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Find reputable mortgage assistance

November 14, 2009

This is a topic I’ve addressed before, but it bears repeating.

If you are struggling to pay your mortgage, or if you know someone who is, please remember that there is reputable, free help out there.

It has come to light that many of the same mortgage brokers who peddled sub-prime home loans have quit the business of making loans and have started new businesses to “help” homeowners who are facing foreclosure to modify their loans.

Yes, that’s right. The same guy who sold you a home loan he knew you couldn’t afford is now offering to help you make the loan affordable.

What? That doesn’t sound right? That’s because it’s not.  According to this New York Times article, these same companies are now continuing to harm homeowners who are having difficulty paying their mortgages.

If you can’t make your mortgage payment, or you fear you may not be able to make a future payment, please make sure you get real help. 

Start by contacting your lender directly and ask to speak to someone in the “loss mitigation” department.  You can also find a list of approved, non-profit housing counselors by visiting the web site for the U.S. Department of Housing and Urban Development.

If you are a resident of Pennsylvania and have received a foreclosure notice, or Act 91 notice, you can find approved housing counselors in your area by going to the web site for the Pennsylvania Housing Finance Agency.

The most important thing is to look for this reputable help immediately.  Do not ignore a foreclosure notice or simply assume that there is no relief for your situation.

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Find reputable foreclosure help to keep your home

July 23, 2009

This is a topic I’ve addressed before, but it bears repeating.

If you are struggling to pay your mortgage, or if you know someone who is, please remember that there is reputable, free help out there.

It has come to light that many of the same mortgage brokers who peddled sub-prime home loans have quit the business of making loans and have started new businesses to “help” homeowners who are facing foreclosure to modify their loans. Take a couple of minutes to read this New York Times story about the new mortgage modification businesses that are popping up.

Yes, that’s right. The same guy who sold you a home loan he knew you couldn’t afford is now offering to help you make the loan affordable.

What? That doesn’t sound right? That’s because it’s not.

There is help available for homeowners who are having trouble making their mortgage payments, and it’s reputable and free help.

Advantage CCS has certified housing counselors who will work with you to see what options are available to help you. There is no cost for this service. Our counselors will offer practical advice and educate you regarding your options.

You should avoid any company that charges upfront fees, will not disclose the terms of their contract in writing, and does not have housing counselors who are certified through the U.S. Department of Housing and Urban Development (HUD).  You can find a list of HUD-approved housing counseling agencies at www.hud.gov. 

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Struggling with your mortgage payment? Get help now

June 24, 2009

I’ve said it before, and I’ll say it again: If you are struggling to pay your mortgage, get help immediately!

The longer you delay getting professional help, the more difficult it will be to get the best solution possible for your situation.

An article in the Washington Post this morning gave some statistics that back up that thought.

According to housing experts cited in the article, 27 percent of homeowners who go to a housing counselor after missing three or four monthly payments end up in foreclosure. That number jumps up to 60 percent for homeowners who have missed more than four payments before getting help.

It is very important to understand that you do not have to be delinquent on your mortgage to schedule a foreclosure prevention counseling session. You can schedule a session if you are facing any kind of financial difficulty and think you might not be able to make your mortgage payments.

Advantage CCS has knowledgeable housing counselors who can help you. There is no cost for a foreclosure prevention counseling session. Our counselors are certified by the U.S. Department of Housing and Urban Development (www.hud.gov). 

There is no cost for the counseling session.

You can learn more about Advantage’s housing counseling services by clicking here. Or, call (888) 511-2227 to schedule a session.

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Pay homeowner association fees to avoid foreclosure

June 22, 2009

Right now many homeowners are concerned about keeping up with their mortgage payments so they don’t risk losing their home to foreclosure.

While it is critical to pay your mortgage, some homeowner’s have another payment to make that is just as important when it comes to avoiding foreclosure: Homeowner association fees.

Homeowner associations often collect a monthly fee from residents in developments. The fee is used for the maintenance of grounds in the development. This may include lawn service, pool upkeep and maintenance as well as any other upkeep costs for amenities such as tennis courts, gyms and recreational or gathering rooms.

According to the Community Associations Institute, there are 59 million Americans who are living in neighborhoods governed by homeowner associations. Some of these associations have begun to foreclose on properties to collect delinquent association fees.

If you live in a development that is governed by a homeowner association and you are having trouble paying your fees, talk to the property manager, explain your situation and see if something can be worked out. Don’t assume that those fees are something that can be ignored when you’re financially stressed. Failure to pay those fees can be just as disastrous as falling behind on your mortgage.

And remember, if you are struggling to pay your mortgage, there is free foreclosure prevention counseling available with Advantage CCS. Our counselors are certified through the U.S. Department of Housing and Urban Development. They can help you explore government programs to help you stay in your home. They can also work directly with your lender.

Call (888) 511-2227 to schedule an appointment.

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Don’t buy a home just for the tax credit

April 23, 2009

I was trolling the MSN Money Message Boards when I came upon a thread started by a couple that is considering purchasing their first home.

The biggest reason that I could glean from the post that they wanted to buy right now was to get the first-time homebuyer’s tax credit. Let’s face is $8,000 is an enticing sum of money.

However, it didn’t seem to me that the poster was being realistic about their situation.

The main problem was that both the husband and wife had very low credit scores, all three scores for both of them are below 600. Every situation is different, but the likelihood that a lender will give them a home loan isn’t very good right now. And if they do find a willing lender, the interest rate is going to be sky high.

Some posters suggested they look for an FHA (Federal Housing Administration) loan. While it is true that the FHA lending standards are different from going through a bank, even the FHA is going to take a hard look at their credit scores and financial situation. If you are applying for a government-backed home loan and your credit score is 660 or below, the government requires that you go through a housing counseling session with a HUD-approved (U.S. Department of Housing and Urban Development) counseling agency.

Advantage CCS is HUD-approved and offers these counseling sessions, known as “pre-closing counseling.”

I am worried that the new tax credit is causing people to lose perspective. It is a wonderful incentive for people who have strong credit scores and a decent down payment. It was meant to spur people to buy who are in the financial position to buy. It is not a good idea for someone who is not in the right financial position to buy a house just to get the tax credit.

If you get a home loan with a very high interest rate, there’s a good chance you will spend far more in interest payments than you would gain through the tax credit. And you can’t count on being able to refinance quickly. You could be stuck with that high interest for a long time.

If you are considering buying a home for the first time, call Advantage CCS to set up a counseling session to discuss your financial situation. A certified counselor will be able to help you determine if you are in a good position to buy a home. If you’re not financially ready to buy, the counselor can help you create a plan so that you will be able to buy a home in the future.

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