INFOrmation

This page is updated frequently, so check back often.

This page lists links to information and articles, both by BFA and other trusted entities, that pertain to situations of financial difficulty. They are organized by category so that you can go straight to the section(s) that interest you. You may find information in other sections that is meaningful to you, however; we encourage everyone to at least glance over all the information. There may be options out there you didn't know about!

If any of this information raises further questions for you, or your situation is not covered here, feel free to call us and ask questions. Free information is part of what we provide to the public in our charitable capacity, so we're happy to help! If we don't know the answer to your question, we will do research and get back to you.

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If you find any broken links, please email us to report them. Thanks!

Remember, our main phone number is 734-736-1775.

FORECLOSURE

• HUD (the department of Housing and Urban Development)'s Tips For Avoiding Foreclosure
• Look out for scams! Foreclosure scams (also called "bankruptcy foreclosure scams") are very common; you're likely to start seeing them when your home goes into foreclosure, or even before. Read about them at BankRate, Forbes, and FraudGuides.com.
• If you think you've found or been a victim of a foreclosure scam, read the Department of Justice's advice on what to do about it.
• Read quick (not very detailed) answers to lots of common foreclosure questions here. BFA CAN HELP with all of the situations in which this guide says to seek professional advice! Plus, we put all the professionals under one umbrella, which saves you time and money.
• The State of Michigan has some good foreclosure advice on its site as well.

MORTGAGES

• Read the Federal Trade Commission's advice on spotting deceptive mortgage advertisements (pdf)
• HUD's excellent page on Avoiding Loan Fraud (predatory lending). Lots of information there!

CREDIT CARDS

• An excellent article from Bankrate.com on which credit card debts to pay off first
• How to properly close a credit card account

LOANS

• Read up on why you shouldn't co-sign for anyone else's loan

CREDIT SCORES

• To get your free credit reports (all Michigan residents are eligible for one free credit report per year) without getting scammed or stuck paying for it, follow the FTC's advice (pdf).
  • The ONLY website that you can get the free reports from is www.annualcreditreport.com. All the rest are scams or for-pay services (even if they have names like "free credit report dot com"!)
• The Electronic Privacy Information Center (EPIC) has a very comprehensive page on the Fair Credit Reporting Act and what your rights are under that act, including access to your credit report, redress for wrong information on your report, and more. You can also read the full text of the FCRA here (pdf).
• Fixing your credit: The Federal Trade Commission considers most "credit repair" agencies to be scams, largely because everything they do for you, you can do for yourself for free. (Everything you need is on that page, including a sample dispute letter!)
• Look here for advice on what you can do in the long-term to improve and manage your credit score.
• NEW! Read this straightforward article at The Consumerist about what Debt Collectors can and cannot say and do to you. Note, for instance, that they are not allowed to call you repeatedly during the same day, use obscene language, or lie to you about the consequences of your debt (such as saying that they will take your house). You can sue, often at no cost to you, to recover a fine for violations from Debt Collectors -- call us, or your local consumer advocate / attorney, for more information.

• This MarketWatch article has some good information about debt workout programs -- but don't call those "debt consolidation" places you see on TV, at least not without reading up on avoiding the many scams that are out there.
• This article from the FTC is fantastic resource for avoiding dangerous debt-workout companies. If you're considering a debt workout, read it first!
  • We Can Help you determine if a debt workout or a Bankruptcy is the right (or a possible) option for your situation.
  • Do not work with a Debt Workout or Consolidation company that charges you a fee up front, or that wants to give you a loan -- those are two sure signs of a bad idea!
• With the possible exception of negotiating a lower interest rate directly with your lender, most debt-workout options will negatively affect your credit. They are not recommended unless your credit is already damaged from not being able to pay your credit-card bills, or you aren't planning to need good credit for another year or two. If you have good credit and want to protect it, we can suggest other options.

• As part of your first meeting with us, BFA will prepare a complete budget overview for you, which you can take with you. We will also keep a copy in your file, to help us determine which of the options available to you are actually affordable within your budget. A solution you can't afford is not a solution, and we won't waste your time with it.
• If you're interested in detailed information and help with your retirement, savings, investments, insurance (health, car, life) and related matters, BFA can provide it. Our network contains ethical, experienced financial advisors who work independently of any major product-dealers (so you know you'll get the best option, not the one with the highest commission), and do not charge you any fees directly. Contact us for more details.

under construction -- come back soon!

under construction -- come back soon!

If your site has information our visitors may find valuable, and you want to share links with us, please contact us at service@bfa-mi.com.

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