Smart Money Housing Reverse Mortgage Counseling Update 2022, All about smart money housing. Helping people achieve and sustain the American Dream, their home. Her friendly team of trained and certified HECM advisors help her understand the terms of her proposed reverse mortgage.
Smart Money Housing is part of the Smart Women Smart Money Educational Foundation, a non-profit her HUD certified home ownership consulting firm based in Cook County. Our programs address homebuyer education, mortgage delinquencies and foreclosures, credit counseling, SB1167, the Illinois predatory lending database, reverse mortgages, and debtor education as required by the Department of Justice. increase.
About Us
Smart Money Housing is part of the Smart Women Smart Money Educational Foundation (SWSM), a non-profit, HUD-accredited housing agency based in West Chicago. Our original mission was to provide financial literacy conferences for women throughout Illinois. However, our organization has evolved and is now focused on housing counseling for men and women in Cook, Kane, Peoria and Will counties.
Since 2001 SWSM has been in Illinois where she I have counseled over 11,000 people. This is accomplished through group and individual sessions on money and debt management, savings and investments, home buying, foreclosure avoidance, refinancing and loan modifications, credit score information, reverse mortgages, identity theft, and credit card education. it was done.
HUD Certification
HUD authorizes SWSM to provide the following types of housing advice.
Our mission is to help people achieve and sustain the American Dream of home. We believe knowledge opens doors. We pass on this knowledge through advice and education.
Reverse Mortgage Counseling
Our friendly team of trained and certified HECM counselors can help you understand the terms of your proposed reverse mortgage.
Authorized to provide telephone advice nationwide.
Flexible scheduling to suit your schedule. We are available on weekdays, Saturdays and Sundays, and at night.
Fast response time. Consultations can be completed within 24 hours of initial contact. We can provide advice in English or Spanish.
Mortgage Delinquency
For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected financial problems can be personally devastating. A counselor explains what happens when someone misses mortgage payments and how to avoid foreclosure by addressing the following:
- What if you cannot pay your mortgage?
- Communicate with your lender
- Options and a counseling plan
- Prioritize debts
- Avoid predatory lending schemes
Pre-Purchase Help!
A counselor works with an individual, a couple or family to review their own particular situation by discussing the following:
- How much can you afford?
- Know your rights
- Shop for a loan
- Learn about home buying programs
- Shop for a home
- Make an offer
- Get a home inspection
- Shop for homeowner's insurance
- Close the deal
Loan Default Prevention Counseling
Many people could avoid defaulting on their loans if they received assistance before they reach the point of no return. Foreclosures are at an all-time high, and too many installment loans and revolving lines of credit are either delinquent or not paid at all. A certified credit counselor can help you stay on track by contacting:
- Goal Setting Lessons
- Plain Truths for the Unattainable
Post-Purchase Advice
Owning a home has many benefits, but it also has many obligations. Counselors help clients understand these responsibilities and avoid those that pose risks to ensure long-term success.Topics covered include:
- Home Maintenance, Repairs & Improvements
- Refinancing
- How Homeowners Get In Trouble
- Avoiding Financial Traps
- Avoiding Foreclosures
Loans Enforcing SB 1167
Certain Criteria , the homebuyer and borrower will refinance their primary residence and have their records reviewed by a HUD-accredited housing counseling agency. Our advisors are trained to check credit files according to this law.
Which areas are affected?
This program operates in Cook, Kane, Peoria, and Will counties.
When does it start?
July 1, 2008.
What are the loan criteria?
1st place Only allow interest payments.
2. May result in negative depreciation.
3. The sum of points and fees owed by the borrower at or before closing exceeds his 5% of the loan amount.
4. Includes prepayment penalty. The
5. Loan is an Adjustable Interest Rate (ARM) that adjusts over the first three years.
How do I know if a loan requires an administrative review?
The Illinois Department of Financial Institutions and Professional Regulations will notify you by email (if an address is provided by the lender) and a formal letter.
Who pays for the file inspection?
The mortgage lender must issue a check or money order to the borrower to pay her $300 to the counseling agency of the borrower's choice.
How long does it take for a consultant to review a file?
General filing Her review will take him 1-2 hours if all required documents are in place.
How can I help you?
Let us help you quickly and conveniently.
- We can meet clients at our office or at the client's home.
- Counselors are available for evening and weekend appointments.
- We have consultants who speak English and Spanish.
- Call for an appointment 773-533-0243.
- We accept payments by certified check, money order or PayPal.
NECESSARY DOCS & FEE FOR A SB1167 FILE REVIEW
1) Information about the loan you have applied for:
Please bring with you your copies of:
- The Good Faith Estimate provided by your loan originator
- The Truth-in-Lending statement provided by your loan originator
- Your loan application (if your lender gave you a copy)
- Your credit report (if your lender gave you a copy)
- The primary borrower's Social Security Number and/or Property Index Number (PIN) of the subject property (note:
your counselor will not be able to access the database without at least one of these pieces of information)
2) Monthly Income/Expenses information:
Please bring with you the following documents/forms:
- Pay stubs for the most recent month for any wages you have earned
- Your federal W-2 forms and Federal Income Tax Returns for the past 2 years
- Proof/documentation of any other forms of income that you may have.
- If you do not have a copy of your credit report, please bring documentation of all monthly expenses.
3) Counseling fee:
SB1167 requires that the loan originator pay for the HUD-certified Counseling Agencies services. The fee for this service is $300. Bring his $300 check or money order addressed to Smart Money Housing from your mortgage lender or agency. Payment can also be made with PayPal.
Here you can read our article about Jason Dupont Nexa Mortgage Update 2022.
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