Unlock Homeownership: Your Guide to HUD Homebuyer Education

Owning a home is a dream for many, but the process can seem daunting, especially for first-time buyers. Fear not! The U.S. Department of Housing and Urban Development (HUD) offers a valuable resource: HUD-approved homebuyer education classes. These classes provide essential knowledge and tools to navigate the homebuying journey confidently. Your home purchase may be the largest purchase you could make so get educated!

Why Take a HUD Homebuyer Education Class?

• Gain Essential Knowledge: The classes delve into crucial topics like budgeting, understanding mortgages, credit scores, home inspections, and the closing process. This knowledge empowers you to make informed decisions throughout your homebuying journey.
• Boost Your Confidence: Purchasing a home is a significant financial commitment. By understanding the process and your responsibilities, you’ll feel more confident and prepared to handle negotiations and unexpected situations.
• Qualify for More Assistance: Many lenders and down payment assistance programs require completion of a HUD-approved homebuyer education course. Taking the class can unlock financial aid opportunities to make homeownership more attainable.

What to Expect in a HUD Homebuyer Education Class

• Comprehensive Curriculum: Classes typically cover a range of topics, from pre-purchase planning and financing options to homeownership costs and maintenance responsibilities.
• Interactive Learning: Courses often involve lectures, discussions, group activities, and case studies, making the learning experience engaging and interactive.
• Experienced Instructors: The classes are taught by qualified professionals who can answer your questions and guide you throughout the homebuying process.
• Flexibility: HUD-approved classes are available in various formats, including online courses, in-person sessions, and evening classes. This allows you to choose the option that best fits your schedule and learning style.

DMCC provides HUD Homebuying education classes each month

The first step is to identify reputable providers in your area. Here are some resources to help you find a HUD-approved homebuyer education class:

• HUD Website: The HUD website provides a searchable database of HUD-approved housing counseling agencies that offer homebuyer education programs (https://www.hud.gov/counseling).
• Non-profit Organizations: Many non-profit organizations specialize in housing assistance and offer HUD-approved homebuyer education classes. DMCC provides these classes on the first Saturday of each month. Go to www.dmcconline.org and follow the prompts for Housing Counseling provided by certified HUD approved counselors and sign up for your next class.

Investing in Your Future

Taking a HUD-approved homebuyer education class is an investment in your future. It equips you with the knowledge and tools to navigate the homebuying process with confidence. Remember, homeownership is a significant financial commitment, and education is key to making informed decisions that lead to long-term success. So, consider taking a HUD homebuyer education course and unlock the door to your dream home!

You’ve heard about scammers who pose as government workers, calling to demand your money or information. But imposters are running scams by mail too. They’re sending fake forms and letters from made-up agencies demanding payment or personal information ASAP. Here’s what to know and do if you get a letter like this. The fake government letters have agency names that include words like United States, Social Security, business regulation, tax enforcement, and trademark to make them seem legitimate. The letters lie to you, saying it’s time to register or renew a license or trademark, pay a fee or fine, or claiming there is a problem with your Social Security account. Then they send you to a website that asks for your license, Social Security, EIN, and credit card numbers. Usually, the letters warn about fines if you don’t respond fast. GOVERNMENT IMPERSONATORS If you get a letter that looks like it’s from the government and demands money or information, STOP. It could be a scam. Before you do anything: • Find out if the agency is real before you respond. Go to USA.gov to verify the names and contact information of federal, state, and local, government agencies. Don’t use any websites or phone numbers listed in the letter. • Don’t wire money or use gift cards, cryptocurrency, or a payment app to pay someone who says they’re with the government. Scammers insist you can only pay these ways because it’s hard to track that money, and just as hard to get it back. They’ll take your money and disappear. • Don’t give your financial or personal information to someone who calls, texts, emails, or messages you on social media and says they’re with the government. If you think a call or message could be real, stop. Hang up the phone and call the government agency directly at a number you know is correct. If the call is a robocall, don’t press any numbers. Pressing numbers could lead to more calls. • Don’t trust your caller ID. Your caller ID might show the government agency’s real phone number or name — like “Social Security Administration.” But caller ID can be faked. It could be anyone calling from anywhere in the world. • Don’t click on links in unexpected emails, texts, or social media messages. Scammers send emails and messages that look like they’re from a government agency but are designed to steal your money and personal information. Don’t click on any link, and don’t pass it on to others. Just delete the message. If you spot a scam like this, tell the FTC at ReportFraud.ftc.gov. Find out what to do if you paid someone you think is a scammer, or if you gave a scammer your personal information.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.

A “holiday hangover” is what we experience once all the gifts have been exchanged, the parties have been attended, and the decorations have been packed away for another year. It’s that drop-off we feel after the rush of the holidays is over, and we must return to the routine nine-to-five. Very often that post-holiday reckoning involves confronting the charges we racked up on our credit cards. Debt is a growing concern for many consumers. In August 2023, the Center for Microeconomic Data reported that Americans’ credit card debt has surpassed $1 trillion for the first time ever. And this is at a time when interest rates have reached a 22-year high. Once mortgage and auto loan debt are factored in, combined consumer debt exceeds $17 trillion. Many consumers will resolve to decrease or completely eradicate their debt in the new year. Unfortunately, scammers are all too willing to take a consumer’s good intentions and use them to their advantage in a debt relief scam. A debt relief scam will often start with an unsolicited call, text, or email offering debt relief services. For an upfront fee, the scammer will promise to reduce or settle your debt and remove negative information from your credit report. Scammers are banking on the fact that being overwhelmed by debt will keep you from focusing on the obvious red flags of an unsolicited offer, upfront fees, and rosy promises. That’s why it is so important to know the signs of a scam and to make well-informed decisions that are not driven by emotion.

Signs of Debt Relief Scams

• Unsolicited Offers: Be suspicious of cold call solicitations.

 Thoroughly research any company before you provide your personal information.

 • Upfront Payment: Be extra cautious of demands for payment before any work can be done on your behalf.

• Promising Results: No one can predict how creditors may respond to debt settlement offers and favorable results cannot be guaranteed.

• Claiming Special Methods: Claims about exploiting little-known legal loopholes or new “government programs” should be viewed suspiciously.

• Instructions to Cease Contact with Creditors: Cutting off communication with creditors can have serious consequences, including accelerated debt collection efforts and lawsuits.

• Failure to Fully Assess Your Financial Situation: A scammer is not interested in understanding your complete financial situation before trying to help you because they don’t really intend to do anything for you.

There are legitimate debt relief companies that use well established and documented techniques to alleviate debt concerns and negotiate settlements. So, you may want to consider other options like exploring debt consolidation and working with a certified credit counselor at a non-profit.

*reprint from Fl. Dept. of Agriculture

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.

Financial challenges are not limited to a specific age, but people tend to face certain challenges during particular stages of their lives. Regardless of your age, you might recognize some of these financial issues.

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The three national credit reporting agencies — Equifax, Experian, and TransUnion — have permanently extended a program that lets you check your credit report at each of the agencies once a week for free.
Visit AnnualCreditReport.com to request free copies of your credit reports. Other sites may charge you or be fraudulent sites set up to steal your personal information. By law, everyone is entitled to one free credit report every twelve months from each of the three credit
reporting agencies. In 2020, soon after the COVID-19 pandemic upended the finances of millions of people, the three agencies announced they would temporarily make free reports available every week. The program was extended twice and is now permanent.

Why check your credit report? Your report shows things like how many credit cards and loans you have, whether you pay your bills on time, and whether any debts have been turned over to collections. Conversely your credit score is calculated using all of the information on your credit report. A mistake left unchecked on your report could impede your credit score. Creditors, insurers, some employers, and other businesses use your credit score to decide if they want to do business with you and the terms (interest rate) they’ll offer you.
Mistakes, like accounts or bankruptcies that aren’t yours, can hurt your credit, increase how much you’ll have to pay to borrow money, and even derail your chances of getting a loan, insurance, a rental home, or a job. Mistakes can result from errors by businesses that report credit information to credit reporting agencies. They also can be a sign of identity theft. The sooner you spot a mistake, the sooner you can dispute the error or if it results from identity theft, report it at IdentityTheft.gov.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.

SOURCE: Colleen Tressler, Division of Consumer and Business Education, FTC

Debt settlement companies can be a dangerous option for people struggling with debt. They promise to negotiate with your creditors to reduce your debt, but they often charge high fees and don’t always deliver on their promises.

Here are some of the dangers of using a debt settlement company:

• High fees. Debt settlement companies typically charge a fee of 15% to 25% of the amount of debt that they settle. This can be a significant fee, especially if you have a lot of debt.
• Damage to your credit score. When you stop making payments on your debts, your creditors will report this to the credit bureaus. This can damage your credit score and make it more difficult to qualify for loans and credit cards in the future.
• Risk of being sued. If you stop making payments on your debts, your creditors may sue you. This could lead to a wage garnishment or even bankruptcy.
• Potential for scams. There are many scams in the debt settlement industry. Some companies may take your money and then disappear, or they may charge you exorbitant fees.

If you are considering using a debt settlement company, it is important to do your research and choose a reputable company. You should also be aware of the risks involved and understand that debt settlement is not a guaranteed solution.

Here are some tips for avoiding debt settlement scams:

• Beware of companies that charge upfront fees. Legitimate debt settlement companies typically don’t charge any fees until they have successfully settled some of your debt.
• Don’t stop making payments on your debts until you have a signed agreement with a debt settlement company. If you stop making payments before you have a signed agreement, you could damage your credit score and risk being sued by your creditors.
• Get everything in writing. Before you sign any agreement with a debt settlement company, be sure to get everything in writing, including the fees they will charge and the services they will provide.

If you are struggling with debt, there are other options available to you, such as credit counseling and debt consolidation. You should talk to a financial advisor to discuss your options and choose the best solution for your situation.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.

Whether it’s for a teeth whitener, vitamin or kitchen gadget, all free trials eventually end. And typically, if you don’t want to buy what you’ve tried, you need to cancel or take some other action before the trial is up. If you don’t, you may be agreeing to buy more products.

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Debt doesn’t just go away when someone dies.

Most debts get passed on to any surviving family members after someone passes away. If you do nothing to plan for this inevitability, the state in which you live will decide how your estate should be handled.

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Getting married? Understand the financial implications

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