medford: Oregon Home Rescue Program
- 08/27/13 02:01 AM
The State of Oregon applied and received U.S. Treasury Hardest Hit Funds due to the extent of unemployment and foreclosure this State's citizens have experienced. The latest program, the Home Rescue Program, has been opened up to applicants who are seeking financial assistance on their home due to a loss of income. If they have fallen behind on their payments, they may not only receive help catching up the arrearage, but also help with making their payments going forward. If you or someone you know is an Oregon Homeowner facing financial hardship, go to www.oregonhomeownerhelp.com for additional information and to apply. … (0 comments)
medford: Confusion in the Land of Mortgage Modifications
- 05/29/13 07:02 AM
Homeowners experiencing financial difficulties are receiving modification of their mortgage terms from their lenders. As a housing counselor, this is a wonderful outcome for many families! When a homeowner’s lender approves modifying their original loan terms, they usually require the homeowner complete a Trial Period Plan of at least 3 months before they issue the permanent modification. One of the hardest things for homeowners is to start making payments without having a complete breakdown of the proposed modified terms. Although the trial period plan notifications are offering more information than they did in the early days of the housing crisis, they … (0 comments)
medford: Housing Counselor Recommends Gambling to Avoid Foreclosure?
- 05/17/13 05:12 AM
Housing Counselors working with homeowners seeking solutions to their financial hardship and alternatives to foreclosure comb through the homeowners’ individual situations. We’ll look at their past, current and possible future circumstances, making several recommendations based on that in-depth review. We’ll make sure those homeowners are aware of resources available in their communities that may help stabilize their household. This might be anything from medical, food, energy assistance, tax preparation, legal services to emergency housing in the event a foreclosure is imminent, in addition to working with Servicer/Investors to find a way to avoid foreclosure on a mortgage. We do some serious … (2 comments)
medford: Really? Door-to-Door Purchase?
- 04/22/13 07:04 AM
There have been many instances of door-to-door sales in the Rogue Valley, the stories which I've heard are usually relayed with regret associated with the experience. “Just say no” is not always the easiest thing for some people to do. Homeowners have experienced home repair and remodel sellers who come along with some pretty hard-core tactics, intimidating the homeowner into agreeing to a purchase without checking in to the reliability or validity of the product/service/supplier. I spoke with someone who told me after 3 ½ hours of a salesman in her living room she signed a contract for siding replacement – … (4 comments)
medford: The Check's in the Mail| Independent Foreclosure Review Check That Is
- 04/19/13 07:24 AM
The process for handling homeowners who experienced wrongful foreclosure and deficient mortgage servicing practices - i.e. Robosigning, foreclosure going through on a mortgage that was not in default, foreclsoure for servicepersons protected by poor handing of loss mitigation requests, etc. - changed a LOT with 13 major servicers. It went from requiring application and review by potentially 3.8 million homeowners seeking restitution for there practices, to 13 named servicers self-directing the restitution and reaching out to 4.2 million homeowners. Homeowners are receiving anywhere from $300 to $125,000 with the vast majority in the lower ranges. I know of someone who recently … (2 comments)
medford: Settlement of $8.5+ Billion For Unsafe|Unsound Foreclosure|Servicing
- 01/07/13 04:08 AM
Looks like 2013 is starting off with a concept many of us are familiar with – the only constant in life is change! And many times CHANGE is GOOD. The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency announced today they have reached a settlement with ten of the servicers that were part of the Independent Foreclosure Review: · Aurora · Bank of America · Citibank · JP Morgan Chase · MetLife Bank · PNC Sovereign · SunTrust · U.S. Bank · Wells Fargo They are still working out settlements with … (0 comments)
medford: 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)
medford: The Ultimate Bad Day – The Day I Learned I May Lose Our Home
- 05/27/11 04:47 PM
Today was a bad day. A day generating results I really did not expect to have to face. Yeah, I know…”get over it Karen – we ALL have bad days”. I also know that there are many, MANY people out there facing the loss of their home due to circumstances beyond their control. I WORK with and FIGHT for these people every day, but I really did not ever envision finding myself where I am today.
Today was the day I learned that justice can be more blind than we could ever possibly envision – the day I learned … (11 comments)
medford: 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)
medford: 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)
medford: 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)
medford: 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)
medford: 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)
medford: When a Neighbor Crosses the Threshold from Bad to Dangerous – Part 2 of 2
- 10/29/10 07:32 AM
We went up to introduce ourselves a few months ago to new neighbors on the street behind ours when we heard sounds of a backhoe running in our hillside neighborhood. This property had an additional dwelling unit built on it a while back, which we didn’t think too much about – until we started having signs of destabilization on OUR property. Next thing we know, the ADU is torn down by the new owners, and we know there are issues. When that backhoe fired up, we went straight over to see if they were digging, and to let them know we … (9 comments)
medford: When a Neighbor Crosses the Threshold from Bad to Dangerous – Part 1 of 2
- 10/29/10 07:19 AM
The real estate market in Southern Oregon has a high percentage of foreclosure homes working their way through the inventory. One of those bank owned homes sold earlier this year on the street behind ours. We were sad to hear another local contractor had lost their home in this bad economy we are all struggling through. Maybe the new family will come with children that will be friends of ours…we hope for good, compatible neighbors every time one of the surrounding properties changes hands. We all want good neighbors, right?
We used to have a family next door to us, … (6 comments)
medford: 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)
medford: 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)
medford: 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)
medford: 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)
medford: 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?
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!
The State of Oregon applied and received U.S. Treasury Hardest Hit Funds due to the extent of unemployment and foreclosure this State's citizens have experienced. The latest program, the Home Rescue Program, has been opened up to applicants who are seeking financial assistance on their home due to a loss of income. If they have fallen behind on their payments, they may not only receive help catching up the arrearage, but also help with making their payments going forward. If you or someone you know is an Oregon Homeowner facing financial hardship, go to www.oregonhomeownerhelp.com for additional information and to apply. … (0 comments)
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