The Greensheet (Houston, Tex.), Vol. 40, No. 233, Ed. 1 Wednesday, June 17, 2009 Page: 42 of 44
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Page 42
June 17-23, 2009
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Better Business
BBB Consumer Tips
"or Troubled
Homeowners
The headlines are discouraging. Rising mortgage
interest rates are taking a toll on many homeowners,
just as the market value of their home is flattening
or declining. Mortgage delinquency rates are up and
home foreclosures are at a record high in many
parts of the country.
There's a wide spectrum of affected homeowners.
A big group of people who opted for adjustable rate
mortgages (ARMs) when the real estate market was
booming three years ago are approaching an interest
rate "reset" point; their financial challenges are
looming. At the other end, homeowners with sub
prime loans or nontraditional loans, such as interest-
only mortgages or "piggyback" loans, may already
be at the point of foreclosure.
In-between are the homeowners whose mortgage
rates have already been "reset" and they are feeling
the strain financially. They may be juggling their
budgets or ignoring other debt obligations to make
the bigger monthly mortgage payment. Some
homeowners are contemplating selling their homes,
but they owe more money than their home is worth,
or there's a glut of houses on the market. Many
people would prefer to refinance to a fixed-rate
mortgage, but lack sufficient equity or face
burdensome prepayment penalties.
What Happened?
The threat of foreclosure used to arise in the wake
of major life changes, like unemployment, a serious
illness, divorce or the death of a family member.
That is no longer the case. In the past couple of
years, millions of troubled homeowners are facing
financial difficulties because of how their mortgage
is structured.
Some borrowers did not understand the risks of a
mortgage tied to fluctuating interest rates. Others
borrowed more than they could afford, counting on
real estate values to continue to soar. Many
homeowners, particularly those in low-income
areas, are confronting the challenge of "sub-prime"
mortgages, the repercussions of which were not
adequately explained to them. There are
homeowners who mistakenly assumed that future
salary increases would align with interest rate
"resets." Some people simply did not anticipate a
sufficient cash cushion to cover them when their
adjustable rates rose. Very few people anticipated
having to make higher mortgage payments just as
gas prices were rising and their minimum credit
card payments were increasing.
If You Can't Make Your Monthly Mortgage
Payment
If your monthly mortgage payment is a financial
burden or if you anticipate falling behind on your
payments when your rate increases, know that you
are not alone. Others - at all income levels - are
facing the same predicament. How your particular
situation resolves itself will depend on you taking
the time to review your mortgage, today, and, if
need be, contacting your lender at the first sign of
trouble.
There are steps you can take that will improve
your chances of keeping ownership of your home. If
you are a troubled homeowner, the Better Business
Bureau offers the following checklist to help you
determine a plan of action.
1. Carefully review the terms of your mortgage.
If you have a sub-prime, nontraditional or
adjustable rate mortgage you should review all of
your loan documentation today. Don't wait to find
out that your monthly payment will double because
of a pending rate increase. When are the "reset"
points? Will you be able to make the new monthly
payment with a higher interest rate? Would you face
a prepayment penalty or other restrictions should
you qualify to refinance? How much equity do you
have in your home?
2. Can you rework your budget? It may be
possible to make adjustments to your budget that
will free up more money for mortgage payments.
Reducing your spending or taking on a second job
may help. Perhaps you can sell the extra car, forego
private school tuition, take in a roommate, or make
other lifestyle changes to bring in more money.
3. If you don't hear from your lender, contact
them. Keep in mind that your lender would prefer
to avoid foreclosure as much as you would. Over
the past year, the industry has begun to offer more
assistance to troubled homeowners. More lenders
are taking the initiative to forestall financial
difficulties for adjustable rate mortgage holders.
They are sending letters alerting homeowners to a
pending "reset" and outlining refinance options. If
you ignore phone calls or letters or other
communications from your mortgage lender, you
are adding to your troubles.
If your lender hasn't contacted you, and you have
already missed a mortgage payment or anticipate
not being able to make the next payment, you need
to contact your lender. Be aware that lenders are
more likely to move quickly into foreclosure
proceedings when they have not heard from the
homeowner regarding their situation. Take the
initiative and contact your lender.
4. Speak to the right person. Most mortgage
statements contain a phone number specifically for
use by homeowners who need to discuss difficulty
making their monthly payment. This may be listed
as the Loss Mitigation or the Collection
Department. Staff members within these
departments can advise borrowers of the options or
"workouts" available to someone in their situation.
If you cannot find a reference to such a department
on your mortgage statement, contact the main
customer service number and ask to speak to
someone in loss mitigation.
5. Discuss your situation honestly. Your
mortgage lender will probably have a specialist ask
some questions designed to help identify workout
options that are available to you as the borrower. To
accomplish this successfully, homeowners should
have at hand their bills, statements, and anything
else that will help give an accurate portrayal of their
financial situation.
Don't try to fudge on the true details of your
situation. Don't be vague and don't make false
promises. Honesty and openness is the key to
making this work for all involved parties. It is
important that you accurately explain your current
situation. Don't describe it as better (or worse!) than
what it truly is. Being honest and open with your
mortgage lender will help them to identify the most
appropriate workout recommendations.
6. Consider your options. It is key to remember
that there are always options available to assist you,
no matter how serious your situation. Your lender
will either pinpoint ways to help you keep your
home (retention) or identify options that will
involve the sale or loss of your property
(liquidation).
One example of "retention" is forbearance. That is
a temporary reprieve from the full monthly payment
in order to help the homeowner resolve financial
issues and resume normal payments. An example of
a "liquidation" option is a short sale. This allows the
homeowner to settle with the lender in situations
where the home can only be sold for less than the
balance owed on the mortgage.
There are also special programs available for
homeowners who have VA or FHA insured
mortgages. Lenders should be able to help the
homeowner identify workout options available for
these types of mortgages.
North Greensheet
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Business 713-371 -3500 Personal 713-371 -3600
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The Greensheet (Houston, Tex.), Vol. 40, No. 233, Ed. 1 Wednesday, June 17, 2009, newspaper, June 17, 2009; Houston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth398315/m1/42/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; .