Elizabeth O’Brien recently wrote for The Wall Street Journal an article on new help for those with mortgages. Some of the key points include:
- “[B]anks are more willing than ever to help homeowners avoid foreclosure“
- “As long as you can afford your monthly payments, banks don’t care that you owe more than your house is worth.”
- A credit score of at least 720 is a good cut off point for those seeking to gain payment relief through a refinancing scheme.
- It is not necessarily the case anymore that one has to be behind on their mortgage payments for banks to negotiate with you to change your terms or change your payment amount, so do not rule out discussing your case with the bank even if you forecast reduced monthly income or another basis for being unable to make mortgage payments.
Viewed as a cost instead of an investment, housing needs to be dealt with alongside other monthly expenses such as food and transportation. These Big Three monthly costs that each must handle should be organized, evaluated, and placed within a plan to manage both debt and expenses, no matter how simple the strategy.
Raj Patel writes for DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
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Tags: credit score, debt, debt elimination, Debt Management, debt organization, debt plan, debt reduction, foreclosure, homeowner help, housing costs, housing debt, mortgage, mortgage negotiation, mortgage payments, mortgage renegotiation
