southern oregon: 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)
southern oregon: Southern Oregon Economic Summit May 2013
- 05/23/13 09:10 AM
The Rogue Valley Association of Realtors and the Homebuilders Association of Jackson County presented the Southern Oregon Economic Summit today. Dr. Lawrence Yun the NAR Chief Economist, Dr. David Crowe the NAHB Chief Economist and Josh Lehner Senior Economist with the Oregon Office of Economic Analysis all brought valuable statistics based on what is happening in our local area. Good information was provided, all pointing toward slow overall improvement in the housing market here in Southern Oregon, albeit reliant upon the migration to our area from out of state (California). I was sitting next to a recent immigrant who arrived a … (2 comments)
southern oregon: 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)
southern oregon: Good News For Homeowners Facing Mortgage Debt Cancellation
- 01/02/13 07:02 AM
Happy New Year! I was happy to start off my 2013 with the news that the Mortgage Forgiveness Debt Relief Act was extended a year with the passing of the American Taxpayer Relief Act of 2012. Bet the Realtors on this site are, too! Housing Counselors sort through many options with homeowners facing financial hardship that have them seeking foreclosure alternatives. Many of those options could potentially lead to the possibility of tax consequences - i.e. principal forgiveness under the National Mortgage Settlement program's modification or refinance programs, in addition to a short sale, deed-in-lieu of foreclosure or foreclosure. Good news … (2 comments)
southern oregon: HUD Certified Housing Counseling for Southern Oregon Homeowners
- 12/31/12 05:54 AM
There is FREE help for homeowners facing foreclosure in Jackson and Josephine County! Most Southern Oregonians know ACCESS for the safety net services provided to area residents needing them. The high demand food and energy assistance programs have been helping seniors and low income individuals and families bridge income gaps since 1976, and are just two of the many services ACCESS provides to Southern Oregon. The Southern Oregon Housing Resource Center at ACCESS became the HUD certified housing counseling agency providing home buyer education, administering down payment assistance and assisting first time home buyers in 1991. Since the decline of the … (0 comments)
southern oregon: National Mortgage Settlement Deadline Approaching January 18, 2013
- 12/31/12 03:25 AM
Do you or someone you know believe you have suffered a wrongful foreclosure that led to losing your home between January 1, 2008 and December 31, 2011? Forty-Nine State Attorneys General and the Federal government recognized the prevalence of this dilemma when they came together and negotiated the National Mortgage Settlement. Heard of “robo-signing”? Were there inexplicable fees racked up on your final bill at the end of the foreclosure? Was “MERS” – the Mortgage Electronic Registration System – the entity that instituted your foreclosure? Payments will be given to borrowers who lost their homes to foreclosure, with the minimum … (2 comments)
southern oregon: Going…Going…HURRY! Independent Foreclosure Review Deadline 12/31/2012
- 12/31/12 03:03 AM
Procrastinators, ATTENTION! Today is the deadline for filing a request for the Independent Foreclosure Review if you suffered what you believe was a wrongful foreclosure. If you, or someone you know, were anywhere in the foreclosure process anytime between January 1, 2009 and December 31, 2010, and believe you were financial damaged, your claim with supporting documentation has to be submitted by today. This review is separate from the National Mortgage Settlement - you may be eligible to apply for both. The review is being handled by independent reviewers, and it may take several months for you to receive a response. … (0 comments)
southern oregon: 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)
southern oregon: 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)
southern oregon: "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)
southern oregon: 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)
southern oregon: 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)
southern oregon: 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)
southern oregon: Hidden "Costs" - Refinancing from a 30 Year to a 15 Year Fixed Rate Mortgage
- 07/22/10 07:07 PM
Are you thinking about refinancing from your 30 year mortgage in to a 15 year fixed at today's REALLY AMAZINGLY LOW INTEREST RATES? You aren't alone if you are. Most people pick up the phone when they are headed down this path and ask "what's your rate?". In today's world, you very well may find many inexperienced loan officers who will spout off an answer to that question without going in the myriad of other variables that might need to be explored. What's your rate? Isn't going to cut it! Even adding "how much are the closing costs?" to the equation … (6 comments)
southern oregon: Have You Been To Pomodori Ristaurante in Medford Oregon?
- 07/20/10 06:08 PM
Mamma Mia, what a meal we had tonight at Pomodori Ristaurante in Medford Oregon! If you haven’t been to this wonderfully fresh and invitingly unique Italian restaurant right here in our little corner of the world, you are so missing out.
We started off with the Caesar Salad that has of very generous proportions with a great flavor. From there, we went straight to the Seafood Pomodori for my husband and I ordered the Ratatouille Ravioli from the special menu. The sauces on these two dishes were fresh, flavorful and very unique – a great heat in the Pomodori from … (2 comments)
southern oregon: Preview Credit BEFORE Starting The Homebuying Process!
- 05/27/10 03:34 AM
In the ABC’s of Homebuying class, a HUD approved homebuyer education course taught at our local community college, we instructors press the point that buyers need to be educated and prepared before they buy a home. We go through the basics of what they should expect during the process, make suggestions on the inspections they should anticipate getting under various circumstances, show them how to establish their household budget, and so on.
One of the things we very strongly emphasize is pulling their credit report to see if there is anything on their credit report they may need to work … (2 comments)
southern oregon: Have You Heard of Buy Local Buy Rogue?
- 05/18/10 05:04 PM
There is a fast growing movement here in the Rogue Valley in beautiful Southern Oregon. Buy Local – Buy Rogue is a non-profit organization that is all about supporting local independent businesses here in the Rogue Valley. I first hear about them when my husband had a meeting with them about becoming a sponsor of this worthy cause. It seems like I just blinked, and all of a sudden, their membership is pushing 200 local Rogue Valley businesses wanting to help get the word out about supporting each other.
This initiative goes … (3 comments)
southern oregon: FHA vs USDA For Oregon First Time Home Buyers
- 04/21/10 04:54 PM
Since the 2010 USDA funding well began to run dry, I'm finding buyers in need of FHA financing as an acceptable home loan alternative, especially first time home buyers who find making a down payment a challenge. So far, the FHA minimum down payment requirement has remained at 3.5%, but the upfront mortgage insurance premiums have increased. Most buyers can still make it work if they've been able to save some money or have a family member, significant other or employer wanting to help them with coming up with their minimum contribution. Although most municipality down payment assistance programs have seen … (2 comments)
southern oregon: Waiting on Congress to Reallocate Additional Funding for USDA Home Loan Programs
- 04/18/10 05:41 PM
I posted this article last summer, and use it frequently when providing home buyers with information on one of the few no down payment programs left. USDA is just about out of money for the USDA Guaranteed Rural Housing loan program for 2010, and our local Oregon office has been hopping with the flood of applications. We all have our fingers crossed Congress will reallocate enough money to make this great tool available again, with enough funding to meet the rapidly increasing demand since conventional financing programs and their more restrictive private mortage insurance criteria don't work for many home buyers. … (5 comments)
southern oregon: Sunday Calls...Finally Found Someone At Home!
- 04/18/10 04:14 PM
I love to check the Osprey nests when we're out on our Southern Oregon water ways, and often catch quite a few at home this time of year. Had I had my camera ready just seconds earlier today, I would have caught an osprey exiting their nest, but alas it was not to be. I did catch this bird, though I have no idea what it is! We'll see if our local Audubon Society can educate me... … (13 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!
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)
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