Event Focuses on Stabilizing Homeownership after Foreclosures in California

Posted on March 12, 2013 by CustomerBullHorn

First Time Homebuyers Losing to All Cash Investors

Street Corner in San Jose, California

Editor’s note: This is post #1 in a two-part series. You can read part 2 here.

By Sean Coffey, Program Manager, Foreclosure Help

The California Housing Consortium recently sponsored the 1^st Annual Homeownership Forum. The theme for the day was “Stabilizing Homeownership and Communities in the Post-Foreclosure World” and panelists and participants discussed current efforts to repair the housing market, while creating and retaining affordable housing. To see the agenda and speaker slides, visit the CHC website.

Two themes emerged during the day:

1) While many potential homebuyers are ready (including first time homebuyers), engaged and excited to buy a home in the Bay Area, many of them are unsuccessful when they make offers right now because they are competing with all-cash offers from investors.

2) There is not one “single bullet” policy or program that will fix the housing market, but it will likely be a combination of programs, policies, and financing mechanisms, both from the public and private sector that will help the housing market to recover.

Repairing credit after an improper foreclosure?

One of the most interesting comments of the day came during a conversation with a fellow audience member when she asked me if there are any plans to assist homeowners with fixes to their credit reports if they were the victim of an improper foreclosure. I am not aware of this being included in the Independent Foreclosure Review, but it seems logical that if a homeowner’s credit was damaged because of an improper foreclosure, (and the bank admitted it was an improper foreclosure by paying compensation under the Independent Foreclosure Review), then the bank/servicer could also notify the three credit reporting agencies that the foreclosure proceedings were improper.

Upon receiving this information, the credit agencies could code the person’s credit report appropriately, and there should be a subsequent “bounce” in the person’s credit score, and a lower cost of credit for that homeowner. Given the increased scrutiny that Experian, Equifax, and Transunion now face by the Consumer Financial Protection Bureau, this is an idea worthy of consideration, and could potentially restore some faith in the credit bureaus, who have faced criticism recently over errors in a substantial number of consumer’s credit reports. (See our previous post on this topic: “New Report: 1 in 10 Consumers Have Incorrect Credit Score“)

FHA’s Role in “Healing” the Market

Carol Galante, recently confirmed as the Assistant Secretary for Housing/Federal Housing Commission, opened the day and cited the importance of FHA loans in helping to repair the market, with nearly four million FHA loans completed since the beginning of the crisis, with 80% of these loans made to first time homebuyers.

Galante is the FHA Commissioner, and she discussed efforts FHA is making or considering making to repair the market, including selling pools of loans where all of the loans are at least six months delinquent. In this model, investors could purchase a pool of delinquent loans, and then work with homeowners to modify the mortgage to an affordable level.

She also cited FHA’s 203K loan, which allows homeowners to pay for repairs to a home using the mortgage that they are using to buy the home to also finance the repairs. However, she noted that the current limit of seven homes could prevent non-profits from using the program, and suggested that lifting this limit could allow non-profits to use this loan more broadly.

Galante also touched on a few other hot topics, including whether pre-purchase counseling should be mandatory, and how to pay for it, and do it in such a way that it’s meaningful for potential homeowners. Audience questions touched on a recent settlement where a bank disclosed that it had inappropriately given homeowners FHA loans (when they didn’t need them), as well as the difficulty that first-time homebuyers are having in competing against all-cash investors.

This is post #1 in a two-part series. You can read part 2 here.

March Madness: 9 Important Updates on the Independent Foreclosure Review; Short Sales, Modifications, and Foreclosures (foreclosurehelpscc.wordpress.com)
Rebuilding credit after a Foreclosure or Short Sale (foreclosurehelpscc.wordpress.com)
Help with rental assistance after a foreclosure – What’s out there? (foreclosurehelpscc.wordpress.com)

Our housing 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.

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org.Nuestros consejeros puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Por favor, tenga en cuenta: Todos los contenidos incluidos en el blog ForeclosureHelpSCC se proporciona únicamente a título informativo y no debe ser considerada como consejo legal o fiscal. Si usted tiene alguna pregunta, por favor no dude en contactarnos a nuestra línea directa: (408) -293-6000, o visite nuestro sitio:www.foreclosurehelpscc.org o envíenos un correo electrónico: help@foreclosurehelpscc.org.

Nhân viên tư vấn của chúng tôi đã được HUD chấp thuận có thể giúp bạn đánh giá các lựa chọn của bạn, tìm hiểu thêm về các chương trình của liên bang và tiểu bang có thể giúp bạn với các vấn đề thế chấp của bạn, và sẽ giúp bạn tạo ra một kế hoạch phía trước.Xin lưu ý: Tất cả các nội dung trên Blog ForeclosureHelpSCC được cung cấp thông tin duy nhất và không nên coi là hợp pháp hoặc tư vấn thuế. Nếu bạn có bất cứ câu hỏi , xin vui lòng liên hệ với chúng tôi qua đường dây nóng: (408) -293-6000, hoặc truy cập vào trang của chúng tôi: http://www.foreclosurehelpscc.org hoặc gửi email cho chúng tôi:help@foreclosurehelpscc.org.

March Madness: 9 Important Updates on the Independent Foreclosure Review, Short Sales, Modifications, and Foreclosures

Posted on March 9, 2013 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager at Foreclosure Help

1) Foreclosure Reviews Update: Updated information about the Independent Foreclosure Review was released on February 28^th (see our previous post: “Independent Foreclosure Review: Update on $3.6 Billion in Cash Payments and $5.7 Billion in Modification Assistance”). The Wall Street Journal reported (“Foreclosure Files Detail Error Gap”) that statistics cited by the Office of the Comptroller Currency in January (when they stopped the reviews) about the number of foreclosure errors made by the banks painted a more favorable picture of banks and servicers than was accurate.

According to the WSJ, the OCC said in January that 6.5% of files that had been reviewed had errors that would have required compensation, but then lowered that figure to 4.2%. However, the WSJ points out that 11% of files reviewed by Wells Fargo and 9% of Bank of America had errors that would have required compensation to homeowners. Of the 6,983 files reviewed by PNC Financial Services, 23.9% had errors that would have required compensation. Consultants who reviewed files were quoted in the article, one suggested that she saw error rates as high as 45-80% for certain batches of loans for Wells Fargo, while another who worked on reviews for Chase said that reviewers were told to avoid loans originated by EMC Mortgage.

Yves Smith, founder of the blog Naked Capitalism, has written extensively about the many issues with the Independent Foreclosure Review. She explains in a recent post that Senator Elizabeth Warren (D-MA), Representative Elijah Cummings (D-MD), and Representative Maxine Waters (D-CA), have all requested additional information from Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency, Thomas Curry, about the review process and how the decision was made to end the reviews. Smith suggests that whistle blowers should be invited in to discuss their work, and that files should be reviewed.

2) 30 Days to Process a Short Sale? During a HousingWire webinar, Bill Carr, VP of short sales for Chase Bank explained that they are trying to close short sales in 30 days or less. Some housing advocates have been concerned about the proportion of “housing relief” (required under the AG settlement and the updated Independent Foreclosure Review settlement) that banks and servicers are providing through short sales instead of modifications that would keep people in their homes. Here in the Bay Area, a flood of all-cash investors is currently pushing out other potential buyers for short-sales and regular sales. This influx of cash from hedge funds and from foreign countries is reducing the amount of affordable housing options available for first-time home buyers in San Jose and will likely mean an overall reduction in owner-occupied homes in San Jose.

3) National Consumer Protection Week: The Consumer Financial Protection Bureau has written a number of helpful posts on their blog during the past week as part of a series for National Consumer Protection Week. We’ve highlighted a few below:

“So, How Do I Submit a Complaint?” By Scott Pluta, Assistant Director for Consumer Response, CFPB
“Protect Yourself from Buyer’s Remorse” By Holly Petraeus (A strong advocate for military families)
“Recognizing elder financial abuse” By Skip Humphries, Head of CFPB’s Office for Older Americans. If you’ve ever listened to the Dave Ramsey show, you’ve likely heard stories about older homeowners who have been financially abused, and unfortunately, the abuse is often committed by other family members. To read more about the mission and the challenges for the CFPB’s office for Older American’s, read this AARP profile of Skip Humphries: “A New Watchdog Is Guarding Your Money”

4) Keep Your Home California was featured in a guest Op-Ed by Claudia Cappio, the Executive Director of the California Housing Finance Agency, which manages Keep Your Home California. She explains: “Keep Your Home California has assisted more than 22,000 homeowners, with $260 million since February 2011. We want to help many more.” To read the whole article, visit: Modesto Bee: “Program helps keep struggling homeowners afloat”

5) Payday Lending in Sunnyvale: The Coalition Against Payday Predators (CAPP) reported that the Sunnyvale City Council voted to authorize a study to determine if the city council should regulate payday lenders in Sunnyvale. CAPP also summarized interesting new research on payday lending from the Pew Charitable Trust’s Small Dollar Loans Research Project. Fact number four was especially interesting: 27% of people who have received payday loans reported that they had overdrafts in their checking accounts as a result of a payday loan trying to withdraw funds. This statistic appears to contradict the payday loan industry’s suggestions that payday loans are cheaper than overdrafts and help people avoid overdrafts: “Pew Charitable Trusts issues its second report on payday lending”

6) Too Big to Fail = Too Big to Jail? This phrase was recently used by Senator Elizabeth Warren during a congressional hearing where she asked regulators about the percent of cases against financial executives that had actually gone to trial. At a separate hearing, Attorney General Eric Holder was grilled about the fact that no Wall Street executives have landed in jail (yet) as a result of the financial meltdown. Frontline’s recent series “The Untouchables” has focused on the lack of jail-time for Wall Street executives. The show is free to watch on Frontline’s website.

7) Language Issues in Loan Servicing: National CAPACD wrote a guest Op-Ed about the fact that recent mortgage loan servicing standards failed to address language issues for homeowners who speak languages other than English. Jane Duong explains:

“Banks have demonstrated the capacity to meet language needs when it comes to selling financial services, like originating new mortgages or opening bank accounts. The question however is once these new customers have difficulty making their mortgage payments, are the banks meeting their customers’ mortgage servicing needs?”

The issues addressed in her guest column are especially applicable here in San Jose, Sunnyvale and the rest of the Bay Area. Homeowners who contact us at Foreclosure Help report that they appreciate being able to speak to housing counselors who speak their language, whether it’s English, Vietnamese, or Spanish. The counselors also help translate materials on our blog like the Homeowner’s Bill of Rights (English, Spanish, Vietnamese) which helps us get important information to more homeowners. Read the full article here: Improving Language Access Can Prevent Foreclosures

8) 2012 “Report Card” on Programs to Reduce Foreclosures “Progress and Peril: A Status Report on the Compact for Home Opportunity” released by the Opportunity Agenda describes efforts made in 2012 to address foreclosures, restore communities affected by foreclosures and to keep homeownership accessible. Policies/programs and their progress (or lack thereof) during the past year are addressed, including: mandatory mediation (prior to foreclosure); investing in pre-and post-purchase counseling; reforming mortgage loan servicing; using land banks to strengthen communities; improvements in credit-scoring; protecting tenants in foreclosure situations, and many more. Read the full report: Progress and Peril: A Status Report on the Compact for Home Opportunity.

9) Slower Foreclosures for the Rich? Marketwatch reported that some statistics suggest that homeowners in high-dollar homes are able to remain in their homes longer after they stop paying their mortgages, and may receive more favorable loan modifications. The author cites RealtyTrac records for 2012, in which 85% of homes worth $1 million or less were eventually repossessed after receiving default notices. However, for homes that are worth more than $1 million, only 28% were repossessed. The article suggests that carrying costs are higher for these homes, the homes are more difficult to resell later, and when they are re-sold by the bank, it’s often at a substantial loss. Wealthier homeowners may also be able to hire attorneys who can try to postpone the foreclosure. Read more: “How luxury-home owners dodge foreclosure”

Homeowner Education and Resource Fair in San Jose on March 23rd, 2013 at Berryessa Branch Library

Posted on March 6, 2013 by CustomerBullHorn

ForeclosureHelp will be attending and presenting at a Homeowner Education & Resource Fair at the Berryessa Branch Library on Saturday, March 23rd. The event is from 10AM to 2PM, and the library is located at 3355 Noble Avenue, San Jose, California, 95132.

The flyer for the event explains: Join us & ask the experts any question you have related to real estate (i.e., First Time Home Buyer Programs, Short Sale, Loan Modification, Bankruptcy, Deed-in-Lieu, Single Family Residence Home Repair Program and much more.)

Companies and organizations that will be in attendance include:

Realty World, Frank Cancilla (DRE #01300425)

Business on the Edge: The Small Business Problem Solver: Margaret Jackson

Fix my score: Ruth Van Derostyne

City of San Jose Councilmember Kansen Chu

Hernandez Law Group, Inc: Kirsty Hernandez

City of San Jose First Time Home Buyer and Single Family Residence Home Repair Programs

My Project Youth Connect: David Hernandez

Colleen Bui: Certified HUD Counselor from Asian Inc.

and

Foreclosure Help.

Sáu lý do để đối phó với vấn đề Tịch thu nhà của bạn Hôm nay, không phải ngày mai

Posted on March 4, 2013 by CustomerBullHorn

(Six Reasons to Deal with Your Foreclosure Problem Today, not Tomorrow)

Lưu ý: Trợ giúp Tịch thu nhà (Foreclosure Help) là một chương trình được tài trợ bởi các thành phố San Jose và Sunnyvale, California, để hỗ trợ các chủ nhà và người thuê nhà ở hai thành phố.Nếu bạn đang ở bên ngoài của San Jose hoặc Sunnyvale, chúng tôi đề nghị vị tư vấn cơ quan nhà ở gần nhất được HUD chấp thuận trên trang web của HUD đã được HUD chấp thuận Cơ quan Tư vấn nhà ở.

1) Đó là hầu như không thể ngăn chặn một bán ủy thác ở phút cuối cùng: Chúng tôi đã có một số chủ nhà ở San Jose hoặc Sunnyvale đã liên lạc với Trợ giúp Tịch thu nhà (Foreclosure Help) một tuần trước khi bán ủy thác, hoặc thậm chí một ngày hoặc hai ngày trước khi bán ủy thác. Trong khi chúng tôi sẽ thực hiện mọi nỗ lực để giúp đỡ họ, sự thật không may là các lựa chọn trở nên rất hạn chế nếu bạn càng gần việc bán ủy thác tịch thu nhà. Ngân hàng / servicer có thể không nhất thiết phải trì hoãn việc bán nếu nó quá gần với ngày bán (bởi vì các chính sách nội bộ của họ), và nếu không có thời gian để có được các tài liệu của bạn và phải nộp và được chấp nhận bởi ngân hàng hoặc servicer. Trong khi chúng tôi có thể thử và khắc phục một số những trở ngại này, còn xa ít căng thẳng và bạn tăng cơ hội thành công của bạn nếu bạn có thể bắt đầu làm việc với một nhân viên tư vấn nhà ở khi lần đầu tiên có vấn đề với thế chấp của bạn. Nộp hồ sơ phá sản có thể là một lựa chọn để ngừng bán ủy thác của bạn, nhưng nó tốt hơn nếu bạn đưa ra quyết định khai phá sản bởi vì bạn đã xem xét tất cả các lựa chọn khác của bạn và nó tạo ra có ý nghĩa nhất trong tình hình của bạn. Khai phá sản cũng cần có thời gian để làm, và nộp hồ sơ một hoặc hai tuần trước khi bán ủy thác của bạn (thay vì cố gắng để làm điều đó vào ngày hôm trước) sẽ cho bạn thời gian cần gặp một luật sư có uy tín, hội đủ tất cả những giấy tờ cần thiết của bạn lại, vv

2) Không để cho “ngân hàng chạy xung quanh sự mệt mỏi” thể là lý do mà bạn để cho đi nhà của bạn. Trong những ngày đầu của cuộc khủng hoảng tịch thu nhà, nhiều chủ nhà tôi nói chuyện với không có ý tưởng nơi nào có thể đến, phải làm gì, hoặc làm thế nào để làm việc với ngân hàng của họ. Bây giờ, vào năm 2013, hầu hết các chủ nhà liên lạc với chương trình của chúng tôi đã cố gắng làm việc với các ngân hàng của họ một lần hoặc hai lần để yêu cầu sửa đổi nợ . Họ có thể đã bị từ chối sửa đổi nợ cho bất cứ lý do, bao gồm:

• Các ngân hàng hoặc servicer nói rằng là hồ sơ không đầy đủ (mặc dù bạn có thể đã gửi cùng một tài liệu cho họ nhiều lần).

• Ngân hàng hoặc servicer nói rằng Giá trị hiện tại (NPV) kiểm tra là phủ định.

• Ngân hàng hoặc servicer đã không đưa ra một lý do.

• Ngân hàng cho biết họ sẽ gọi cho tôi, nhưng họ không, vì vậy tôi cho rằng họ đang làm việc, nhưng hóa ra họ không, và hồ sơ của tôi bị đóng lại.

• Thu nhập của tôi là không đủ khi lần đầu tiên tôi gửi yêu cầu.

Đây là tất cả các khiếu nại cac chủ nhà da trích dẫn khi chúng tôi yêu cầu nếu họ đã cố gắng để sửa đổi các khoản vay của họ trước kia. Đây chính là điều nên làm việc với nhân viên tư vấn nhà ở được HUD chấp thuận có thể là rất quan trọng. Trong khi bạn là người chủ nhà chỉ làm việc trên một thế chấp, một cố vấn nhà ở được chứng nhận đã có khả năng làm việc với hàng trăm chủ nhà trước khi trường hợp của bạn. Điều này có nghĩa là họ mang lại kinh nghiệm và chuyên môn trong việc hỗ trợ bạn, có thể giúp bạn đưa ra một hồ sơ hoàn chỉnh và chính xác để gửi đến ngân hàng hoặc servicer của bạn, sẽ làm việc với bạn trên ngân sách của bạn để tăng cơ hội sửa đổi nợ , và thường có địa chỉ liên lạc tại ngân hàng hoặc servicers cac chủ nhà thông thường (hay “các công ty chuyên gia chỉnh sửa nợ”) không được tiếp cận.

3. Nếu bạn có thể giữ vững, thị trường đang được cải thiện. Hỏi bất kỳ đại lý bất động sản ở San Jose hoặc Sunnyvale về thị trường ngay bây giờ, và bạn sẽ nghe thấy cách mạnh mẽ cải thiện. Nếu bạn có thể để có được một sửa đổi nợ từ ngân hàng của bạn để bạn có thể tiếp tục thanh toán, sau đó bạn sẽ có thời gian cho vốn chủ sở hữu trong nhà của bạn tăng lên khi thị trường tiếp tục được cải thiện.

4. Sự căng thẳng về Tịch thu nhà không có ãnh hưỡng tốt cho bạn hay gia đình của bạn. Bạn đã có thể nghe nói rằng vấn đề tiền bạc là một trong những áp lực lớn trong hôn nhân. Nó là vô cùng căng thẳng để đối phó với nhà bị tịch thu, thế chấp, và vấn đề tiền bạc, và nó ảnh hưởng đến toàn bộ gia đình. Một phần của sự căng thẳng có thể là do sự không chắc chắn sửa đổi nợ cho bạn cảm thấy không có một cơ hội thực sự sửa đổi nợ và giữ lại nhà của bạn. Bằng cách làm việc với một trong những nhân viên tư vấn nhà ở HUD đã chấp thuận của chúng tôi, bạn sẽ nhận được một sự hiểu biết tốt hơn về các chương trình tồn tại như Hamp, Keep Your Home California, HARP, vv

Thay vì tự hỏi về điều kiện của bạn cho các chương trình này có hoặc không họ có thể giúp bạn cứu lại nhà của bạn, hãy đến gặp nhân viên tư vấn nhà ở, những người nầy sẽ cung cấp cho bạn một đánh giá trực tiếp, không thiên vị về tình hình của bạn. Trong khi chúng tôi không thể đảm bảo một sự sửa đổi nợ cho vay (và chúng tôi muốn khuyên bạn nên bỏ chạy khỏi ai đảm bảo cho bạn một sự sửa đổi cho vay), chúng tôi có thể giúp bạn hiểu được hội đủ điều kiện của quý vị cho các chương trình và làm thế nào để trở thành một ứng cử viên thành công cho một sửa đổi cho vay.

5. Bạn bè của bạn có tốt, nhưng họ không biết những gì họ đang làm: Bạn có thể đã có đề nghị giúp đỡ từ một người bạn một luật sư hoặc một nhân viên bất động sản nghĩ họ có thể giúp bạn. Trong họ có thể có ý định tốt, kết quả cuối cùng thường là xấu . Chúng tôi đã có một số chủ nhà liên lạc với chúng tôi sau khi thất bại về sửa đổi khoản vay bởi một luật sư hay một chuyên gia về sửa đổi khoản vay. Đôi khi, họ đã nhận đựơc tiền cho sửa đổi, đôi khi được thực hiện miễn phí. (Là một mặt lưu ý đó là bất hợp pháp ở California khi một khoản phí trả trước cho một sửa đổi khoản vay).

6. Dịch vụ của chúng tôi đã được trả tiền từ các thành phố San Jose và Sunnyvale thông qua tài trợ: Điều này cũng có nghĩa là chúng tôi không tính phí cho chủ sở hữu nhà cho các dịch vụ của chúng tôi . Điều này cũng có nghĩa là nhân viên tư vấn nhà ở của chúng tôi có thể cung cấp cho bạn một cách trung thực trong quá trình đánh giá tình hình của bạn và họ sẽ không bị thúc đẩy về mặt tài chính để cố gắng và chỉ đạo bạn hướng tới một kết quả.

Hãy gọi cho chúng tôi tại: 408-293-6000, hãy trang web của chúng tôi: www.foreclosurehelpscc.org, hoặc gửi cho chúng tôi email: help@foreclosurehelpscc.org. Bạn càng sớm gọi cho chúng tôi, bạn có nhiều lựa chọn hơn và hữu ích hơn có thể được.

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.

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org. Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Nếu bạn là một sinh hoạt chủ sở hữu nhà ở San Jose hoặc Sunnyvale và đang đấu tranh với nợ nhà, xin vui lòng liên ForeclosureHelpSCC, một chương trình được tài trợ bởi thành phố San Jose và thành phố của Sunnyvale ở (408) -293-6000 hoặc truy cập trang web của chúng tôi: www.foreclosurehelpscc.org. Nhân viên tư vấn của chúng tôi đã được HUD chấp thuận có thể giúp bạn đánh giá các lựa chọn của bạn, tìm hiểu thêm về các chương trình của liên bang và tiểu bang có thể giúp bạn với các vấn đề thế chấp của bạn, và sẽ giúp bạn tạo ra một kế hoạch phía trước.

Xin lưu ý: Tất cả các nội dung trên Blog ForeclosureHelpSCC được cung cấp thông tin duy nhất và không nên coi là hợp pháp hoặc tư vấn thuế. Nếu bạn có bất cứ câu hỏi , xin vui lòng liên hệ với chúng tôi qua đường dây nóng: (408) -293-6000, hoặc truy cập vào trang của chúng tôi: http://www.foreclosurehelpscc.org hoặc gửi email cho chúng tôi: help@foreclosurehelpscc.org.

Independent Foreclosure Review: Update on $3.6 Billion in Cash Payments and $5.7 Billion in Modification Assistance. (foreclosurehelpscc.wordpress.com)
January Foreclosure Update for California (foreclosurehelpscc.wordpress.com)

Independent Foreclosure Review: Update on $3.6 Billion in Cash Payments and $5.7 Billion in Modification Assistance.

Posted on February 28, 2013 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager at Foreclosure Help

April 25, 2013 Update: Representative Elijah Cummings (D-MD7) introduced legislation today to create a monitor to review the Independent Foreclosure Review, you can read more at our new blog post: “New Federal Bill Introduced to Create Independent Monitor”

Editor’s note: Foreclosure Help is a program funded by the city of San Jose and the city of Sunnyvale, and we can directly assist homeowners and tenants in San Jose and Sunnyvale who are facing foreclosure. However, we are unable to assist homeowners/former homeowners in other cities and states. If you need housing counseling, we suggest using the interactive map on HUD’s website and if you have questions about the information below, please contact Rust Consulting (1-888-952-9105).

A press release jointly issued today by the Office of the Comptroller Currency and the Federal Reserve provides homeowners some additional details about the changes made to the Independent Foreclosure Review and how these changes could impact homeowners.

In January 2013, the regulators announced that most of the original banks/servicers had agreed to replace the program because of concerns over the cost, timeliness, and administration of the reviews (For more about these concerns, see our previous post: 7 Reasons to Postpone the Independent Foreclosure Review).

The 13 banks that are part of the replacement program include:

Aurora, Bank of America, Citibank, Goldman Sachs (Litton Loan Servicing), HSBC, JP Morgan Chase, MetLife Bank, Morgan Stanley (Saxon Mortgage), PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

However, three banks (GMAC Mortgage, Everbank, and OneWest/IndyMac), did not agree to change their program, and will continue using the Independent Foreclosure Review process, which had a deadline to apply of December 31, 2012. According to the press release, “Regulators expect the reviews for these servicers to be completed over the course of the coming year.”

What’s next?

According to the regulators, Rust Consulting, Inc. has been appointed as the payment regulator and Rust Consulting will begin contacting homeowners by the end of March 2013. Homeowners can also contact Rust Consulting to update their contact information (which is important to do, especially if the bank/servicer’s only contact information is a mailing address or phone number for a house that was already foreclosed on). The phone number for Rust Consulting is 1-888-952-9105, and representatives can also verify a person’s eligibility.

Am I eligible?

Similar to the original Independent Foreclosure Review, the replacement program is only for homeowners who were part of a foreclosure action (pending or completed) between January 1, 2009, and December 31, 2010. The homeowner did NOT have to lose their home in order to qualify, but did need to be “in any stage of the foreclosure process” during that timeframe.

How much money?

The money is being divided into two categories: Cash payments and loss mitigation assistance.

Cash Payments: The 13 banks/servicers have agreed to provide a total of $3.6 billion to homeowners. Individual amounts to homeowners will depend on the severity of the mistakes the bank/servicer made, and could range from hundreds of dollars up to $125,000 plus lost equity. The Washington Post has created a helpful table of borrower categories: Waterfall of Borrower Categories (from their article: “Foreclosure victims to get compensation alerts in $9.3B agreement starting Friday”

Loss Mitigation Assistance: The 13 banks/servicers will provide $5.7 billion is assistance to homeowners through loss mitigation efforts, with “preference given to activities designed to keep borrowers in their homes through affordable, sustainable, and meaningful home preservation actions.” The banks and servicers are given until January 7, 2015 to complete the loss mitigation assistance.

Bank/Servicer	Cash Payments	Loss Mitigation Assistance
Aurora Loan Servicing	$93 million	$149 million
Bank of America	$1.1 billion	$1.7 billion
Citibank	$306 million	$486 million
Goldman (Litton Loan Servicing)	$135 million	$195 million
HSBC	$96 million	$153 million
JP Morgan Chase	$753 million	$1.2 billion
MetLife Bank	$30 million	$48 million
Morgan Stanley (Saxon Mortgage)	$97 million	$130 million
PNC	$69 million	$69 million
Sovereign	$6 million	$9 million
SunTrust	$62 million	$100 million
U.S. Bank	$80 million	$128 million
Wells Fargo	$765 million	$1.2 billion
Total	$3.6 billion	$5.7 billion

Note: Figures are rounded. Source: Amended Consent Orders posted on OCC and Federal Reserve website.

What Should I do next? Rust Consulting will likely be overwhelmed by the number of phone calls from homeowners in the next few days, but it is worth taking the time to call them over the next few weeks and confirm that they have your current contact information and to verify your eligibility. The phone number for Rust Consulting is 1-888-952-9105.

For more information, visit:
Federal Reserve Press Release: “Amendments to Consent Orders Memorialize $9.3 Billion Foreclosure Agreement”

Posted on February 26, 2013 by CustomerBullHorn

The Coalition Against Payday Predators (CAPP) recently posted about major banks enabling payday loans to continue. A new poll of North Carolina residents found that 72% of respondents said they would be less likely to vote for a lawmaker who supports a bill that would allow payday lending in North Carolina.

Related articles

A still-bad idea on payday lending (newsobserver.com)

Senators Call For An End To Payday Lending By Banks (foreclosurehelpscc.wordpress.com)

Coalition Against Payday Predators

According to the New York Times, “Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent.

With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates.

While the banks, which include giants like JPMorgan Chase, Bank of America and Wells Fargo, do not make the loans, they are a critical link for the lenders, enabling the lenders to withdraw payments automatically from borrowers’ bank accounts, even in states where the loans are banned entirely. In some cases, the banks allow lenders to tap checking accounts even after the customers have begged them to stop the withdrawals.”

http://www.nytimes.com/2013/02/24/business/major-banks-aid-in-payday-loans-banned-by-states.html?_r=0

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California Homeowners have Received $16.8 Billion in Relief from National Attorney General Settlement

Posted on February 21, 2013 by CustomerBullHorn

By Sean Coffey, Program Manager of ForeclosureHelp

Joseph Smith, the Monitor for the national Attorney General settlement, released a report (Ongoing Implementation: February 21, 2013) today about the amount of relief the five banks (Chase, Wells Fargo, Bank of America, Citi, and Ally) have granted to homeowners as part of the AG settlement.

According to the report, from March 1, 2012, through December 31, 2012, $45.8 billion in relief has been provided to homeowners. This includes: (national figures)

$6 billion in first lien modification forgiveness
$1.3 billion in relief for pre 3/1/2012 forbearance
$2.2 billion in “estimated consumer relief of refinances”
$3.4 billion in active trials in process
$11.5 billion in second lien modifications and extinguishments
$19 billion in short sales completed/deficiencies forgiven,
$1.6 billion in “other programs”

154,243 borrowers in California have been assisted, with an average amount of $109,527 of relief/benefit to the borrower. The amount of relief offered to homeowners, varies widely by bank especially as measured by the category “Completed 1^st lien modification forgiveness” (defined as “finalized first lien principal reduction permanent modifications [including trial modification).

Ally Bank: 231 borrower assisted, average amount: $152,904

Bank of America: 7,509 borrowers assisted, average amount: $214,748

Citi: 408 borrowers assisted, average amount: $122,833

Chase: 3,375 borrowers assisted, average amount: $167,828

Wells Fargo: 4,383 borrowers assisted, average amount: $114,006

To see the detailed analysis of relief offered to California homeowners, click here: Appendix IV State Consumer Relief Information California, Program to Date

Are you a homeowner here in San Jose or Sunnyvale, California, and are you struggling to pay your mortgage, or worried about foreclosure? Has somebody contacted you about doing a short-sale and you want to make sure you are examining all of your possible options? If so, give us a call and we can set up an appointment with a certified foreclosure prevention counselor from a HUD-approved agency. We have an office in downtown San Jose (across the street from St. Joseph’s Cathedral) and we also offer Saturday hours at our satellite office, located across the street from Most Holy Trinity Catholic Church. Pick up the phone and give us a call: 408-293-6000, or send us an email: help@foreclosurehelpscc.org.

If you are struggling with foreclosure in San Jose or Sunnyvale, please give us a call. The sooner you pick up the phone, the sooner we can help, and the earlier you start in the process, the more options you will have to create a plan forward.

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.

Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Six Reasons to Deal with Your Foreclosure Problem Today, not Tomorrow (foreclosurehelpscc.wordpress.com)
Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC (foreclosurehelpscc.wordpress.com)
Five Important Policy Updates For California Homeowners and Tenants in 2013 Related to Foreclosures, Short Sales, and the Homeowner’s Bill of Rights (foreclosurehelpscc.wordpress.com)
Another Possible Loan Modification Scam: They’re Alive and Well in California in January 2013 (foreclosurehelpscc.wordpress.com)

Posted on February 14, 2013 by CustomerBullHorn

Consumers should also have access to their credit scores for FREE, considering how important the score can be in determining your cost/access to loans, employment decisions, and whether or not you can rent an apartment. Rebuilding your credit after a foreclosure or short sale? Read our earlier blog: https://foreclosurehelpscc.wordpress.com/2012/09/07/rebuilding-credit-after-a-foreclosure-or-short-sale/

New Report: 1 in 10 Consumers Have Incorrect Credit Score (foreclosurehelpscc.wordpress.com)
Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC (foreclosurehelpscc.wordpress.com)

Six Things I wish I would have done differently: How to Avoid Foreclosure in San Jose and Sunnyvale

Posted on February 13, 2013 by CustomerBullHorn

By Sean Coffey, Program Manger, Foreclosure Help

Unfortunately, some of the homeowners who call Foreclosure Help have already lost their house to foreclosure or are so close to a trustee sale that their only option to delay a trustee sale is to file bankruptcy. Based on these conversations, we are providing a few points that might be helpful for people who are starting this process. This is not legal advice/financial advice, and if you have questions, call us.

1) Deal with the problem earlier. Meeting with a housing counselor can be one of the first steps to dealing with the problem. Is the housing counselor going to have 100% good news? Not necessarily, but they will provide you with a clear, unbiased, analysis of your situation and what state programs (like Keep Your Home California) and federal programs (like the Making Home Affordable Program) could be helpful with your situation. For example, if you were recently laid off, the Unemployment Mortgage Assistance program, part of Keep Your Home California, could pay your mortgage for up to nine months while you secure a new job. If keeping the home isn’t an option, counselors can discuss things you need to know about a short sale, and also discuss transition assistance programs, like Keep Your Home California’s Transition Assistance Program.

2) Made this process a priority. There’s an old saying: “Nobody cares about your home like you do.” If you are trying to address the situation, you’ll need to 100% engage in the process and “be in the driver’s seat” to make sure that the process continues moving forward. You should not rely solely on your bank or your housing counselor to handle the problem for you. They are part of the process, but you need to be the driving force, making follow-up phone calls, checking in with your bank or servicer, and making sure that you spending sufficient time with the process, and that you are the “squeaky wheel that gets the grease.”

3) Worked with a housing counselor from the beginning. Our society has become very specialized- think about the number of specialized services that you rely on in a given week. You have your car fixed by a mechanic because they know what they’re doing. In working with a counselor from a HUD-approved agency, you are getting specialized services from a trained professional, who is bringing the skills, training, and contacts that can make the difference in getting your loan modified, getting honest advice about your situation, and escalating your case at the bank when necessary. Housing counseling agencies are paid for through government and private grants, and this means they don’t have an incentive to “sell” you on a particular option. Instead, they’ll give you an honest evaluation of your options and empower you to decide what you want to with your home.

4) Got all of my paperwork together. You are essentially asking the bank or servicer to re-write an IOU. To do this, they are going to need all of your documents they requested, and you have a much higher chance of success if you get all of the documents together, send them all in at the same time, and have confirmation from the bank or servicer that they received the paperwork. Are you going to send this paperwork in more than once? Probably. If you want the modification process to move forward, you need to get all of your paperwork together, organized, and into the bank or servicer, and getting it in a few days ahead of the deadline will give you a “buffer” in case the paperwork gets lost along the way. Don’t forget to call 2-3 days after you mail in your paperwork, and confirm that they received all of the paperwork and that there is nothing else they need.

5) Not believed the “too good to be true” scam artist who promised to modify my loan. It seems unbelievable that there are still scam artists going after homeowners in desperate situations. And yet, we still see examples of these letters every week from homeowners who received them in the mail, with offers to modify loans or provide other “assistance.” Phone calls, house visits, and even word-of-mouth referrals are another way that scam artists will contact you.

Reasons you should view all offers of “help” critically:

It is illegal in California to charge an upfront fee to modify a mortgage.
The foreclosure process doesn’t stop just because you hired a scam artist. If you hire a scam company, and it takes you three months to figure out that they took your money and didn’t do anything, you are now 3 months into the foreclosure process, with fewer options, and more pressure from the bank.
If you’re spending money paying a scam artist, that’s less money that you have to pay your mortgage.
They will say whatever you want to hear, regardless of whether or not it’s true. It would be great if 100% of people were going to get their loans modified, but the reality is that there are a number of other variables (like the NPV test, your income, who the investor is, whether or not your bank is participating in government programs, the size of your mortgage, etc) that will determine if and to what extent your loan is modified. For these reasons, anybody who promises a loan modification is telling you a lie in order to get your business- and you should run away from them (and report them to the District Attorney).
There are FREE housing counselor services available that are paid for through a government grant. These skilled, experienced, counselors are from agencies certified by the federal government (HUD), and will provide you an unbiased analysis of your situation and options.

6) Made a contact at the bank or servicer. Think about all the jobs you’ve had. Were there ever situations where your authority or discretion could help or hurt a customer? Or, where you could share information with a customer that would help them better understand a process, product, or timeline? Think of the waitress who tells you “No, you don’t want that meal, this other meal is our most popular.” Now, apply that to your experience with the customer service person at the servicer or bank. If you can make “friends” with the person, they may be willing to share tips or strategies with you that can help you in this process.

While the new California Homeowner Bill of Rights (Spanish: La Declaración de Derechos de los Propietarios de Vivienda en California and Vietnamese: Luật Dân Quyền cho Chủ Nhà ở trong Tiểu Bang) California mandates a single point of contact (and you should remind your bank or servicer about this), it’s also a good policy for you to try and develop a single point of contact at the bank who knows your story and who will be there throughout the process.

If you have questions, please contact your housing counselor directly, or call Foreclosure Help at 408-293-6000 or email us: help@foreclosurehelpscc.org. You can also 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.

Six Reasons to Deal with Your Foreclosure Problem Today, not Tomorrow (foreclosurehelpscc.wordpress.com)
Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC (foreclosurehelpscc.wordpress.com)
Five Important Policy Updates For California Homeowners and Tenants in 2013 Related to Foreclosures, Short Sales, and the Homeowner’s Bill of Rights (foreclosurehelpscc.wordpress.com)
Another Possible Loan Modification Scam: They’re Alive and Well in California in January 2013 (foreclosurehelpscc.wordpress.com)

New Report: 1 in 10 Consumers Have Incorrect Credit Score

Posted on February 12, 2013 by CustomerBullHorn

By Sean Coffey, Program Manager, Foreclosure Help

The Federal Trade Commission released a report today (focused on credit report errors at the three large credit reporting agencies (Experian, Equifax, and Transunion) and found significant mistakes, with one in ten consumers reporting a change in their credit score AFTER they contacted the agency to dispute inaccurate information.

Regular readers of our blog may recall that the Consumer Financial Protection Bureau also released a report (Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores) with a similar focus in September 2012, which found that one in five consumers would see a different score than their lenders. See our blog on the topic here: “1 in 5 consumers receive a different credit score than their lender”

In the most recent report by the Federal Trade Commission, (Report to Congress
Under Section 319 of the Fair and Accurate Credit Transactions Act of 2003) the researchers found:

25% of consumers identified errors on their credit reports, potentially affecting their credit scores;
20% of consumers had their errors corrected by at least one of the agencies after the consumer disputed it;
About 1 out of 20 consumers saw their credit score change more than 25 points, while 1 in 250 customers saw a credit score change of more than 100 points.

We’re glad to see that the Consumer Financial Protection Bureau is now overseeing credit reporting agencies. The consumers who were interviewed last night on 60 Minutes (40 Million Mistakes: Is your credit report accurate?) had some pretty harrowing tales about trying to correct their credit reports, with some choosing to hire attorneys because the process was so slow/unsuccessful when they attempted to contact the credit reporting agencies.

You may find our previous blog postings helpful:

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.

The Customer Bullhorn

Amplifying your customer service experience

Event Focuses on Stabilizing Homeownership after Foreclosures in California

Repairing credit after an improper foreclosure?

FHA’s Role in “Healing” the Market

Related articles:

March Madness: 9 Important Updates on the Independent Foreclosure Review; Short Sales, Modifications, and Foreclosures (foreclosurehelpscc.wordpress.com)

Rebuilding credit after a Foreclosure or Short Sale (foreclosurehelpscc.wordpress.com)

Help with rental assistance after a foreclosure – What’s out there? (foreclosurehelpscc.wordpress.com)

March Madness: 9 Important Updates on the Independent Foreclosure Review, Short Sales, Modifications, and Foreclosures

Homeowner Education and Resource Fair in San Jose on March 23rd, 2013 at Berryessa Branch Library

Sáu lý do để đối phó với vấn đề Tịch thu nhà của bạn Hôm nay, không phải ngày mai

California Homeowners have Received $16.8 Billion in Relief from National Attorney General Settlement

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Six Things I wish I would have done differently: How to Avoid Foreclosure in San Jose and Sunnyvale

New Report: 1 in 10 Consumers Have Incorrect Credit Score

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

What is a Credit Report and Why is it Important to You?

How Can the Consumer Financial Projection Bureau Assist You With Credit Reporting Issues? Our Blog Explains How.

Rebuilding credit after a Foreclosure or Short Sale

Mejorando El Credito Despues De Una Ejecución De Hipoteca O Venta Corta