| House Refinance Center |
| Housing Counseling Helps Distressed Homeowners |
Home Credit Foreclosure Refinance Hard money Interest only mortgage Loan modification Shortsale Reverse mortgage Strategic default
 | |  | |  | |  | |  | |  | |  | |  | |  | |  |
title insurance buying a home refinance with ARM appraisal inspection community banks good faith estimate FHA streamline 203k breaking news
A recent survey completed by the Homeownership Preservation Foundation
(HPF) showed that distressed homeowners are very optimistic about keeping and
maintaining their homes. The Government and several non-profit organizations
have been telling lenders, and anyone who would listen, that counseling first time
buyers, as well as homeowners facing financial difficulties will produce good
results.
This survey confirms that housing counseling is the key weapon in the fight against
foreclosure. The survey also pointed out that a loan modification or a work out plan
was more likely to succeed if the borrower had received housing counseling.
The survey was conducted by a well respected organization. Homeownership
Preservation Foundation operates the nationwide Homeowners HOPE Hotline
(888-895-HOPE).
HPF found that 88% of the homeowners survey believed that a mortgage
modification program is beneficial. What is disturbing in the survey is that five out
of six homeowners applied for a loan modification in the past three years. Only
seventeen percent said that they saw progress with their application. This tells us
that lenders and servicers are falling asleep at the switch in the application
process. Homeownership is critical to the American economy and we expect our
banks to resolve loan modification issues in a timely fashion.
Twenty six percent of the respondents said that having some money saved for a
rainy day was the most important precaution one should take before buying a
house. Only four percent saw their savings as adequate.
Not all the respondents were optimistic their finances next year, 2012. Fourteen
percent said that they were concerned about declining wages, worsening
economic conditions, increasing mortgage payments and being underwater with
their mortgage.
One of the things we can learn from this survey is that we need to apply more
resources to housing counseling.
(HPF) showed that distressed homeowners are very optimistic about keeping and
maintaining their homes. The Government and several non-profit organizations
have been telling lenders, and anyone who would listen, that counseling first time
buyers, as well as homeowners facing financial difficulties will produce good
results.
This survey confirms that housing counseling is the key weapon in the fight against
foreclosure. The survey also pointed out that a loan modification or a work out plan
was more likely to succeed if the borrower had received housing counseling.
The survey was conducted by a well respected organization. Homeownership
Preservation Foundation operates the nationwide Homeowners HOPE Hotline
(888-895-HOPE).
HPF found that 88% of the homeowners survey believed that a mortgage
modification program is beneficial. What is disturbing in the survey is that five out
of six homeowners applied for a loan modification in the past three years. Only
seventeen percent said that they saw progress with their application. This tells us
that lenders and servicers are falling asleep at the switch in the application
process. Homeownership is critical to the American economy and we expect our
banks to resolve loan modification issues in a timely fashion.
Twenty six percent of the respondents said that having some money saved for a
rainy day was the most important precaution one should take before buying a
house. Only four percent saw their savings as adequate.
Not all the respondents were optimistic their finances next year, 2012. Fourteen
percent said that they were concerned about declining wages, worsening
economic conditions, increasing mortgage payments and being underwater with
their mortgage.
One of the things we can learn from this survey is that we need to apply more
resources to housing counseling.
Optimism Increases Among Homeowners
Who Receive Housing Counseling
Who Receive Housing Counseling
| Stop Scammers Now Every day crooks are planning and working 24/7 to separate you from the money you have. There are numerous scams in the mortgage and real estate field. The latest one is playing on the negative press the big banks have been plastered with recently. You have probably heard of loan audits. The banks and lenders were called on the carpet for robo-signing, and questionable MERS foreclosures. So the crooks decided to be good citizens and protect the homeowners. They are looking for errors and flaws in the original mortgage documents. They claim that when they find these errors the homeowners will save thousands of dollars. The information will help in any future litigation against the lenders. This is all smoke and mirrors. They simply want your money. Watch the slideshow. |
| Foreclosures: Get Help If you are already in foreclosure, or if you are having difficulties paying your mortgage, get help. You can start with your lender. There are also several church groups and non-profits that will guide you in the right direction. Foreclosure is a national crisis. Many families are one paycheck away from defaulting on their mortgage. You are not alone. There is no shame in asking someone for help. Watch the slideshow. |
calculators zero down mortgage second mortgage mortgage interest deduction mortgage servicing first time buyer financial reform fannie and freddie
title insurance buying a home refinance with ARM appraisal inspection community banks good faith estimate FHA streamline 203k breaking news
