Loan Modification: How To Be Successful

Posted on November 13, 2012 by CustomerBullHorn

By Stephanie Vang, HomeOwnership Program Manager at Neighborhood Housing Services of Silicon Valley, one of the members of ForeclosureHelpSCC

Do you ever wonder what does it take to get successful loan modification from your lenders? How long is the loan modification process? From our experiences of working with distressed homeowner in imminent danger to default and homeowners already in foreclosure; the answer to these questions is TIME. You must take time away from your busy work schedule to visit your lender’s website to educate and empower yourself and you must allow time for your lender to respond to your request.

Lenders put useful links on their website to help struggling homeowners know their options. By empowering yourself with this information, you will be better equipped when communicating with your lender about your hardship. Although every homeowner’s hardship is unique, banks and servicers know which homeowners did their research and which ones did not. You must take at least a day or two to fully understand what options are available. You should also visit helpful sites like: www.makinghomeaffordable.gov, www.keepyourhomecalifornia.org, or www.conservatucasa.org, www.hud.gov, and knowyouroptions.org.

You must also take time to prepare a timeline of events with concrete dates of when your hardship started. When applying for a loan modification, it takes twice if not three to four times the effort as when you initially purchased or refinanced your home. Like before, you have to get all your documentation ready and prepare yourself when calling your lender.

This call should not be made during a 15 minute break and not during your lunch hour. This call should take place when you have more than two hours to spare.

Through Neighborhood Housing Service Silicon Valley’s Successful Loan Modification Survey, 31% of the homeowners that were able to prevent foreclosure noted a wait time of 20 – 30 minutes when calling their lenders. Of the 31% percent, half noted that they outreached to their lender once a week to verify that status of their loan modification and had to repeat the same information every time they contacted their lender. Some even designated a specific notebook where they recorded the date, time, the conversation, the lender’s representative and the representative’s I.D. number.

Lastly, loan modification varies from lenders to lenders. If you’re applying for a loan modification, do not expect to get your lender’s response within 30 days. On average, loan modification can range from 30 to 45 or more business days in response time or longer. During this time frame, you must stay focused on your goal and stay connected with your lender. Set aside ample time when calling, designate at least one day out of the week to call and always prepare yourself when calling your lender. These are some helpful tips from our past homeowners who received successful loan modification.

You may also enjoy our earlier blog posts related to this topic: “Maggie’s Five Rules for Working With Your Bank or Servicer,” “Foreclosures in San Jose and Sunnyvale: Three Reasons Time is NOT on your Side,” and “Five Reasons Working With A Housing Counselor is Better Than “Going Alone.”

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Jose and the City of Sunnyvale at (408)-293-6000 or visit our website: www.foreclosurehelpscc.org. Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Please note: All content included in the ForeclosureHelpSCC blog is provided for information only and should NOT be considered legal or tax advice. If you have any questions, please feel free to contact us on our hotline: (408)-293-6000, or visit our website: www.foreclosurehelpscc.org or send us an email: help@foreclosurehelpscc.org.

Four Questions For President Obama and Congress about the Foreclosure Crisis Now that Elections are Over

Posted on November 8, 2012 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager, ForeclosureHelpSCC

Earlier this week, President Obama was re-elected President of the United States. For people in the housing world, especially those of us who work with homeowners facing foreclosure, we want to know what, (if any) actions the President and Congress will take to address the ongoing foreclosure crisis, with over 5 1/2 million homeowners (nationally) “not current” as of September 2012.

A few specific issues:

1. Will the President and/or Congress intervene in any way to extend the deadline for the Independent Foreclosure Review beyond the December 31^st Deadline? The number of eligible people who have applied for the review is far below expectations, and there have also been a number of questions raised about how independent the process actually is. The foreclosure refund program of the Attorneys General settlement, a similar program, also has a deadline fast approaching. Depending on how many eligible people have contacted their Attorney General, it may be worth also extending deadlines for this program.

2. What will happen with the Mortgage Debt Forgiveness Act? As we discussed in an earlier blog post, not extending this debt forgiveness could have dire consequences for individual homeowners as well as the success of programs like the Attorneys General Settlement.

3. What will happen with Fannie Mae and Freddie Mac’s overseer? The National Fair Housing Alliance has a survey monkey poll about whether or not President Obama is going to fire the current director of the Federal Housing Finance Agency, Ed DeMarco. Some advocates feel that DeMarco’s leadership has limited the GSE’s responses to the mortgage meltdown, including not allowing principal reductions.

4. Will there be any tougher consequences implemented for banks and servicers when they fail to comply with program rules in the Making Home Affordable program, or if they continue robo-signing or dual-tracking?

Are you having trouble paying your mortgage and do you live here in San Jose or Sunnyvale California? If so, contact ForeclosureHelpSCC by telephone: (408) 293-6000, email: help@foreclosurehelpscc.org, or visit our website: www.foreclosurehelpscc.org.

ForeclosureHelpSCC is a program that is supported by the Cities of San Jose and Sunnyvale, and staffed by housing counselors from four local, HUD-approved counseling agencies.

Our housing counselors can speak to you about what your options are if you’re having trouble paying your mortgage, including programs like Making Home Affordable, Keep Your Home California, the Independent Foreclosure Review, and private, in-house modifications offered by banks and servicers as well. Your housing counselor can work with you to develop a plan of action to begin dealing with the problem instead of ignoring it.

Remember, the sooner you start working with a housing counselor, the more options you will have to address your mortgage situation and potentially remain in your home. Time is not on your side, so pick up the phone and give us a call.

Help with rental assistance after a foreclosure – What’s out there?

Posted on November 5, 2012 by CustomerBullHorn

By Yvonne M. Castillo, Housing Counselor at SurePath Financial Solutions, one of the members of ForeclosureHelpSCC.

What’s out there for me to rent?” and “where to do I begin to research rentals?”With more people becoming displaced as a result of foreclosures, short sales or because of deeds-in-lieu of foreclosures, these questions are being asked by many, many people.

One place you can go to begin your search is at www.scchousingsearch.org. It is a very informative website to search for rental housing in Santa Clara County. It provides information on various types of rentals including, apartments, townhomes etc. This website can help you find available rentals in different cities throughout Santa Clara County. You can also call and speak with a live person who will assist you in looking for a rental- call Toll-Free: 1.877.428.8844.

Before you begin your search, it is a good idea to know what size rental you are looking for and how much you can afford to spend on rent. If you are looking to rent something larger such as a house, you can also check out websites such as www.zillow.com or www.craigslist.org. At www.craigslist.org you can tailor your search to different areas of the bay area.

Before you begin your search it is important that you review your credit history and score as a credit evaluation is required with most rental applications. You can order your credit reports from the three bureaus: Experian, Equifax and TransUnion through www.annualcreditreport.com. Under the Fair Credit Reporting Act, each one of the three agencies (Experian, Equifax, and Transunion) is required to provide you a free copy of your report once a year. While you are ordering your reports it is a good idea to purchase your credit score. Your credit report is free but the scores have to be purchased- the fee is around $8.00 per score.

Check to see what is listed on your reports and also what your scores are before you submit a rental application to a landlord or property management company. You want to check for any unpaid debts or judgments within the last two years. If your credit report does have recent unpaid debts you can contact a HUD-approved credit counseling agency such as SurePath Financial Solutions to receive a free consultation to review options on improving your credit.

Note: If your report does show a foreclosure it will remain on your credit report for seven years but, the effects of the foreclosure will lessen with time – refer to the My FICO website.

With so many people seeking rental housing these days, landlords and property management companies can be very selective regarding whose applications they approve. Each landlord or property management company has their own set of guidelines to follow in order to approve an application. For example, a landlord or property management company may require a credit score of 650 or higher and your gross income to be two to three times the monthly rent. Some may require no recent bankruptcies and no convictions for specific criminal activity etc.

If you have a foreclosure or short sale on your credit report, it may be better to mention it to your potential landlord before they pull your credit report. They may be willing to still rent to you if you put down a larger deposit, or if you have good references. Or, if they tell you that they absolutely will not rent to somebody with a foreclosure or short sale, then you can save the fee that you will pay for them to pull your credit report.

Landlords will also check for recent unpaid debts or unresolved judgments and if you’ve been evicted from previous rentals or foreclosed homes. If you have recently paid some outstanding balances, it might not show on your credit report right away. If the updates are not reflected on the credit report, make sure to mention it with your application, so you can show proof of resolved debt issues and that may help you through the rental process.

Be prepared to pay a non-refundable fee of approximately $20-$35 per person in the application, for them to run your credit report. If you are approved, you will be asked to pay a security deposit, first and/or last month’s rent. Some landlords or property management companies may consider a larger security deposit to allow for pets and they may request all adults over the age of 18 who will be living in the home to fill out an application.

If you do not qualify for a rental, some property management companies will send you a copy of your credit report they requested and will include the reasons why you did not qualify.

If you do not immediately qualify for a rental then another strategy is to see if you can possibly rent a room (www.craigslist.org also has listings from room rentals) or stay with family or friends for a short term while you find a more permanent housing. The qualification for renting a room might be simpler compared to an apartment, but you will still need to provide proof of income, a security deposit and possibly referrals from previous landlords. The option of renting a room will give you some time to increase your savings, pay off some debts and work on improving your credit so later you qualify to rent a place on your own.

One thing the rental application does not list but you will definitely need is a lot of is patience. You will need patience as you search for and apply for a rental because more people are looking to rent now. You will also need patience while working on improving your credit. As mentioned before, it may take up to 45 to 60 days for your credit report to reflect activity such as paying off debts. As stated above, if you would like information and assistance improving your credit, you can contact a HUD- approved credit counseling agency for a free consultation. Then, the next time you submit a rental application you will have a better chance of qualifying for the rental you are seeking.

Thank You to Everyone Who Helped With Foreclosure Prevention Fair

Posted on November 1, 2012 by CustomerBullHorn

On behalf of the ForeclosureHelpSCC Consortium, I am writing to thank you for your contribution to the success of the Foreclosure Prevention Fair at Overfelt High School on October 20, 2012.

Homeowners from 12 cities attended the event, and learned about many programs that could assist them with foreclosure prevention. Housing counselors from four HUD-approved agencies saw a total of 51 borrowers and co-borrowers at the fair. In most cases, a distressed housing situation impacts more people than just the borrower. Over 112 household members received benefit from the services provided, including 31 children under the age of 18. Many of the homeowners who met with a counselor will continue working one-on-one with their housing counselor as they identify a plan to move
forward.

The survey results were overall very positive and provided helpful feedback, which will allow us to improve our next event. Participants appreciated hearing from presenters about alternatives to foreclosure, how to work with their bank or servicer, Keep Your Home California, recent legislation passed in California, legal issues and scams to avoid, bankruptcy and tax issues, and renter’s rights.

This event could not have taken place without the 31 volunteers who ensured that it ran smoothly, our planning committee who were instrumental in all aspects of the event, and our community partners who attended and shared information. Lastly, our funders for the event, including the Silicon Valley Chapter of the California Association of Mortgage Professionals, the National Hispanic Organization of Real Estate Associates, and the National Association of Realtors, all helped make the day possible. We would like to build on this experience and invite you to join us for our Spring 2013 event.

Thank you again for your contribution to making this day a success!

Sincerely,
Sean Coffey
Program Manager, ForeclosureHelpSCC

October 20th Foreclosure Prevention Resource Fair Agenda

Posted on October 18, 2012 by CustomerBullHorn

The ForeclosureHelpSCC Consortium is sponsoring a FREE foreclosure prevention resource fair on October 20th at Overfelt High School. Housing counselors from HUD-approved agencies will be on-site to meet with homeowners on a first-come, first served basis from 9:00am to 2:15pm. For more information, call (408) 293-6000, or visit our event webpage. In addition to housing counseling, homeowners can attend and hear practical advice on a variety of topics related to housing. The event is free and open to the public.

Agenda for Foreclosure Fair

9:30AM Facing Foreclosure? What Steps Should you Take and Keep Your Home California

Martin Eichner, Director, Housing Counseling Programs at Project Sentinel
Steve Gallagher, Community Outreach Manager, Keep Your Home California

10:15AM Legal Issues You Need to Know About

David Lim, Deputy District Attorney, Office of the District Attorney of Santa Clara County
Diana Castillo, Attorney, Fair Housing Law Project

11:15AM Presentation about the ForeclosureHelpSCC Program

Kevin Zwick, Executive Director, Housing Trust of Santa Clara County
Fr. Eddie Samaniego, S.J. , Pastor, Most Holy Trinity Parish
Assemblymember Jim Beall, 24th Assembly District
Representative Mike Honda, 15th Congressional District (Invited)
City of San Jose Vice Mayor Madison Nguyen
Supervisor David Cortese (invited)

11:45AM Roundtable With Representatives from Bank of America, Chase, Citibank, Wells Fargo

12:30PM Bankruptcy and Tax Issues You Need to Know About:

Anita Steburg, Attorney at Law

1:30PM Renters Rights and Renting after a Foreclosure or Short Sale

Theresa Ramos, Analyst, City of San Jose, Rental Rights & Referral Program
John Bowen, CEO, Provident Property Management

2:30PM Buying Again: What Do You Need to Know and Do Now to Become a Homeowner Again

Casey Fleming, President,California Association of Mortgage Professionals, Silicon Valley Chapter
Maria Enomoto, Certified Credit Counselor, SurePath Financial Solutions
Nick Pham, President, Asian Real Estate Association of America, Silicon Valley

Day Concludes

Five Questions for the Presidential Candidates About the Foreclosure Crisis

Posted on October 3, 2012 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager, ForeclosureHelpSCC

What is your position on Fannie Mae and Freddie Mac and allowing principal reductions for homeowners? If elected or re-elected, would you consider changing this policy so they could allow principal reductions? (In addition to principal reductions for Fannie and Freddie Loans through Keep Your Home California).

Would you push for extension of the Mortgage Debt Forgiveness Act which is set to expire in December 2012?

Will you push to extend the Independent Foreclosure Review (and potentially the foreclosure refund under the Attorney General settlement) deadline so that more people can learn about it?

Is there anything you would change with current system of modifications, short-sales, and foreclosures?

Do you think we have put adequate policies in place to prevent another mortgage meltdown and foreclosure crisis?

ForeclosureHelpSCC is sponsoring a FREE foreclosure resource fair here in San Jose on October 20th at Overfelt High School from 9am to 3pm.. Come meet with a HUD-approved housing counselor, learn about your options, and make a plan. Visit our website or blog post for more information, or you can call us to register: 408-293-6000.

California Foreclosure Refund Program, Part of the Attorney General Settlement

Posted on October 1, 2012 by CustomerBullHorn

By JoAnn Parrott, Housing Counselor at Project Sentinel, one of the members of ForeclosureHelpSCC.

Today’s Post is about the Foreclosure Refund Program, part of the national Attorneys General Mortgage Settlement.

What is the Foreclosure Refund Settlement program?
The foreclosure refund program is one of three parts of the national attorneys general settlement with the five largest banks. As part of this $25 billion settlement, approximately $1.5 billion has been earmarked for the foreclosure refunds. The five banks (Chase, Ally/GMAC, Bank of America/Countrywide, Citibank, and Wells Fargo/Wachovia) agreed to compensate homeowners who lost their homes to foreclosure inappropriately between January 1, 2008 and December 31, 2011.

The remaining money is being used to provide up to $3 billion (nationally) in refinancing for homeowners who are underwater. In addition, up to $17 billion is being used for modifications (including principal reductions), short sales, and monetary assistance for homeowners who are transitioning out of their homes.

Is my lender part of the Settlement program? The participating lenders are Ally/GMAC (800-766-4622), Bank of America/Countrywide (877-488-7814), Citibank (866-272-4749), JPMorgan Chase (866-372-6901) and Wells Fargo/Wachovia (800-288-3212).

Am I eligible to apply? YES – Regardless of the circumstances you are currently experiencing or have experienced in the past, if your lender is participating in the program, you can apply.

How do I apply? For the foreclosure refund program, you may receive a claim form as well as general information regarding the program from the National Settlement Administrator. Kamala D Harris, California’s Attorney General, explained in a press release that letters are being mailed directly to 432,584 California homeowners between September 24 and October 12, 2012 about the foreclosure refund. If you believe that you are eligible for the foreclosure refund but did not receive a form, you can call the National Mortgage Settlement Administrator at 1-866-430-8358, Monday through Friday 7:00 a.m. – 7:00 p.m. Central Time.

Once you receive the letter in the mail, you will need to complete the form and mail it back, or you can also fill it out online (but you’ll need the claim number from the letter you received, so don’t throw it away). More instructions are on the National Mortgage Settlement website.

For the other two parts of the settlement (refinancing and loan modifications), you can contact your lender directly to ask about your eligibility and the bank’s timeline for implementing these options.

How long do I have to apply? The deadline for submitting a claim for the foreclosure refund is January 18, 2013.

What if I don’t get a letter? If you don’t receive a letter by October 31, 2012 or if you have a different address now, contact the National Settlement Administrator at 866-430-8358 (M- F from 5am-5pm PST) or send an e-mail with your current mailing address to administrator@nationalmortgagesettlement.com.

Do I need to hire somebody to help me apply? NO – The claim form is easy to complete. If you have questions, call 1-866-430-8358 (M-F from 5am-5pm PST) for help or send questions via email to: administrator@nationalmortgagesettlement.com.

What if I’m contacted by an agency that wants to help me? Be aware of possible settlement-related scams. Do not provide personal or financial information or pay money to anyone who claims to provide settlement-related assistance. If you believe someone is conducting a scam, contact the Attorney General’s Public Inquiry Unit at http://oag.ca.gov/consumers/general.

What do I have to prove with my claim? Once you are qualified, you do not need to prove financial harm to receive a payment nor do you give up your right to pursue legal action against the lender.

If you want, you can also apply for the Independent Foreclosure Review Process. It is a settlement with other regulators and 14 banks and servicers based on robo-signing issues that occurred between January 1, 2009 and December 31, 2010. The Independent Foreclosure Review deadline is soon: December 31, 2012. More information on this program is available at our blog post about the Independent Foreclosure Review (scroll down to the bottom of the post) or on the Independent Foreclosure Review website.

How much money will I get? The amount of your refund depends on the total number of homeowners who decide to participate. The estimated number of participants nationally is approximately 2 million people.

When will I get my money if I am eligible? Payment checks are expected to be mailed to eligible participants in mid-2013.

What if I still own my property but need help paying the mortgage? Contact your lender or a HUD-approved counseling agency to discuss your options. To locate a HUD agency, call 800-569-4287.

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Joseand the City of Sunnyvale at (408)-293-6000 or visit our website: www.foreclosurehelpscc.org. Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Free Foreclosure Resource Fair: October 20th at Overfelt High School

Posted on September 27, 2012 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager at ForeclosureHelpSCC

Do you live in Santa Clara County? Are you struggling to make your mortgage payments? Has your income gone down? Would you like to speak with somebody who knows about the mortgage programs and settlements and can give you honest advice?

If you would like to get all of this information in one place, then you should come to a free Foreclosure Resource Fair here in San Jose on October 20th, from 9am to 3pm at Overfelt High School.

At the fair, you can meet one-on-one with a HUD certified Foreclosure Counselor who knows the system. They can help you find solutions and develop a plan forward. You will learn about which programs can help you, and scams that can hurt you.

Tax and legal experts at the event will give presentations and we’ll also have a free shredding truck for you to safely shred your old documents.

Assemblymember Jim Beall, who represents the 24th District for California, will also speak about recent legislation to address the foreclosure crisis here in California. His office is helping to organize the event, and Assemblymember Beall explains, “In this tough economy, many families are living from paycheck to paycheck, struggling to meet their mortgage. Homeowners facing default who attend the foreclosure prevention fair can get effective counseling and learn how new laws passed by the Legislature can protect them.’’

Jeffrey F. Rosen,the District Attorney for Santa Clara County states “Real estate fraud, and particularly foreclosure rescue scams have a devastating impact in our communities. We are proud to partner with ForeclosureHelpSCC and other non-profits to protect homeowners from real estate fraud, and hold con artists accountable for their misdeeds.”

Dr. John Porter, the Superintendent of Franklin McKinley School District and its Children’s Initiative,explained the impact of foreclosures on children and neighborhoods: “I have seen how the stress and disruption of foreclosure hinders a child’s performance in school and affects their classmates. And foreclosures take their toll on the whole neighborhood with the lack of income and resource that make children feel less safe and secure.”

Time and space with a housing counselor is limited, so if you would like to meet with a counselor, please call ahead of time to RSVP. You can call (408) 293-6000 to reserve your space.

WHEN: Saturday October 20, from 9 a.m. to 3 p.m.

WHERE: Overfelt High School, 1835 Cunningham Ave., San Jose, CA.

WHO: ForeclosureHelpSCC is a consortium of non-profits serving the community and led by the Housing Trust of Santa Clara County with Asian, Inc., Law Foundation of Silicon Valley, Neighborhood Housing Services, Project Sentinel, SurePath, and volunteers from Santa Clara County Association of Realtors, funded by the cities of San Jose and Sunnyvale. Other non-profits and banks will be there to offer information

WHY: In July more than 1,000 families in Santa Clara County were impacted by a foreclosure proceeding, per Realty Trac. The foreclosure crisis may have passed its peak but a statewide study by the Center for Responsible Lending found, “Over 50% of existing single-family homes sold in California in 2011 were short sales or bank-owned foreclosures. ‘Lost Ground, 2011‘ found we are only about halfway through the foreclosure crisis.”

MORE INFORMATION: Please call the ForeclosureHelpSCC office: 408-293-6000, visit our website for the foreclosure resource fair, or email us: sean@housingtrustscc.org.

1 in 5 consumers receive a different credit score than their lender

Posted on September 25, 2012 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager of ForeclosureHelpSCC

A recently released report by the Consumer Financial Protection Bureau raises some serious concerns about credit scores and the credit bureaus that create the scores.

Credit scores are important because they are a large of the equation in determining the price that a person will pay for credit. A person who is perceived as a good credit risk (as judged by a high credit score) will likely obtain a lower interest rate for a loan as compared to somebody who is a bad credit risk (as judged by their score).

That’s why the results from the study are so troubling. The Bureau studied 200,000 credit files from the three big credit bureaus (TransUnion, Equifax, and Experian) and found that about one in five consumers would receive a “meaningfully different score than would a lender.” This has harmful implications for consumers, because they could be either applying for credit that they can’t obtain (because the score they’re seeing is higher than the potential lender is seeing). Or, they could end up paying more for credit than they should because the score the consumer saw is lower than the score the lender saw.

Thirty of the credit bureaus (representing 94% of all bureaus) will come under the supervision of the Consumer Financial Protection Bureau on September 30, 2012, and it appears that there is a lot of work to be done. In the mean time, the Bureau suggests that consumer shop around for credit and check their credit reports and correct any inaccuracies.

To learn more about this study, visit: “Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores”
You can also read our previous blog post: “Rebuilding your credit after a foreclosure or short sale”

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Jose and the City of Sunnyvale at (408)-293-6000 or visit our website www.foreclosurehelpscc.org. Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Five Reasons Working With A Housing Counselor is Better Than “Going Alone”

Posted on September 18, 2012 by CustomerBullHorn

By Aurora Olivares, Housing Counselor at Project Sentinel, one of the members of ForeclosureHelpSCC

Did you call your mortgage company because you are having problems with your mortgage payment? If you live in the state of California you were given the phone number for HUD (HUD stands for The U.S. Department of Housing and Urban Development), a requirement under California law. (This requirement was included in Senate Bill 1137 which was passed in 2008 and is set to expire in January 2013).

If you called that number, you were likely referred to a local HUD approved agency where you can receive free housing counseling services. Many folks wonder about what the benefits may be to working with a housing counseling agency.

Here are my top 5 reasons to work with a housing counselor at a HUD-approved agency:

Honest Advice: A housing counselor will help you by assessing your situation. We will talk to you about the good and the bad with an unbiased opinion, but we bring the background knowledge of the best practices and we uphold the national Industry Standards for Homeownership Education and Counseling. In addition, we have worked with many homeowners, banks, and servicers, and this experience means we know how to keep the process moving forward, and we know the programs that may help your situation.

Explanation of bank letters: A certified housing counselor can help you dissect the terminology used in the correspondence issued by your lender and in the paperwork of the loan modification process. While a bank or servicer may say your loan is “going into foreclosure,” we can help you understand what the actual timeline is for foreclosure and how to look out for important things like a Notice of Default. Understanding letters from your bank or servicer can be especially beneficial for non-English speaking homeowners.

Your Budget: A counselor will work with you to review your budget. Counselors can provide budget counseling and calculate your housing ratios so you understand your ability to afford your mortgage and explain how these same ratios could impact your eligibility for assistance. For example, a counselor can review your income vs. your housing expenses and explain to you how that will impact your eligibility for a program like Making Home Affordable.

Communication with your Bank or Servicer: Have you submitted paperwork to your bank or servicer multiple times, or called your designated representative but were not able to speak to them? While these types of issues can’t be completely eliminated, a certified counselor may have a reliable contact with your lender or have an efficient method of submitting your documents which can help smooth out some of the bumps along the way during the lender’s review.

Resources: We provide you with resources. Did your lender tell you if you were eligible for the Keep Your Home California program? (English Website for Keep Your Home California, Spanish Website for Conserva Tu Casa California) Were you advised if you are a good candidate for a reverse mortgage? Did your lender tell you about an up and coming program your county may be working on to aid homeowners in distress or where you could go to get the much needed repairs to your home? Odds are you were not told about some of the resources that are right in your own back yard. We are local, just like you and we know what programs are truly out there to help the community we live in.

ForeclosureHelpSCC is a program that is supported by the Cities of San Jose and Sunnyvale, and staffed by housing counselors from four local, HUD-approved counseling agencies. Our housing counselors can speak to you about what your options are if you’re having trouble paying your mortgage, including programs like Making Home Affordable, Keep Your Home California, the Independent Foreclosure Review, and private, in-house modifications offered by banks and servicers as well. Your housing counselor can work with you to develop a plan of action to begin dealing with the problem instead of ignoring it.

Remember, the sooner you start working with a housing counselor, the more options you will have to address your mortgage situation and potentially remain in your home.Time is not on your side, so pick up the phone and give us a call.

The Customer Bullhorn

Amplifying your customer service experience