Things to Think About
Overcoming A Financial Hardship
Overcoming a financial hardship often requires that we look at things from a different perspective. When it comes to paying our bills, the first step is to review what monies are coming into the household and what monies are going out.
Basic expenses such as food, mortgage and basic utilities need to be our top priorities. We may need to look at eliminating or reducing expenses for things like eating out, entertainment, cable, and club dues. We may want to consider using coupons, generating additional income via a part-time job or selling personal property such as jewelry or a second car, and contacting the utility company to obtain advice on how to conserve and lower energy costs. In order to save a home, it is the owner's responsibility to take the appropriate actions to decrease expenses.
Be Careful About Foreclosure Prevention Companies
There are companies that actively seek information through county records regarding public notices of default filed by mortgage servicers. They do this in order to offer their services to homeowners at risk of losing their homes. Many of these companies are reputable; however, they require payment of fees and those dollars may be better used by applying them toward outstanding payments. In any event, if a company claims that it can act as a third party to prevent foreclosure of your home, it is imperative that you seek professional or legal advice before entering into an agreement. Never sign a legal document without reading and fully understanding all the terms. In order to fully explore your options, please contact HomEq before entering into an agreement with any foreclosure prevention company.
HomEq Servicing has agents available to assist you seven days a week. Our business hours are Sunday 8:00am to 5:00pm, Monday through Friday 5:00am to 8:00pm and Saturday 5:00am to 1:30pm PT. Please contact us at (800) 795-5125.
Talk To A Certified Counselor
A good counselor can assist you in establishing a monthly budget plan and provide you with helpful information that may aid you in staying in your home. Be sure to contact:
NeighborWorks® America provides:
- Consumer education
- Individual financial counseling and short term financial assistance
- Borrower assistance with paperwork associated with Loan Modifications, Short Sales and Deed in Lieu of Foreclosure
- Referral to Homeownership Preservation Foundation - Project HOPE Hotline
- Local assistance so that face-to-face counseling can be provided
U.S. Department of Housing and Urban Development (HUD) provides:
- National and Regional Housing Counseling Intermediaries
- Consumer education
- Job resources
