Handling the Stress of an Unaffordable Mortgage Payment

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.
In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.
The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.
I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

Shopping for a Mortgage

Shopping for a mortgage is one of the most important steps involved in purchasing your next home. Since the terms and conditions that you agree to will impact your financial future for years to come, it is vital that you take the necessary time to research and compare the best packages available to you.

Many buyers tend to primarily focus on obtaining the best interest rates; and though this is an extremely important piece, there are a host of other factors to consider. Therefore, let’s discuss some of the other criteria that should be reviewed before signing on the dotted line.

First of all, please be wary of only searching for rates and quotes online. Although there are very reputable companies that can be found using an internet based search, it is wise to also spend time working with local companies and banks that are familiar with the current market. This is a very detailed process, so you should not base your decision on simply one or two sources.

As you have seen from the recent mortgage industry scare, it is typically best to invest in a fixed rate loan. With adjustable rate mortgages, you could be stuck paying higher amounts of interest and maybe even eventually owe more on the loan than the house is worth. Be sure to review this with your mortgage professional before making any final decisions.

Next, along with attractive interest rates may also come additional fees and terms. Be careful that you fully understand what you are signing up for before choosing your mortgage. Although the rates may look somewhat favorable, here is a list of some things to be aware of:

• Processing Fees—Items such as processing and underwriting fees could be added to the cost of the loan as well. Although you typically will have to pay a few hundred dollars for the application fee, there are other extras that may be attached as an added expense.



• Private Mortgage Insurance (PMI)—In order for lenders to protect their own interests, buyers will be required to pay for PMI on a loan until they have built up 20% equity in the home. These fees are calculated based on a person’s credit score.



• Appraisals—It is becoming more common for lenders to charge this fee upfront before an appraisal is conducted. Unfortunately, you will end up paying for this regardless of whether or not it gives you the evaluation necessary to obtain the loan.



• Points—Each point equals 1% of the actual loan amount. Many buyers can elect to choose a plan that charges points so that they can acquire a lower interest rate. Lenders will typically charge anywhere from 1-3 points (or even more), and these will be charged as a fee at closing. Whether or not you should choose a plan with points will be dependent on your available cash and how long you plan on staying in the home.

This is just a sampling of what may be included with your mortgage. It is best to find out up front exactly what you will be responsible for with all additional fees included. As long as you are working with a reputable company, you should get a good feel of what will be expected at closing.

Be sure to avoid working with any parties that seem to make unfulfilled promises, suddenly change the terms at closing, ask for more information than is necessary to process the loan, or overall make this an uncomfortable process for you.

There are more than enough resources available to you to obtain a loan that will suit your needs. Additionally, we would be happy to provide any additional referrals and feedback so that you can get set out on the right foot. Please contact us right away for more information on how to get started!

Romanian Update - Minor Center

This post is especially for my sweet nephew David Boyd

I want to share with you how you helped me minister in Romania. On Friday morning before we set out to go to the Minor Center which is a Romanian Detention Center, we had our usual prayer time & were asked if we had any prayer requests - I shared with our team about you doing your last round of RICE treatments & your preparation for a bone marrow transplant - so I had you on my mind that day. When we got to the Detention Center, I noticed a boy who was sitting on the couch looking very scared. Austin walked up to him & tried to play around with him & talk to him but he immediately recoiled in fright & began to cry. We were told that it was his first day there & that he wouldn't talk to anyone or let anyone touch him.

Most of the kids that wind up in the Minor Center are there because they have either been caught begging on the streets, have run away from home or have been caught stealing. I began to think that if one of my children were in that place I would think they would want their Mom or at least someone to let them know they were loved and that they were safe. I asked a couple of the teenagers that were sitting on the couch with him if I could sit next to him.

I determined in my mind that I wouldn't touch him or talk to him unless he gave me an opening. I began to pray that God would use something to get through to him. Since I don't speak but a couple of phrases of Romanian, it would be difficult to even communicate with him. I sat there for awhile with him and he remained curled up on the couch not speaking or looking at anyone. Then I saw him look over and begin to stare at my purple " TeamBoyd" bracelet. I saw my opening. I pointed to my bracelet & he shook his head "yes". I took the bracelet (which I have worn every day since you gave it to me !) off my arm & placed it on his arm. He gave a little smile & then leaned over & put his head on my chest & began to rock in my arms.

By the time Austin began to play the guitar, he was smiling at me and he began to sing "I've got a River of Life"in Romanian !!! The rest of the day, he would hold my hand and pull me around the center to do crafts or play ball with him.

Isn't it awesome that such a simple thing as a Prayer Bracelet could open the door to let a little boy in Romania know that the Lord loves him.

Thank you for giving me that bracelet, not only to pray for you (which of course I will do with or without the bracelet) but that the Lord was able to use it to minister to a child.

I also want to say thanks to my other nephew Philip - we did a fundraiser in LA for David & we used some bracelets at the fundraiser. Philip had some left over & he let me take the remaining bracelets to Romania - was very cool to see Romanian children wearing the bracelets & smiling just to have something so special.

Another cool thing was that my sweet sister Sherry, donated some metal crosses that her company makes. On the last day, we made necklaces with the children and they had those crosses hanging around their necks which said "Jesus loves you" - that's "Isus Te Lubeste" in Romanian !!

I love how the Lord has used my family to help me minister while I was away from them -- made me feel like a part of home was with me -- I love you all so much !!!!!!!!!!!!!!!