FORECLOSURE NEWS
What is New, Help, Etc

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In California Foreclosure Process Extended 90 days

Since last Monday ( June 15) the time it takes for a lender to repossessed a house in foreclosure is 90 days longer ( from the day the homeowner is late with the mortgage payment to the sale date )

"The goal is to compel banks to do systematic loan modifications across California to reduce our foreclosure rate, which is the highest in the nation," said Assemblyman Ted Lieu, D-Torrance, who wrote the bill. The government believes that less foreclosures are necessary if we want the economy to recover.

Since the lenders are getting economic incentives to give Loan Modifications under the Obama Program this bill will punish the lenders hoping they will act faster re-negotiation the mortgages that are in foreclosure and make more servicers more open to sign contracts to adopt the Obama Modification Plan.

In California the lenders that are working with the Obama program are:

American Home Mortgage Servicing Inc
Bac Home Loans Servicing, Lp
Bank Of America
Carrington Mortgage Services, Llc
Champion Mortgage Company (Nationstar Mortgage Llc, Dba)
Chase Home Finance Llc
Citimortgage, Inc.
Emc Mortgage Corporation
Gmac Mortgage, Llc
Homecomings Financial, Llc
Jpmorgan Chase Bank, National Association
Kondaur Capital Corporation
Select Portfolio Servicing Inc
Selene Finance Lp
U.S. Bank National Association
Vericrest Financial, Inc.
Wells Fargo Bank, N.A. Wells Fargo Home Mortgage, Wells Fargo Financial, America's Servicing Company
OneWest Bank, FSB
First Federal Bank of California, FSB
Fresno County Federal Credit Union
Christian Community Credit Union
Provident Credit Union
First Entertainment Credit Union

In Florida Court Are Urging Mortgage Renegotiations

The number of foreclosure in some are so high that the courts are stepping in and are trying to help. For Example in Florida the courts are feeling totally overwelme by the wwave of foreclosure that now the judges are urging lenders and homeowners to negotiate and avoid foreclosure.

One would think that with the launch of the new Obama Loan Modification Program the foreclosures problem would subside. In fact there are hundreds of families that have benefited from the program and have stopped their foreclosure. So what is going on then?

1. The government launched the program but the lenders didn’t hire more employees to help to process the new request of information and applications. Many homeowners that qualify for the program can’t talk to or ask for assistance with the application process. Many are just ending up in foreclosure.
2. The government launched the program but didn’t enlist more volunteers in their housing agencies. The housing agencies are busier than the lenders offices and some volunteers don’t even know what to do to apply for the program.
3. The government made harder for private agencies to help homeowners. New and stricter regulations were imposed. Some good but others just pushed legitimate agencies to close down because they couldn’t charge a fee for their service until the loan modification was completed ( the process takes a minimum of 3 months) or couldn’t advertise their service.
4. There is a big advertisement campaign against loan modification private agencies but there are not alternatives for homeowners. They are ask no to pay a couple of thousands dollars for professional help but to wait for the lenders to offer them a settlement. Homeowners end up overpaying thousands of dollars to the banks because they don’t know how to re-negotiate with the lenders and the lenders are not offering the better deals they qualify for.

The conclusion is that foreclosure keep going up. Homeowners that could have saved their homes are losing their homes and the court system in many states are overwhelmed with the foreclosure files. In some states like Florida they are doing something about it. They are requiring homeowners and lenders to meet before their first court appearances and try to work out a settlement. The success rate is 71% ( owners avoiding foreclosure)

Already in Foreclosure? - Behind in Payments?
What to Do..

FOR INFO ABOUT PREVENTING FORECLOSURE CLICK HERE

A third of all mortgages delinquent by 60 days still end with foreclosure sales, according to a Hope Now report. That also means that two thirds of the homeowners going into foreclosure could save their home.

The federal government has created several programs ( FHA Secure, Plane Freeze Rate , Foreclosure Rescue Bill, Hope for Homeowners and Streamline Modification Program wich is the government Loan Modification Program ) that target homeowners facing foreclosure or that are already in foreclosure.

Banks also have created other programs of their own and that is good news for distressed homeowners: It really is in the lenders' best interests to modify delinquent mortgages. The average cost of foreclosing on a home is in excess of $50,000, so it's usually a lot cheaper to keep borrowers in their homes, even if that means lenders will see a lower return on their investments.

If you are already facing foreclosure you need to explore all the options you have. Look at the government programs and also explore the programs that the banks have available.

You can fill out the form below and you will see the list of HOPE NOW agencies that are working in your city or state. We will also put you in contact with an agency that works with more programs (government and banks) to avoid foreclosure. They will be able to find a program that is convenient for your particular situation.

In the mean time we have put some information that we believe you should familiar about. Also we listed some mith that we have and the answer to them ( official information from the HOPE NOW Alliance )

What is foreclosure?

Foreclosure is a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company to assume ownership of a property when the required loan payments are not made. Foreclosure obliterates otherwise good credit.

How does foreclosure happen?

Although the actual process varies from state to state, foreclosure revolves around a homeowner's inability to keep up with monthly mortgage payments. The farther behind the homeowner gets, the closer to foreclosure the homeowner becomes.

Is anyone exempt from foreclosure?

No. Everyone with a mortgage is subject to foreclosure, should non-payment become an issue.

MYTH: My mortgage company would rather foreclose on my home than keep me in it.

The mortgage company sustains an average loss of about $58,000 when foreclosure occurs. They are in the business of providing mortgages - not owning or selling homes - and would always prefer to keep you in your home. Remember to fill out the form below if you want the contact information of the HOPE NOW agencies close to your house and also if you want to contact you with one agency that specializes in your situation.

MYTH: Foreclosure is an uncommon problem – I’m all alone in this.

Foreclosure is a challenge faced by millions of Americans every year from all walks of life. Rich, poor, young, old - the list is as diverse as society itself.

MYTH: I’ve only missed one payment – I can likely catch up.

The most important thing to remember when playing catch-up with your mortgage is you owe any delinquent payments plus the current month's payment. So, if you're a month behind, you actually owe two payments - last month's and this month's. You need to act right now, even before you've missed a payment, you will have more options available to you.

MYTH: I’ve missed too many payments to get help.

There's always time to get help but the sooner you reach for help , the better the chance you have to avoid foreclosure.

MYTH: I’m getting many offers of “help” from a variety of different people. Are they all scams?

Because of the public nature of foreclosures, anyone is able to access foreclosure listings on a daily basis. These include the owner's name and address at the very least, and in some states, they could include other sensitive information. Armed with this data, scammers can take advantage of a desperate owner. We will provide you with the list of approved Hope Now agencies in your state and will also contact you with the agency that we know has the experience and the legal approval to help avoid foreclosure. You should be careful of what you signed regardless of who provide the help.

Here's what to look for to avoid foreclosure scams:

1. Your home's ownership changes hands. A common scam is where a party buys your home, then lets you rent it back. It sounds good at first, but you're losing your property, and your new landlord can now legally kick you out of your home with little to no notice.

2. You're asked to pay something up-front and/or you're asked to stop making mortgage payments. Usually, these scams involve paying large sums of money to some sort of "foreclosure prevention service." These services offer to do what the Hope Now counselors do: counseling, a budget and approaching the mortgage company to consider a payment plan. But the services don't do always do this work thoroughly, or follow through at all.

3. You're under pressure to act immediately. Some will prey on the stress and anxiety surrounding the foreclosure process by convincing owners to sign things they don't understand. Don't sign anything without understand every single line you are agreeing to. You can talk to an attorney first , your mortgage company or a nonprofit foreclosure prevention organization like the Homeownership Preservation Foundation. (We will provide you the list of the agencies in your state)

MYTH: It’s impossible to stay in my house after foreclosure proceedings begin.

Contrary to what you might think, there are still options available to you after the foreclosure process has started. The sooner you get help, the more tools there are to help you fix your situation.

What will happen when you ask for help?

You filled out the form and have the list of the agencies from the HOPE NOW Alliance and we put you in contact also with a Foreclosure Specialist. ( If nobody contacted you during the last 24 hours please fill out the form below again or send us an email at info@hopenowmortgages.com) What can you expect now?

Everyone's situation is different and many factors determine what kind of help is available to you. Keep in mind that selling your home might be the best possible outcome for your situation.

The outcome for your home varies based on:

Whether or not you're behind on your mortgage today. Getting help sooner means more options are available to you.
If you are affected by a short or long-term issue. Don't worry, they can guide you either way.

The type of mortgage that you have and the rules that pertain to it. Mortgage servicers have a wide variety of outcomes that may be available to you. If you read the programs that we have in our website you will see that you qualify for some of them but no for others. Or maybe for none from the government but don’t worry the banks also have additional programs ( we don’t have them here because they vary by bank and by state). If you filled out the form the agency that we work with will let you know what is available to you. . ( If nobody contacted you during the last 24 hours please fill out the form below again or send us an email at info@hopenowmortgages.com)

No matter what your situation, there is help. Don't wait to act

What to have ready

Have a list of the major bills you pay every month at hand . Chief among these should be your mortgage payment statement complete with your mortgage loan number.

Things you should know

Although the government has programs that can work in your situation is up to the bank (or lender) to accept to change or modify your existing mortgage. Nobody (no even the government) can force a mortgage company to eliminate debt, forgive payments or dictate solutions. If your bank doesn’t want to work with you your only options are refinance ( if that is possible and here some programs can apply) or go into foreclosure.

Remember that there is help out there and the sooner to look for it the better.