
Despite a recent spate of bad news coming out of the housing industry, home prices show signs of stabilizing.Read Article
Tue, 31 Aug 2010 09:53:31 EDT

Tips for getting homeowners insurance
1. Loyalty is overratedRead Article
Thu, 02 Sep 2010 15:18:50 EDT

Surprise! Banks help more homeowners than Obama
Remember how everyone complained that banks weren't doing enough to help troubled borrowers?Read Article
Mon, 30 Aug 2010 07:21:32 EDT

America's most overvalued cities
Don't say we didn't warn you.Read Article
Wed, 27 Jan 2010 07:56:19 EST

Foreclosures: How bad is your state?
Read Article
Thu, 05 Mar 2009 12:34:34 EST

Remodeling your home? Get online
Home improvement is one of the fastest-growing segments of e-commerce. But the consequences of a bad decision when it comes to finding a contractor or remodeling products online are far worse than buying the wrong paperback.Read Article
Fri, 27 Aug 2010 11:50:46 EDT

Say goodbye to the McMansion
The American home is shrinking. Toll the bell for the McMansion.Read Article
Thu, 26 Aug 2010 12:33:30 EDT

Fewer mortgages are in default
Fewer mortgage borrowers are delinquent on their loan payments, according to the latest data from the Mortgage Bankers Association.Read Article
Thu, 26 Aug 2010 13:31:31 EDT

Best moves for home buyers and sellers
Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers.Read Article
Wed, 25 Aug 2010 08:57:25 EDT