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Honey Brown Hope Foundation Rakes in National, State and Local Recognition

Honey Brown Hope Foundation Rakes in National, State and Local Recognition

Honey Brown Hope Foundation

Houston, TX — The Honey Brown Hope Foundation, a nationally recognized, award-winning 501(c)3 non-profit that has served youth and their families for over two decades, announced today that it is thankful this holiday season for recently being recognized for its civil rights

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Community Empowerment: Black Chambers of Commerce Where Is My Patronage?

Community Empowerment: Black Chambers of Commerce Where Is My Patronage?

Peter Grear

Educate, organize and mobilize -- Back in September I wrote an article entitled, Voter Suppression: Creating Black Wealth.  The impetus for that article was a commentary written by Earl G. Graves, Sr., Publisher of Black Enterprise. 

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Employees of Small, Locally-Owned Businesses Have More Company Loyalty

Employees of Small, Locally-Owned Businesses Have More Company Loyalty

loyalty to employers

Employees who work at small, locally owned businesses have the highest level of loyalty to their employers — and for rural workers, size and ownership of their company figure even more into their commitment than job satisfaction does

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The Pawns of Politics: Where Is My Patronage?

The Pawns of Politics: Where Is My Patronage?

Peter Grear

Educate, organize and mobilize -- For more than a year leading up to the recently completed General Elections, I’ve written about Voter Suppression, gerrymandering, the Black vote and voters.  

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Verbal Abuse in the Workplace: Are Men or Women Most at Risk?

Verbal Abuse in the Workplace: Are Men or Women Most at Risk?

Abuse in the Workplace

There is no significant difference in the prevalence of verbal abuse in the workplace between men and women, according to a systematic review of the literature conducted by researchers at the Institut universitaire de santé mentale de Montréal

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The Decision to Handle Rejection

The Decision to Handle Rejection

Rev. Manson B. Johnson

The Big Idea: Endurance is the key to achieving challenging goals in life.“Man’s rejection can be God’s direction.  God sometimes uses the rejection of hateful people to move us to a new place or assignment–where we wouldn’t have thought of going on our own.  

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Subscribe to Get GDN Print Edition

Subscribe to Get GDN Print Edition

Print Subscription

 Greater Diversity News (GDN) is a statewide publication with national reach and relevance.  We are a chosen news source for underrepresented and underserved communities in North Carolina.  

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Your Money Really Matters: If Your Home Value is Underwater…?

Written by Michael G. Shinn on 11 December 2009.

The home mortgage crisis and subsequent recession have had a devastating effect on many homeowners. According to a report by First American CoreLogic, twenty three percent of U.S. homeowners owe more on their mortgage than the home is worth. In other words, their home value is under water and they have negative equity in their home. “Many people who have negative home equity believe their only option is foreclosure, but there are other alternatives. However, the worse thing they can do is nothing,” states Janis Wirt, a Realtor with Keller Williams Realty of Greater Cleveland. Analyze Your Situation If you need to sell your home in the short term or you cannot keep up with the mortgage payments, you may want to consider the following steps to help analyze your situation. First, look at your mortgage documents to determine your current balance, interest rate and years remaining on your mortgage. Individually invite three knowledgeable realtors to look at your home and to estimate a market value range.They can supply comparable sales information for homes in your area and suggest a sales/marketing plan. Next, meet with your mortgage holder and discuss your situation and possible mortgage modifications. Sit down and discuss the situation with your family or trusted advisor and answer the following: •What is the estimated market value of your home and how much is the mortgage? •How much is your home value underwater? •What is the probability of a sale within 6-9 months? •If you could, how long would you stay in the home? More or less than 5 years? •What are the possibilities of refinancing or modifying the mortgage? •What is your overall financial and credit situation? •What are your housing alternatives? Underwater Options Depending on your overall financial situation, there may be several options to deal with negative home equity. The “Making Home Affordable Initiative” launched by the federal government in early 2009, provides incentives to lenders to work with homeowners. www.makinghomesaffordable.gov/ In these tough economic times, the government wants to keep citizens in their homes and lenders are not looking forward to foreclosing on more properties. Refinance - Interest rates are at historically low levels. If you are current on your mortgage payments, your loan to value is between 80% and 125%, your loan is backed by Fannie Mae or Freddie Mac and you have income to support the new mortgage payments, you may be able to refinance with a new fixed rate loan. Lender Workout - For borrowers at risk of loan default and who have experienced financial hardship, lenders may allow a loan modification. This could include modifying the terms of the loan, agreeing to a repayment plan or even signing over the property to the lender for debt forgiveness. Sell and payoff the balance- If you can sell the house and payoff the remaining loan balance at closing from other assets, such as savings or an IRA account, you can avoid the negative credit damage of a short sale or foreclosure. Short Sale - The owner agrees to sell the house for less that the mortgage balance and turn the proceeds over to the lender. The lender also agrees to the sale and to take a moderate loss on the loan versus the time and potential high loss through foreclosure. The owner may have some or all of the liability for the unpaid balance. A short sale may negatively impact the owners credit. Foreclosure - If the owner fails to make payments and defaults on the loan, the lender can foreclose on the property. In many states, the property is sold at a public auction and the proceeds are given to the lender. The previous owner is still responsible for the difference between the sale proceeds and the loan balance, plus fees and legal expenses. Foreclosure will significantly damage an individual’s credit. If your home value is underwater, analyze your situation, get more information, determine your best course of action and then implement your plan. You may be able to work out a sustainable alternative. Visit www.shinnfinancial.com for more information or to send your comments or questions to shinnm@financialnetwork.com. © Michael G. Shinn 2009.