The Black Montclair New Jersey History Series

Exhibit One will Display a theme of Black Worship, from 1880 - 2005. This display or exhibit will take place at The Montclair Historical Society, Crane House Museum, 110 Orange Road, Montclair NJ 07042. For more Information visit Montclair Historical or Call 973-744-1796

Buying A Home After Foreclosure - What To Expect

by Carrie Reeder

Even though buying a home after a recent foreclosure is
possible, homebuyer should not apply for a mortgage blindly.
Because of your current credit standing, many lenders are ready
to take advantage of you. Your options are limited. Nonetheless,
this does not mean you have to accept a terrible mortgage loan.

Why Does a Foreclosure Occur?

Homes are foreclosed when a homeowner is unable to repay the
mortgage. On average, mortgage payments have to be three months
late before a lender begins the pre-foreclosure process. If the
homeowner is able to acquire funds, the lender will stop
foreclosure.

Many factors contribute to a homeowner's inability to repay a
mortgage loan. For starters, living beyond one's means will
make it harder to maintain regular monthly payments. Sadly,
many people fall in love with a home they cannot afford.

Furthermore, some homeowners do not take into consideration
utilities and other expenses that come with owning a larger
home. Acquiring excessive credit card debt may also result in
less disposable income.

The Disadvantages of Buying a Home after Foreclosure

For the most part, many lenders will not approve a mortgage
loan immediately following a bankruptcy. In their estimation,
you are a risky applicant. If you were unable to make regular
payments three months prior, the odds of a future loan
defaulting are high.

Naturally, circumstances do change for the better. For example,
if loss of employment or illness contributed to a foreclosure,
you may be in a better position to afford a mortgage six months
after a foreclosure. Still, there are disadvantages to obtaining
a home so soon.

Mortgage interest rates following a foreclosure are
outrageously high. Because most traditional mortgage companies
will not approve your loan, you may be subjected to interest
rates 3 or 4 percentage points above current rates. This will
increase mortgage payments by a few hundred dollars.

Best Approach for Purchasing a Home after Foreclosure

If you are hoping to buy a home following a foreclosure, be
patient. The key is to rebuild your credit. During the next 24
months, attempt to open new credit accounts, and maintain
regular payments. Pay creditors on time and avoid missed
payments.

Next, shop smartly for a new mortgage. Prior to accepting a
mortgage offer, contact several lenders for quotes. If using
the internet, you may obtain instant quotes from several
lenders in minutes.

BLACK HISTORY MONTH FOCUS: AFRICAN AMERICAN HEALTH

INTEREST HEATS UP IN BLACKDOCTOR.ORG, NATION'S FIRST HEALTH PORTAL FOR AFRICAN AMERICANS

Chicago, IL (BlackNews.com) - BlackDoctor.org is gearing up for a busy 2006 as African Americans - along with physicians, dentists and others in the healthcare community - discover the health portal for African Americans.

"The buzz has been just phenomenal," says publishing and Internet entrepreneur Reginald Ware, who launched BlackDoctor.org last fall. "It just confirms that there was a dire need for this product. It's fitting that BlackDoctor.org is getting attention as we enter February and celebrate Black History Month. Historically, Blacks have suffered disproportionately from many diseases and conditions. It's a good time to acknowledge that Black health needs specialized attention, which is what we provide. We work to change African-American views on health and healthy living."

Launched November 15, 2005, BlackDoctor.org is already fielding nearly 200,000 visitors per month. A unique presence in the marketplace, the web site is chock full of health information that is of specific interest and concern to African Americans, including articles such as "The Top 10 Killers of African Americans," a diabetes risk test, and the country's first Soul Food Pyramid, which was developed by Roniece Weaver, executive director of Hebni Nutrition Consultants and diet and nutrition editor of BlackDoctor.org

Reginald Ware
CEO
Black Doctor Organization
116 W. Illinois Street
6th Floor
Chicago, IL 60610
312-222-1205 (main)
312-758-5801 (cell)

Authors of How to Save Your Home - Herbert Addison, JD, CHC and Michael Taylor, Sr. 

Black Professional Housing Counselors Help Families Stop Foreclosure With New Book

Ajustable rate mortgages, illness, lack of health insurance, job loss, high energy costs, and predatory lending leads to highest rate of home loss in black community.

Columbia, SC (BlackNews.com) - What can a borrower do to prevent foreclosure sale of their home if they have failed a bankruptcy plan or do not have the money to catch up the mortgage?

Herbert Addison, JD, CHC and Michael Taylor, Sr., two of the nation's leading experts on foreclosure prevention, have written a book to teach homeowners how to successfully negotiate with lenders to stop foreclosure...

More on Book to Stop Foreclosures and Save Your Home

How to Save Your Home: Your Guide to Loss Mitigation, ISBN# 0-9753754-0-7, SYH University, $19.95, 2005, has received and "Excellent" rating from Bookreview.com. The book is available at Amazon.com and will soon be on bookstore shelves nationwide. The step-by-step negotiation methods described are simple to understand and are extremely effective alternatives to bankruptcy and foreclosure.

Addison and Taylor have counseled over 10,000 thousand homeowners facing foreclosure and have over 30 years experience in the areas of foreclosure, loss mitigation and debt management. Mr. Addison received his law degree from the University of South Carolina School of Law, is a Certified Housing Counselor and a member of the Virginia Association of Housing Counselors. Their company, Save Your Home, Inc. was closed in September 2005 in order to shift the business focus to financial education.

To that end, The Financial Literacy Institute was founded to provide consulting services to churches by training church staff to provide housing counseling to members of the community. The company provides free seminars on housing, foreclosure, and credit management to churches across the country.

"The Bible teaches us that a lack of knowledge destroys and causes suffering; our book was written to provide professional knowledge to people who are serious about homeownership," stated Addison. "When our neighbors, friends, family or church members lose a home to foreclosure, it lowers the morale and wealth of the entire community. Our church seminars are designed to strengthen communities by teaching real solutions to financial matters that affect our lives daily," added Taylor.

To interview Mr. Addison or to receive a review copy of the book, please send email to taddison(@)saveyourhome.info (replace brackets around @ symbol-- to stop spam)