Struggling with your mortgage payment? Get help now
June 24, 2009
I’ve said it before, and I’ll say it again: If you are struggling to pay your mortgage, get help immediately!
The longer you delay getting professional help, the more difficult it will be to get the best solution possible for your situation.
An article in the Washington Post this morning gave some statistics that back up that thought.
According to housing experts cited in the article, 27 percent of homeowners who go to a housing counselor after missing three or four monthly payments end up in foreclosure. That number jumps up to 60 percent for homeowners who have missed more than four payments before getting help.
It is very important to understand that you do not have to be delinquent on your mortgage to schedule a foreclosure prevention counseling session. You can schedule a session if you are facing any kind of financial difficulty and think you might not be able to make your mortgage payments.
Advantage CCS has knowledgeable housing counselors who can help you. There is no cost for a foreclosure prevention counseling session. Our counselors are certified by the U.S. Department of Housing and Urban Development (www.hud.gov).
There is no cost for the counseling session.
You can learn more about Advantage’s housing counseling services by clicking here. Or, call (888) 511-2227 to schedule a session.
Pay homeowner association fees to avoid foreclosure
June 22, 2009
Right now many homeowners are concerned about keeping up with their mortgage payments so they don’t risk losing their home to foreclosure.
While it is critical to pay your mortgage, some homeowner’s have another payment to make that is just as important when it comes to avoiding foreclosure: Homeowner association fees.
Homeowner associations often collect a monthly fee from residents in developments. The fee is used for the maintenance of grounds in the development. This may include lawn service, pool upkeep and maintenance as well as any other upkeep costs for amenities such as tennis courts, gyms and recreational or gathering rooms.
According to the Community Associations Institute, there are 59 million Americans who are living in neighborhoods governed by homeowner associations. Some of these associations have begun to foreclose on properties to collect delinquent association fees.
If you live in a development that is governed by a homeowner association and you are having trouble paying your fees, talk to the property manager, explain your situation and see if something can be worked out. Don’t assume that those fees are something that can be ignored when you’re financially stressed. Failure to pay those fees can be just as disastrous as falling behind on your mortgage.
And remember, if you are struggling to pay your mortgage, there is free foreclosure prevention counseling available with Advantage CCS. Our counselors are certified through the U.S. Department of Housing and Urban Development. They can help you explore government programs to help you stay in your home. They can also work directly with your lender.
Call (888) 511-2227 to schedule an appointment.
Don’t give up on your path to becoming debt-free
June 17, 2009
When you’re trying to work your way out of debt, it can sometime feel overwhelming.
I always viewed paying down debt and budgeting a bit like dieting. It’s really hard in the beginning. If you can stick with it, it gets easier and you can see progress. But, inevitably, at some point things level off and you feel like it’s a never ending task.
You start to get feel frustrated. You want to see more progress. You’re tired of “being good” and sticking to your diet. You long for a Burger King Whopper or a new pair of shoes.
That’s when a diet (be it a food diet or a debt diet) can really get derailed. That’s also the time not to give in to temptation and to keep moving forward toward your goal.
If you’re in the process of paying off debt, take a moment to look back and see how far you’ve really come. Remember your goal and why you’re on the path to that goal.
It’s also a good idea to look for inspiration. You’re certainly not alone when it comes to trying to become debt-free. There are many, many other people out there who are facing the same struggles and frustrations.
Check out this story about a freelance writer’s path to paying back $50,000 in debt if you’re looking for a little inspiration and encouragement.
Start saving: Pennies can turn into big dollars
June 1, 2009
Have you ever heard the tongue-in-cheek saying, “Why do today what you can put off until tomorrow?”
Despite its sarcastic nature, there are plenty of people who procrastinate and actually live by this philosophy. (Full disclosure: If I’m not careful I can be quite the procrastinator myself, so I’m certainly not looking down on those who tend to put things off.)
I think people tend to procrastinate particularly if the task is either difficult or boring. And this is what leads many people to put off fixing their finances. Let’s face it, budgeting and saving isn’t exactly exciting. And it can be scary and seem impossible, especially if you are facing a big financial crisis.
I always tell people that it’s easier to pay off $5,000 in credit card debt than it is until you’ve amassed $50,000 in debt. It seems like a no brainer, but sometimes it’s easier said than done.
The same goes for saving. According to a Bankrate.com survey, fewer than four out of 10 Americans have an emergency fund to fall back on. Roughly 70 percent of people have some sort of savings, but it’s less than the recommended three months of living expenses.
Not long ago I was reading an MSN Money article by Liz Pulliam Weston. She was writing about the importance of saving right away and compounding that savings. Here is her illustration of how compounding works:
“If I gave you a penny and promised to double it every day for a month, at the end of 31 days you would have — this is no typo — more than $10 million. At first, the doubling is no big deal, as 2 cents becomes 4 cents becomes 8 cents. As we keep going, though, those gains start to build up. The return on your money earns its own returns, and by the end we’re talking real cash.”
Granted, we aren’t going to save $10 million in a month, but if you’re not putting anything aside, and you can start to save something and gradually add to it, you could manage to save a larger amount of money than you thought capable.
Don’t procrastinate. And don’t feel overwhelmed with a large savings goal. Start with what you can, even if it’s only pennies. It could turn into real dollars.
Here’s a calculator to help you figure out how much money you can save.
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