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Do I have to be delinquent on my mortgage before I get help?
No. It is best to seek help as soon as you realize that you have a problem.
Can I get help if I am self employed and have very little money coming in?
Yes. Talk to a housing counselor for specific details.
What types of homes are eligible for help?
Single family homes, townhouses or condominiums.
How long does it take the bank to foreclose on me?
It depends on many factors. For example, is there a backlog at your lender? Has
your lender postponed some foreclosure because of the robo-signing fiasco? In
any case do not take a chance. After three missed payments, you are in trouble.
This is when it gets really serious and the back might send the file to their
attorneys.
What are some of the red flags to look for that will tell me "you are heading
for trouble"?
There are several warning lights. But these are the important ones.
a) Are you paying for groceries with your credit card?
b) Are you having trouble paying ALL your monthly bills on time?
c) Are you using one credit card to pay the minimum payment on another card?
Can a company, a lawyer or anyone stop foreclosure immediately?
No. There are hundreds of promises made that are not true. Do not sign any
documents that you do not understand. Contact a housing counselor or your
attorney for guidance.
What is the difference between "secured debt" and "unsecured debt"?
Secured debt means that the lender holds an asset as security until you pay off the
debt in full. For example, you house is an asset. So the lender will not release you
from your obligation until the loan is paid. If you do not pay, the lender can
foreclose and take your home.
Unsecured debt is like a gym membership, cable TV, internet or credit cards.
There is no asset pledged. If you do not pay the lender will hope to collect by
calling you, sending letters or even reporting you to the credit bureaus. You house
is not at risk.
It is a good idea to pay your mortgage first. The others can wait.
No. It is best to seek help as soon as you realize that you have a problem.
Can I get help if I am self employed and have very little money coming in?
Yes. Talk to a housing counselor for specific details.
What types of homes are eligible for help?
Single family homes, townhouses or condominiums.
How long does it take the bank to foreclose on me?
It depends on many factors. For example, is there a backlog at your lender? Has
your lender postponed some foreclosure because of the robo-signing fiasco? In
any case do not take a chance. After three missed payments, you are in trouble.
This is when it gets really serious and the back might send the file to their
attorneys.
What are some of the red flags to look for that will tell me "you are heading
for trouble"?
There are several warning lights. But these are the important ones.
a) Are you paying for groceries with your credit card?
b) Are you having trouble paying ALL your monthly bills on time?
c) Are you using one credit card to pay the minimum payment on another card?
Can a company, a lawyer or anyone stop foreclosure immediately?
No. There are hundreds of promises made that are not true. Do not sign any
documents that you do not understand. Contact a housing counselor or your
attorney for guidance.
What is the difference between "secured debt" and "unsecured debt"?
Secured debt means that the lender holds an asset as security until you pay off the
debt in full. For example, you house is an asset. So the lender will not release you
from your obligation until the loan is paid. If you do not pay, the lender can
foreclose and take your home.
Unsecured debt is like a gym membership, cable TV, internet or credit cards.
There is no asset pledged. If you do not pay the lender will hope to collect by
calling you, sending letters or even reporting you to the credit bureaus. You house
is not at risk.
It is a good idea to pay your mortgage first. The others can wait.
Frequently Asked Questions About
Foreclosure And Housing Counseling
Foreclosure And Housing Counseling
| Resources For Homeowners Seeking Foreclosure Help The following are some organizations that can help you save your home from foreclosure. You need to ask a couple questions. 1. This is where I live. Do you service my area? If you do not, can you refer me to an organization? 2. Are your Housing Counselors approved by HUD? 3. Since I am not paying for this service, how do you get paid? HOPE (Home Owners Preserving Equity) Maryland HOPE hotline 877-462-7555 The Colorado Housing Counseling Coalition 877-601-4673 HOPENOW 888-995-HOPE Money Management International 866-531-3765 Community Action of Greater Indianapolis 317-396-1726 NC Foreclosure Prevention Fund 888-623-8631 HUD 800-569-4287 This will give you a housing counselor near your home. |
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