Foreclosure Intervention - Information for MPCM Members

By request of the Deacons, Sis. Cassandra Ferguson has shared the following information with all MPCM Deaconcare groups.

FORECLOSURE INTERVENTION
STRATEGIES TO PRESERVE HOMEOWNERSHIP

BY: CASSANDRA FERGUSON

YOU CAN’T DEAL WITH SOMETHING, THAT YOU ARE NOT WILLING TO CONFRONT. John 14 (Love, Obey and Abide)

First let’s overcome Fear, the devil lies – “False Evidence Appearing Real” Psalm 18: 28-39 Now you no longer fear but you Trust “ The Righteous Unleash Supernatural Truth”.

Now let’s ask God for Wisdom - for the Lord giveth wisdom: out of his month cometh Knowledge and understanding . He layeth up sound wisdom for the righteous : he is a buckler to them that walk uprightly. Proverbs 2:6,7

Listen for God’s divine instructions – That ye might walk worthy of the Lord unto all pleasing, being fruitful in every good work, and increasing in the knowledge of God; Colossians 1:10

DON’T STOP TITHING!!!! Grace will abound towards you. 2 Corinthians 9:8




SUSTAINING THE GAIN
We know we have to change the way we view the situation. Life happens!
The BENEFITS of owning a home are financial, social (especially for children), it is just a great asset. It’s better than the stock market.


The PITFALLS

• Delinquency-Payment is “past due”
• Default- Violation of mortgage contract; often=”seriously delinquent”
• Foreclosure- A legal filing to take a property
• REO-”Real Estate Owned”-lender’s inventory of foreclosed assets

The foreclosures rate started to increase in 1986
Why Foreclosure?

• ARM-Adjustable Rate Mortgage mortgages outside the box(People experience payment shocks)
• House values have decreased, so they can’t refinance
• Sub prime Market- risky loans 1 in 5 loans are sub prime
• Lack of knowledge, and less ability to manage payment shocks
• Property condition and location
• Job loss, death in the family, disability

HELP! What are my options!

Retention options:

1. Special Forbearance-a period of suspended or reduce payments; prevent delinquent reporting of the loan to the credit bureaus and late fees.
2. Repayment plan-Past due amount is divided and added to the regular monthly payment for an extended amount of time to bring loan current, this can be for 6-24 months.
3. Modification-Loan is brought to a current status by adjusting one of the three: Increasing principal balance by adding the past due; extending the term of the loan or reducing the interest rate.
4. Partial claim (FHA ONLY)- Loan is brought current up to 12 months.
5. Short sale-An approved sale of the property to an unrelated borrower.
6. Deed-in-lieu-The property is voluntarily given to investor sometimes this will prevent a foreclosure from appearing on your credit.

PMI Companies- If you pay private mortgage insurance on your loan, see if they can help.
Borrower’s protection plan-if borrower is unemployed it pays for your mortgage.

Waiting for your financial package to come will sometimes take 30 days, send back quickly.

If you can’t get help from the customer service representative call the VP office.

Helpful numbers and websites
http://www.nw.org/foreclosuresolutions
1-888-995-HOPE
http://www.995hope.org
http://www.hud.gov
Military- 1-877-AT-EASE-1

Knowledge without power to express the life within is of little value. The more programmatic the focus, the less emphasis we place on building deep and caring relationships that result in changed lives. O’s Hillman TGIF

Provided to MPCM by:

Cassandra Ferguson
Net Branch Owner
Purchase Money
Refinance Debt Consolidation
Foreclosure Prevention Specialist
Commercial Financing for Businesses & Churches

Priority Financial Services
The Ferguson Team
5 N MAIN STREET SUITE T10
BEL AIR , MD 21014
410-638-8326
Fax# 410-638-8771
www.priorityfs.org
cassandraf@priorityfs.org

"The task before you is not as great as the power behind you "
Psalms 121:2 My help comes from the LORD, Who made heaven and earth.