A p ril 7, 2010
îl!‘ $Jortlanh (Observer
Loan Modification
Avoiding
‘rescue’ scams
It a company contacts you and
offers assistance, call your nearest
HUD office or check its website to
ensure you're working with an ap-
As more financially distressed proved housing counseling agency,
borrowers seek mortgage loan modi-
2.Neverpayupfrontfees.—HUD-
fications and other alternatives to approved counseling agencies get
help them keep their homes, the their funding from HUD and, in some
number o f "foreclosure rescue" cases, mortgage companies. If you
crimes continues to rise, according work with a HUD-approved counsel-
to the FBI.
ing agency, you won't be asked to
While some mortgage assistance pay an upfront fee to start the pro-
efforts are indeed legitimate, other cess. Ifa company requires an upfront
struggling homeowners find them- fee or guarantees you a modification,
selves victimized by scams that seek help elsewhere,
promise hope but end up costing
3. Never send a paym ent any-
them thousands o f dollars and, in w here oth er than your m ortgage
some cases, their homes.
c o m p a n y . — A n u m b er o f
While many homeowners work homeowners have signed "modifi-
directly with their mortgage company cation" documents and then started
to pursue a modification, others pre- sending their monthly payments to
fer to work with an agency that can another company,
help them navigate the process.
In reality, they may have inad-
If you're considering using an vertently signed over the title of
agency to help you modify your their home to a scam artist and,
mortgage, here are four things that adding insult to injury, are now writ-
Wells Fargo Home Mortgage ad- ing checks directly to the fraudster,
vises a homeowner should never In the meantime, their existing mort-
d°:
gage loan is still in place and they
1. Never use an agency that is not are falling further behind on pay-
HUD-certified.— A numberofagen- ments.
cies have adopted official sounding
4. Never ignore correspondence,
names and created impressive mar- — Legitimate housing counselors
keting materials to make them ap- will tell you not to ignore phone
pear to be a government agency or calls or letters from your mortgage
endorsed by the government. Do company, and you shouldn't. Be-
your homework to make sure they ware o f any firm or counselor who
areHUD-certified.
advises you not to respond to your
The Department o f Housing and mortgage company at any time dur-
Urban Development maintains a list ing the process.
online at hud.gov o f approved non-
Contacting your mortgage corn-
profit counseling agencies that can pany to discuss a loan modification is
assist homeowners seeking a loan a major financial decision. You al-
modification (search for "foreclo- ways have the option o f working
sure avoidance counseling").
directly with your loan servicer to
TAX SOLUTIONS CENTER
H enrietta B row n in g O w n er/T a x C on su lan t
Grand Opening Special Coupon
Page 7
Pilot Program Pays Upgrades
discuss your modification options,
but for those homeowners who pre-
fer to work with a housing counselor,
it’s important to make sure the coun-
seling firm you work with is one who
is interested in helping you.
If you have any doubts about the
agency you're relying on for help,
contact your mortgage lender first,
Your lender can tell you if you qualify
for a government program or any o f
its own loan refinancing options,
Clean Energy Works Portland is
a pilot program that is helping up to
500qualified Portland homes finance
and install energy efficiency up-
grades.
The pilot offers homeowners ac-
cess to low-cost financing for en-
ergy efficiency home improvements,
like new insulation or the installa-
tion o f a high efficiency furnace or
water heater. To help decide which
upgrades and financing options
make sense, participants will receive
the assistance o f a qualified Energy
Advocate throughout the process.
Homes in the Clean Energy Works
Portland pilot must be owner-occu-
pied and located inside the City o f
Portland,
To learn more about eligibility
and to apply to participate, visit
cleanenergyworksportland.org. If
you apply, you can expect to hear
within 3-4 weeks, orsooner, whether
your home has been accepted into
the pilot.
Own a home the right way.
Affordably.
We’re a nonprofit serving
first-time homebuyers for
more than 10 years.
Our average sales
price was $137,000
last year. Call us.
PROUD
GROUND
Think you can't afford to buy a home?
Think again!
Proud Ground, a nonprofit organization serving Portland since 1999, has
2 & 3 BR homes at prices you can afford in Lents and North
Portland.
Our homes have fixed-rate monthly mortgage, taxes and insurance
payments around $800-1200. No subprime mortgages. No getting in
over your head. And it's not too late to take advantage of the $8,000
tax credit!
Call (503) 665-7000 For An Appointment
Just bring this coupon with you, and you will receive a
discount o f 20% OFF your tax return preparation fee.
(valid from 1/23/10-4/15/10)
We’ve helped 120 families buy their first home in Portland. We can help
you, too! But don’t wait to get ready. Proud Ground gives priority to
those on our waiting list.
LIST OF OUR SERVICES:
• Premier Tax Preparation Services for Individuals and
Small Busineesses
• Bookkeeping and Payroll Services
• Over 20 years IRS Experience
• Free E-File with Tax Return Preparation
• Authorized E-File with Tax Return Preparation
• Authorizes E-File Provider
• Fast Accurate Refunds
• Low Competitive Prices
• Specialize in Reporting Foreclosure, Bankruptcy and
Cancelled Debt Income
• Open Year Round to Serve You
• Service Provided in English and Spanish
We are located at: 17988 NE Glisan Street
(just off 181st and Glisan Street) Portland, Or. 97230
To find out more about our program - including how to get on our
waiting list - attend one of our FREE information sessions.
Homeownership Information Sessions:
•
North Portland, 4th Monday of every month
Proud Ground office (5288 N. Interstate Ave.)
•
SE Portland, 2nd Tuesday of every month
East Portland Community Center (740 SE 106th Ave)
To register or find out more:
(503) 493-0293, x 10
www.proudground.org
Dnea/n/t, Stani J/ena.
till
I I »