NEED LOAN MODIFICATION HELP?
avoid doing that if at all pos-
sible. The penalty is 10 percent
on your withdrawal from your
401(k). Whatever you take out
will be added to your income tax
bracket. It is recommended that
you attempt other options before
doing so, such as reviewing your
budget and cutting all extra
expenses possible, working with
your credit card companies to
negotiate lower interest rates or
applying for hardship assistance,
or working with a debt counselor.
0: I've already been through
foreclosure and my redemption
period is going to expire soon.
What do I do now?
A: If you are not otherwise able
to afford your home and cannot
redeem the property, you need
to look for alternative housing.
Check www.craigslist.com or
the Michigan Housing locator at
www.Michigan.gov. If you need
financial assistance, JHA may be
able to help depending on your
specific circumstances.
Q: I expected my home to be an
asset for retirement and it is
now worth less than the mort-
gage on the home. What should
I consider?
A: Your house, like any other
asset, can fluctuate in value
depending on supply and
demand. With the current eco-
nomic conditions, most horn-
eowners are finding themselves
with a house that is "under
water;" in other words, they owe
more than it is worth. If you are
unable to afford making your
payments, there are many options
available to try to get the pay-
ment to an affordable level. Check
with a U.S. Housing and Urban
Development-approved lender or
a participating lender through
the Hope for Homeowners in
order to see if you qualify for
any of the new Federal Housing
Administration programs, includ-
ing a reverse mortgage. It is sug-
gested that you consult with a
financial planner to determine
what options and suggestions
he/she can offer with regard to
retirement savings.
Please share your thoughts online:
thejewishnews.com/community.
Go to Local News.
Paid S3.500 for a loan modification and still cannot
complete the application.
Paid $0.00 for a successful loan modification
through the Jewish Housing Association.
1-800-458-0404
Do you really need any more information than that?
Jewish Housing Association has a team of professional mortgage loan counselors
to assist free of charge and in a confidential manner.
You may submit your application by phone or meet with us in person to ensure your privacy.
MA 44\
Jewish Housing Association
27777 Franklin Road, Suite 1700
Southfield, MI 48075
1.800.458.0404 www.jhamd.org
Jewish
Federation
of Metropolitan Detroit
Jewish Housing Association of Metropolitan Detroit
WE'RE PART OF THE TEAM
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December 3 • 2009
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