Today on MyMoneyLife with Chuck Bentley

There’s good news and bad news on the mortgage front.  The Mortgage Bankers Association recently held their annual convention in San Diego and the consensus seems to be that they’ve turned the corner on the sub-prime crisis.  That’s the good news.

The bad news is that lenders are facing an avalanche of borrowers with little or no income due to the high unemployment rate, according to MarketWatch.com.

So, if your income’s been reduced and you’re having trouble making your mortgage payments, here are the top 3 things you need to know:

1. At last count, 3.3 million homeowners were 60 days or more late on mortgage payments, so you’re not alone. This is a big problem.



2. In the last two years, over 5 million borrowers were able to avoid foreclosure by having their mortgages reworked, usually with reduced interest rates or longer terms to make payments easier.



3. Secondary mortgage companies are buying up a lot of distressed mortgages at big savings and they can afford to make more favorable terms with existing homeowners.

Sadly, lenders report that nearly half of all delinquent homeowners they attempt to contact ignore their phone calls and letters and instead go into foreclosure.  So if you need help, humble yourself before the Lord, then go ask your lender for help. There are options, such as loan modification and forbearance programs that allow you to temporarily stop making payments.

And if you need help getting your finances under control, I hope you’ll visit us at Crown.org.

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Other Resources:

• ABCs of Money Package
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• Crown Mvelopes