Finding help in the Foreclosure Crisis
Just when you think you understand, more information is added to confuse you all over again. Because of the complicated maze of mortgage lingo. It is very difficult for the average person to understand and we depend on the expertise of our lenders to guide us through.
Many of us were hood-winked. We were told that we could get this adjustable loan and later on refinance to something that is fixed later. We were told that this was the only way we could qualify for our homes. We were told that these were the best choices available to us and we believed. Some of us purchased homes we could not afford with the nudging of the lender. Some of us refinanced and found ourselves up side down in our properties. What ever the case now the face of foreclosure is starring back.
What do we do when we find out that we were taken advantage of? We listen to the news closely hoping that there are programs that might send us a life line. We scour the web trying to decipher what is a scam and what might be legitimate, being ever so careful not to be taken advantage of again.
So many programs are out there so how do you choose? All you can do is pick up the phone, learn, and make yourself an expert. Listen out for the lingo they use and educate yourself on the terms. The terms they most commonly use is loan modification, forbearance, restructure, adjustable mortgage, fixed mortgage and the list goes on. Know the difference and take your destiny into your own hands. Got me once, shame on you. Got me twice, shame on me. This should be a wake up call for us all to help each other with information and education.
This time understand the terms. Some plans are only in place for 3-5 years and then you go back to your regular payments. Some plans lower your mortgage based on CMA, Current Market Value. You purchased your home at 250,000, now according to the current market might be sold at 175,000. Make sure you know what your house is worth now, not what you paid for it. This is key in negotiating your new terms.
Some of the programs that are placed in the arena for help are just mirror images of what you can actually accomplish yourself. Keep in mind with all the programs up until now you had to have and income and can pay the mortgage. There is a certain criteria you must meet before they can help you. One of these government life lines, the Hope now . Consumer Credit Counselors take your financials, calls the lender and wait to see if you meet the programs criteria. If you don’t you are encouraged to call them back when your financial situation changes for the better. You are left in the same situation you started in and you guessed it, you can complete the same process on your own with the lender, they do nothing any different. The only people this government source helps are the people who are afraid to call the mortgage companies themselves.
There is a light at the end of the tunnel called Operation Restoration. It is founded by a women named Anne Batte, who is in the Mortgage industry and she gives good honest advice and wisdom. She guides you and gives you step by step information on how to save your home. She will give you the tools you need to save your home and yes it is free. Please pass this on to anyone that you know of that is in trouble or going into foreclosure.
Operation rescue is a true lifeline.
Tags: everything, Foreclosure, Help, hope, people, Still, there, tried