Did you have a mortgage from IndyMac Bank, OneWest Bank, or a reverse mortgage from Financial Freedom? Federal bank regulators are holding a public hearing about a proposed merger of CIT Group and OneWest Bank. If you’ve had negative experiences with OneWest or Financial Freedom, you may want to take a look at this blog post and consider emailing the Federal Reserve and OCC so they have an accurate picture of OneWest’s servicing practices.
Thank you for following this blog. We’re writing to let you know that as the ForeclosureHelp program has transitioned, this blog has also transitioned. Looking to the future, this blog will be maintained by an independent blog editor who anticipates continuing to write on issues of interest to consumers.
If you are in San Jose, and in need of foreclosure assistance, please see this earlier blog with information about where to get help: THE FORECLOSUREHELP CENTER HAS NOW TRANSITIONED TO THE FORECLOSURE HELP COLLABORATIVE
The ForeclosureHelp Center has prepared a Referral List for Housing Issues, to help homeowners and tenants with a wide variety of housing issues related to the housing crisis.
Beginning October 27, 2014, The Foreclosure Help Collaborative Silicon Valley will provide coordinated foreclosure prevention services to families facing foreclosure and other related housing issues throughout the County of Santa Clara in place of the ForeclosureHelp Center.
The Foreclosure Help Collaborative Silicon Valley can be reached at (408) 909-HOME or at email@example.com.
The Collaborative is composed of the same partners that supported the ForeclosureHelp Center, including four HUD housing counseling agencies; Asian, Inc., Neighborhood Housing Services Silicon Valley, Project Sentinel and SurePath Financial Solutions, as well as The Law Foundation of Silicon Valley, and Santa Clara County Association of Realtors.
The ForeclosureHelp Center was established in 2009 in response to the foreclosure crisis that heavily impacted our community. In 2012, Housing Trust Silicon Valley assumed the leadership role of the ForeclosureHelpSCC Consortium, and the management and operation of the ForeclosureHelp Center. The Center was operated in partnership with the partners listed above. Nearly 10,000 residents in 3,400 local households have received coordinated foreclosure prevention and housing legal services from the ForeclosureHelp Center.
Foreclosure rates in California and the County of Santa Clara have now fallen to the lowest level since 2005, prior to the start of the looming foreclosure crisis. As a result of the decrease in foreclosure activity and program funding, the ForeclosureHelp Center has ceased operations effective October 27, 2014.
However, on any given day in the County of Santa Clara, there are still nearly 1,200 households who remain in foreclosure or are at the risk of foreclosure. Many of these households are facing complex issues such as prior modification agreements that are expiring.
The new Collaborative will ensure that these households have continued access to the resources they need to preserve their homeownership. Housing Trust Silicon Valley would like to thank its service partners as well as the cities of San Jose and Sunnyvale, and the Santa Clara County Association of Realtors, for funding the project.
The Foreclosure Help Consortium, in collaboration with Bank of America, the City of San Jose, and the City of Sunnyvale, is holding a series of special foreclosure prevention sessions on September 26, September 27 and October 2. These sessions will be held at the School of Arts and Culture, 1700 Alum Rock Avenue, San Jose, from 8:30 am to 5:00 pm.
On each of these dates, representatives from Bank of America will be available to meet with homeowners to determine if they are eligible for mortgage modifications or other preservation solutions. HUD Housing Counselors will be available to provide information and assistance on other programs such as Keep Your Home California and new consumer protections under the Homeowners’ Bill of Rights. All services at this Event are free and confidential.
Reserved appointments are strongly recommended. To schedule an appointment or for more information on this event, call ForeclosureHelp at (408) 793-6000 or email firstname.lastname@example.org.
Foreclosure remains a risk for many homeowners in our community. More than 900 homes in Silicon Valley are in foreclosure or in danger of foreclosure.
The Foreclosure Help Consortium, in collaboration with Wells Fargo Bank, Bank of America, the City of San Jose, and the City of Sunnyvale, is holding a special event on June 28, 2014 at the Willow Glen Community Center, 2175 Lincoln Avenue, San Jose, from 10 am to 4 pm.
Representatives from Wells Fargo Bank and Bank of America will be available to meet with homeowners to determine if they are eligible for mortgage modifications or other preservation solutions. HUD Housing Counselors will be available to provide information and assistance on other programs such as Keep Your Home California and new consumer protections under the Homeowners’ Bill of Rights. All services at this Event are free and confidential.
Reserved appointments are available. For more information on the June 28th Event call ForeclosureHelp at (408) 793-6000 or email email@example.com.
Based on calls received by Foreclosure Help, many homeowners are still unsure about how the foreclosure process works.
Here are examples of the most common questions being asked, with our answers:
1. The lender that holds my mortgage has recorded a “Notice of Default” against my property. Does this mean my home is in foreclosure?
Answer: A Notice of Default is the first step in the formal foreclosure process. Until this notice is recorded, you are not in danger of losing your home even if you are delinquent in your payments. The Notice of Default starts the foreclosure clock running and requires immediate action on your part to prevent the next step in the process, which is the “trustee sale”. You will lose ownership of your home if the trustee sale occurs.
2. Wasn’t the bank supposed to warn me before starting the foreclosure process.
Answer: The answer is yes. Under the new Consumer Financial Protection federal regulations, a lender or servicer cannot begin the formal foreclosure process until it has attempted to work with you to save your home for at least 120 days. Under the California Homeowner Bill of Rights, the lender or servicer was required to work with you for at least 30 days prior to filing the Notice of Default. Under both federal and state rules, the lender or servicer should have given you the contact information for a “Single Point of Contact” so that you would know who to contact to discuss options for saving your home.
3. Once foreclosure begins, how soon will I lose my house if I don’t pay the past due amounts demanded by the lender.
Answer: As a minimum, the lender or loan servicer that initiates foreclosure cannot set a trustee sale date for 90 days after filing the Notice of Default. The sale date must be 21 days after the 90-day period expires. Furthermore, under both state and federal law, the foreclosure process cannot move forward as long as you are negotiating with the lender or servicer to modify the mortgage or find some other “work out” option that would avoid the necessity for you to pay the full arrears.
4. I have been turned down for modifications in the past. Is there any action I can take now that would help save my home?
Answer: The rules for modification and refi options have been relaxed in the last year to make more homeowners eligible. Also, the Keep Your Home California program has expanded its coverage for financial benefits to reinstate mortgages. Regardless of whether you have been denied in the past, it is worthwhile to have a HUD-Approved housing counselor conduct a free, confidential evaluation of your current eligibility for help under the various government options.
5. I have seen a lot of ads for attorneys and foreclosure specialists who claim they can help. Should I hire one of these groups?
Answer: These profit-motivated groups seldom provide any real help to homeowners. They often make the homeowner’s situation worse by giving a false sense of security while the foreclosure time limits are running out. They also charge significant fees, usually in advance, even though California law makes it illegal for any attorney or any other person to charge an advance fee for foreclosure prevention services. If you have paid advance fees for foreclosure services, contact the Santa Clara County District Attorney’s Real Estate Fraud Unit at www.santaclara-da.org. Your best alternative is to work with a HUD-approved counselor, who will never charge you a fee. HUD- approved counselors are highly trained and have access to communication portals and other advantages not available in the profit-making industry. For referral to a HUD-approved counselor, contact the Foreclosure Help Center at 408-293-6000 or send email to firstname.lastname@example.org.