Your Own Home Sponsored by: Keeping Your Investment Safe.
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Transcript of Your Own Home Sponsored by: Keeping Your Investment Safe.
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Your Own Home
Sponsored by:
Keeping Your Investment Safe
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NEIGHBORWORKS® ANCHORAGE IS…
• A private non-profit organization• HUD-certified housing counseling agency• Member of a national homeownership network• A non-profit mortgage lender providing
affordable loan products to Alaskans• An affordable housing provider in Anchorage • An affordable housing developer• A community builder and organizer
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NeighborWorks® Anchorage
We’re here to help• Over 1000 homebuyers have become
homeowners• Nearly 2000 individuals have received pre-
purchase counseling• We guide people of all incomes through
the home buying process and help them keep their homes
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OUR TEAM
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Why Protect Your Investment• You changed your spending habits• You saved money for a down
payment• You found the right house • You had your credit history reviewed• You filled out forms• You showed up for classes and
meetings• You committed to the investment
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You Will Know
•Refinancing Options•Keeping and maintaining records•Routine Maintenance•How to protect your investment by avoiding predatory lenders and loan scams
•Where to find a life preserver
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Refinancing your homewill it be beneficial?
• Rate and term refinance– Will the rate be reduced?– Will the term increase or decrease?– Will the cost be worth it?
• Cash-out refinance– How much equity is in the home?– How much cash is needed and why?– Will it be worth the cost?
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Refinancing continued
• Home Equity Loan (second mortgage)– What is the cash being used for?– Is there a better source than the home?– Is the payment affordable?– What is the rate, term and fee?
ASK WHY and is it the BEST CHOICE before refinancing or taking a second loan
on your home
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Shopping for a mortgage
• Shop for a lender– Is the lender willing and able to answer all of
your questions• Compare rates, fees and terms• Compare loan types• Where will the loan be serviced• Read and understand all the documents• Don’t sign blank documents
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Keeping Records• Purchase a filing cabinet or
fire-safe box• Design system for filing
records• Collect important papers from
sale• Make copies of stored
documents• Keep services contracts and
owner’s manuals
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Keeping Records continued
• Keep a file for warranties and receipts
• Make a list of serial numbers• Take photos of home and
contents• Keep separate files for
maintenance projects• Set up a system for financial
records
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Homeowner’s Insurance • Dwelling coverage• Other structures• Personal property• Loss of use• Personal liability• Medical payments coverage• Deductible• Condo coverage-is it sufficient
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Servicing the loan• Open and read all correspondence from
the lender• Verify the taxes and insurance has been
paid out of the escrow account when due• The lender may sell the servicing of the
loan– Verify sale with the existing lender before
sending payment to the new lender• Send payments only to your mortgage
servicer
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Servicing Continued
What to do if payment is returned• The lender may have gone out of business• Keep the original envelope and payment• Contact the original lender, FHA, VA, Freddie or
FNMA• Continue to send correspondence to the lender
(certified mail)• Make the monthly payment into a separate
account DON’T SPEND IT!
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Protecting Your Equity• Budget Review• Save for maintenance
and emergencies • Limit credit card use• Don’t use high interest
lenders• Don’t borrow more than
you can repay• Shop before you
refinance
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Payroll Advance Services
Check Cashing Agencies
Rent-to-Own Companies
The Bottom Line: Don’t Get Hooked
Know the true cost of the loan and explore the alternatives.Ask each lender about their terms and be sure you can afford to pay
them. All of them!
Other High Interest Lenders
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Facing Delinquency • Contact your lender
• Contact a HUD approved counseling agency
• Be honest with yourself and your lender/counselor
• Determine the hardship – Long or short term crisis– Severity of the crisis
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Delinquency continued
• Develop a crisis budget– Identify all household income– Identify all expenses– Gather information to verify ability to pay
• Know your options– Keeping the home– Selling the home– Be realistic
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Don’t Be Scammed
• Lease-Back or Repurchase Scams– Promise to pay off the delinquent mortgage– Repair credit, pay off credit cards and other
debt– You must “temporarily” sign your deed to a
third party– You are allowed to stay in the home as a
“renter” with the option to repurchase
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• Partial Interest Bankruptcy Scams– Ask you to give partial interest in the property
to one or more persons– Make the mortgage payment to the scam
operator in lieu of the lender and pockets the money
– Scammers file bankruptcy to delay foreclosure
– Foreclosure is delayed and may keep you from legitimately using bankruptcy laws to address your financial problems
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• Refinance Scams– The scammer poses as a mortgage broker or
lender– Presents you with “foreclosure rescue”
documents to sign– You are told the documents are for a refinance to
bring your mortgage current– The loan documents are Deed Transfer
Documents
You NO LONGER OWN YOUR HOME!!
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• Internet and Phone Scams– Scam lenders convince you to apply for a
mortgage loan on the phone or internet– The loan is accepted immediately– You fax documents and send wire transfer
payment to the phony company
You have been set up! Your personal details have been stolen or sold and
your home is still at risk of foreclosure!
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• Phantom Help Scams– Scam operator offers services to help the
homeowner with a loan modification or refinance program to avoid foreclosure
– An outrageous upfront fee is charged and grand promises are made
Your lender or housing counselor can help at NO CHARGE!
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Warning Signs That You Are Being Scammed
• Demands an upfront fee• Offers to negotiate a loan modification for
a fee• Makes unsolicited offers or “lofty”
advertisements• Recommends you break off contact with
your lender and housing counselor
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Continued• Advises you to stop making mortgage
payments• Tells you to send your mortgage payment
to anyone other than your loan servicer• Instructs you to transfer ownership• Makes verbal promises-nothing in writing• Asks you to sign blank documents
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There is HOPEIf you are falling behind on your mortgage call
a HUD certified counseling agency
Consumer Credit CounselingService of Alaska
1-800-478-6501 or onlinewww.cccsofak.com
or1-888-995-HOPE or online
www.ForeclosureHelpandHope.org
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HousingHelpNowAlaskaHousing Counseling/Foreclosure
Mitigation/Default Mortgage Counseling
Alaska Statewide
www.housinghelpnowalaska.org
1-888-643-5725
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REPORT A SCAMhttp://www.preventloanscams.org
The Loan Modification Scam Prevention Network
The Lawyers' Committee, along with our partners, is leading a large-scale mobilization of resources in a comprehensive campaign to enhance and support existing state and local efforts, increase scam reporting, educate homeowners, and work with law enforcement.
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Know Your Home• Main electrical switch
• Fuse or circuit-breakers
• Hot-water heater thermostat
• Main cutoff valves for water and gas
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Safety Suggestions
• Emergency numbers
• Fire safety inspections
• Smoke detectors
• Carbon monoxide detectors
• Fire extinguishers
• Safety ladders
• First-aid kit
• Security
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If you have questions, talk tosomeone you can trust, such asa knowledgeable family member,
attorney or a housing counseling agency.