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Nevada residents have state, federal and charitable organizations that provide free advice and mortgage aid. This includes the Nevada Foreclosure Prevention Task (foreclosurehelp.nv.gov), the Home Ownership Preservation Foundation (Call 888-995-HOPE) or the Housing and Urban Development Department (HUD.gov).
The main resource these organizations can provide is quality information so you can educate yourself and negotiate a suitable mortgage workout with your mortgage servicer. However, many troubled homeowners struggle to see how talking to a friendly counselor is going to help them save their home and just try to work it out by themselves. Unfortunately they are wasting a valuable resource that can improve their chances of avoiding foreclosure. Let us look at a few of the ways a housing counselor can help you.
Designing a budget.
The reason you are struggling with your mortgage payments is because your monthly budget is not working. Maybe you have new expenses, or your income has dropped. A good housing counselor will help you write out a new budget that allows you to pay your mortgage, or at least know how much you can put towards a mortgage. This information is very important. You should know what you can afford before you negotiate with your mortgage servicer. This information will also help you decide what kind of mortgage workout would benefit you the most.
Housing counselors have up-to-date information on mortgage aid workouts, services and resources you can apply for. This includes legal, medical and other financial services that can help with other problems besides your late mortgage payments.
Your housing counselor can even call your servicer on your behalf and obtain information from your servicer. You must allow your mortgage servicer in writing by signing an Authorization to Release Information form before they can talk about your situation with a counselor.
Counselors can also help you fill in the information package your servicer sends. This includes guidance writing the hardship letter most Loss Mitigation departments ask for.
As you can see approved housing counselors are valuable resources for struggling homeowners. Call an HUD approved counselor near you and start making choices that can save your home from foreclosure. Visit this article for up-to-date lists of Nevada Housing Counseling Agencies.
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