Keys to Secure Homeownership

Information and resources for managing your mortgage

Keeping your home is just as important as buying it.

Buying your home may have been the most important financial decision you'll ever make.  But making the right choices to make sure you keep your home is just as important.

Owning a home has become more complicated in recent years. You may have read about the rising rate of home foreclosures, as well as the many new mortgage products available.Now more than ever, it’s important to be knowledgeable about every aspect of homeownership.

Understand Your Mortgage

Do you have an adjustable-rate mortgage (ARM)? An interest-only mortgage? Many of today’s “alternative” or non-traditional mortgage loans have adjustable interest rates and other terms that can lead to larger monthly payments. Make sure you know when your payment can change, by how much, and what the maximum payment on your loan can be.

Understand the Total Cost of Homeownership

Your monthly mortgage payment is only part of the costs. Property taxes, utilities, repairs and maintenance can add hundreds of dollars to your monthly costs. Many of these costs are on the rise.  Can you afford to keep up?

Understand That Things Can Change

Major life events such as divorce, job loss, illness or disability can all create financial hardship, and are a leading cause of foreclosure. Are you prepared for the consequences of a significant change in your finances?

Understand Your Options

If you’re having trouble keeping up with your mortgage payments for any reason, follow these steps to take advantage of several options for assistance that are available to you:

• Contact your lender at the first sign of trouble, before you miss a payment if possible

• Respond to all communications from your lender

• Tell your lender the whole story about your circumstances

• Contact a HUD-approved counselor – call 1-800-569-4287 or visit www.HUD.gov for a list of HUD-approved counselors

Remember, no one – neither you nor your lender – wants you to go to foreclosure and lose your home. The earlier you take action, the more options you may have to protect your home.

Important resources for homeowners

• If you have an HSBC, Beneficial or HMS mortgage call:

HFC/Beneficial: 1-800-333-5848

or HSBC Mortgage Services: 1-800-365-6730

• For HUD-approved counselors, visit www.HUD.gov or call 1-800-569-4287

• For financial education resources, visit www.mymoney.gov and www.occ.gov

• For budget, money management and credit counseling, visit www.moneymanagement.org

• For financial education and counseling services, visit www.NFCC.com

Click here to Learn more about homeownership and mortgages.

Click here to download a free copy of our Homeownership booklet.

Or to learn more about other financial topics, browse www.yourmoneycounts.com