Before doing anything you should sit down with a life insurance specialist (someone who only sells life insurance) and talk to them about ways to insure against your passing. You will find out that these guys know a thing or two that can really help you plan for your future and protect your family and home just in case something unexpected happens to you or your spouse.

No one likes to talk about life insurance, wills or funeral pre-payment but these are things you need to consider when doing your financial planning for your family. If you don’t, what could end up happening is a free for all where no one knows what’s going on and everyone left behind has to pay or sell what’s left. This is the last thing you would want for your family to go through.

As a mortgage loan officer, I have received several calls in regard to the appraisal process of the homes that have not closed yet but have already received an appraisal before the flood. Most lenders that I have discussed this with are doing the same thing that Superior Bank is doing, which is getting an appraiser out to re-certify the property. It will cost an extra $100 to $300 to have that done but it is something the lender and the buyers are requesting. So far, all of our properties have been okay. That is not to say that there aren’t some problems and issues in and around the state.  Those will need to be worked those out on a case by case basis. Unfortunately, that’s all we can do right now.

If you need something more substantial, I suggest you work with someone who can help you with a more in-depth credit repair. I do have someone that I refer people to that I believe is one of the best around. It’s important to find someone who is above board and fair minded.

For those who are currently looking to buy a home the tax credits will last until the end of April to have a house under contract with a closing day before the end of June. You will need to check with your accountant to make sure you qualify before you count on the tax credit. Your Realtor and Loan Officer have jobs to do and can give you general rules. Your accountant knows your situation and the IRS rules and is the best person to ask to clarify the tax credits.

Had many people attended such a class in the early 2000’s we might have avoided the current housing situation but it is far easier to look back than to look forward. These classes are there for you and your family to learn the upside and the downside to home ownership as well as what you will need to have together to qualify for a home. Even if you are not required to take the class, you will be better prepared if you do to own a home. If  you don’t have the time to take a class you can read the First Time Homebuyer Guide.

What you are left with is market information, your situation and decision making. With these three things you should be able to forge ahead without feeling like you are out at sea without a paddle. If you need the latest information on the housing market and mortgages, I will be glad to share all that I know; if you would like someone to help you talk through your particular financial situation, I am happy to listen and help as I can and when you are ready to decide I will respect whatever decision you make. Just know that all markets go up and down and the rest is up to you!

The mortgage company has to have some time to establish if they can help you and they will want you to pay your mortgage on-time. If you wait until you cannot pay then they look at you differently and your choices change. That’s not to say they can’t help but it does make it harder for the investor to want to help if they think you will go into foreclosure anyway. You have to think like the investor and think what would make since to you? After all, you did sign a paper that said you would pay the mortgage and they really want you to be able too as well.

Because you have lost your current insurance coverage and let your policy lapse or canceled your insurance coverage and not replaced it with another policy, the mortgage company has the right (actually, the obligation) to place an insurance policy on the property on your behalf. Most of the time this insurance is far more expensive than the policies you could personally get so you will either receive a bill for the policy or your monthly payment will go up to absorb the increase. Either way you are either bound to pay for this policy or immediately get a replacement. If you don’t, you will owe the mortgage company the difference in your escrow account and it will just build up like plaque on your teeth and will be more painful down the road to deal with than if you deal with it as soon as you see there is an issue.

I know two people in the mortgage and real estate business, who will go unnamed, that hired companies to help them modify their home loans and after 6 and 8 months realized they had been taken. Both have since talked to the loss mitigation departments of their respective mortgage companies and worked out their own modifications, which I have found to be the best way for a homeowner to get it done. Unfortunately, there are far too many people out there who prefer to not deal with the problem than there are that will deal with it head on. This is what I have personally seen to be the issue in so many cases, so to answer the question proposed in the title; most of the time, it’s you who can help yourself the most.

If you really don’t understand an issue, get in touch with your mortgage company and ask questions or call your homeowners insurance person and see if they can help you figure out what to do. There is THDA and the Nashville Housing Fund that may be able to guide you to the right person. The main thing is to not give up and keep fighting until you understand the problem and have the steps to deal with it down. You are always your best advocate!

One of the reasons for this is that, most of the time, we don’t get all the information until the last minute from the closing attorney’s office and the homeowners insurance company’s. This will have to change in order for us to comply with the new rules. The basic thing you need to remember is if the APR is 1/8^th a percentage point higher or lower than the latest GFE disclosed, another GFE has to be disclosed and you must wait 3 days if emailed or 7 days if mailed before you can close the loan. This could be a problem if this all happens right before the loan lock expires so you need to be aware that this is now a variable in the process. Everyone I know who is in the mortgage loan business is doing everything possible to create a succinct process so that we can all benefit from these new rules; especially the buyers.