Mortgage counselors can help you with paying and refinancing your mortgage.
Mortgage counselors serve many roles for homeowners. They can help borrowers find a way to get current on any outstanding home loan and associated bills, assist with owners finances, help modify a mortgage, and also, if needed, explain how the foreclosure process works. They may offer other services as well. Some counselors even direct clients to various home buying programs.
Mortgage counselors will also work with creditors, banks and lenders to try to come up with a solution to saving a home from foreclosure. They explore options including refinancing or loan modifications. This service is for homeowners and it will help them with paying their mortgage, home loan and any other relevant debts they may have.
Counselors have numerous roles to meet. They include good listening, negotiation, being advocates for the homeowner, and also the ability to analyze sometimes complex financial situations. Many times they need to deal with scared, angry, and frustrated homeowners who may be ashamed and confused about their current situations. These homeowners may often times be embarrassed to be asking for help with paying bills or their mortgage. That being said, the many borrowers who are assisted by this process are extremely thankful to their counselor for their assistance in pointing them in the right direction.
Many of the issues mortgage counselors deal with have been caused by shady lending practices or financially inexperienced homeowners that got in way over their heads. There are too many people that were deceived or maybe didn’t understand the terms of their home loan. Many others homeowners were sweet-talked into signing by these unscrupulous banks or lenders who only cared about their commission and closing the deal.
The variety and type of troubled homeowners notwithstanding, mortgage counselors have very difficult jobs that demand diplomacy, tact, and professionalism under a wide range of circumstances. Most of these counselors got into the counseling business out of a real desire to help people deal with this nationwide problem. Make sure you conduct research to ensure you use a mortgage counselor who is qualified. As there are some shady practices out there. But there are many others who will offer help with paying your mortgage and bills.
In addition to mortgage counselors helping people keep their homes and dealing with mortgage troubles, there are various ways to get help with other debt, such as credit cards and more. As all of the money freed up on those costs can be redistributed to making payments on the home. Learn about how to get help with debt and also get information on settlement. More.
Mortgage counselors give advice on government programs
Counselors are also up to date on the numerous federal as well as state government mortgage and foreclosure programs. As there are a number of resources that are available to homeowners across the country. There are options that can help people avoid a foreclosure, get a loan modification, and help them refinance and alter a loan.
- Many states also offer mediation programs, and a counselor can help facilitate that process. Mediation involves finding a solution that works for both the lender and homeowner, and it uses a neutral third party to negotiate. Read more.
- While some of the government programs have been slow to ramp up, the fact is that the total number is increasing. So there are many resources used that hundreds of thousands of people are getting assistance from them. Some of the other options include FHA foreclosure programs, and various options and state government mortgage programs.
Locate a non-profit housing counselor
Counselors are located in many counties and cities throughout the nation, including at community action agencies. There are also more than likely credit and housing counseling agencies, many of which are HUD certified, in your area as well. Often times the services offered are one and the same. Click here to find counselors and programs in your county. Some offer free advice, or they may charge a client minimal fees for their services.
If you are struggling in the current economic environment, the more options that you have for financial aid the better. The bottom line is that a housing or mortgage counselor is a great resource for people to take advantage of. As noted, many of the services they offer are free to homeowners or to those families that are seeking to buy a property.