Tag Archives: mortgage reinstatement

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

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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.

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

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By Sean Coffey, MPA, Program Manager at ForeclosureHelpSCC

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

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

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

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

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

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

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

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

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

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

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

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

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

Keep Your Home California: How Does It Work?

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

Have you heard of the Keep Your Home California program? Are you unsure how the program works to help struggling homeowners avoid preventable foreclosures? A few homeowners I’ve worked with here in the Bay Area are good examples of how Keep Your Home California works.

Meet Ron.

Earlier this year I received a call from Ron. He had medical issues that prevented him from working full time. He drew from his 401K to pay medical bills while he recuperated. During this time, Ron fell behind on his mortgage payments. Ron regained his health and was back to his old self with a steady income but was unable to catch up on the $10,000 in delinquent mortgage payments from when he was ill and fell behind on his mortgage. After struggling to reach an agreement with his mortgage company, he heard about the Keep Your Home California program and called to set up a counseling appointment.

I met with Ron and after learning more about his situation, I determined that he was an ideal candidate for the Mortgage Reinstatement Assistance Program (MRAP). Ron lived in the property with the past due payments, he was not in bankruptcy, had a loan balance under $729,750 and had an affordable payment after overcoming his medical hardship.

I worked with Ron to submit an application for the Mortgage Reinstatement Assistance Program through Keep Your Home California. After submitting the necessary paperwork, meeting investor guidelines, and working closely with the Keep Your Home California processing team, Ron was funded $10,000 to bring his mortgage current. Through this program, Ron was able to remain in his home.

In our next post, I’ll discuss a homeowner who successfully used the Unemployment Mortgage Assistance Program, which is also part of Keep Your Home California. In the meantime, I’m including program information below.

Here are some quick facts about the program:
Your lender/servicer must participate in the program in order to qualify for the Keep Your Home California funds. Each lender/servicer can participate in as little as one or in all four of the Keep Your Home California programs.

Is my bank or servicer participating in Keep Your Home California?
Check this list: Servicers Participating in Your Home California

There are 4 award programs:

  • UMA-Unemployment Mortgage Assistance Program: Is designed to assist unemployed homeowners who are receiving EDD benefits.
  • MRAP-Mortgage Reinstatement Assistance Program: This program can help by reinstating past due payments.
  • PRP-Principal Reduction Program: Homeowners who owe more than their property is worth, may be eligible for a principle reduction.
  • TAP-Transitional Assistance Program: Provides a payment of up to $5,000 to help homeowners, who cannot retain their home transition into new housing.

The Keep Your Home California program applies to primary mortgages in first position only. Second mortgages or home equity lines of credit are not eligible for Keep Your Home California programs. The property must be owner occupied and located in the state of California. The loan balance on the first mortgage is below $729,750. The homeowner(s) cannot be in bankruptcy while applying for Keep Your Home California Program.

Will you be the next success story?
To find out more about these four programs, or to set up an appointment with a housing counselor who can discuss these programs with you, contact ForeclosureHelpSCC by calling us at (408) 293-6000. You can also email us at help@foreclosurehelpscc.org or visit our website: www.foreclosurehelpscc.org.

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