|
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
Home mortgage rates and real estate news - CNNMoney.comThe three-figure kitchen makeover Living with an undersize, outdated kitchen? If so, a sledgehammer may feel like the only solution. But these days you're probably not up for spending the $50,000 or more -- maybe much more -- it would cost to demolish the space and build a new state-of-the-art room from scratch. Read Article Fri, 12 Mar 2010 05:57:58 EST Mortgage help: 170,000 get aid More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program. Read Article Fri, 12 Mar 2010 14:12:20 EST America's most overvalued cities Don't say we didn't warn you. Read Article Wed, 27 Jan 2010 07:56:19 EST Foreclosures leveling off The national foreclosure rate fell 2% in February from a month earlier, according to an industry report released Thursday, the latest sign that the pace of foreclosures is slowing. Read Article Thu, 11 Mar 2010 12:04:19 EST Green homes face a red light Lots of people, especially those trying to battle high utility bills, believe in energy-efficient homebuilding. Read Article Wed, 10 Mar 2010 04:38:43 EST Foreclosures: How bad is your state?
Read Article Thu, 05 Mar 2009 12:34:34 EST Can't make your mortgage? Get an emergency loan Erin and Robert Smith had no problem handling the $2,000 monthly payment on their home ... until they lost their jobs. Read Article Mon, 08 Mar 2010 16:37:34 EST Rush Limbaugh wants $14 million for his NYC penthouse Conservative radio host Rush Limbaugh is saying adios to the Big Apple and selling his Fifth Avenue penthouse, asking almost $14 million. Read Article Wed, 03 Mar 2010 14:27:21 EST A plan to save commercial real estate Economists have long been predicting commercial real estate could be the next day of reckoning for the financial markets, with a wave of defaults looming as billions of dollars in troubled loans come due in the coming months. Read Article Fri, 05 Mar 2010 16:19:36 EST Nab a real estate deal - while you still can If you've been holding off on a real estate purchase, glimmers of a turnaround in the housing market may have you wondering if it's finally time to make your move. Read Article Wed, 03 Mar 2010 06:46:00 EST
|