The Mortgage Support Center

Every person is unique, but when you face a challenge like dealing with a mortgage, you are never alone.  Countless men and women have faced the exact same challenge and have survived and thrived.  The following guide is designed to help you navigate your journey with the best information and resources that helped other survivors when they faced the same challenge. 

TSC has scoured the Internet and assembled links to the very best mortgage resources: articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of financial challenges that you face.

As you’ll see, we always welcome your ideas and suggestions to make this Mortgage Guide even more helpful to survivors like you.   

JUST FOUND OUT 

Borrowers Say: Best Resources for Mortgage Information

• Mortgage101  Articles, loan calculators, and updated information about mortgages.
  
• Bankrate: Mortgages An assortment of mortgage calculators, news and up-to-the-minute mortgage rates nationwide.
• The Federal Reserve Board: Looking For the Best Mortgage Advice about how to shop for, compare and negotiate loans.

The Big Picture

Lenders offer several types of mortgages, but the most common are fixed-rate mortgages. These loans feature fixed rates and monthly payments, generally for 15-year and 30-year periods. Adjustable-rate mortgages, or ARMs, are different in that the interest rate and monthly payment move up and down as market interest rates fluctuate. Once you understand the concept of a mortgage and what you need it for, the next step is to determine which type is the right one for you.

FreddieMac: Selecting a Mortgage

Your Mortgage

The process of applying for a mortgage can seem intimidating at first but if you learn what the step-by-step process entails, you'll feel more confidet about taking on a loan.

FreddieMac: Applying For a Mortgage

Your World

After figuring out what type of loan you need, you should also calculate your ability to pay it back without straining your finances. There are many useful calculators online to help you determine the loan terms and amount you can handle.

Mortgage101: Mortgage Calculators

If your family is willing to help, you can ask them for assistance with financing so you don't have to take out as big of a mortgage on your property.

• Business Week: Meet the Parents-Backed Mortgage
• Virgin Money: Family Mortgage
  

Mortgage Myths

• A 30-year loan is best.
  
• You cannot change lenders once you start the mortgage process.
  
• You need a big down payment.
  

Information and Recommended Links for Borrowers

• Bankrate: Mortgage Basics
• MSN Money: Mortgage & Refinance

Ideas That Can Help

Refinancing your home

Sometimes refinancing is a good idea to take advantage of lower interest rates, but you should make sure there are mre pros than cons before you do so.

• Lending Tree: When Should You Refinance Your Mortgage?
• Bankrate: Will You Save by Refinancing Your Mortgage?
  

Mortgage modification

If you can't afford your mortgage payments, you can ask your lender for a better deal from their lender. But the process can be complicated and you must meet certain criteria before the lender will change the variables on your home loan.

Bankrate.com: Mortgage Modification Help

Creating a Support Circle

• Set up your TSC Survivor Profile
• Join support groups of other borrowers or set up your own
• Interact and provide updates on your profile or our forums

Professionals Who Can Help

Mortgage lenders and mortgage brokers can help you find a loan that best suits your needs,  or can help you manage your current mortgage.

• About.com: Home Buying/Selling - Find a Mortgage
• Bankrate: Finding the Best Mortgage Lender
  

Make sure you ask the right questions to ensure you're getting the help you need from your mortgage broker or lender.

About.com: Home Buying/Selling - Questions to Ask Your Mortgage Broker or Lender

The Emotional Roller Coaster

Obtaining and maintaining a mortgage can sometimes prove to be a mental challenge and financial burden. Some people find that dealing a mortgage can add a lot of stress to their lives. Educating yourself about mortgages can help you better handle the challenge. There are also online forums you can to for advice from others who have been in your situation. 

• MortgageFit.com: Mortgage Community Forums
• Motley Fool: Discussion Boards - Buying or Selling a Home

Books Borrowers Recommend

• Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance by Carolyn Warren
• Mortgages For Dummies, 3rd Edition by Eric Tyson and Ray Brown
  
• Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan by David Reed
• Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You by David Reed

What Borrowers Wish They’d Known

Communicating with Your Mortgage Professionals

• Bring a friend or family member with you to your meetings, not only to provide support but to lend an extra ear to understand everything your loan professional has to say and to think of any questions you may have overlooked.
• Don't be afraid to ask any questions, even if you may be scared of the answer.
• Write down any questions you may have ahead of time, then write down the answers to those questions as your loan professional walks you through them. Don't be afraid to ask for clarification on anything.

Dealing with Mortgage: Information for Friends and Family of Borrowers

How you can help

• Schedule appointments with your friend or loved one to discuss all of their options with a mortgage specialist.
• Do some research about mortgages and share what you learned.
• Don't let your debt get you or your loved one down. If you made this choice together, you can deal with it better if you work together. 

What to say   

• "We'll work through it together."
• "Let's make a plan and stick to it."
• "I care about you, and I'm here to help."

What not to say

• "It'll work itself out."
• "If you can't afford it now, why are you taking out a mortgage, especially with what's going on in the economy?"
• "You're in charge of paying back the mortgage, I'm staying out of it."

How to build a support network

• Set up your TSC Co-Survivor Profile
• Create a support group for your friend or family member.
• Interact and provide updates

After getting your mortgage loan on track, share with others how you feel emotionally, mentally and spiritually. Getting and maintaining a mortgage is a long term process, but once you start to take steps to gain control of your mortgage, you will begin to feel more capable of handling it.

Surviving with and Repairing Your Mortgage   

If you've managed to keep your credit score up and can prove your income, you're likely to get the best deals on refinancing.

Bankrate: Refinancing - Great Option for Some

Try not to fall behind on mortgage payments,or else you'll be heading toward foreclosure.

U.S. Department of Housing: Tips for Avoiding Foreclosure

Surviving with and Repairing Your Mortgage   

If you've managed to keep your credit score up and can prove your income, you're likely to get the best deals on refinancing.

Bankrate: Refinancing - Great Option for Some

Try not to fall behind on mortgage payments,or else you'll be heading toward foreclosure.

U.S. Department of Housing: Tips for Avoiding Foreclosure

The government offers mortgage assistance and programs that you may be eligible for.

US Department of Housing: HOPE for Homeowners

Give Back

What helped you while you were trying to find a solution to your mortgage challenges? Take a look back at your journey and share with others what helped you and what you wished you would have known or done differently during your mortgage process. You can create a profile, reach out to other survivors, join support circles or share your story by following the links at TheSurvivorsClub.org.

Because of the crumbling housing market, you may now have an upside-down mortgage, meaning you owe more than the house’s value. However, if you plan to be in the house for a while, you can take a longer-term perspective than someone who needs to sell the house and move on.

Bankrate: Upside Down on Home? Take a Deep Breath

What can you do when you find out you cannot pay your mortgage? If you have defaulted on a loan, find a financial advisor or a housing counselor who can help you find a new solution.

US Department of Housing:  Guide to Avoiding Foreclosure