Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC

Posted on December 21, 2012 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager of ForeclosureHelpSCC

As 2012 draws to a close, it’s worth taking a quick snap-shot of the past year. Pete Carey wrote earlier this week in the San Jose Mercury News about the reduction in foreclosures during the month of November, and we hope that this trend continues.

We also want to highlight a few blog postings written for homeowners by the certified housing counselors who staff the ForeclosureHelpSCC program:

Time Sensitive issues for homeowners:

Independent Foreclosure Review: The deadline for this program is December 31, 2012. To learn more about this program (eligible homeowners could receive $500 to $125,000 plus lost equity), visit our earlier blog postings:

California Foreclosure Refund: Also designed for homeowners who dealt with an improper foreclosure, but this program is limited to the big five banks. The deadline for this program is January 18, 2013. For more information, read our blog on it: California Foreclosure Refund Program, Part of the Attorney General Settlement

Keep Your Home California: Unemployment Assistance Program. Aurora Olivares, one of the housing counselors who staffs the Foreclosure Help program, wrote an excellent overview of this program: “Unemployment Mortgage Assistance Program, Part of Keep Your Home California: How Does It Work?” With recent estimates that 400,000 Californians could lose their unemployment benefits unless Congress extends them, it is particularly important for homeowners who are unemployed to get their applications in NOW while they are still receiving unemployment. A homeowner WILL NOT qualify for Keep Your Home California Unemployment Assistance program unless they are receiving or are approved for unemployment benefits.

Mortgage Debt Forgiveness Act: This has not yet been extended, but we are hopeful that it will be tied into the current negotiations about the fiscal cliff. For more information about why this is so important, visit: “Foreclosures in San Jose and Sunnyvale: Three Reasons Time is Not on Your Side”

General Resources for Homeowners from our blog this year (A big THANK YOU to the certified housing counselors from Asian Inc, Neighborhood Housing Services of Silicon Valley, Project Sentinel, and SurePath Financial Solutions for writing these posts).

1) Credit Repair, Credit Issues, Rebuilding Your Credit, Pulling Your Credit Report:

2) How to work with your bank when you are seeking a modification:

3. Advantages of Working with a certified housing counselor from a HUD-approved agency:

4) Renting after a foreclosure or short sale: Help with rental assistance after a foreclosure – What’s out there?

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.

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.

Seven Reasons to Postpone the Independent Foreclosure Review

Posted on December 15, 2012 by CustomerBullHorn

February 28, 2013 Update: New information about the amounts, administration, and timeline of the replacement for the Independent Foreclosure Review was released today. Please read our latest post: “Independent Foreclosure Review: Update on $3.6 Billion in Cash Payments and $5.7 Billion in Modification Assistance”

January 7, 2013 Update: The regulators in charge of the program released information today, explaining that the Independent Foreclosure Review program is being replaced by a settlement program that will give money directly to homeowners. A payment agent for the new program will be appointed in March 2013. For more information, visit our blog: “Independent Foreclosure Review Program is Replaced With New Settlement”

Editor’s Note: While we strongly encourage anybody reading this article to see if they are potentially eligible for the Independent Foreclosure Review and to apply, we remain deeply concerned with the outreach and administration of the Independent Foreclosure Review. Guides for applying: English: Independent Foreclosure Review (the deadlines is December 31, 2012- you can also call them at: 1-888-952-9105) and Spanish:La Revisión Independiente de la Ejecución Hipotecaria.” You should also see if you’re eligible for the Foreclosure Refund (offered under the Attorney General Settlement- Deadline in California is January 18, 2013).

While 4.3 million homeowners were in foreclosure from 2009-2010, recent estimates suggest that under 300,000 people have applied for the review, and none of those who have applied have heard about the results of their reviews. For this reason, we have started a petition asking that the deadline be extended until two months after at least 215,000 homeowners have heard about the results of their reviews. If you agree, please sign the petition and share with your networks, friends, family, facebook, etc: “Postpone the Deadline for the Independent Foreclosure Review Until 215,000 Cases Have Been Released”

A big thank you to the investigative reporters who have followed the creation of the Independent Foreclosure Review and have asked important questions about the outreach, implementation, and conflicts of interests with the program.

1) After a year of accepting homeowner applications, we still don’t know the results: The results of the reviews, including if compensation is paid to homeowners, will not be released until AFTER the deadline has passed. If it’s important to reach eligible homeowners and former homeowners, wouldn’t it make sense to release the results of some of the reviews for people who have already applied during the past year so that they can tell their friends, family, neighbors, communities and local newspapers about the reviews?

2) Homeowner gets $1, consultant gets $4. One media report suggests that for every $1 a homeowner may receive as a result of the review finding that a bank/servicer improperly processed a case, a consultant may have received $4. From American Banker’s November 1, 2012 article “Foreclosure Reviews: Exorbitant for Banks, Gold Mines for Consultants“: “Bankruptcy filings by ResCap, the former GMAC mortgage servicer slated to be acquired by Ocwen, state that the company will pay consultant PricewaterhouseCoopers $12,500 to review each of 20,000 loans for a total cost of a quarter-billion dollars. Yet ResCap expects to pay only $35 million to $60 million to harmed homeowners.”

3) There are a lot more potentially eligible homeowners than have applied so far: A November 2012 report found that 800,000 more homeowners should have qualified for the Making Home Affordable program, and would have, if all of the banks/servicers were modifying mortgages at the same rate as the most efficient banks/servicers. (Thank you to Huffington Post for highlighting this report in their October 2012 article: “Mounting Evidence Raises Questions About Independent Foreclosure Review.”)

4) What to do if your loan was serviced by Litton or Saxon? Both Saxon Mortgage Services and Litton Loan Servicing were also targeted by federal regulators for their sloppy work with homeowners, yet it remains unclear what homeowners should do if they were a customer of these clients. According to Federal Reserve press releases (Saxon press release; Litton/Goldman Sachs press release), both Saxon and Litton are supposed to engage consultants to conduct reviews. However, there is no information on the independent foreclosure review website for homeowners who had their loans serviced by these companies.

5) Banks get to appeal, but homeowners don’t: According to Propublica’s October 11 article, “Is BofA’s Foreclosure Review Really Independent? You Be the Judge” it appears that Bank of America will get to appeal decisions made by its independent reviewer, but a homeowner will not get the chance for an appeal: “The Bank of America memo also announced another change: the creation of a de facto appeals procedure for the bank. Designed in part “as a response” to Promontory deciding homeowner compensation, the bank would be adding an “Additional Information” unit, the executives wrote. The unit’s job, an employee said, is to respond when Promontory finds that a homeowner deserves compensation by producing any evidence that the bank didn’t commit the abuse or error. In contrast, homeowners who file a complaint will have no opportunity to appeal the determination of whether they deserve compensation or not.”

6) Consultants may have conflicts of interest: There have been a number of reports about conflicts of interest between the consultants hired to do the reviews and the banks that hired them. Francine McKenna detailed these conflicts in a March 5, 2012 article in American Banker:“The Little We Know About Foreclosure Reviews Is Troubling.” She explained: “The Deloitte partner in charge of the JPMorgan engagement, Ann Kenyon, was a partner on Deloitte’s audit of Washington Mutual. So it would not be in her interest for Deloitte’s consultants to turn up any auditing errors the firm made with that mortgage originator, particularly since Deloitte is a defendant in shareholder litigation related to Washington Mutual’s collapse.”

7) Official who led “Hustle” at Countrywide is in charge of Chase’s Foreclosure Review According to Propublica’s November 9, 2012 article “Exec Who Allegedly Enabled Fraud Runs Chase’s Effort to Compensate Foreclosure Victims” the same woman who was the Chief Operating Officer at Countrywide’s lending division which carried out the “Hustle” (Motto was “Loans move forward, never back”), is now in charge of JPMorgan Chase’s Independent Foreclosure Review. The article explains that the “Hustle” ended up costing Fannie Mae and Freddie Mac over $1 billion in losses when the loans went bad.

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.

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

Posted on December 13, 2012 by CustomerBullHorn

Editor’s note: If you haven’t applied for the Independent Foreclosure Review yet, there is still time, but the deadline is December 31, 2012. For more information, visit our blog: Independent Foreclosure Review Deadline is December 31, 2012. Learn How to Apply Here. Spanish: La fecha límite para La Revisión Independiente de la Ejecución Hipotecaria es el 31 de diciembre 2012. Aprender a aplicar aquí! Or visit the website: www.independentforeclosurereview.com, or call the program: 1-888-952-9105

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

A credit report is more than a collection of financial information and statistics. A credit report displays and represents your financial picture. A credit report is an accounting of how you have handled your past finances and debt and is a gauge of how you will continue to do so in the future. The credit report determines if you are credit worthy or may be a credit risk to those who offer credit (also known as creditors). The credit report helps creditors decide who gets credit or who does not.

If you have been financially responsible in the past and have good credit, you probably don’t think twice about credit. It is just there for you whenever needed. However, if you have no credit or poor credit, managing your daily financial life may be difficult.

WHAT IS IN A CREDIT REPORT?

If you have never applied for personal credit, you probably don’t have a credit report history. But, if you have applied for and used credit in the past, a basic credit report consists of your name, current and recent addresses, Social Security Number, date of birth and current and previous employers. The report also displays each credit account registered in your name, the date the account was opened, the credit limit on a credit card or loan, the payment terms, the balance owed, the monthly payment amount, and a record of your payment history (i.e., how many times you paid on time or were late). This information is contained in your credit report even if you personally have not applied for credit but have agreed to be a co-signer or authorized user on someone else’s credit account.

TIP: If you are a co-signer on a credit card or loan account, you are responsible for the debt if the other party fails to keep the monthly payments current. If you are an authorized user, you are not responsible for the monthly payments or the balance due if the account is not kept current. So, be VERY careful about agreeing to be a co-signer on an application for credit.

A credit report also lists each time you have applied for credit – these are known as ‘inquiries.’ By viewing the ‘inquiries’, creditors can determine if you have applied for too much credit or have been recently approved for additional credit. If the number of applications or approvals is too high, creditors may deny you if it appears you are trying to acquire too much credit too quickly.

TIP: This can happen to new homeowners or young adults when they want to decorate a new home or apartment. If you apply for and are denied credit, this may have a negative impact on your credit report and credit score.

WHAT IS NOT IN A CREDIT REPORT?

Information NOT contained in a credit report consists of checking and saving account balances, bankruptcies that are more than 10 years old, charged-off debts or debts placed for collection that are more than seven years old, gender, ethnicity, religion, political affiliation, medical history or criminal records. Judgments generally remain on a credit report for 7 years from the date filed, whether the debt was paid or not. If paid, the judgment entry changes from UNSATISFIED to SATISFIED but still remains for the required length of time. Unpaid tax liens remain indefinitely.

NO CREDIT? WHAT SHOULD YOU DO?

In the everyday world of credit, there are two types of credit cards and loans – Secured and Unsecured.

SECURED CREDIT CARD: If you have poor credit or no credit and know you will have a need, you may want to apply for a secured credit card. A secured credit card is an account in which you deposit your own money (generally a minimum amount) to be used for future credit transactions. A secured credit card gives you the ability to use the money (up to a certain amount) as a credit card – i.e. charge movie tickets or order a pizza – until you can apply for a less restrictive unsecured credit card. Most secured credit cards do not allow the total amount of money deposited into the account to be consumed by charge transactions.

The creditor retains a portion of the money as a ‘cushion’ to cover unexpected events, such as non-payment. If your charges exceed the allowed amount, there can be substantial fees and penalties applied. If you don’t keep the account in good standing, the creditor can deny future credit transactions you attempt to do. Not a happy thought if you want to treat a friend to lunch and your card is denied! In some cases, if the past due amount becomes too high; the account may be closed or suspended. The account will continue to accrue interest charges, fees and may even be subject to collection action. Most secured credit cards also carry annual expense fees.

TIP: Secured credit cards physically look the same as unsecured credit cards. There is no way of telling that your card is a secured card. After a period of time if you have established a positive payment history and adhered to the secured credit card terms, you may apply for an unsecured credit card or loan. There is no specific time period to do this. Just be cautious about applying for too many cards.

SECURED CREDIT LOAN: This type of loan is used for high dollar purchases that cannot be paid in full each month – i.e. the purchase of a car or house. This type of loan is for a specific dollar amount and time period. If the loan payments are not kept current, the owner of the loan can repossess or take back the item – i.e. the car. In this case, the car is security for the debt. Generally without exception, a mortgage loan is secured by the property. If the mortgage payments are not made, the mortgage holder will take the property in a foreclosure sale.

UNSECURED CREDIT CARD: An unsecured credit card is a line of credit that is available to you with no restrictions (up to the credit limit), as long as the account is in good standing. For example, if you charge the purchase of clothing on your unsecured credit card and you don’t pay the full or minimum amount by the Due Date, the creditor will not repossess or take back the clothes. However, the account could still be assessed fees and penalties and may be closed or suspended if the matter is not resolved. Any past due payments will be recorded on your credit report.

UNSECURED CREDIT LOAN: This type of loan can be for any amount and time period, but is generally not a standard product offered by creditors for large loan amounts. Creditors want their loans secured by an item of value if there is a default on the account. The best use of this loan type would be for personal loans among family members or friends where, if payments are not made, no property is attached to the loan and therefore there is no repossession.

TIP: For most secure and unsecured credit card accounts, it is recommended that the full amount charged be paid in full each month to avoid interest charges and to assist in building a good credit history. Keeping any loan in good standing is a good idea.

HOW TO GET A COPY OF YOUR CREDIT REPORT?

On November 22, 2003, through the Fair and Accurate Transaction (FACT) Act, consumers were given the right to obtain a free copy of their credit report every 12 months from each of the 3 major credit bureaus. These credit bureaus collect and analyze credit transactions for their clients (AKA creditors) i.e., banks, credit unions, and retail establishments for example. The 3 major bureaus are: Experian (www.experian.com, 1-888-397-3742), TransUnion (www.transunion.com, 1-800-916-8800), and Equifax (www.equifax.com, 1-800-685-1111).

To obtain a copy of your credit report or reports, you can contact the credit bureaus directly, visit their websites, or use the website: www.annualcreditreport.com . This website provides access to each credit bureau report. A consumer can apply online for a single report or for all 3 reports at the same time. There are companies who will help you track the contact and accuracy of your credit report for a fee.

TIP: It is recommended that a consumer stagger their credit report requests every 4 months between each bureau. In most cases, the same credit information is on each bureau’s report, but sometimes in a slightly different format. By staggering the reports, a consumer can track activity over the time period as well as the contact of each report.

TIP: Each time YOU look at your own credit report, there is no ‘inquiry’ activity recorded. However, each time you apply for credit through a third party, there is an ‘inquiry’ recorded. So, if you apply for too much credit, the next third party you apply to will see the ‘inquiry’ activity and possibly may deny the application for credit due to excessive applications. Also, there is a chance that the volume of applications may affect your FICO score. BE CREDIT SMART!

WHAT IS A FICO CREDIT SCORE AND WHY IS IT IMPORTANT TO YOU?

Attached to each report is a credit score known as a FICO (Fair Issac Corporation) score. The FICO score can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s. Your goal is to have the highest number possible based on your use of credit and the history contained in your credit report. Each one of the credit bureaus has their own FICO score criteria. A FICO score may differ between the 3 credit bureaus because not all creditors submit to each bureau.

A FICO score is a combination of many credit associated items. Based on the type of credit, a FICO score is made up of the following percentages:

35% for history;
15% for length of credit;
10% for newly acquired credit;
10% for types of credit; and
30% for amount of debt owned on credit cards and loans. A few examples of what can lower a FICO score are: late payments, too high of credit used against credit limit, past due payments, too many credit cards, judgments, collections, or too many applications for credit.

It is possible to obtain your FICO score by contacting each credit bureau for their process or at the www.annualcreditreportcom website, but there is a fee. However, if you pay a credit reporting and tracking agency, you may be able to obtain the FICO score free of charge.

If you discover errors within your credit report, you should contact the providing bureau directly. If they don’t correct the errors, you can contact the Consumer Financial Protection Bureau (CFPB) at 1-855-411-2372 or TTY/TDD 1-855-729-2372 and/or file a complaint with the CFPB at http://www.consumerfinance.gov/blog/headline-now-accepting-credit-reporting-complaints/ ; or send a letter to Consumer Financial Protection Bureau, P. O. Box 4503, Iowa City, Iowa 52244.

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.

Postpone The Independent Foreclosure Review Deadline Until After 215,000 Reviews Have Been Released

Posted on December 12, 2012 by CustomerBullHorn

The ForeclosureHelpSCC Consortium is sponsoring a petition on Change.org, requesting that the deadline for the Independent Foreclosure Review is postponed past the current deadline of December 31, 2012. ForeclosureHelpSCC is requesting the regulators to postpone the deadline until two months after at least 215,000 homeowners have been informed about the results of their review. This represents only five percent of the 4.3 million homeowners who were in foreclosure from 2009-2010.

For context, a report released in November found that 800,000 more homeowners should have received modifications under the Making Home Affordable program but did not because of a few large servicers who modified loans at a much lower rate than their peers.

The Independent Foreclosure Review was created after three regulators (the Federal Reserve, the Office of the Comptroller Currency, and the Office of Thrift Supervision) conducted reviews at 14 large banks and servicers and found: “critical weaknesses in servicers’ foreclosure governance processes, foreclosure document preparation processes, and oversight and monitoring of third-party vendors, including foreclosure attorneys.”

ForeclosureHelpSCC is asking regulators to extend the deadline because we are concerned that not enough homeowners have learned about the program and applied for it. Beyond the weaknesses in the marketing plan and outreach highlighted by the GAO in a report earlier this year, we are also concerned that the results of the reviews (for homeowners who have already applied) have not been released. We believe that releasing the results would be a powerful way to create word-of-mouth marketing about the program for homeowners who were harmed by their bank or servicers and who could be eligible to receive compensation as a result.

To sign the petition, click on this link: “Postpone the Deadline for the Independent Foreclosure Review Until 215,000 Cases Have Been Released”

To learn more about eligibility for the Independent Foreclosure Review, visit this website: www.independentforeclosurereview.com or call: call 1-888-952-9105.

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.

¿Por Qué Trabajar Con Un Consejero de Casa?

Posted on November 28, 2012 by CustomerBullHorn

En el programa de Foreclosure Help frecuentementenos pregunta por qué un propietario debe reunirse con un consejero de casa. Usted puede ver una entrevista (en español) en Univisión sobre el programa ForeclosureHelp aquí.

Aquí están nuestras 5 razones principales para trabajar con un consejero de vivienda en una agencia aprobada por HUD:

1. Consejos Honesto: Un consejero de casa le ayudará a evaluar su situación. Vamos a hablar con usted acerca de lo bueno y lo malo con una opinión imparcial. También tenemos el conocimientos básicos de las mejores prácticas y los estándares de la industria nacional para la consejería para los propietario de vivienda. Además, hemos trabajado con muchos propietarios de viviendas, bancos y administradores, y esta experiencia significa que sabemos cómo mantener el proceso en marcha, y sabemos que los programas que pueden ayudar a su situación.

2. Explicación de la correspondencia de su prestamista: Un consejero de casa certificado puede ayudarle a entender la terminología utilizada en la correspondencia de su prestamista y en la documentación que se usa durante el proceso para modificación el préstamo. Mientras su prestamista le puede decir que su préstamo se va “ir a la ejecución hipotecaria”, nosotros le podemos ayudar a entender lo que el tiempo real es de la ejecución hipotecaria y la forma de estar al tanto para cosas importantes como una Notificación de Incumplimiento.

3. Su presupuesto: Si usted está solicitando una modificación de préstamo, el banco va a pedir su presupuesto. Un consejero trabajará con usted para revisar su presupuesto. Los consejeros puede darle consejería acerca de su presupuesto y calcular sus relación de deuda de la vivienda-al-ingreso familiar para que entienda su capacidad de pagar su hipoteca y explicar cómo esas mismas relaciones podría afectar su elegibilidad para recibir asistencia. Por ejemplo, un consejero puede revisar sus ingresos contra a los gastos de su vivienda y le explicará cómo afectará su elegibilidad para Making Home Affordable.

4. La comunicación con su banco o Prestamista: ¿Ha presentado documentación a su banco o prestamista múltiples veces, o llama su representante designado, pero no pudieron hablar con ellos? Este tipo de problemas no se pueden eliminar por completo, un consejero certificado puede tener un contacto fiable con su prestamista o tener un método eficaz de presentar los documentos que pueden ayudar a solucionar algunos de los obstáculos en el camino durante la revisión del prestamista.

5. Recursos: Debido a que trabajamos en esta industria, sabemos cuáles son los programas, los recursos y las opciones que están disponibles para ayudarle en su situación. También sabemos si un banco o prestamista no está siguiendo las pautas del programa y puede ayudar a resolver ese problema. Somos locales, al igual que usted, y podemos decir acerca de los programas locales y estatales que pueden ser útiles.

La oficina Foreclosure Help está compuesto por los consejeros de Asian Inc; Neighborhood Housing Services of Silicon Valley; Project Sentinel; and SurePath Financial Solutions. Las cuatro agencias son aprobados por HUD.

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 a 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.

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.

Para hacer una cita con un consejero casa, llámenos: (408) 293-6000

5 Programas importante para los propietarios de California

Posted on November 15, 2012 by CustomerBullHorn

Para los duenos de vivienda en el estado de California que están preocupados de su hipoteca, hay 5 programas que debe conocer.

1. Acuerdo del Fiscal General (Attorney General Settlement)
Visita: Sitio del Fiscal General que vigila el cumplimiento: www.californiamonitor.org. Email: CAMonitor@doj.ca.gov.
Visita: www.nationalmortgagesettlement.com
Expiración: La expiración del reembolso de la ejecución hipotecaria es 18 de enero 2013

El acuerdo con Chase, Ally / GMAC, Bank of America, Citibank y Wells Fargo incluye 3 partes:

A) $ 3 billones en refinanciamiento para los propietarios de viviendas que tienen una propiedad que vale menos del balance que se debe en la casa

B) $ 17 billones en modificaciones de hipoteca, reducciones principales, y las ventas cortas

C) $ 1.5 billones en reembolsos de exclusión para las personas que perdieron sus viviendas inapropiadamente entre 1 de enero de 2008 y el 31 de diciembre 2012 . Para el programa de reembolso para la ejecución hipotecaria, puede recibir un formulario de solicitud por correo (se enviaron por correo a principios de este mes). Si usted no recibe una carta antes del 31 de octubre de 2012, o si usted tiene una dirección diferente ahora, póngase en contacto con el Administrador del Acuerdo Nacional (National Settlement Administrator ) al1-866-430-8358 o enviar un correo electrónico con su dirección postal actual para administrator@nationalmortgagesettlement.com . Una vez que reciba la carta en el correo, usted tendrá que completar el formulario y enviarlo por correo, o también se puede llenar en línea (pero necesitará el número de reclamo de la carta que recibió, así que no lo vaya a descartar). Más instrucciones: https://nationalmortgagesettlementclaim.com/. Para las otras dos partes de la solución (modificaciones de refinanciación y préstamos), usted puede contactar a su prestamista directamente para preguntar sobre su elegibilidad y preguntar sobre cuando el banco a implementar estas opciones. Es un proceso de 3 años, y tendrá que ser paciente.

2. Bill de los Derechos de Propietarios (Homeowner’s Bill of Rights)
Visita: www.oag.ca.gov/hbor
Esta nueva ley restringe la doble vía ejecuciones hipotecarias, donde una ejecución hipotecaria ocurre al mismo tiempo que la solicitud de modificación está pendiente. Esta ley también garantiza a los propietarios un único punto de contacto con su prestamista, así como otras protecciones. El Proyecto de Ley de los Derechos Propietarios entra en vigor el 1 de enero de 2013.

3. Revisión Independiente ejecución de una hipoteca (Independent Foreclosure Review)
Visita: www.independentforeclosurereview.com
Llame al: 1-888-952-9105
Fecha límite: 31 de diciembre 2012
La Revisión Independiente Ejecución de una hipoteca es un acuerdo entre las autoridades federales y 14 bancos e incluye una investigación sobre los modos que procesaron las modificaciones y las ejecuciones hipotecarias en 2009 y 2010. Si un dueño de casa (casa principal) estaba en algún tipo de “acción de ejecución hipotecaria” con uno de los 14 bancos / administradores entre las fechas del 1 de enero, 2009 a diciembre 31, 2010, y siente que fue indebidamente procesada, favor de completar la aplicación. Si las revisiones encontrar el procesamiento indebido, un propietario podría recibir una compensación de entre $1,000 a $125, 000. Una acción de ejecución hipotecaria no significa necesariamente que la casa fue vendida, el propietario podría seguir viviendo en el hogar.

4. Conserva Tu Casa California (Keep Your Home California)
Visita: www.conservatucasacalifornia.org y www.keepyourhomecalifornia.org
Llame al: 1-888-954-5337
California recibió casi $2 mil millones en fondos para ayudar a los propietarios de California elegibles evitar ejecuciones hipotecarias evitables. El programa Keep Your Home California se compone de 4 opciones que ayudan a los propietarios de ingresos bajos y moderados conservar sus hogares si han sufrido una dificultad financiera, como el desempleo, enfermedad, o están en riesgo de incumplimiento debido a una economía dificultades, junto con una disminución severa en el valor de su casa.

5. Haciendo Tu Casa Asequible (Making Home Affordable HAMP and HARP programs)
Visita: www.makinghomeaffordable.gov (Spanish) or www.makinghomeaffordable.gov (English) Llame al: 888-995-4673
Propietarios de hogar pueden reducir sus pagos mensuales de la hipoteca y modificar sus préstamos a más bajas tasas estables de hoy. Para los propietarios para los que la propiedad de vivienda ya no es asequible o deseable, el programa puede proporcionar una salida que evite una ejecución hipotecaria.

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 a 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.

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 a 6000, o visite nuestro sitio: www.foreclosurehelpscc.org o envíenos un correo electrónico: help@foreclosurehelpscc.org.

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.”

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.

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.

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