The Legacy of
Homeownership
Prepare • Purchase • Preserve
1
Homeownership
Prepare • Purchase • Preserve
Prepare
1.
2.
www.depower.org
770.961-6900
770.961.8900
3.
Understand the hidden costs that impact
Homeownership
What are your legal rights as a
Homeowner
What resources are available to assist
you
2
Prepare - Purchase
Preserve
What are your legal
rights
as a Homeowner
www.depower.org
770.961-6900
770.961.8900
3
As a first-time homebuyer, you may
be unaware that there are other
expenses you need to budget for on
top of the asking price.
www.depower.org
770.961-6900
770.961.8900
Knowing about these potential
hidden expenses can help you
financially prepare for your big
purchase.
4
Know Your Rights
www.depower.org
770.961-6900
770.961.8900
Buying a house is one of the most
important legal transactions you'll ever
undertake. It's exciting, and you can keep
the stress level to a minimum if you take
time to learn about your legal rights and
how the home buying process works in
5
Detroit.
Fair Housing Act
• To create equal housing opportunities
for all persons living in America by
administering
laws
that
prohibit
discrimination in housing on the basis
of race, color, religion, sex, national
origin, disability, and familial status.
www.depower.org
770.961-6900
770.961.8900
• The Office of Fair Housing and Equal
Opportunity administers federal laws
and establishes national policies that
make sure all Americans have equal
access to the housing of their choice. 6
Know Your Rights
• You have the RIGHT to shop for the best loan for
you and compare the charges of different
mortgage brokers and lenders.
• You have the RIGHT to be informed about the
total cost of your loan including the interest rate,
points and other fees.
• You have the RIGHT to ask for a Good Faith
Estimate of all loan and settlement charges
before you agree to the loan and pay any fees.
• You have the RIGHT to know what fees are not
refundable if you decide to cancel the loan
agreement.
www.depower.org
770.961-6900
770.961.8900
• You have the RIGHT to ask your mortgage
professional to explain exactly what the mortgage
7
broker will do for you.
Know Your Rights
• You have the RIGHT to know how much the
mortgage professional is getting paid by you and
the lender for your loan.
• You have the RIGHT to ask questions about
charges and loan terms that you do not
understand.
• You have the RIGHT to a credit decision that is
not based on your race, color, religion, national
origin, sex, marital status, age, or whether any
income is from public assistance.
• You have the RIGHT to know the reason if your
loan was turned down.
www.depower.org
770.961-6900
770.961.8900
• You have the RIGHT to ask for the HUD
settlement costs booklet "Buying Your Home."
8
RESPA - Real Estate
Settlement Procedures Act
RESPA is about closing costs and settlement
procedures. RESPA requires that consumers
receive disclosures at various times in the
transaction and outlaws kickbacks that
increase the cost of settlement services.
RESPA is a HUD consumer protection statute
designed to help homebuyers be better
shoppers in the home buying process, and is
enforced by HUD.
www.depower.org
770.961-6900
770.961.8900
9
ATTEND A FREE HOMEBUYER
EDUCATION WORKSHOP AND
LEARN THE MECHANICS OF
BUYING A HOME!
ANY HUD APPROVED HOUSING
COUNSELING AGENCY WILL
OFFER WORKSHOPS OR
HOUSING COUNSELING
AGENCIES.
SEE WWW.HUD.GOV FOR HUD
APPROVED AGENCIES IN YOUR
AREA!
www.depower.org
770.961-6900
770.961.8900
10
Prepare - Purchase
Preserve
“
YOUR Credit-Ability
is
YOUR Credi- bility”
www.depower.org
770.961-6900
770.961.8900
11
IMPACTING CREDIT
&
RESTORING CREDIT
www.depower.org
770.961-6900
770.961.8900
12
How Can Foreclosure
Impact My Credit?
Foreclosure affects your credit score
by 250 points.
That is, if you have a credit score of
680, it will drop down to 430.
So, it's better to avoid a foreclosure
and request the lender for a loss
mitigation plan so that you're able to
keep the home or if at all you can't
keep the home, then at least see that
your credit doesn't get a big hit.
Impact on Credit
• A foreclosure stays on your credit
report for 7 years.
• Once you start rebuilding your credit,
it gets better with time, though it'll
take almost 2-4 years to get a mortgage
after foreclosure, that too at
comparatively better rates of interest
• Unfortunately, a low credit score
virtually guarantees that you will pay
higher interest rates on home and auto
loans, credit cards or other forms of
credit.
Impact on Credit
• How much more will you pay?
Experts say that a person with a
low credit score, say, below 600,
will likely receive mortgage
interests rates that are nearly 3%
higher than someone with a score
above 700.
• In a worst case, you may be
denied credit altogether.
7 Steps to Building
Your Credit
1. Start making payments on time
2. Don't Borrow Money You Don't
3.
4.
5.
6.
7.
Need
Check Your Report For Errors
Call Your Creditors
Pay Off Your Balances
Start Using Cash
Create A Budget
www.depower.org
770.961-6900
770.961.8900
16
st
1
Start making payments on time
• Noting payment history constitutes 35
percent of your total credit score.
• If you don’t have money for a
minimum payment by the due date,
but will the following week, pay it
next week. Don’t just double up your
payment the next month, which a lot
of people do. That makes you 30 days
late and that will drop your credit
score.
ND
2
Don't Borrow Money You Don't Need
• The average American consumer
carries between five and 10 credit
cards in his wallet. That makes it easy
to get in over your head. It also makes
lenders nervous.
• Don’t charge to the limit on one card.
If you have multiple cards it is better
to charge less on both cards with
room to spare.
• Get into the habit of paying off your
cards in full.
RD
3
Check Your Report For Errors
• You are entitled to a free copy of your
credit report every 12 months from
each of the leading consumer
reporting agencies – Equifax, Experian
and, TransUnion.
• If you find any errors, correct them
immediately. If there are things that
have been paid but still show up as a
collection account, or you find an old
judgment or lien you thought was
paid, pay off what you owe, get those
off your record.
TH
4
Call Your Creditors
• Insist on speaking with a manager and
tell them you’re having financial
problems.“
• Often, the manager will work with
you to establish a lower monthly
payment plan, freeze the interest
owed, or forgive some of your debt
altogether.
• They would rather get 75 cents on the
dollar than have you go to bankruptcy
court.
TH
5
Pay Off Your Balances
• If you have multiple cards, send in as
much as you can to the one with the
highest interest rate, while continuing to
make minimum payments to your other
cards.
• Once the highest rate card is paid off,
start chipping away at the one with the
next highest rate—and so on.
• Bringing your credit card balances to
zero renders you instantly more
creditworthy.
6th
Start Using Cash
• Stop using credit until you’ve got
your financial house in order.
• By handing over cold hard cash for
every purchase it’s easier to keep
track of how much you’re spending
on a daily basis.
• If you struggle with self-control, try
putting your credit cards in a
container of water and storing them
in the freezer. "If you’re tempted to
use them you have to wait until it
melts and hopefully by that time the
impulse is gone.
Finally
Create A Budget
• Write down your expenses
• It’s good advice for anyone, but for those
who are falling behind on their bills, the
value of having a budget cannot be
overstated.
• If you know what it costs you to live, it’s
easier to cut back here and there.
• There are plenty of ways to find more
money in your budget to pay off debt and
clean up your credit.
• Stop paying more on your cell phone for
text service. Drop cable TV. Take lunch
to work and print coupons for your
favorite products off the Internet.
Your Credit Report
includes…
1. Name, DOB, and Social
Security Number
2. Your Addresses
3. Your Employers
4. Your Debts
5. Your Payment History
6. Public Records
7. Inquiries
8. Collections and Charge-Offs
Know Your Credit
CREDIT REPORTS AND
CREDIT BUREAUS
Equifax
Experian
Trans Union
www.depower.org
770.961-6900
770.961.8900
25
View Your Credit Report
Credit Score Calculation Chart
View Your Credit Report
Requesting a copy of your own
credit report for your personal
review is strongly encouraged
and does not negatively
impact your credit history.
Start REBUILDING Your Credit
Today!
Prepare - Purchase
Preserve
Resources Available for
Homeowners
www.depower.org
770.961-6900
770.961.8900
28
President Obama's new mortgage relief
plan, launched March 4th, 2009 aims
to help up to 9 million borrowers
qualify for more affordable
mortgages and stay in their homes.
The program will:
– Work with lenders to modify the loan
terms for up to 4 million homeowners.
www.depower.org
770.961-6900
770.961.8900
– Refinance up to 5 million homeowners
into more affordable fixed-rate loans. 29
Making Home Affordable
The Making Home Affordable
Program is part of the Obama
Administration’s broad,
comprehensive strategy to get
the economy and the housing
market
www.depower.org
770.961-6900
770.961.8900
back on track.
30
Making Home Affordable
The key components of the Making Home
Affordable Program are:
• Refinancing for borrowers previously
unable to take advantage of lower interest
rates or a more stable mortgage product
because of falling home values.
www.depower.org
770.961-6900
770.961.8900
• $75 billion in incentives to provide loan
modifications, and other foreclosure
alternatives, bringing monthly payments to
levels which borrowers can afford today and
31
in the future.
Making Home Affordable
What are the Home Affordable Refinance
Program (HARP) and Home Affordable
Modification Program (HAMP)?
www.depower.org
770.961-6900
770.961.8900
• HARP and HAMP are the two
principal components of MHA that
use refinancing and loan
modifications, respectively, to reduce
monthly mortgage payments to
affordable levels or move borrowers to
more stable mortgage products. 32
Are all loan types eligible for the
Home Affordable Refinance and
Home Affordable Modification Programs?
What about FHA/VA/USDA loans?
• The HARP option is currently available only for
loans owned or guaranteed by Fannie Mae and
Freddie Mac.
• Most conventional mortgages, however, including
those owned by lenders or in securities, are eligible
for HAMP.
• Any loan type may be considered for a FHA Hope for
Homeowners (H4H) refinance.
www.depower.org
770.961-6900
770.961.8900
• Treasury requires servicers to consider H4H at the
same time they are evaluating a borrower for HAMP.
33
Making Home Affordable
What should a counselor do if a servicer
says an investor is not participating in
the Making Home Affordable Program?
To confirm the accuracy of the statement, a counselor
should first determine if the loan is owned or
guaranteed by one of the GSEs.
If it is, the servicer is required to consider all borrowers
who meet the minimum eligibility criteria for a
refinance under HARP or a modification under
HAMP based on the borrower’s circumstances.
www.depower.org
770.961-6900
770.961.8900
34
Making Home Affordable
www.depower.org
770.961-6900
770.961.8900
35
Making Home Affordable
How does the counselor determine if a
borrower’s loan is owned or guaranteed
by Fannie Mae or Freddie Mac?
www.depower.org
770.961-6900
770.961.8900
A borrower on his or her own behalf, or a counselor
with a borrower’s permission, may determine
whether the
borrower’s loan is owned or securitized by
Fannie Mae or Freddie Mac by using the loan
look up tools available at
www.MakingHomeAffordable.gov
or on the agencies’ websites or by calling the
agencies as follows:
36
Making Home Affordable
How does the counselor determine if a borrower’s
loan is owned or guaranteed by Fannie Mae or
Freddie Mac?
For Freddie Mac
• 1-800-FREDDIE (8am to 8pm EST Mon.-Fri.)
• www.freddiemac.com/mymortgage
For Fannie Mae
• 1-800-7FANNIE (8am to 8pm EST Mon.-Fri.).
• www.fanniemae.com/loanlookup
www.depower.org
770.961-6900
770.961.8900
37
Helping Hardest Hit Homeowners
On June 23rd, President Obama selected
Michigan as one of 5 states chosen to
participate in a new program designed to
prevent foreclosures. The Helping
Hardest Hit Homeowners Program
consists of three options, which will assist
homeowners to avoid foreclosure.
www.depower.org
770.961-6900
770.961.8900
• NOTE: These programs will be
administered through your mortgage loan
servicer beginning July 12th, 2010. To find
out more about the Helping Hardest Hit
Homeowners Program visit the Michigan
State Housing Development Authorities
Hardest Hit Fund Website
38
Helping Hardest Hit Homeowners
• The U.S. Department of Treasury
approved the Michigan State Housing
Development Authority’s (MSHDA)
plan to distribute a total of $498.6
million in federal funds that should
help more than 49,000 Michigan
households avoid foreclosure.
www.depower.org
770.961-6900
770.961.8900
• MSHDA was the first of the nation’s
HFAs to implement its plan to help
Michigan's hardest hit homeowners by
39
providing:
• Mortgage payment assistance for
homeowners currently receiving
unemployment compensation,
• Rescue funds for homeowners who
have fallen behind in their mortgage
payments due to no fault of their own
and who have overcome this
obstacle, and
www.depower.org
770.961-6900
770.961.8900
40
• Federal matching funds for principal
reductions for homeowners who can
no longer afford their mortgage
payments as a result of reduced
income
• http://www.michigan.gov/mshda/0,1607,7141--235359--,00.html
www.depower.org
770.961-6900
770.961.8900
41
Unemployment Crisis
Three areas in Michigan posted jobless
rates higher than 15%, including
Detroit.
The city wrecked by the collapse of the
auto industry continued to lead the
nation's areas of 1 million people or
more with the highest unemployment
rate in November at 15.4%.
http://money.cnn.com/2010/01/05/new
s/economymetro_unemployment/
www.depower.org
770.961-6900
770.961.8900
42
Unemployment Mortgage Subsidy
Program:
When unemployed, it can become
especially difficult to keep up with
monthly mortgage payments.
www.depower.org
770.961-6900
770.961.8900
The Unemployment Mortgage
Subsidy Program is meant to
provide homeowners currently
receiving unemployment benefits
funding to ensure that mortgage
payments are made to avoid
foreclosures.
43
Unemployment Mortgage Subsidy
Program:
The program will help homeowners
stay current with their mortgages by
funding 50% (up to $750) of their
monthly mortgage payments.
Homeowners will continue to be
responsible for the remaining 50% of
their payments.
www.depower.org
770.961-6900
770.961.8900
The subsidy is available for up to 12
consecutive months, or until the
homeowner has returned to work,
whichever is less.
44
Loan Rescue Program:
• Many homeowners may
experience a temporary
financial hardship such as
unemployment, divorce, or
illness.
• When these situations cause a
homeowner to miss mortgage
payments, it is often difficult to
get back on the right track.
www.depower.org
770.961-6900
770.961.8900
45
Loan Rescue Program:
• The new Loan Rescue Program
was created to provide funding to
homeowners who have recovered
from a one time crisis, but remain
on the brink of foreclosure.
www.depower.org
770.961-6900
770.961.8900
• The program will provide up to
$5,000 to homeowners who can
now afford to cover their current
monthly payments, but need help
to catch up on past due payments or
delinquent taxes.
46
Principal Curtailment Program
The Principal Curtailment Program
provides up to $10,000 to the underemployed with severe negative
equity in their homes.
www.depower.org
770.961-6900
770.961.8900
Under this program, the mortgage
servicer must agree to match the
funding given by the state to reduce
the principal balance; thereby
creating more affordable housing
payments for the homeowner. 47
What to do if you are late on
your Mortgage
•
A home mortgage is a secured debt.
Secured debt is held against an asset, if
the debt is not paid, the asset can be
taken.
•
If you do not adhere to your mortgage
agreement, the lender can take your
house.
If you are having trouble, or think you
may be facing future payments that you
cannot afford, do everything in your
power to make up the missed or late
payments.
Prioritize your mortgage payments. 48
•
www.depower.org
770.961-6900
770.961.8900
•
What to do if you are late on your
Mortgage
www.depower.org
770.961-6900
770.961.8900
•
If you do fall behind and are unable
to catch up then you probably
cannot afford the mortgage you
currently have and must act quickly.
•
Contact your lender or loan
servicer immediately.
•
Do not ignore their letters or calls.
Let them know that you are having
difficulty and are willing to do
whatever is necessary to stay
current on payments and keep your
49
house.
www.depower.org
770.961-6900
770.961.8900
http://foreclosuredetroit.org
50
First Month Missed Payment
•
•
•
•
•
www.depower.org
770.961-6900
770.961.8900
•
Loan is in default (late) if the monthly
payment is not made in 30 days.
Lender may send a notice of delinquency
and start calling you.
Late fees begin to accrue.
During this time, if you can make a partial
payment – make it.
You may be able to make arrangements
for payment with your lender - however,
many lenders will not do so until 90 days
of delinquency.
Begin communication with your lender.
51
Second Month Missed Payment
•
You may receive phone calls and/or letters
from collections department. Lenders may
accept one payment but will put pressure on
borrower for both payments.
•
After the second month ends, partial
payments are generally not accepted.
•
You may be able to make arrangements for
payment with your lender - however, many
lenders will not do so until 90 days of
delinquency.
•
Late fees continue to accrue.
•
Begin communication with your lender.
www.depower.org
770.961-6900
770.961.8900
52
Third Month Missed Payment
www.depower.org
770.961-6900
770.961.8900
•
Lender may send a "Demand Letter" or "Notice to
Accelerate." The homeowner generally has 30 days
to bring the mortgage current.
•
The homeowner may still be able to make
arrangements with the lender. This could be the
first opportunity for the homeowner to do so if the
lender required 90 days delinquency.
•
This is the last chance to catch up and go back to
mortgage payment schedule.
•
If the mortgage is not made current, foreclosure
proceedings are started, including public
notification at the local courthouse, in the local
paper and posted at your house.
53
Fourth Month Missed Payment
www.depower.org
770.961-6900
770.961.8900
•
Lender will contact attorneys to schedule a
Sheriff's Sale. The sale date will be scheduled
four to six weeks after the attorneys receive
the file.
•
Under Michigan law, advertisement for the
Sheriff’s Sale must be made for four successive
weeks in a newspaper local to the property.
Notice must be posted on the property within
15 days of the first publication.
•
When the sale date is scheduled, you will
receive a notice by mail AND a notice will be
taped to your door.
54
Fourth Month Missed Payment
•
You DO NOT HAVE TO MOVE at this time.
•
The home is normally auctioned for the
amount of the loan plus missed payments,
accrued interest, late fees and attorney fees.
•
To get property back after the Sheriff Sale,
you must pay the total amount due within
the redemption period (usually 6 months).
•
The purchaser at the Sheriff's Sale is almost
always the original lender.
www.depower.org
770.961-6900
770.961.8900
55
During Redemption Period After the
Sheriff’s sale is complete
•
You DO NOT HAVE TO MOVE until the
redemption period is complete - usually six
months. If you know you will have to move, use
this time to save and look for a new place to live.
•
If you leave the home prior to the end of the
redemption period, you must contact your lender.
You are still legally responsible for the property
and can be held responsible for property issues.
•
If you vacate the home and contact the lender,
they can accelerate or shorten the redemption
period to complete the foreclosure process for you.
www.depower.org
770.961-6900
770.961.8900
56
After the Redemption Period - Eviction
•
•
•
www.depower.org
770.961-6900
770.961.8900
At end of the Redemption Period,
you will get an Eviction Notice and a
Legal Notice of an Eviction Action
in court.
You can go to court to fight the
Eviction.
After the Eviction Date, the sheriff
can move your belongings to the
curb.
57
Which law provision governs
Foreclosure in Detroit?
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Timeline: Typically 180 days
Sale Publication: 30 days
Redemption Period: 30 – 365 days
Sale/NTS Sheriff
Foreclosure information courtesy of RealtyTrac
Housing Information courtesy US Census Bureau
www.depower.org
770.961-6900
770.961.8900
58
Judicial and Non-Judicial
Foreclosures in Detroit
The primary method of foreclosure in Michigan involves
what is known as a “Non-Judicial” Foreclosure.
This method does not involve the courts.
This type of foreclosure process is also called
“Foreclosure by Advertisement” because it requires
public notices to be posted on the property and in
www.depower.org
770.961-6900
770.961.8900
the newspaper.
59
Judicial and Non-Judicial
Foreclosures in Detroit
In accordance with the new Michigan
state law (effective July 5, 2009) requiring
Pre-Foreclosure negotiations between
servicers and homeowners, if a mortgage
servicer is not willing to work with a
homeowner, the owner has the right to
demand a Judicial Foreclosure through the
www.depower.org
770.961-6900
770.961.8900
courts.
60
Avoiding Foreclosure Options
•
Repayment plan: The lender may be willing
to agree to a repayment plan and split the late
payment(s) up and tack them on to future
monthly payments.
•
Short refinancing: The lender may forgive
some of your debt and refinance the rest into a
new loan that you can afford.
•
Loan modification: The lender may adjust
the terms of the loan to make it affordable.
•
www.depower.org
770.961-6900
770.961.8900
They may lengthen the amortization schedule or
lower the interest rate or include the past due
amount into the loan and re-amortize the new
balance so that you can pay the additional debt
61
back over time.
www.depower.org
770.961-6900
770.961.8900
•
Short sale: The lender lets the borrower sell
the house for less than the outstanding loan
amount, takes the proceeds and forgives the
remaining debt.
•
Deed in lieu of foreclosure: You surrender
the home to the bank and they sell it.
•
Hard money loan: These loans have high
rates and fees but may buy you enough time
to sell the home and avoid foreclosure.
•
Bankruptcy: Filing for bankruptcy will
temporarily halt the foreclosure process and
may force the mortgage lender to accept a
more borrower-friendly repayment plan but a
bankruptcy should only be considered as an
absolute last resort.
Doing so will remain on your credit report62for
ten years.
HUD’s 10 tips for avoiding
Foreclosure
The U.S. Department of Housing and Urban
Development (HUD) released its top 10 tips for
homeowners who are facing foreclosure.
These guidelines will assist homeowners who are
struggling to pay their mortgage and could be
threatened with foreclosure.
www.depower.org
770.961-6900
770.961.8900
HUD wants to encourage homeowners to take
action and use every resource available so that they
can get control of their finances and stay in their
home.”
63
HUD’s 10 tips for avoiding
Foreclosure
If you are unable to make your mortgage payment:
1.
Don’t ignore the problem.
–
2.
The further behind you become, the harder it
will be to reinstate your loan and the more likely
that you will lose your house.
Contact your lender as soon as you
realize that you have a problem.
–
Lenders do not want your house. They have
options to help borrowers through difficult
financial times.
www.depower.org
770.961-6900
770.961.8900
64
3.
Open and respond to all mail from your
lender.
–
4.
The first notices you receive will offer good
information about foreclosure prevention options
that can help you weather financial problems. Later
mail may include important notice of pending legal
action. Your failure to open the mail will not be an
excuse in foreclosure court.
Know your mortgage rights.
–
Find your loan documents and read them so you
know what your lender may do if you can’t make your
payments. Learn about the foreclosure laws and
timeframes in your state (as every state is different)
by contacting the State Government Housing Office.
www.depower.org
770.961-6900
770.961.8900
65
5.
Understand foreclosure prevention
options.
–
6.
www.depower.org
770.961-6900
770.961.8900
Valuable information about foreclosure prevention
(also called loss mitigation) options can be found on
the internet at www.fha.gov.
Contact a non-profit housing counselor.
–
The U.S. Department of Housing and Urban
Development funds free or very low cost housing
counseling nationwide.
–
Housing counselors can help you understand the law
and your options, organize your finances and
represent you in negotiations with your lender if you
need this assistance.
66
7.
Prioritize your spending.
–
8.
After healthcare, keeping your house should be your
first priority. Review your finances and see where you
can cut spending in order to make your mortgage
payment. Look for optional expenses-cable TV,
memberships, entertainment that you can eliminate.
Delay payments on credit cards and other “unsecured”
debt until you have paid your mortgage.
Use your assets.
–
Do you have assets-a second car, jewelry, a whole life
insurance policy-that you can sell for cash to help
reinstate your loan? Can anyone in your household get
an extra job to bring in additional income? Even if these
efforts don’t significantly increase your available cash or
your income, they demonstrate to your lender that you
are willing to make sacrifices to keep your home.
www.depower.org
770.961-6900
770.961.8900
67
9.
Avoid foreclosure prevention companies.
–
–
Many for-profit companies will contact you promising to
negotiate a loan work out with your lender. While these may
be legitimate businesses, they will charge you a hefty fee
(often two or three month’s mortgage payment) for
information and services your lender or a HUD approved
housing counselor will provide for free if you contact them.
You don’t need to pay fees for foreclosure prevention help-use
that money to pay the mortgage instead.
10. Don’t lose your house to foreclosure
recovery scams!
–
–
www.depower.org
770.961-6900
770.961.8900
If any firm claims they can stop your foreclosure immediately
if you sign a document appointing them to act on your behalf,
you may well be signing over the title to your property and
becoming a renter in your own home!
Never sign a legal document without reading and
understanding all the terms and getting professional advice
from an attorney, a HUD approved housing counselor or
68
trusted real estate professional.
Legal Assistance
(eligibility requirement may exist):
Acclaim Legal Services
(248) 840-3368
Legal Aid and Defender Association
(313) 964-4111 (information)
(313) 964-4700 (intake)
(313) 964-4700 (Wayne County)
Legal Hotline for Michigan Seniors (60+)
(800) 347-5297
Michigan Legal Services
(313) 964-4130
(313) 964-4130 (Wayne County)
Michigan State Bar Association’s Lawyer Referral Service
(800) 968-0738
Neighborhood Legal Services of Michigan
(313) 964-1975
www.depower.org
770.961-6900
770.961.8900
United Community Housing Coalition
(313) 963-3310 (Detroit only)
69
Resources
Office of the Attorney General
(517) 373-1110
Website: www.michigan.gov/ag
ACORN (Association of Community Organizations for Reform Now)
Website: www.acorn.org
American Bar Association
Website: www.safeborrowing.com
Find Legal Help:
Website: www.findlegalhelp.org
70
Resources
•
Consumer Alert—Mortgage Foreclosure Scams
Website:
www.usdoj.gov/ust/eo/public_affairs/factsheet/docs/fs06.htm
•
Detroit HOPE (Home Ownership Preservation Enterprise)
Phone: (888) 995-HOPE
Website: www.detroithope.org
•
Freddie Mac
Website: www.freddiemac.com
Fannie Mae
Phone: (800) 732-6643
Website: www.fanniemae.com
Foreclosure "Rescue" Scams
Website: www.housinghelpnow.org/RescueScams.cfm
•
•
•
Hold Onto Your Home
Website: www.holdontoyourhome.org
•
HUD (Housing and Urban Development).
Website: www.hud.gov/foreclosure/index.cfm
71
Resources
•
Michigan State Housing Development Authority
Website: www.michigan.gov/mshda
•
Website: www.powerpay.org and/or www.Mint.com
•
Mortgage Bankers Association: Home Loan Learning Center
Phone: (800) 348-8653
•
National Foundation for Credit Counseling
Website: www.nfcc.org/
•
Statewide Foreclosure Prevention Task Force
Phone: (734) 998-6100
Website: www.mplp.org
•
United Community Housing Coalition
Phone: (313) 963-3310
72
Information and statistics in
this presentation were obtained
from the following:
1.
2.
3.
4.
5.
6.
7.
www.makinghomeaffordable.gov
Detroit office of Foreclosure Prevention and
Response
www.ForeclosureDetroit.org
www.Hud.gov
www.DetroitNews.com
www.MichBar.com
www.Michigan.gov
73
What Legacy are You Leaving?
The dictionary describes legacy as
something handed down from an
ancestor or predecessor or from
the past; or something acquired
without compensation.
www.depower.org
770.961-6900
770.961.8900
“LEGACY is synonymous with
birthright, inheritance, heritage
and tradition.
74
What Legacy are You Leaving?
www.depower.org
770.961-6900
770.961.8900
•
Leaders have the ability to create and
pass down a legacy.
•
Will I leave behind a legacy where I
made a positive impact on those around
me?
•
Did I leave a legacy where others saw
that I invested my time, talent, and
finances into things that were of eternal
nature that were important to God?
•
Did I take the time to plant seeds into
the lives of others?
75
What Legacy are You Leaving?
www.depower.org
770.961-6900
770.961.8900
•
Was I generous in sharing all that I
knew and had been given?
•
Did I learn to talk less and listen more
and to use the time that I was given
wisely?
•
Did I leave a legacy where my years on
earth made the world a better place?
•
Will my great-great grandkids know my
name because of the life that I lived and
because of the inheritance that I have
76
left for them?
IN CLOSING:
“You must be passionate, you must
dedicate yourself, and you must be
relentless in the pursuit of your goals.
If you do, you will be successful!“
-Steve Garvey
77
The D&E
Group
4532 Jonesboro Road
2nd Floor
Forest Park, GA 30297
770-961-6900
770-961-8900
WWW.DEPOWER.ORG
78
www.depower.org
79