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foreclosure prevention: "Right of Offset' Strikes Again! - 05/19/11 10:24 AM
In my role as housing counselor, I see people facing financial hardship - LOT's of them right now with the high unemployment rate and foreclosure rate we see here in Southern Oregon. There is a rule out there that I try to make people aware of, especially when their mortgage and checking/savings accounts are with the same banking institution. That rule is the "Right of Offset" which gives the bank the right to "sweep" the balance out of a person's checking/savings account when that person has a delinquent debt with that same institution. I just heard about it happening again recently … (7 comments)
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foreclosure prevention: What if…Homeowners Use Tools Like Oregon House Bill 3706 to Fight Back? - 01/29/11 01:55 PM
Being in the trenches day in and day out, fighting alongside Southern Oregon homeowners who have encountered financial difficulties, every once in a while I have to look up and survey the territory we are battling in. Reach out to the other troops and compare experiences. Strategize and determine where to concentrate efforts next.
There is a tool out there that was made available to Oregon Citizens last year. Oregon HB 3706 is that tool. The gist of the change I have focused on as it relates to default and foreclosure prevention is:
BACKGROUND: The Unlawful Trade Practices Act … (4 comments)
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foreclosure prevention: What to Do When Your Bank Stonewalls Your Modification Request | Tips From A Housing Counselor - 09/30/10 01:35 AM
Applying for a loan modification when your world has been turned upside down and you are facing financial hardship can be difficult and frustration, to say the very least.
The recommendations I have for you if you are encountering “we lost your paperwork”, “your request was denied”, “you didn’t respond to our request in time”, etc. is to do the following:
· Request to have your financial hardship package transferred to “the Office of the President” at your servicer (every servicer has a division set up for “special cases”, although the name of the division may vary slightly from … (4 comments)
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foreclosure prevention: Requesting Loan Modification or Forbearance for Financial Hardship | Tips from a Housing Counselor - 09/24/10 02:14 PM
So, you have lost your job or have seen your income reduced. You’ve taken a look at your budget, and you know that as hard as you have worked to cut “non-essentials” from your expenses, there just isn’t enough money to cover your basic living expenses AND your mortgage. Maybe you have sat down with your local non-profit certified housing counselor and they’ve given you more tips and ideas, but you just aren’t going to be able to make your mortgage payments with the money you have available to you. You REALLY want to keep your home, but just won’t … (7 comments)
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foreclosure prevention: Can You Afford to Keep Your Home? | Tips from a Housing Counselor - 09/22/10 06:26 PM
Next to the ultimate F word in real estate, Foreclosure, the B word probably sounds almost as bad to many people. The Budget…that first step required in determining what options are available if your find yourself experiencing financial distress. As housing counselors, it is something we focus on in detail to help determine if the goal a homeowner has set may be attainable.
The Budget – it’s really amazing how many homeowners | families don’t have one.
Every lender will require that a financial worksheet – i.e. Household Budget – be turned in so they may see if … (6 comments)
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foreclosure prevention: Headed to Phoenix AZ| Looking Forward to Exploring This Corner of Our World - 04/30/10 06:41 PM
One of the many hats I wear is as a housing counselor for a HUD certified housing counseling agency. These days, most of us housing counselors find ourselves focused not only on first time home buyers seeking homebuyer education from a HUD approved non-profit entity, but even more so on existing homeowners seeking assistance with foreclosure intervention. Now that the April 30th $8,000 Tax Credit Deadline is slipping by, I’m switching hats and headed to Phoenix AZ to complete certification training as a Foreclosure Intervention Specialist and get another leg of certification as a Reverse Mortgage Counselor under my belt. At … (3 comments)
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foreclosure prevention: HUD Certified Housing Counseling Agency Housing Counselors Need Loan Originator Licenses?!?!? - 04/11/10 08:11 PM
A proposal related to the S.A.F.E. Act of 2008 is being reviewed by HUD which may require that Housing Counselors working for HUD certified housing counseling and non-profit agencies may need to obtain loan originator licenses under the National Mortgage Licensing System and Registry. Say what?!?! Some how, I think this was not the original intent of the Act, rather they were trying to stop private loan modification companies and scam artists from targeting homeowners suffering financial hardship and facing foreclosure. But, alas, that is the environment we all have to operate within today. My comments are en route to HUD … (0 comments)
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foreclosure prevention: HOPE Arriving For Struggling Southern Oregon Homeowners - 10/16/09 08:03 AM
Are you, or is anyone you know, struggling to find a way to stay in your/their home here in Southern Oregon? HOPE is arriving for struggling Southern Oregon homeowners who may have been attempting to refinance under the Home Affordable Refinance Program only to find out they needed to be under the Home Affordable Modification Program because they did not qualify.
Bank of America, Wells Fargo and Chase will all be here in Medford Oregon to talk to homeowners who have existing loans with these three banks and may have been caught in phone system hell trying to work their … (6 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 years of experience providing Southern Oregon and California Home Buyers and Homeowners | Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there! ,
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