Tips for Avoiding Foreclosure
http://www.hud.gov/foreclosure/index.cfm
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
Posted as a Public Service without any credit to me. This is from the HUD website.
*****Revised 11/11/2008 See http://activerain.com/blogsview/784262/OHIO-FHA-2009-Loan-Limits ******
FHA has announced the New FHA Loan Limits. Below is a table that shows those new amounts.
|
The Current Base FHA Loan Limits Effective 3-5-2008: |
|
|||
|
One-family |
Two-family |
Three-family |
Four-family |
|
|
$271,050.00 |
$347,000.00 |
$419,400.00 |
$521,250.00 |
|
| County Name | MSA Name | One-Family | Two-Family | Three-Family | Four-Family |
| ASHTABULA | ASHTABULA, OH (MICRO) | $291,250 | $372,850 | $450,700 | $560,100 |
| ATHENS | ATHENS, OH (MICRO) | $432,500 | $553,650 | $669,250 | $831,750 |
| BROWN | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) | $337,500 | $432,050 | $522,250 | $649,050 |
| BUTLER | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) | $337,500 | $432,050 | $522,250 | $649,050 |
| CARROLL | CANTON-MASSILLON, OH (MSA) | $277,500 | $355,250 | $429,400 | $533,650 |
| CLERMONT | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) | $337,500 | $432,050 | $522,250 | $649,050 |
| CUYAHOGA | CLEVELAND-ELYRIA-MENTOR, OH (MSA) | $298,750 | $382,450 | $462,300 | $574,500 |
| DELAWARE | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| FAIRFIELD | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| FRANKLIN | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| GEAUGA | CLEVELAND-ELYRIA-MENTOR, OH (MSA) | $298,750 | $382,450 | $462,300 | $574,500 |
| GREENE | DAYTON, OH (MSA) | $271,250 | $347,250 | $419,750 | $521,650 |
| HAMILTON | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) | $337,500 | $432,050 | $522,250 | $649,050 |
| LAKE | CLEVELAND-ELYRIA-MENTOR, OH (MSA) | $298,750 | $382,450 | $462,300 | $574,500 |
| LICKING | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| LORAIN | CLEVELAND-ELYRIA-MENTOR, OH (MSA) | $298,750 | $382,450 | $462,300 | $574,500 |
| MADISON | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| MEDINA | CLEVELAND-ELYRIA-MENTOR, OH (MSA) | $298,750 | $382,450 | $462,300 | $574,500 |
| MERCER | CELINA, OH (MICRO) | $292,500 | $374,450 | $452,600 | $562,500 |
| MIAMI | DAYTON, OH (MSA) | $271,250 | $347,250 | $419,750 | $521,650 |
| MONTGOMERY | DAYTON, OH (MSA) | $271,250 | $347,250 | $419,750 | $521,650 |
| MORROW | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| PICKAWAY | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| PORTAGE | AKRON, OH (MSA) | $330,000 | $422,450 | $510,650 | $634,600 |
| PREBLE | DAYTON, OH (MSA) | $271,250 | $347,250 | $419,750 | $521,650 |
| STARK | CANTON-MASSILLON, OH (MSA) | $277,500 | $355,250 | $429,400 | $533,650 |
| SUMMIT | AKRON, OH (MSA) | $330,000 | $422,450 | $510,650 | $634,600 |
| UNION | COLUMBUS, OH (MSA) | $341,250 | $436,850 | $528,050 | $656,250 |
| VAN WERT | VAN WERT, OH (MICRO) | $301,250 | $385,650 | $466,150 | $579,300 |
| WARREN | CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) | $337,500 | $432,050 | $522,250 | $649,050 |
| All Other Counties | All Other Counties | $271,050 | $347,000 | $419,400 | $521,250 |
Please have your FHA Buyers Call Me for the BEST Rates
These new limits will also apply to Ohio 203K Loans and Ohio Reverse Mortgages.
In the Frame below is information on the current OHFA - 1st Time Buyers Program.
To qualify you either have to purchase in a Targeted Area or have not owned a home in the past 3 years.
Call me to find Targeted Areas.
Tim Bradford
(216) 324-8113
Please consider using one of the Realtors displayed.
Any Northern Ohio Realtors wishing to be included in the rotating banners should contact me.
In the Frame below is information on the current OHFA - 1st Time Buyers Program.
To qualify you either have to purchase in a Targeted Area or have not owned a home in the past 3 years.
Call me to find Targeted Areas.
Tim Bradford
(216) 324-8113
Please consider using one of the Realtors displayed.
Any Northern Ohio Realtors wishing to be included in the rotating banners should contact me.
In the Frame below is information on the current OHFA - 1st Time Buyers Program.
To qualify you either have to purchase in a Targeted Area or have not owned a home in the past 3 years.
Call me to find Targeted Areas.
Tim Bradford
(216) 324-8113
Please consider using one of the Realtors displayed.
Any Northern Ohio Realtors wishing to be included in the rotating banners should contact me.
Licensed Mortgage Professional with 20+ years of experience in residential mortgages. Specializing in first time homebuyers, refinances, low/no money down payment purchases and Reverse Mortgages
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
