Missing Mortgage Payments? It’s Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you are visiting my website, you or someone you care about may miss mortgage payments in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today to discuss how I may be able to help you alleviate the stress that comes with unaffordable mortgage payments.

Six Ways to Save Money in Your Home and in Your Car

Saving money, especially with the cost of gas these days, is even more important than ever.  The recession has taken a tool on the finances of most Americans.  


You can help save the planet while also saving cash, according to the Alliance to Save Energy. 

The average U.S. household spends about $3,425 to power a car and $2,175 on home energy costs--in other words, about $5,600 on energy costs per year. That number is likely even greater with rising fuel and utility costs.
In honor of Earth Day, the Alliance to Save Energy is offering up some pointers on how to trim those yearly expenses with some easy ways to go “green.” Here are a few of its tips:  6 Ways to Save Money from www.realtor.org

The Importance of Pricing It Right

Back in the day, when buyers were competing to buy homes and when almost any house could sell for any price, regardless of condition, sellers felt they could afford to over price the home or “test the market”,  or price it with “wiggle room”  because they were confident someone would make an offer to the their liking.  Well, that ship has sailed and won’t be returning to port for many years to come, if ever.

The tide has turned and buyers are in the driver’s seat.  They can choose from hundreds and hundreds of homes on the market and can pretty much get their price because sellers are more motivated than ever.  Add to this mix the fact that foreclosures and short sale properties, many of which are in pretty good condition, sell almost 30% less than their competition!

So, my message, dear homeowners, is price your home “ahead” of the market. If you offer it for sale at least 5% less than your competition, you will shorten the number of days on market and get your home sold at the best possible price.

How to Rebuild Your Credit

Did You Know that one late payment can drop your score by 80 or more points? Has this happened to you?  If your credit score is suffering in today’s economy, there IS help.If you are frustrated with your score and the many claims to help you, then Clean Slate is the only credit restoration program that guarantees results or service is free. Most clients receive 80 to 100 boosts to their score upon graduating from this program.  More info by clicking on the link below
http://www.640orfree.com/creditbuilder 

Help for Buyers Of FannieMae Homes

Fannie Mae wants to help more buyers afford to purchase their new home. That is why they are offering up to 3.5% in closing cost assistance for HomePath® (foreclosed) properties beginning April 11 through June 30, 2011. Great opportunity for qualified buyers who will occupy the home.  More information can be found here: http://www.homepath.com/incentive/index.html