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Tips and Bits About Mortgages – From First Federal
Refinancing
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home.
Modification
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income.
Beware of Foreclosure Rescue Scams – Help Is Free!
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- Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
- Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
- Assistance from a HUD-approved housing counselor is FREE.
- Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
- Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make a mortgage payment to anyone other than your mortgage company without their approval.
Report Lending Discrimination to HUD
If you believe you have experienced discrimination based on race, gender, national origin, or another reason, contact HUD’s Office of Fair Housing and Equal Opportunity at 1-800-669-9777.
These Tips and Bits have been brought to you by:
First Federal Savings Bank of Champaign-Urbana.
Rated 5-Star Superior by BauerFinanical, Inc., for 18 consecutive quarters.
We continue to be your local banking partner.
We continue to be a strong lender in the community.
Operating safely and soundly, you can be confident your accounts are safe at First Federal Savings Bank.
Still local.
Still strong.
Still lending.
Still serving the community.
FDIC Insured Deposits
Member FDIC and Equal Housing Lender
Contact Jason Eyman, Vice President of Lending, at 217-356-0933 or jeyman@356bank.com for commercial real estate financing.
Jason,
Thanks for the informative article. First Federal Savings Bank is one of the best banks in the C-U area. Very professional bankers that will return your call and treat you as you would want to be treated. I highly recommend First Fed to all our members.
Randy Hughes