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Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a very complex process, often causing them to give up before their application is ever reviewed by their mortgag e company. Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly as possible. A homeowner needs to collect and send several documents that tell the mortgage company why you need a modification, and it needs to be done in a timely, organized manner. Once a homeowner has submitted these documents, they need to stay in regular contact with the company. With hundreds of thousands of applications under consideration, homeowners must take matters i...

SHOP AROUND Friends, family, the phone book and Internet are some of the sources you can use to find homeowners insurers. Get a wide range of prices from several companies. But don't consider price alone. The insurer you select should offer both a fair price and excellent service. Quality service may cost a bit more, but you buy insurance in case you need to make a claim, so it's important to get a company with a good reputation. Talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs. Check the financial ratings of the companies with AM Best or Standard and Poor's. RAISE YOUR DEDUCTIBLE Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay. Deductibles on homeowners policies typically start at $250. Increase your deductible to $ 500 -- save up to 12 percent $1,000 -- save up to 24 percent $2,500 -- save up to 30 percent $5,000 -- save up to 37 pe...

The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium. After October 4, the monthly insurance premiums on FHA loans will increase by over 63%. What does this mean for home buyers? A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01. Although the upfront mortgage insurance premium is going down after October 4, the long term impact to the home buyer is actually a net increase in their out of pocket costs because the monthly premium is going up by 63%. Sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket. On the other hand, the increase in the monthly premiums will be paid right out of the home buyer's pocket with their mortgage payment each m...