Friday, July 06, 2007

Avoiding Mortgage Payment Shock

Author/Publisher(s): Federal Trade Commission (FTC) Read Online: Avoiding Mortgage Payment Shock (offsite) A new publication from the FTC has information that could help consumers save their homes and recognize and avoid foreclosure scams.

Recommendation

The publication, “Mortgage Payments Sending You Reeling? Here’s What To Do,” explains different kinds of mortgages, what to do if you’re behind in your payments, how to avoid default and foreclosure, and how to avoid predatory scams.

Consumers who have a mortgage with a fixed rate for a few years followed by an adjustable rate may face payment shock when their rate soars. Others may be anticipating an adjustment upward and wondering what their payments will be. Still others may have unrelated financial problems that could threaten their ability to pay their mortgage.

The FTC’s advice: Know the terms of your mortgage, and contact your loan servicer to find out your options as early as you can.

Keywords

Foreclosure, Payment Shock, Housing, Mortgage Payment

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