karen cooper: Good News for Oregonian Homeowners Trying to Avoid Foreclosure
- 05/23/12 03:44 AM
There is good news for Oregon Homeowners who are trying to avoid foreclosure. The Oregon Senate and House passed Senate Bill 1552 on March 5, 2012, and forwarded this bill along to Govenor Kitzhaber to sign. Oregon Senate Bill 1552 ends the “dual tracking” of homeowners who were being foreclosed on while attempting to work out an alternative to foreclosure with their Servicer/Investor.
Want Layman’s terms on what this means for the homeowner?:
· Mandatory Meeting face-to-face with homeowner, lender and mediator to review foreclosure alternatives if homeowner elects this process when notification received · Notice of right to … (4 comments)
karen cooper: Help for Borrowers – Independent Foreclosure Review
- 03/20/12 05:24 AM
The Office of Comptroller of Currency and Federal Reserve created a process to help borrowers who were facing foreclosure in 2009 or 2010 with several servicers. This process will help these borrowers who believe they suffered financial injury as a result of errors in the foreclosure process present their case to an independent third party reviewer. These borrowers have been identified and were sent a Notice with clear instructions how to apply to be reviewed. The borrowers’ greatest chance of obtaining financial restitution will be a clearly documented, supported paper trail they can provide to the independent third party reviewer. Situations … (0 comments)
karen cooper: Sorry, Suze, But It Just Isn’t That Simple
- 09/24/11 01:46 PM
As a housing counselor here in Southern Oregon working day in and day out with homeowners who have encountered financial difficulties the one common thread I see throughout my day is their stories are complicated! The homeowners who own property that has been in their families for 100 years – are they going to walk away because when their turn came to take over their family’s American Dream it was at a market peak and they are now sitting at 140% LTV? Or the family who took cash out to build an additional dwelling unit because their brother lost their job … (7 comments)
karen cooper: 45th Annual Children’s Festival in Jacksonville Oregon Coming July 10-11-12 2011
- 06/14/11 11:31 PM
It’s that time of year again, one that many Rogue Valley families and visitors have enjoyed over the past 45 years. The Jacksonville Children’s Festival held at the Britt Garden County Park is a wonderful family event that every kid enjoys.Not only do you get to experience the many different hands-on activities, but our kids throughout the Rogue Valley come out to show their talents and put on shows for you on the Britt Stage .
An amazing group of volunteers comes together to put this on for Our Children every year, giving the kids … (2 comments)
karen cooper: Oregon Homeowners Exercise Your Rights Under Senate Bill 628!
- 05/19/11 05:48 PM
I have almost 100 active cases in my role as housing counselor for homeowners seeking help with their financial hardship. Many of these cases are for Southern Oregon homeowners wanting to keep their home. Homeowners who have taken the time to investigate the options available to them, and homeowners who need help figuring out what their options are. Many of these homeowners applied for modification of their home loan. When I review the documentation we collect to verify their financial hardship, I see that many of these homeowners appear to be pretty darn good candidates for the mortgage modifications they are … (1 comments)
karen cooper: "Right of Offset' Strikes Again!
- 05/19/11 03:24 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)
karen cooper: Have You Been To Sunrise Café and Catering in Downtown Medford Oregon?
- 03/05/11 04:12 PM
We finally made it to the Sunrise Café & Catering at 130 E. Main Street in Downtown Medford tonight, getting to this popular lunchtime destination – but for dinner. This family owned business run by brother and sister, Ed Chun and Carol Hendricks was worth the wait. Having experienced the delectable Kalbi Tri Tip Special and a sampler platter, with some of the most tender, flavorful meats we’ve tasted (pulled pork, teriyaki beef AND chicken - YUM!), we’ll be back to see the friendly, personable Ed and Carol again very soon. Dinner for two with drinks came to just over … (3 comments)
karen cooper: What if…Homeowners Use Tools Like Oregon House Bill 3706 to Fight Back?
- 01/29/11 05:55 AM
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)
karen cooper: Consumer Action in Lieu of Property Disclosure Statement of Bank Owned Property?
- 01/23/11 01:13 AM
What would happen do you think if homeowners who have encountered financial difficulties that they are unable to resolve with their bank and its investors did their own Property Disclosure Statement and notified their bank/investors, surrounding neighbors, banks’ listing agents and State Real Estate Agency when the property reverts to the bank? Maybe posted it publicly in case buyers are considering purchasing the home on the court house steps at the Trustee Sale or delivered it by attending the sale themselves?
Since the banks and their investors like Fannie Mae, Freddie Mac, HUD and other institutions are not required by … (7 comments)
karen cooper: Working to Stem the Tide of Foreclosures - Thanks, Senator Merkley!
- 01/20/11 04:18 PM
Obviously, this message is close to my heart. I see the people affected by this crisis every day, and not just at my job. I see them at the grocery store, in church, at the park...their kids go to school with mine. Who doesn't know a homeowner that has been affected by the economy and foreclosure crisis? Especially those working in industries directly affected - construction, real estate, finance?
Merkley works to stem the tide of foreclosures | MailTribune.com www.mailtribune.com Way to go Senator Merkley and team! It was great to meet you in person to be able to thank … (8 comments)
karen cooper: Time is Running Out to Apply for Oregon's Mortgage Payment Assistance Program
- 01/08/11 04:34 AM
Oregon was one of the states awarded money to help its communitites suffering from high foreclosure and unemployment rates. One of the programs Oregon designed was to help eligible families pay their mortgage payments - up to $20,000 or 12 months, whichever is less. Jackson County Oregon was given 276 slots for this program by the State of Oregon and Josephine County was given 216 slots. Once the deadline passes on January 14th for online applications (January 15th for in person ones), the State will hold a random drawing for each County that was awarded slots for this funding. In Jackson … (2 comments)
karen cooper: Thirty Days To Live
- 10/22/10 02:28 AM
If we’d known there were only 30 days for him to live, what would we have done differently? Would we all have dropped what we were doing, and circled the wagons in our family? Would we have camped ourselves at the hospital and insist a thorough diagnosis be done so he wouldn’t have been sent home to die? Would we have gotten a clear diagnosis and prognosis and been able to find a treatment that may have kept him with us longer, or if not, have the time to build final memories we’ll never have now? Would we have spent every … (8 comments)
karen cooper: What to Do When Your Bank Stonewalls Your Modification Request | Tips From A Housing Counselor
- 09/29/10 06:35 PM
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)
karen cooper: Requesting Loan Modification or Forbearance for Financial Hardship | Tips from a Housing Counselor
- 09/24/10 07:14 AM
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)
karen cooper: Can You Afford to Keep Your Home? | Tips from a Housing Counselor
- 09/22/10 11:26 AM
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)
karen cooper: When Best Laid Plans Go Awry | Tips from a Housing Counselor
- 09/22/10 05:24 AM
For some, the American Dream of Homeownership has gone drastically awry. The days of anticipation of closing on that dream home seem long ago to them. Today, focus may be on getting food on the table and keeping the lights on. Maybe this is because of bad decisions made along the way, but more often it is because of job loss, reduced income, medical bills – situations beyond their control – and/or revolving debt accrued to keep payments up and cover budget gaps.
Along come the Making Home Affordable Programs and Hardest Hit Funds to help struggling homeowners hang on … (3 comments)
karen cooper: Where Are Home Prices Going?
- 08/22/10 10:15 AM
I believe John Mulkey hit the nails on the head making his points in this article. What we are facing today in our local markets and economies did not happen overnight. Nor will the recovery...
We’ve all heard the news reports about the potential for a double-dip in housing, and perhaps, the overall economy. Unemployment seems out of control; debt levels are becoming unmanageable; and many are wondering what the future holds for the housing market. Where home prices going and what is the potential for prices to recover to the levels of 2005/2006?
There are lots of … (1 comments)
karen cooper: The Reality of the Hunt
- 07/31/10 08:39 AM
We look at this trophy we now have. It wasn’t long ago we were filled with trepidation, determined to make a go of reaching our goal. We spent time preparing, educating ourselves, readying for this new, big adventure. Then the hunt was on. It was a tough hunt, an endless search for just the right prize to bring home. We were so nervous…so determined. Hours and hours we looked for you. Once, we had our prize in our sights only to lose you to fellow hunters, hunters who entered the hunt earlier, who were quicker and more prepared than us. Patience … (0 comments)
karen cooper: Who Needs To Win The Lottery To Get A Down Payment?
- 07/24/10 12:11 PM
With today’s first time home buyers needing to come up with more cash at closing, you may be thinking the only way you are going to have the American Dream and own your own home is if you win the Lottery. If you are like roughly 50% of the folks in your area making your area median income or less, chances are pretty good you find yourselves living check to check. Putting away thousands of dollars to make a down payment on a home and paying closing costs may seem like a pipe dream to you.
Ain’t gonna happen, huh … (5 comments)
karen cooper: Short Sales|The Under Utilized Partnership
- 07/24/10 08:51 AM
There is a valuable partnership not being described much…are you using this partnership? The partnership I am referring to is that of the short sale real estate broker and their local HUD certified housing counselors. Many homeowners in financial distress seek the assistance of their local HUD certified housing counseling agency. They come seeking the expertise and guidance of a housing counselor. They may have found this resource through the marketing efforts of the agency, they may have been pointed that direction by a family member, friend, colleague or their existing lender. How many are pointed that direction by the real … (4 comments)
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
There is good news for Oregon Homeowners who are trying to avoid foreclosure. The Oregon Senate and House passed Senate Bill 1552 on March 5, 2012, and forwarded this bill along to Govenor Kitzhaber to sign. Oregon Senate Bill 1552 ends the “dual tracking” of homeowners who were being foreclosed on while attempting to work out an alternative to foreclosure with their Servicer/Investor.
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