A few weeks ago the federal government inaugurated a new website that helps homeowners understand more clearly their options with government programs to help refinance or otherwise restructure their mortgages. A number of programs exist. Eligibility varies, but the website provides a quick questionnaire to help gauge if you qualify. Mindful of the fact that not everyone who qualifies, nor even all who struggle with debt, should opt for a refinancing scheme, the website:
- points consumers to HUD-approved financial counselors
- provides a helpful yet basic checklist of what to know about your mortgage and other personal financial information. This list of data will be important to know when evaluating any course of action on your mortgage, not just when looking to refinance.
- suggests prominent warning signs of foreclosure fraud/scams.
With all of the information provided on the site, it is important to consider how a mortgage choice will impact your overall personal debt level, or indirectly make paying off debt more complicated. One example of this is the referral service to financial counselors. Make sure that using one of these financial counselors will not negatively impact your credit report, unless you decide that getting advice through this avenue is more important than protecting your score.
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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