Welcome to the "Z" Team! Douglas and Bud Zeller

Behind on monthly payments?

What information and options are available?

How could your “credit scores” be impacted?

The “Homeownership Preservation Foundation” is an excellent FREE resource. Their website www.995hope.org offers a diversified amount information and solutions for your alternatives. Whether you’re in your in Placerville or any part of the USA, this will help. Online counseling, videos and other educational resources cover about any scenario.

Contact your lender to see what kind of advise or assistance they may offer. Many are beginning to have customer service or mediation departments. This will not be a quick or easy process so, be patient. Keep notes, names and phone numbers.

Professional counselors can be helpful but check their experience and expertise. Be cautious, there are a lot of scammers out their, so do not pay up front fees.

Here’s the likely options you may consider and how will your “credit scores” be affected:

“Loan Modifications” depending on the exact conditions of changes may not have much impact. This is an excellent choice if you want to keep your home.

“Short sales” according to research, can reduce your credit scores by as much as 130 points.

“Foreclosure” can cause a fall of 200 points or more. Negative marks on credit bureau files may last 5 to 7 years.

“Bankruptcy filings” on the average drop you scores around 300 points and reflect on credit bureau files for 10 years.

Cap and Trade passed the House. Now the Senate is working on their version of the Waxman-Markey bill. It appears the final result may include a new “National Building Code”. Homes would have to undergo and pass an “environmental inspection” when sold.

Mandated compliance of these new energy efficiency standards would make selling more expensive and difficult. Older homes and fixer uppers could represent cost prohibitive situations for sellers. Buyers would lose an opportunity to remodel, repair or upgrade with their options and desires. 

Obvious other ramifications from this will only further delay economic recovery. Other government regulations forced on home sales and the loan industry  this year,  have already had  negative impacts. The “American Dream of Home Ownership” is only being contradicted by much of this legislation.