Por Pat Smith y Edgar Palencia, Consejero de Crédito Certificado

Usted ha llegado más allá de la temporada de fin de año, pero a qué costo? Sus tarjetas de crédito están al tope. Usted quiere pagar esas deudas no garantizadas, sin embargo, los pagos son ahora tan altos con los saldos ya aumentados que se siente como si nunca se pondrá al día. Puede haber esperanza para usted en un DMP. El DMP es una estrategia para saldar las deudas en la cual los acreedores están satisfechos y  usted puede aún sobrevivir financieramente.

Ahora es el momento de ponerse en contacto con una agencia de consejería crédito sin fines de lucro para discutir un presupuesto realista, darle seguimiento de sus gastos y organizar sus planes de repago. Si se decide por un DMP, la agencia de consejería de crédito que usted elija se pondrá en contacto con sus acreedores y establecerá un programa que puede incluir ya sea eliminar o reducir cargos por pagos atrasados​​, eliminar o reducir multas y tasas de interés que le permitan  pagar las deudas mucho más rápido. Usted va a hacer un pago mensual a la agencia y esta distribuirá el pago a sus acreedores y le ayudara a reducir su deudas de tarjetas de crédito en tan sólo tres años. Todos sabemos lo fácil que es “olvidar” hacer un pago cuando usted tiene varios pagos a diversos acreedores y el período de fin de año le ha dejado casi sin reserva en efectivo y con poco dinero para gastos pequeños. Mediante la cancelación de estas deudas de manera más rápida a través de un DMP, usted también comenzará a reparar su puntuación de crédito dañado.
 
Al trabajar mano a mano con un consejero de crédito sin fines de lucro, usted tendrá acceso a una biblioteca completa de recursos e información financiera. Los consejeros certificados de crédito tienen la experiencia práctica en la negociación de planes de pago con los acreedores y las habilidades en el manejo de dinero para ayudarle a usted a salir de la deuda y mantenerse así en el futuro. Al igual que cualquier otra decisión financiera que usted haga, elija  sabiamente. Protéjase a sí mismo mediante la comprobación de su agencia con la Comisión Federal de Comercio (FTC) y el Better Business Bureau antes de inscribirse en cualquier programa de manejo de deudas – recuerde, si suena demasiado bueno para ser verdad, probablemente lo es.  Para solicitar más información, haga Clic Aquí.

Acerca de CCMS:  Fundada hace más de 20 años, Consumer Credit Management Services, Inc. (CCMS) es una agencia nacional sin fines de lucro 501(c)3  de consejería de crédito y asesoría de vivienda aprobada por HUD, con sede en Delray Beach, Florida. Ofrecemos Educación Financiera atravez de Seminarios y Talleres en, Asesoría de Compra de Vivienda por primera vez (First Time Homebuyers), Programas de Manejo de Deudas (DMP), Servicio de Prevención de Ejecuciones Hipotecarias (Foreclosures) y Consejería en Prestamos de Hipoteca Reversa (Reverse Mortgage).

 By Pat Smith & Edgar Palencia, Certified Credit Counselor

 You’ve made it past the holiday season, but at what cost? Your credit cards are maxed out. You want to repay these unsecured debts, yet the payments are now so high with your increased balances that it feels like you will never catch up. There may be hope for you in a DMP. The DMP is a repayment strategy for paying down debts so your creditors are satisfied and you can still survive financially.

 Now is the time to contact a non-profit credit counseling agency to discuss a realistic budget, track your spending and organize your repayment plans. If you decide on a DMP, the credit counseling agency will contact your creditors and set up a program that may include either eliminating or reducing late fees, penalties and higher interest rates to allow you to pay these debts much faster. You will make one monthly payment to the agency which will be disbursed to your creditors and help you lower your credit card debt in as little as three years. We all know how easy it is to “forget” to make a payment when you have several payments due to various creditors and the post-holiday period has left you with almost no cash reserve and little spending money. By paying off these debts faster through a DMP, you will also begin to repair your damaged credit score.

 When you work hand-in-hand with a non-profit credit counselor, you will have access to an entire library of financial information and resources. Certified credit counselors have practical experience negotiating payment plans with creditors and the money management skills to help you get out of debt and stay that way for the future. Just like any financial decision you make, choose wisely. Protect yourself by checking with the Federal Trade Commission and Better Business Bureau before enrolling in any debt management program – remember, if it sounds too good to be true, it probably is. To request more information, Click Here.

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

By Kevin Maher, Director of Community Education

If you are unemployed or under-employed and you are less than 6 months delinquent on your mortgage, the Florida Hardest Hit Program may be able to help you. There is no cost to you for the program which is administered by the Florida Housing Finance Corporation utilizing Federal money intended to help the states that have been most affected by the nationwide housing crisis.

Those who qualify for the program may have some of their monthly mortgage payment, including escrows for taxes and insurance, paid for up to six months. Additionally households may receive funding that can go towards past due payments. All funding is paid directly to the loan servicer.

The program is available to Florida residents in every county. The home must be owner occupied and it must be your primary residence. The mortgage must have been originated on or before January 1, 2009 and have a current balance less than $400,000. You must also be a US citizen or legal resident.

If you think you might qualify for the Hardest Hit Fund program or if you simply have questions, you can contact Consumer Credit Management Services, Inc. at 561-454-5652.

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

By Kevin Maher, Director of Community Education

The holidays are here –identity thieves love the holidays! The basics of protecting your personal information don’t actually change during the holidays, but the number of people prowling for your information - mixed with the chaos in the stores, means you are more likely to make some basic mistakes that cause you to be more vulnerable to the ID predators. This is a good time to take a few minutes to review some basic “dos” and “don’ts” so you can minimize your chances of becoming a victim:
·         DO make sure that your credit card/debit card/personal checks are not easily visible on a counter or even in your hands where someone can see your account information and write it down.
·         DO shield the pin pad while entering your pin number - whether at the bank or a retailer.
·         DON’T complete credit applications anywhere that someone can view your information. Ideally you should not be opening new accounts you do not need to begin with, but if you do, remember you could be sharing all the information an identity thief needs.
·         DON’T forget that almost every phone has a camera, so it takes a split second for that guy that looks like he is sending a text, to photograph your card/check/credit application.
·         DON’T conduct business involving your personal information on a cell phone in public. Ears are everywhere, and in addition to cameras, phones have audio recorders.
·         DO remember that having someone draining your checking account can present bigger problems and is harder to resolve than someone using all of your available credit on a credit card. If you are doing any type of transaction where the processing is done out of your site (restaurants, online purchases, etc.) your credit card is the safer choice.

If you do become a victim of ID theft, you can refer to the ID Theft Manual published by the Federal Trade Commission which gives detailed instructions on dealing with the issue. You can also contact a certified credit counselor at a non-profit credit counseling agency for some guidance.

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

Well…there’s Bad news – but Good news is also available

Bill Wood, Development Coordinator

For the bad news… here is the current financial research regarding how we, the general population and our families are doing.  You may not have known the actual percentages but if you’re breathing in and out with any sort of regularity, you probably will not be surprised by the study’s results. 

1)  75% of Americans live paycheck to paycheck.   
2)  53% of us don’t think we will have enough for a comfortable retirement – and just last month a survey of registered        
voters showed 88% were concerned about maintaining a comfortable retirement.
3)  34% of those age 50-64 who would be considered the “head of a family”, are without retirement savings.
4)  30% of us are in financial distress.
5)  Over the last 20 years, from 1989 to 2009, we have seen a 292% increase of median debt of middle –class families. ***

Obviously this is the bad news.  A turnaround in the economy… more jobs, more income, more stability would go a long way to improving these statistics.  But even without that turnaround, there is good news… most of us can improve our current financial status ourselves - really.  It’s the “getting started” that’s the hard part.   

Generally our financial woes are a combination of income vs. expenses - not enough of one and too much of the other.  As much as having more income might relieve family financial pressure, the real fix is better financial management… having the knowledge and tools for what you need to do, how to do it and then having the will to do it.  Budgeting – setting priorities and goals – repairing credit – reducing debt and increasing savings (household and retirement), all these are necessary and they are all doable. 

But, where do you start?  Knowing something needs to be done is not enough – resolve – determination – and a willingness by the entire family to make critical changes is the cornerstone of achieving financial health.  After that, it’s all about finding help.

For starters, review some of these websites -

For budgeting basics: http://debt-mgt.org/credit-budgeting-help/budget-basics-for-better-credit/steps-to-financial-success/

To help manage your money: http://debt-mgt.org/credit-budgeting-help/educational-financial-information/managing-your-money/

For tools to help calculate a variety of expenses: http://debt-mgt.org/free-financial-training/mortgage-auto-retirement-calculators/

Self-study financial course to teach families about Money, Debt and Credit: http://debt-mgt.org/free-financial-training/free-credit-counseling-course/

Everyone’s circumstances are different – for some, researching the internet and finding the tools that will help with their financial situation may be best.  For others, talking with a knowledgeable Certified Personal Finance Counselor may provide the best solution.  CCMS is here to help.

*** Research Sources:
SunAmerica / Teresa & H. John Heinz III Foundation National Women’s Retirement Survey
AARP October Bulletin – Barry Rand article “Where We Stand”
Americans for Secure Retirement (ASR)
Personal Finance Employee Education Foundation (PFEEF)

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

You Could be the Reason Your Loan Modification is Taking So Long

By John McCarthy, Housing Counselor

Loan modifications often seem to take far too long. Why should it take this much time? No finger pointing but… the problem may well start with you. Borrowers can pretty much halt the procedure by submitting incomplete or out-of-date information which will then sit on the lender’s desk. It pays to know exactly what documents you are required to produce and submit them all quickly and completely. If you want your lender to work on your file as soon as they get it, make sure you do your part to submit accurate and complete documents for your loan modification.

Lenders are swamped with requests for loan modifications. Most lenders offer several options for a loan modification and generally have to exhaust one option before looking into any others.

Each time the government offers a new program the lenders must figure out how to process loan modifications under the new program guidelines. Court decisions can also slow down the process when a decision on one case may affect other similar cases. All of this takes time.

To cut down on wasted time getting your loan modification request processed, you should consider using the services of a HUD approved non-profit counseling agency. HUD approved certified counselors are thoroughly familiar with the process as well as the alternatives available for you. They will also suggest programs to help you reduce your monthly expenses and rebuild your credit. Make sure the agency you choose will submit your file electronically – electronic filing speeds things up and you’ll get confirmation of what your lender has received.

Don’t be the reason your loan modification drags out. Contact a HUD approved agency – we want you to succeed!

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

By Darish K. Still, Director of Housing Counseling

Many consumers hear the word budget and run for cover - I understand why. To most people, the word budget holds the same meaning as the word “diet.” They both conjure up thoughts of a gigantic neon flashing “NO” sign. This is why credit counseling professionals use the phrase “spending plan” or “lifestyle plan” instead of budget.

For those of you who wonder what a spending plan actually is, I have a super simple explanation. A spending plan is… how you want to live on the way to realizing your dreams. The plan involves asking yourself three questions:

1. Where are you now?

2. Where do you want to go?

3. How will you get there?

Where are you now? To determine exactly where you are, you need to calculate your net worth and review your income and expenses. You also want to consider your current achievements and struggles.

Where do you want to go? Once you know where you are, you need to think about where you see yourself in the next 5 years, 10 years, and even 20 years. Now is the time when you set goals. It is important that your goals reflect your values and dreams.

How will you get there? Set your short-term goals so that they lead to the accomplishment of your long term goals. As you complete the short term goals, treat yourself to small inexpensive rewards – doing this will keep you encouraged. Remember that you can always reprioritize your plan as your goals change.

This is a simple method of financial planning that has worked for thousands of consumers. I encourage you to try it. If for some reason it does not work for you, Don’t Give Up! Try other methods of budgeting and planning. The key to success is to find what works for you and then stick with it.

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

by Ted Schuhle, October 19, 2011

In today’s economy many seniors really need to re-evaluate their living arrangements and finances.  Right now the monthly expenses of a home, property taxes and health care costs are overwhelming seniors who are on fixed income budgets — so downsizing to a smaller home or moving to a state with lower property taxes may be the answer.

In the northern states where property taxes and school taxes can be between $3,000 to $9,000 or greater depending on your home’s value, selling your current home and buying a smaller one can be a solution.  Seniors, you are now able to buy homes with a reverse mortgage.

The Home Equity Conversion Mortgage (HECM) for Purchase can be a lifesaver.  When selling a larger home seniors, as prospective buyers can use a reverse mortgage and save money.  Often typical buyers use the cash from the sale of their previous home to pay the closing costs on a new one only to refinance later with a reverse mortgage.  But…if they use a reverse mortgage to BUY their new home, they only pay closing costs once instead of twice. This can be a huge savings!

For more information on the HECM for Purchase Loan please visit our website [www.debt-mgt.org] or call and talk to a counselor [866-213-8522] for all the details.

About CCMS:Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

Some Good Hints to Avoid Holiday Debt

By Pat Smith, Credit Counseling Manager

In today’s world, we feel that we must buy – buy – buy to make our families happy. The old cliché “Give until it hurts!” stays with us.  But with today’s economic crisis, we are already hurting, so it is more important than ever to be a thrifty shopper and avoid holiday debt.

A complete & realistic budget is the key!  With very little money and a lot of family to buy for, it is time to be creative and start thinking about how to provide the holiday cheer your family deserves without the holiday debt you don’t want.

Start by making a list of who you really need to shop for; it is not too early to start finding the bargains (don’t wait for Black Friday and expect that everything you are looking for will be on sale or even available).  Read the sale papers, find the best deals, and cut coupons for more savings.

If there is something on sale today that you want, buy it now.  Getting a couple of things each paycheck will help you to finish your gift list before your money runs out.  As you buy a gift, cross the name off your list and keep track of how much you have spent; then do the same with your holiday food shopping – make a list of the meals you will fix and the ingredients you need. There are many non-perishable items you can buy early.  If you pick up things such as flour or sugar on sale before the holidays get here, make sure you put them in zip lock bags to keep them fresh.

Don’t over spend!  Don’t rack up the charges on your credit card. It will keep you in debt many months after the holidays and certainly long after the holiday cheer has worn off.

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.

Unemployed or Underemployed Homeowners:  Could you use a little help for about six months?

by Diane Stephenson, Housing and Credit Counselor

Any homeowner who qualifies for the government sponsored Hardest Hit Program can get up to 6 months of mortgage payment assistance – which may even suspend the foreclosure process.

Hardest Hit Funds can help you with partial mortgage payments while you pay a reduced amount totaling the full payment due the mortgage holder.  That would give you 6 months to find a job if you are unemployed, or a higher paying job if you are underemployed.

Then, once you find a job making enough salary to qualify you to make full payments on your own, the Fund can help you pay your mortgage servicer all or a portion of any past due amounts.

For example:  Due to downsizing, Mr. Jones was laid off from a company he had worked at for 10 years. Unemployment Compensation is currently his only source of income. His mortgage payment is $1500 per month but his income is now only  $1191.66 per month.  Assuming Mr. Jones  meets all of the qualifications of the program, the Hardest Hit Funds will pay $1225 towards his monthly payment – then all Mr. Jones would have to pay is $275 to meet his $1500 monthly mortgage payment. This would be a huge break for him and give him six months to find a job that would help him once again be able to afford his mortgage payment. Once he starts making his payment himself, he could use the Hardest Hit Funds to pay some or possibly all of his past due payments.

If you are looking for a little help with your mortgage and think this plan could work for you, Florida residents please call 877-506-9086 to get more information about the Hardest Hit Funds Program.

Hardest Hit Funds are only available to residents of the following listed States hardest hit by the current economic conditions.  Other States may have their own programs.  If you need help, please click the link below for your state:

• Alabama
• Arizona
• California
• Florida
• Georgia
• Illinois
• Indiana
• Kentucky
• Michigan
• Mississippi
• Nevada
• New Jersey
• North Carolina
• Ohio
• Oregon
• Rhode Island
• South Carolina
• Tennessee
• Washington D.C.

About CCMS: Established more than 20 years ago, Consumer Credit Management Services, Inc. (CCMS) is a HUD approved 501(c)(3) national nonprofit, full service credit and housing counseling organization based in Delray Beach, Florida. We provide Financial Literacy Seminars and Workshops, First Time Homebuyer Counseling, Debt Management Programs, Foreclosure Prevention Services and Reverse Mortgage Counseling.