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​If you are a homeonwer that is experiencing mortgage delinquency and facing the threat of foreclosure, you need to know that there are several opportunities (we refer to them as tools) available to assist you in saving your home and avoiding foreclosure.  Homeowners should know that there is help available to get them back on track.

Here Are Some Important Tips:

• Be mindful of all communications from the mortgage company.  Open and read all mail from your mortgage company and respond to their calls.  Not responding to their efforts to contact you regarding delinquent payments will only make the problem worse.
  

• If you are going to be late or think you may be late making a payment, contact the mortgage company and discuss the problem with them.  Often, they can offer help before it becomes a larger problem.

• You may find it difficult to discuss your problem with the mortgage company on your own.  If so, contact a HUD-Certified Housing Counseling Agency, like West Oak Lane CDC, right away.  By doing so, you can receive assistance at NO CHARGE.  There is help available, but it is essential that you take the first step to seek help and apply for assistance quickly. Time is of essence.
  

• Be very careful when seeking help with foreclosure problems.  There are many entities advertising " guaranteed results" to your foreclosure problems.  Often, they will take your money and , in the end, do nothing at all to assist you.  In fact, they have been known to take your money and disappear.
  

When faced with foreclosure and the possibility of losing your home, it can be embarrassing, stressful and you may experience a feeling of shame.  However, what is much more shameful, stressful and embarrassing, is doing nothing at all and eventually losing your home.  Remember, services at West Oak Lane CDC's Housing Counseling Agency and other HUD-Certified counseling agencies, are free and confidential.

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​If you are interested in becoming a homeowner there are several things you should be made aware of to make homeownership successful. 

Here Are Some Important Tips:

• Here are a few pros and cons to homeownership.
  • ​PROS:
    
    • ​Owning a home is an asset and an excellent way to build wealth
      
    • Homeownership allows you the freedom to develop your home as you please
      
    • Often purchasing a home can cost less than renting
      
    • Owning a home can provide stability
      
  • CONS:
    • ​Homeownership is a great responsibility, you will haave a financial responsibility, usually for up to 30 years
      
    • As a homeowner you will be responsible for upkeep and maintenance
      
    • Homeowners must be prepared for unexpected repairs
      

• Before starting the process of purchasing a home, acquire as much information as possible about the process of purchasing a home.  A good first is to attend a pre-purchase workshop.  This will give you an understanding of the overall home purchase process.  A workshop is generally followed up by one-on-one counseling session(s) providing individual assistance such as credit repair and budgeting. 

• Check your credit history and credit scores.  This is one for the first things a lender will consider when you apply for a mortgage.

• Be aware that you must have personal funds available for required down payments and additional fees, such as the cost of a home inspection, homeowners insurance and moving costs
  
• Prior to purchasing a home, especially between receiving a mortgage approval and settlement.  It is wise not to make any major purchases that will add to your overall debt.  Keep credit card balances low, usually at or under 30% of your credit limit.  Lenders have debt-to-income limits that must be met in order to qualify for and maintain a mortgage approval ​
  

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