Refinance Mortgage

Think about Your Options
If you're having money problems, consider these options before you put your home on the loan line.

Talk with your creditors or with representatives of non-profit or other reputable credit or budget counseling organizations to work out a plan that reduces your bill payments to a more manageable level.

Contact your local social service agency, community or religious groups, and local or state housing agencies. They may have programs that help consumers, including the elderly and those with disabilities, with energy bills, home repairs, or other emergency needs. A Second Mortgage might be a solution.

Contact a local housing counseling agency to discuss your needs. Call the U.S. Department of Housing and Urban Development toll-free at 800-569-4287. Talk with someone other than the lender or broker offering the loan who is knowledgeable and you trust before making any decisions.

Remember, if you decide to get a home equity loan and can't make the payments, the lender could foreclose and you would lose your home.

• Your local or state bar association-sometimes listed under "Lawyers Referral Service" in the Yellow Pages of your phone book. The association may be able to refer you to low-cost or no-cost lawyers who can help.
• Your local consumer protection agency, state attorney general's office, or state office on aging, listed in the Blue Pages of your phone book.
• Your local fair housing group or affordable housing agency, housing counseling agency, or state housing agency.
   

If you're using your home as security for a home equity loan (or for a second mortgage loan or a line of credit), federal law gives you 3 business days after signing the loan papers to cancel the deal-for any reason-without penalty. You must cancel in writing. The lender must return any money you have paid to date.