Dealing with Home Mortgage or Foreclosure issues
Fri, 11/09/2012 - 4:26pm | by monicadear
This is a Sponsored post written by me on behalf of Fannie Mae. All opinions are 100% mine.
Many of our community are dealing with financial challenges, and dealing with a home mortgage is one of the most stressful issues if your interest rate is adjusting and changing or if you think your home is worth less than what you paid for it.
If you're feeling overwhelmed or frustrated, I've found that one of the best things to do is stop, take a deep breath, and clear your mind. The actions that got us into a particular situation are not going to be the same ones that get us out of that situation.
My tax advisor suggests to always start with the basics: get together a list of what you owe, how much, and to whom.
So your list would have:
- the type of loan (e.g. what kind of ARM)
- the total amount of the loan (original amount and current amount of principal due)
- the company to whom you make payments
- the interest rate
- as any other information such as the social security number and date of birth for all listed people on the loan
- the loan account number
- the original mortgage documents
Once you have this, you can start researching more information.
KnowYourOptions.com is a resource available by Fannie Mae to help homeowners gather information to make an informed decision on your next course of action.
The site has items like Options to Stay in Your Home (Refinance, Repayment, Forbearance, Loan Modification, Deed-for-lease) as well as Options to Leave your Home (Short Sale, Deed-in-Lieu). There is also a large Resources section, as well as a special tab on Beware of Scams.
The site is organized by Fannie Mae (http://www.fanniemae.com) is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.
Once you realize what your available options are, you can pursue a course of action - for example, many people believe that foreclosure is the only way out, but there are other potential ways to deal with your current situation.
The main thing is to keep the main thing the main thing. Home mortgage instability is not meant to be a source of shame, frustration, or anger, especially with today's job market. A medical issue or a job layoff has happened to countless of our friends, family, and acquaintances - and this can lead to worry, confusion, and fear. Use Know Your Options by Fannie Mae to get good information and to help you find your way through this temporary obstacle.