Sunday, December 6, 2009

How to Receive Help With Mortgages

How to Receive Help With Mortgages

Receiving help with mortgages could help you avoid foreclosure or save money by refinancing. Or you could be buying a house for the first time and you're looking for help with understanding how mortgages work. Fortunately, a variety of sources for help is available, especially for foreclosure prevention. According to the Federal Trade Commission, foreclosure prevention programs range from forbearance, which can reduce or even suspend your mortgage payments while you work through a hardship, to loan modification, which can completely rework the terms of your mortgage to make it more affordable.

Instructions

    1

    Contact a housing counselor approved by the U.S. Department of Housing and Urban Development (HUD). Find a counselor in your community by calling the Federal Home Administration Resource Center at 800-225-5342. Or visit the HUD website (see Resources). HUD counselors can help you solve problems with your mortgage by offering advice on various foreclosure prevention strategies. The counselors can even contact your lenders on your behalf if necessary.

    2

    See a credit counselor for general questions about mortgages. Nonprofit credit counselors, such as those affiliated with Consumer Credit Counseling Service (see Resources), can provide general information about credit and income qualifications for mortgages and more. In addition to individual counseling, some agencies offers classes on buying homes and understanding mortgages. Classes may also be available from charitable organizations in your area or from local community colleges.

    3

    Contact a loan officer at your bank or credit union if you need general information about mortgages and would rather not see a credit counselor. Loan officers may show a bias toward products offered by their bank or credit union, but they can explain the different types of mortgages and also explain the application process.

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