Mortgage foreclosures are up; interest rates are up; and the number of houses for sale that are languishing on the market is up. About the only thing that is "down" these days is the troubled homeowner who is having difficulty making his or her mortgage payment.The Better Business Bureau has developed a new educational resource - BBBTips™ for Troubled Homeowners --to assist those who fear they can longer afford to meet their mortgage obligation.
"Whether you are a couple of months behind in your mortgage payment or a couple of weeks behind, there are positive steps you can take to protect the value of your investment. The BBB wants troubled homeowners to know that they are not alone and they are not without options," said Steve Cole, president and CEO of the Council of Better Business Bureaus.
"Troubled mortgage-holders are no exception. BBBs are assisting with an increasing number of complaints about foreclosure 'rescue' businesses that promise homeowners a fail-safe solution. Victims report unknowingly signing over the deed to their house; having to pay rent to live in their own home; or confronting a buy-back deal that exceeds the value of their home," Cole said.
BBBTips™ for Troubled Homeowners outlines the options that are available to financially-pinched homeowners, from those who are anxiously awaiting a "reset" of their adjustable rate mortgage to those who may already be on the road to foreclosure.
The BBB system's new educational resource is available online at www.bbb.org/tips/clearpoint.
Topics include:
- Reasons behind the current rise in mortgage foreclosures;
- Advice for homeowners on assessing their personal situation;
- Steps to take if you can't make your monthly mortgage payment;
- Seeking assistance from a non-profit housing counselor; and
- Avoiding foreclosure "rescue" scams.
BBBTips™ for Troubled Homeowners is sponsored by ClearPoint Financial Solutions, Inc.™, a System-wide member of the Better Business Bureau. This is the latest release in a series of BBBTips™ resources on credit and debt issues.
"We join with the BBB to provide practical information to help homeowners who are worried about losing their homes. The sooner they develop a plan of action, the greater their chances to improve their financial situation," said Dan Oelrich, President and CEO of ClearPoint.
The BBBTips™ program supplements other helpful information provided by Better Business Bureaus to promote an ethical marketplace. In 2006, the 129 BBBs serving communities across the United States and Canada helped consumers and businesses with more than 105 million instances of service.
