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Frequently Asked Questions
What steps do I take if I foresee mortgage problems?
Evaluate your situation. Include family members in the process. Set money aside for your mortgage payment. Get in touch with your lender/servicer. Always give truthful and accurate financial information. Never agree to any plan that you can’t afford.
How should I deal with collection notices?
OPEN YOUR MAIL! Immediately communicate your hardship to your lender. Call a housing counselor.
What does a housing counselor do?
Housing counselors act as an advocate on your behalf. They communicate with your lenders and servicers, with you, to find options that might save your house from foreclosure.
Do I pay for this help?
No. HUD approved, non-profit housing counseling agencies offer free help. Be aware of scams and agencies that try to charge you for their services.
What are some of my options?
A temporary forbearance, a loan modification, a short sale or Deed in lieu (DIL) of foreclosure are options that can be explained to you by a housing counselor.
Is there cash help available?
Some non-profit organizations have limited resources available for homeowners who clearly demonstrate the ability to make future payments. Most solutions do not involve outside funding.
Is there a way to get my home back after foreclosure?
Those options vary. At this point, consult an attorney.
July 15th, 2009 at 9:21 am
I bought a home two years ago in Exeter that has dropped to half its price. This is an older house built in the 50′s. Currently, there are 4 houses on my immediate block that have been abandoned and are not selling. I am a teacher and CAN afford my payments, however, I wish to relocate to be near my daughter in S. Cal. It may be years before my house will be worth what I paid for it. I’ve thought about renting out my house, but I’m not in a position to afford S. Calif rent, plus a home mortgage (and the extras required in maintaining a rental). My loan company will not accept a shortsell request because I have a job and can make the payments. I would like to move on by summer 2010. Any suggestions how I can sell my home without penalties to my good credit standing?
July 15th, 2009 at 1:52 pm
Nancy,
We posed yur question to Elias Del Gado, Financial Specialist at Clear Point Credit Counseling Solutions. Following is his response.
My first question to the client would be, why does she want to move close to her daughter? One must remember that a modification or a short sale is granted to persons who have hardship. This would mean a situation in their life they cannot control (unemployment, divorce, medical payments, death in the family, reduced income, etc.), NOT to accommodate lifestyles and choices. The client’s choices are to rent the property, or wait until she can sell the property for what she owes. One cannot expect the lender to lose on an investment to accommodate client’s choices and lifestyle.