Mortgage Assistance

Don’t Ignore the Problem

Welcome to Housing & Financial Educator! We are a 501C3 non-profit company that will help you get your mortgage back on track with your existing loan and your current mortgage company. We’ll also educate you on how the entire process works, this way, you can handle the situation yourself should there be any problems in the future.

If you’re having difficulty making your mortgage payments, you are encouraged to contact your mortgage company/lender directly to inquire about available workout solutions to become current on your mortgage.

If you are unsuccessful with these option you can contact us and we will gladly identify the problem you are having with the mortgage and see if we can be of assistance. The sooner you reach out for help, the more options may be available to you.

These new programs may enable you to change your existing home loan, reduce your monthly mortgage payments, receive interest rate reductions, and/or freeze your existing interest rate. Programs are available without the traditional restrictions on credit history, income/employment status, equity or reserves.

  • FHA-Hamp

  • VA-Hamp

  • Fannie Mae-Freddie Mac-Flex Modification

  • Streamline Modification

  • Partial Claim

  • Interest Rate Reduction

  • Principal Deferment

  • Forbearance Agreement

  • Reinstatement

  • Repayment Plan

  • Settlement Options (Pay off a loan for pennies on the dollar)

  • Loan Extension

  • Cash for Keys

  • Loss of income-Unemployment-Short Term Disability

How to Qualify and Apply for a Loan Modification

Prepare your documents:

  • Your monthly mortgage statement

  • Information about any other mortgages on your home or other property

  • For salaried employees or hourly wage earners, 2 recent pay stubs (not more than 90 days old) that reflect year-to-date income

  • For self-employed homeowners, your most recent signed and dated quarterly or year-to-date profit and loss statement

  • Documentation of additional income received from other sources (tips, commissions, bonuses, housing allowances, overtime, etc.)

  • Documentation of any benefits received (Social Security, disability, death benefits, pension, public assistance, or adoption assistance, etc.)

  • Documentation of any other income you want considered (alimony, child support, separation maintenance payments, etc.)

  • Two most recent bank statements

  • A utility bill showing your name and property address

  • Unemployment benefits letter, if applicable Information about your savings and other assets

  • Your two most recent federal tax return with all schedules, including Schedule E

  • A letter describing the circumstances causing your hardship

  • Complete the mortgage companies application

Ten Tips for Long Term Success

Get The Best Deal You Can

One of the problems with negotiating a lower mortgage payments is that the lender’s goal is to shake as much money out of you as possible. As a result, lenders often push for a homeowners often agree to a lower payment makes the homeowners monthly payment that’s not really affordable. Or the new monthly payment makes the homeowner’s budget so tight that he’s on unexpected car repair or medical bill away from falling into default again.

One of the keys to long term success is to negotiate the absolute best deal you can the first time around- a deal that leaves you with a financial buffer to handle unexpected expenses.

If your lender refuses to budge and you can’t afford the payment that is being offered, don’t agree to the deal unless the loan modification provides you sufficient temporary relief to implement a long-term solution, such as selling your house.

Credit Counseling Budget

We create a rough budget so you know where all your money is coming from and where it’s going. If you’re really into budgeting, you’re going to do either a lousy job sticking to it or you’ll benefit from working with Housing & Financial Educator. HF&E can assist you in the following ways:

*Analyze your current financial situation and set reasonable goals to trim spending.

*Itemize your current spending and group expenses by category.

*Prioritize credit accounts to pay off high interest credit first.

*Keep the bill collectors at bay.

*Hold you accountable, so you stick with the plan

Try Modifying Other Loans

When the economy suffers, everyone hurts, including banks, credit card companies and car dealerships. They all face the very real possibility that many of their customers face the very real possibility that many of their customers will stop making payments or be forced into bankruptcy. Like your mortgage lender, many of these intuitions would rather you pay less than nothing. Creditors who hold unsecured debt (that’s debt not secured by valuable asset, such as your home) are particularly at risk of losing out if you declare bankruptcy.

Get all loan modification agreements, even those with smaller companies, in writing.

Prioritize Your Debt Payments

Most credit counselors are going to tell you to pay more than the minimum monthly payments on credit cards and other high interest accounts. However, paying more than the minimum due on all your accounts isn’t the savviest strategy. Prioritize your accounts first.

Find your most recent credit card statement and inspect them carefully to see which one is charging the highest interest. This is the credit card balance you want to pay off first. You may be able to transfer the balance to a credit card account that’s charging a lower interest rate, but find out how much it’ll cost you (if anything) before you make the transfer.

Slash Discretionary Spending

Discretionary spending consist of unnecessary expenses, such as going out for dinner and a movie when you can cook for yourself and rent a movie for less. These expenses that sink most budgets, so here are a few suggestions.

Team up with your partner, if you have a partner. When both of you have a say in how in how much each of you spends and for what, you can hold another one accountable.

Grocery shop once a week.

The more times you pop onto the grocery store, the more likely you are to make an impulse purchase…or two or three.

Eat in

You spend a lot more for food when someone else prepares it. That goes for fountain drinks, too. And don’t cheat by purchasing prepared foods from the grocery store;

Trim your Phone, Cable and household expenses

You can live without premium channels and unlimited data.

Pay Yourself an Allowance

Parents often put their kids on allowances to teach them responsibility and to keep the kids from nickel and diming their parents into the poor house with constant requests for money. Few adults, however, consider the possibility that perhaps they’re nickel and diming themselves into the poor house by stopping at the ATM every time they need some cash.

This week, go to the ATM only once and pull out a reasonable amount of cash (within your budget) to cover your expenses-haircut, coffee, soft drinks, whatever. When the money’s gone, it’s gone… at least until next week when you visit the ATM again.

Haggle over Every Purchase

It’s always good to offer a lesser amount! In the U.S., this practice has fallen out of favor, but in the past 7 years or so. Hagglers have begun to popularize this type of negotiation again. In bad economic times, haggling becomes even more popular because consumers need to get the prices down and businesses need to make sales.

Granted this strategy isn’t very realistic when you’re dealing with your Electric or Gas Company or shopping at a major grocery chain, but it does work for a surprising number of businesses. Here are some ideas.

Start haggling with online purchases. It’s easier to negotiate when you don’t have to look the other person in the eye.

Haggle with the cell phone company to get the services you want, plans always change. When other offers come your way for services you already have such as cable-make your current provider aware of the other offers that are out there. It is time consuming but in the long run you can save hundreds per year, the bottom line always matters.

Earn extra Income

Unless you have a contract with your employer that prohibits moonlighting, you may be able to earn some extra money on the side. Auto mechanic, plumbers, hair stylist, craigslist, eBay, Uber-Lyft and other marketable skills that are available to you.

Try to become a go-getter and earn the extra money you need to survive in this world.

Put Everyone to Work

Get everyone to the grind, consider asking everyone in the family who’s capable to cover their personal expenses-whatever electronics and services they need, movie tickets, shoes, clothes and so forth.

In a real pinch, your partner or your kids can toss a little money into the household for expenses, at least temporarily until conditions improve. In many cases, the kids want to help- they usually don’t know how. By having everyone pinch in and celebrating your financial success together. You may even find that you family becomes much closer.

Check Your Progress

Creating a budget is not a one-time deal. You need to set your budget and then revisit it every month to make sure your on track. It’s like quitting smoking or a diet: Even if you cheat, you have to get back up and try again.

If your teaming up with family members, get them all involved in the budget review process, this way everyone involved knows where the money is going. If any problems arise they will know first-hand of the problems. You have a much better chance of success when you work together.

Don’t forget to celebrate the success of your budget. Come up with an affordable way to celebrate. Maybe make yourself a special home cooked meal and rent a movie. It doesn’t have to be expensive to be fun!