What You Need To Know…..
When people think of the Cedar City Housing Authority, they often think of low income housing and our Section 8 Program. We do offer a variety of low income options for families as well as the elderly and disabled, but we offer so much more as well! Beyond low income housing, we also offer HUD-Approved Housing Counseling services.
Free First Time Homebuyer Classes. We cover a wide range of subjects from preparing financially for homeownership to closing on your home and everything in between. These classes are open to the public and are offered the 1st and 3rd Thursday of every month at 1:00 pm. We appreciate pre-registration so that we know how many to plan for, as we have guest speakers come in with bigger classes. Remember, the class is free and open to anyone wanting to learn more, even if you’re a seasoned homeowner or someone just toying with the idea of owning a home.
Free Foreclosure Prevention Counseling. With this program, we are able to provide assistance to those who are struggling with foreclosure from all walks of life, not just low income families. And the best part is that it’s completely free! There are several options out there that could help you stay in your home or exit gracefully with the least amount of damage to you financially as possible. And in most cases, move out money is available to those who leave the right way, instead of just walking away.
Now it’s time to clear up some misinformation about modifications that I hear a lot.
*This process is long. Most cases drag on for 6 months to a year or longer. It will also kill your credit.
* When you miss a payment, you are liable for the amount past due, late fees, attorney’s fees and whatever else has accrued during the time you fell behind; so don’t intentionally miss payments just to qualify. It hurts only you.
*The final decision is made by your Investor so any company that guarantees modifications are most likely scammers. Please don’t fall into the trap of paying thousands of dollars to a scammer when there is free help available.
*Applying for a modification does not stop foreclosure. Your Lender will kill a tree sending you foreclosure paperwork. The only thing it does is slow the process down.
*Modifications don’t guarantee that your interest rate will drop to 2%. I’ve only seen that happen a handful of times. So when you hear stories of people who say “we were current on payments but just wanted a better interest rate. So we applied for a modification and got a 2% interest rate and even better the bank just waived part of our balance!”…they are most likely exaggerating, a lot.
So long story short, there are a lot of programs out there that are in place to help those in need. We are here to help you explore those options and will give you honest, up front information that will help you make the decision that is best for you. We want you to succeed, so please don’t be afraid to get the help you need.
Kimberly Stubbs
Housing Counselor
Cedar City Housing Authority
364 South 100 East
Cedar City, UT 84720
435-586-8462
kim@cedarcity.org
Category: Expert Articles, Foreclosure Help
