foreclosure: How is Your State Responding to the Foreclosure Crisis? - 10/10/08 02:55 PM
The Center for Responsible Lending estimates that one in 33 U.S. homeowners will be in foreclosure within the next 2 years. Nevada, California, Florida & Georgia are among the states hardest hit by the national foreclosure crisis, California also being among the hardest hit by ARM foreclosure starts.
Among the steps taken by California to help ease this crisis:
Launched a task force Regulates high-risk loans Encourages lenders to modify defaulted loans Mandates that lenders give borrowers in danger of defaulting early notice about available assistance Has sought voluntary agreements with loan servicers to offer borrowers steps to prepare for payment … (4 comments)
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foreclosure: No Cost "HOPE NOW" Helps Homeowners Avoid Foreclosure But Cautions... - 09/03/08 02:41 PM
"borrowers should be wary of sources that offer help but require a fee"
When homeowners find themselves facing foreclosure proceedings reaching out to their lender is vital however, the largest comment by homeowners entails the nonresponsiveness of lenders.
There has been a change in lender attitudes though and with the help of HOPE NOW there is more hope of reaching the right person in the Loss Mitigation department.
Call the Homeowner’s HOPE™ Hotline: 1.888.995.HOPE
Hotline Services Include
Outreach to Homeowners Counseling Homeowners Assisting Homeowners 2 Million Troubled Borrowers Avoid Foreclosure
"The Hope Now coalition reports that it completed a record number … (12 comments)
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foreclosure: Homeowners Also Responsible for Mortgage Fraud - 09/02/08 12:32 PM
Desperate to get 'out-from-under' in a declining market some homeowners have decided to walk away from mortgages they can no longer afford creating two rising scams to add to the mortgage crisis - the so called "buy and bail" scam and "phony short sales" scam.
Both scams include lying on your mortgage application which is a prosecuteable offense but in the Inland Empire enforcement is taking low priority because of the belief that it will be more beneficial to prosecute scammers who take advantage of consumers rather than lenders.
Read the article...Homeowner Fraud Exacerbates Mortgage Crisis
… (9 comments)
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foreclosure: Don't They Realize Where They'll Be Soon? - 08/27/08 01:46 PM
A recently issued report by the Mortgage Asset Research Institute (MARI) states that mortgage fraud climbed 42% in the first quarter of 2008. The lender criteria has tightened considerably so that some feel it is necessary to 'tweak' applications. The most common situations cited were General Application Misrepresentation such as debt & asset misstatements, invalid social security numbers, incorrect addresses and Employment & Income falsification.
Loan applications are at an 8 year low according to the Mortgage Bankers Association and this supposedly makes the so-called 'professionals' push for clients. Maybe understandable but is this just another another area where it has … (9 comments)
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foreclosure: Short Sales, Quit Claim Deeds, Acceleration Clauses & Foreclosure - 08/26/08 12:14 PM
A report published by FREDDIE MAC (Federal Home Loan Mortgage Corporation) tells us that "fewer than half of homeowners contact their lenders before entering foreclosure". These homeowners are not only missing out on the assistance they might be able to receive from their lender, they more than likely do not know that are entitled to talk to a counseling agency. Others mistakenly believe that transferring title to the property will solve the problem.
Many homeowners who find themselves facing foreclosure proceedings labor under the misconception that the banks or lenders want their home; this is not true. The foreclosure will cost … (5 comments)
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foreclosure: Need a Quick Sale? Price Your Home Right - 08/11/08 12:02 PM
In the current market many homeowners are finding themselves faced with foreclosure proceedings. With the hope of catching-up the delinquent payments dwindling the only option left often becomes selling the home…quickly.
Many areas have seen home values drop so that sales prices will not cover the loan balance. Don´t despair.
Your lender may be willing to work with you on a short sale transaction, i.e. you can sell the home for current market value but the sale is lender approved as to what they will accept for a pay-off of the loan. If a short sale offer is submitted for your … (4 comments)
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foreclosure: Renters in Foreclosure Also Scam Targets - 07/08/08 01:26 PM
In July 2007 Alberta and her husband signed a 2 year lease option agreement for a home in Hesperia, California only to find out 10 months later that the home was in the final stages of the foreclosure process and that it had entered default the previous December. At the same time they found out that the person being represented as the owner (landlord) was neither the property owner nor the owner’s representative. They had paid over $20,000.00 dollars to a scam artist with no hope of getting any of it back.
A lease option or lease-to-own agreement typically asks … (1 comments)
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foreclosure: Renters in Foreclosure: What Are Their Rights? HR3915 - 06/19/08 01:11 PM
I'm getting more and more contacts from people who are losing their leases due to foreclosure. These people are desperate for answers. Below is an excerpt from an article by Attorney Janet Portman...This link might be helpful if you're getting the same kinds of calls.
"HR 3915, The Mortgage Reform and Anti-Predatory Lending Act of 2007, would not only tighten up the mortgage industry, but provide that tenants’ leases would survive foreclosure, and that month-to-month tenants would be entitled to 90 days’ termination notice." Read More
Related Post:
Tenant Protection form ForeclosureThrough AB2586
Here's another possible resource tenantstogether.org a statewide (CA) … (5 comments)
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foreclosure: Tenant Protection from Foreclosure Through AB2586 - Corrrection - 06/14/08 12:56 PM
Once again California is ranked #2 of the top five states when it comes to home foreclosures with the Inland Empire ranking #5 in the metropolitan top 10—certainly not a positive distinction. Foreclosure is so widespread that it seems impossible to be unaware of the plight especially as a real estate or mortgage professional. The list of those that suffer because of this scourge seems endless…owners, renters, marriages, children, pets, contractors, homeowner associations and on and on.
Tenants becoming suddenly homeless due to foreclosure has become a common problem it and protection for these innocents needs to be addressed. – landlords … (13 comments)
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foreclosure: Minorities are Foreclosure Scam Targets - 04/30/08 03:12 PM
You may have read my recent post Foreclosure Recovery Scams in Your Area . In that post I mentioned talking with Graciela Carvajal of ACORN Housing in San Bernardino, CA. She told me that there is such a large population of minorities in this area who don’t understand not only the loan process but the foreclosure process it makes them ideal victims. During our conversation she also mentioned that since she’s Hispanic she monitors the Spanish media and is amazed and concerned by the number of advertisements for obvious scams.
Why am I addressing this point again? Well, yesterday I … (2 comments)
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foreclosure: Renters Can Fall Victim to Foreclosure Too - 04/08/08 11:26 AM
Home owners aren't the only ones who can fall victim to the foreclosure scourge.Thousands of renters are finding themselves suddenly homeless (see this CBS news video). Some lenders offer renters a "Cash for Keys" program others just put them out on the street.
To make matters worse, renters are also falling prey to foreclosure scam artists.
I talked with Doug & his wife. They had been convinced by one seemingly sincere man that he had just purchased the house and although the county records hadn't caught up yet showing him as the owner they could go ahead & pay him the $2000 … (8 comments)
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foreclosure: They Deserve Better - 04/02/08 03:00 PM
I was recently talking with a new member of our office team. He was telling me of a veterans group he works with and about the thousands of reservists that have been called to active duty many of whom are now having trouble meeting their mortgage payments and are now falling into foreclosure.
My immediate thought was “These people deserve so much better from their country!” Well, I found out that their country thought of this way back in 1940 when they enacted the “Servicemembers Civil Relief Act” (SCRA).
Senator Diane Feinstein’s website gives us a referral site that answers … (9 comments)
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foreclosure: Fraudulent Foreclosure Advice - 01/18/08 01:45 PM
The foreclosure epidemic in this country has become so incredibly rampant and sad. Another 1.2 million foreclosure proceedings are predicted for 2008. There are so many emotions involved for the homeowners they feel overwhelmed.
Treasury Secretary Paulson has told us that as many as 50% of foreclosed borrowers have not spoken with their lender or other professional concerning their situation. Unfortunately for those who do seek advice there are "foreclosure services" out there waiting to take advantage of people in a very desperate time and many fall victim to fraudulent offers to 'rescue' them from the foreclosure proceedings.
… (19 comments)
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foreclosure: Buying REO property is risky for several reasons. - 11/02/07 03:29 PM
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foreclosure: Find Yourself in a Pre-Foreclosure Situation? Don't Give Up Hope! - 10/22/07 01:13 PM
Life is full of ups and downs. Any of us can suffer from a financial setback for any number of reasons...unemployment, illness or injury, divorce. But there ARE options to help you get back on track. The first and possibly most important thing to remember in this situation is time is crucial. If you have already received a Notice of Default you usually have only 90 to 120 days.
To help put your thoughts in order keep these important points in mind.
Respond to letters or calls from your lender. Analyze your budget and financial situation. Be prepared to share details … (15 comments)
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