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Homeowners facing foreclosure seek help

BOSTON (WWLP) – Homeowners facing foreclosure are seeking help from Beacon Hill, hoping mediation may be the answer.

According to RealtyTrac, one in every 2,400 Hampden County homeowners is foreclosed on. Now, those on the verge of foreclosure are asking for help. Struggling homeowners say they don’t have enough support.

“No one is standing up for the homeowners,” said Heather Gordon, of Mass Alliance Against Predatory Lending. “You go to the Attorney General’s office; you’re put on a waiting list. You tell your stories and all you do is get embarrassed and frustrated.”

The MAAPL is pushing for legislation to create pre-foreclosure mediation programs. The bill aims to join a homeowner seeking a loan modification  with a bank representative and an impartial mediator to negotiate an alternative to foreclosure. Connecticut already has such a law, and the alliance says it’s working there.

“In Connecticut, 67% of folks who participate in this kind of process are getting an affordable agreement that they can stay in their home long-term, and we need that in Massachusetts,” said Grace Ross of MAAPL.

The state would run the mediation programs,  and homeowners and their banks would be responsible to pay the fees required to fund the program.

Supporters believe that pre-foreclosure mediation programs will help struggling homeowners stay in their homes and lower the foreclosure rate in the state.

Article source: http://wwlp.com/2014/02/26/homeowners-facing-foreclosure-seek-help/

Foreclosure auction delayed thanks to teen’s efforts

A Manchester teen who is blind is enjoying her first victory in the fight to keep her family home off the foreclosure auction block.

Click to watch News 9′s coverage.

Seventeen-year-old Lindsey Vachon’s story has gone global after airing on WMUR-Channel 9 on Tuesday night. She has been fighting to save her family’s home from foreclosure.

Wednesday morning, the family raced to court to get a copy of the restraining order that blocked the auction planned for later in the day. By the time they got home, the auctioneer and two bidders were outside the house ready for a sale.

Instead, the family has a 60-day reprieve.

“Halting the auction was just step one,” Vachon said.

Vachon suffers from a series of genetic conditions so rare that she is only one of five people in the world who has them. As her family was facing foreclosure, she said she was inspired to act when she heard the story of “Batkid,” a young California boy the Make-A-Wish Foundation made a superhero for a day.

To help prevent the foreclosure, she sent a letter to the governor, to the Make-A-Wish Foundation, to WMUR and other placed. The help is now coming in.

“The Manchester Monarchs called and said they might collaborate with Make-A-Wish and help us out,” she said.

“She’s my hero, plain and simple,” said her mother, Lynn Vachon. “She saved us.”

Even heroes need backup. Mike Dillon from Stellionata Consulting, a local company specializing in foreclosure defense, helped the family find a lawyer and get an 11th-hour court order to stop the auction.

“Homeowners need to know that they do have rights, and many of them are walking away from their properties when they don’t have to,” Dillon said.

The foreclosure auction has been rescheduled for April 4.

Two Make-A-Wish granters plan to meet with Lindsey Vachon in the next couple of days to see how their organization can help.

Article source: http://www.wmur.com/news/foreclosure-auction-delayed-thanks-to-teens-efforts/24701430

Foreclosures Surging in New York-New Jersey Market

The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country’s most densely populated areas.

New Jersey has surpassed Florida in having the highest share of residential mortgages that are seriously delinquent or in foreclosure, with New York third, a Mortgage Bankers Association report showed last week. By contrast, hard-hit areas such as Arizona and California have some of the lowest levels of soured loans after allowing banks to quickly foreclose after the 2007 property crash.

The number of New York and New Jersey homeowners losing their houses reached a three-year high in 2013. Banks in these states have been slowly working through a backlog of delinquent loans that enabled borrowers to skip mortgage payments for years. Now these properties are poised to empty onto a market where affluent Manhattan suburbs neighbor blighted towns that are struggling most with surging defaults.

Related:

“It is really a delayed reaction in New Jersey and New York,” said Michael Fratantoni, chief economist for the Mortgage Bankers Association in Washington. “Loans that were made pre-crisis have been in this state of suspended animation for a number of years. And now, we are beginning to see the pace of resolution pick up.”




Photographer: Spencer Platt/Getty Images

A resident stands outside of his home as community activists and members of the Occupy… Read More

A resident stands outside of his home as community activists and members of the Occupy Wall Street movement march in the impoverished community of East New York to draw attention to foreclosed homes in the community. Close

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Photographer: Spencer Platt/Getty Images

A resident stands outside of his home as community activists and members of the Occupy Wall Street movement march in the impoverished community of East New York to draw attention to foreclosed homes in the community.

Filings Plunge

In January, the number of New York foreclosure auctions reached 527, the highest monthly level since October 2010, according to data firm RealtyTrac. Foreclosure filings in New York City increased 30 percent to 15,993 in 2013, a three-year high, according to RealtyTrac.

Almost 10,000 cases in New Jersey headed to a sheriff sale in 2013, 47 percent more than the year before and the highest level since 2009, according to the New Jersey Administrative Office of the courts. Across the country, repossessions fell 31 percent in 2013 to the lowest since 2007, according to RealtyTrac.

The difference in New York and New Jersey stems partly from a foreclosure process that requires court approval before lenders can seize homes. It takes 1,029 days on average to foreclose in New York, the longest timeline in the U.S., followed by New Jersey at 999 days and Florida, at 944 days, RealtyTrac data show.

Delays were worsened by negotiations between top banks and state attorneys general over alleged foreclosure abuses that ended with a $25 billion settlement in 2012. Superstorm Sandy, which damaged homes and businesses in coastal northeast communities in 2012, also slowed the process.

New York Trailing

The real estate markets in New York and New Jersey are trailing the rest of the country as a result. Prices in New Jersey, the most densely populated state, climbed 2.9 percent in the fourth quarter from a year earlier, compared with a 7.7 percent jump for the U.S, the Federal Housing Finance Agency said yesterday. New York values rose 3.7 percent.

California prices surged 19.5 percent and Arizona’s gained 15.2 percent. These states do not have a judicial foreclosure process.

“Price increases that are occurring in the rest of the country are not likely to happen in the New York-New Jersey area, with the potential inventory that can come at any time,” said Lawrence Yun, chief economist of the National Association of Realtors.

“When one sees a price increase in Phoenix or many other parts of the country, one can assume it’s a genuine increase from falling inventory,” he said. “If it happens in Edison, New Jersey, or Long Island, New York, one has to ask, ’Is this for real or just temporary?”

Commission Income

Jon Pardi, a 62-year-old resident of Edison, is among those facing eviction after he stopped making house payments in mid-2012. Last month, a judge gave Pardi six months to generate enough income so that he could work out a modified payment arrangement with his loan servicer, Ocwen Financial Corp. (OCN), or lose his home to foreclosure, he said.

Pardi said he could no longer pay his loan because his commission-based income as a mortgage broker dropped to $20,000 a year from a peak of more than $100,000. Having little confidence in New Jersey’s housing market rebounding, and the career prospects for loan officers, Pardi is training to become a holistic nutritionist.

“My odds are down but the chances of saving my home aren’t zero,” Pardi said. “If I start making money again, everything changes. But if jobs don’t come back for me, and for my country, then it’s going to keep moving in a down direction.”

Ocwen, which declined to comment on specifics of the case, citing privacy considerations, said it hasn’t made a decision and hasn’t received the necessary documentation from the borrower.

Ocwen Response

“Ocwen has been working hard to provide a modification or other resolution for this borrower,” since the servicing of the loan was transferred late last year from the prior servicer, the company said in an e-mailed statement.

Phyllis Salowe-Kaye, executive director of New Jersey Citizen Action, said many borrowers who aren’t paying their mortgages don’t put that money aside.

“Some people put money away, but most people are not paying for their house because they don’t have it,” Kaye said. “Why they don’t have it is often due to lack of employment or underemployment.”

Moving Quicker

Lenders in New Jersey are pushing cases through more quickly and it now takes about two months to process final judgments against delinquent homeowners, compared with a backup of nine months a few years ago, said Kevin Wolfe, assistant director of the Civil Practice Division in the Administrative Office of the Courts.

The Office of Foreclosure, which reviews case files before they can move to the final step of sheriff sale, has added four permanent staff members, six law clerks and 10 case analysts since 2012. It previously had seven employees.

“We are staffed up to move these cases faster,” Wolfe said. “But the other reason cases are moving more quickly is that lenders have improved their foreclosure practices and worked out logistics with their law firms and, as a result, they’re geared up to handle foreclosures more efficiently.”

Private-equity firms such as Blackstone Group LP (BX) — which helped drive up prices by buying thousands of single-family homes to rent in Arizona, Nevada, California and Florida — have steered clear of the Northeast. Large investors favor markets with newer construction and demographic growth rather than the Northeast’s aging homes and higher property taxes, said Sam Khater, senior economist for CoreLogic.

Hedge Funds

Some hedge-fund investors are instead purchasing delinquent mortgages in the New York and New Jersey area. They are discounted because of the legal delays, said Jeff Taylor, managing partner at Digital Risk, a mortgage-risk analytics firm.

The investor strategy is to avoid court delays by modifying loans, and if that’s not feasible, to pay homeowners to handover keys or sell for less than what’s owed, Taylor said. That may help flush out the pipeline of delinquencies.

“The sooner that this inventory that has been pent up gets to the market place the quicker you’re going to see more home price appreciation,” Taylor said. “It gets the overall real estate market healthier quicker.”

Housing inventory remains tight in the U.S., with a 4.6 month supply in December, according to the National Association of Realtors. New Jersey had a 6.6 month supply, the New Jersey Association of Realtors data show. A six-month inventory is considered equilibrium between buyers and sellers.

Urban Areas

While investors may help the market, they are generally avoiding hard-hit neighborhoods in cities such as New Jersey’s Newark, Irvington, Elizabeth, Trenton and Camden, according to Jeffrey G. Otteau, president of Otteau Valuation Inc. in East Brunswick. About 21 percent of New Jersey foreclosures are in urban areas and another 18 percent are in towns hit by Sandy. Only 4 percent are in the southern suburbs and 2.5 percent in the northern ones, Otteau said.

“There is a crisis, and where that crisis will play out is in inner, urban neighborhoods where unemployment is highest, credit scores are lowest and investor appetite is non-existent,” Otteau said.

Eminent Domain

Newark, the state’s most populous city, and nearby Irvington are considering plans to use government power to seize underwater mortgages to help homeowners reduce debt and avoid foreclosure. The cities are researching a program that would offer fair-market value for the loans and reissue them to homeowners who can afford to keep making payments at the lowered amount.

Many largely black and Hispanic communities in New Jersey and elsewhere were targeted for predatory loans during the boom, said Linda E. Fisher, law professor at Seton Hall University, who is helping the cities research the eminent domain proposal.

Fisher is also campaigning with residents on her block in the town of Montclair to encourage the bank, which owns a vacant property two doors down from her, to clean it up and resell it. The house, which has been empty for three years, was stripped of pipes. It attracted squatters who moved in a stove and a flat screen television, she said.

Montclair, home of comedian Stephen Colbert, is a leafy commuter town with hundreds of shops and restaurants accessible by foot.

“Here we are in our middle- and upper-middle-class community and we’re seeing the same problem of poor maintenance by servicers,” Fisher said. “The foreclosure crisis has had ripple effects and it is not limited to poor communities of color where it’s concentrated.”

Forced Move

About a 15-minute drive south of Fisher, a court officer knocked on the door of the two-story home on Newark’s west side that Janet Hopes-Edrington shares with her elderly parents. The officer served her with foreclosure papers. Hopes-Edrington, 50, said she had filed the necessary paperwork to modify the terms of payments with her lender in December and was surprised to learn it was pursuing a foreclosure. Now, she’s contemplating having to move along with her infirm parents.

Hopes-Edrington, who lives on Social Security disability benefits, fell behind on her mortgage after losing her job at the Internal Revenue Service and hasn’t made a mortgage payment since July 2012.

“That’s the thing that’s getting me, I can’t easily relocate,” she said. “I have no idea what I’m going to do.”

To contact the reporter on this story: Prashant Gopal in Boston at pgopal2@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

Article source: http://www.bloomberg.com/news/2014-02-26/foreclosures-climaxing-in-new-york-new-jersey-market-mortgages.html

It’s too soon to stop worrying about foreclosures

Entire contents

Copyright © 2014 Crain Communications Inc.

Article source: http://www.chicagobusiness.com/realestate/20140225/CRED0701/140229880/-its-too-soon-to-stop-worrying-about-foreclosures

‘Young Leader’ envisions the urban landscape

WORCESTER — Jonathan M. Weaver studied English as a major at Assumption College and he chose to minor in philosophy and politics.

So, it probably caught some people by surprise, that, after graduating in 2006, he began pursuing job opportunities in the urban development field.

“My parents, though, had a pretty good idea about where I might eventually look for a job,” said the 29-year-old Mr. Weaver, who lives at 16 Homestead Ave. in Auburn. “When I was a kid, I liked to play with Legos, Lincoln logs and trucks. They probably figured that I might get a job in a field that had something to do with building things.”

Mr. Weaver, a senior project manager at the Worcester Business Development Corp., has, within a short period of time, caught the attention of many in the city who are charged with planning and designing the urban landscape.

Because of his early career accomplishments, Mr. Weaver has been chosen by the Telegram Gazette to receive the Young Leader Award at the Visions Community Awards program that will be held at 4:30 p.m. March 5 at Mechanics Hall. Carmen M. Ortiz, the U.S. attorney for the District of Massachusetts, will be the keynote speaker.

Mr. Weaver was born in Putnam and grew up in Danielson. A former high school hockey goalie, Mr. Weaver became familiar with Central Massachusetts when he attended Assumption, where he is now pursuing a master’s degree in business administration.

While in college, Mr. Weaver said, he immersed himself in student government activities and was elected president of the Student Government Association during his senior year.

He said he thought it was always important that students attending college in Worcester learn more about the city by taking part in its various cultural, entertainment and other offerings. To that end, he and other student leaders convinced the Worcester Regional Transit Authority to set up a bus stop on campus so that the students could get about.

Mr. Weaver, who was also involved in associations involving student leaders from the other area colleges and universities, said he also got a grasp about the city’s development agenda when he was invited to attend a program about The Hanover Theatre for the Performing Arts while it was undergoing renovations.

“I really was impressed about what I heard and I was fascinated with the work that was being done,” Mr. Weaver said.

After graduating, Mr. Weaver received “a great opportunity” to join the staff at the South Worcester Neighborhood Improvement Corp.

While there, he worked to help market the affordable housing complex that the agency had planned on Cambridge Street and was placed in charge of a number of other tasks.

Ronald Charette, the executive director of SWNIC, said Mr. Weaver often represented the organization at various meetings with the public and with officials.

“He was the go-to guy,” Mr. Charette said.

Mr. Charette said he soon got Mr. Weaver involved with SWNIC’s efforts to develop the vast South Worcester Industrial Park. Through that work, Mr. Weaver become acquainted with officials at the WBDC, including the organization’s then president and chief executive officer, David P. Forsberg.

“Jon was very talented and we knew he wouldn’t be with us for long,” Mr. Charette said.

“Eventually, someone would hire him away. We didn’t have the money to keep him.”

After his work at the SWNIC, Mr. Weaver spent six to seven months at the Oak Hill Community Development Corp., serving as a foreclosure counselor for the NeighborWorks Home Ownership Center program.

Shortly after, he was hired by the WBDC and has worked on efforts to transform the former vocational school property at Wheaton Square into housing.

He is also involved in the work to develop the site at 75 Quinsigamond Ave., which was once home to the Nissen Bakery plant, as well as a 100,000-square-foot building on Plantation Street.

In his hometown of Auburn, Mr. Weaver serves on the Planning Board and was a member of the Economic Development Committee, an advisory panel made up of volunteers.

Mr. Weaver said he enjoys working on the so-called “brownfields” projects, sites and buildings that are contaminated with dangerous chemicals and other materials.

“Working to clean up these sites always results in a positive impact on the community,” said Mr. Weaver, who, at one time, served on the research team assisting then Mayor Joseph O’Brien’s Task Force on Job Growth and Business Retention.

Timothy Stanton, vice president of institutional advancement at Assumption, said Mr. Weaver sees Worcester’s potential.

“Jon’s a very modest guy and he loves this city,” Mr. Stanton said.

Mr. Stanton said Mr. Weaver is still very much involved in the college.

He said that Mr. Weaver is a member of Assumption College’s President’s Council and has helped in fundraising efforts through his role as a “class agent.”

Mr. Stanton said Mr. Weaver has also taken part in many career mentoring programs.

“Assumption is still very important to Jon,” Mr. Stanton said.

Mr. Weaver’s wife, the former Katie DiBuono, also graduated from Assumption, but one year behind him.

The couple is expecting their first child in May.

The Young Leader Award includes a $2,500 stipend.

Other honorees include Mark W. Fuller of Boylston, who will receive the Isaiah Thomas Award; Kevin L. Bradley of Paxton, who will receive the Public Service Award; and Bronte M. Torres Pagan of Winchendon, the winner of the Academic Achievement Award. The Cultural Enrichment Award will be given to the Higgins Armory Museum and James C. Donnelly, president of the board of trustees.

The Visions Community Program is free and open to the public, but seating is limited. To attend, contact Katy Donahue at the Telegram Gazette at kathlene.donahue@telegram.com or (508) 793-9332.

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Article source: http://www.telegram.com/article/20140226/NEWS/302269906/1116

Blind Manchester teen helps stop foreclosure auction of her house

A 17-year-old legally blind girl’s written plea for help halted the foreclosure auction of her family home in Manchester.

Click here to view News 9’s report

Lindsey Vachon suffers from a series of genetic conditions so rare that she is only one of five people in the world who has them. With just hours left before their house could be sold, Lindsey and her mother, Lynn Vachon, were in court trying to avert disaster.

A lawyer filed a motion Tuesday afternoon to stop the process less than 18 hours before the house was supposed to go up for sale.

“The foreclosure and the auction just became too big,” Lynn Vachon said. “Too big for me to help or understand or take care of, and then my hero stepped in.”

Lindsey was inspired to act when she heard the story of “Batkid,” the young California boy the Make-A-Wish Foundation made a superhero for a day.

“And when I heard this on TV, I was like, well hey, what if I became my mom’s hero, stepped in and tried to help her out,” Lindsey said. “I wouldn’t need any superpowers, I would just use my voice. “Use the power of your voice, that’s what I always tell myself.”

Lindsey wrote a letter, which ended up with Stellionata Consulting, which provides foreclosure defense litigation support. The company connected the Vachons with attorney Stephen Martin, who said the facts showed the Vachons should not have to leave their home.

“That is the ultimate goal in this case, to stop the foreclosure altogether,” Martin said.

With a judge granting a 60-day reprieve Tuesday evening, the Vachons said they are breathing a sigh of relief.

“It’s scary because people don’t know, the banks don’t know us,” Lynn Vachon said. “It’s just a house to them. To me, we’re a special family.”

“I’m just very, very happy that I was able to do what I could for my mom,” Lindsey said. “I was able to become her hero, and that’s all I wanted.”

Although the judge agreed to halt the foreclosure process for 60 days, the Vachons and their lawyer still have to get a copy of the order in the morning and use it to stop the auctioneers who might show up and try to sell their house.

Article source: http://www.wmur.com/news/blind-manchester-teen-helps-stop-foreclosure-auction-of-her-house/24672576

Tax foreclosure ordered for 329 county properties


By Daily Telegram staff


Posted Feb. 25, 2014 @ 3:00 pm


ADRIAN

Article source: http://www.lenconnect.com/article/20140225/NEWS/140229384

Newport Beach Foreclosure Relief Center Faces Lawsuit for Refusing Refunds


(Source: Attorney General Mike DeWine) – Ohio Attorney General Mike DeWine today announced a lawsuit against Home Remedy Center of Newport Beach, California, for failure to deliver and failure to provide refunds for its home loan modification service. Attorney General DeWine seeks consumer restitution, injunctive relief, and civil penalties.

“Consumers paid thousands of dollars thinking they would get help adjusting their mortgage loans,” Attorney General DeWine said. “Instead they received essentially nothing in return and lost the money they paid to the business. We won’t stand by when a business targets consumers, takes their money, and provides no real help.”

Through mail and online ads, Home Remedy Center offered to help consumers avoid foreclosure by working with the consumers’ lenders to negotiate a loan modification or otherwise adjust their debt. After accepting fees typically ranging from $3,500 to $5,000, the business did little or no work to help consumers and failed to provide refunds.

The Attorney General’s Office is aware of nine complaints against the business filed with the Attorney General or the Better Business Bureau. In one case, a Delaware County consumer paid Home Remedy Center $3,900 and stopped making her mortgage payments, according to the business’ instructions, but she never received a loan modification or a refund. Another Delaware County consumer paid Home Remedy Center $5,000 but never received a modification or a refund.


The Attorney General’s lawsuit, filed in the Delaware County Common Pleas Court, charges the business and its owner, Pamela Gressier of Huntington Beach, California, with violating Ohio’s Consumer Sales Practices Act and Debt Adjusters Act.

Consumers who are worried about foreclosure should keep the following in mind:

- Do not pay up-front fees for help avoiding foreclosure or obtaining mortgage relief. Companies may not collect fees for mortgage assistance relief services until consumers receive and accept a loan modification offer from their lenders.
- Research a business before providing any payments or personal information. Check to see if consumers have filed complaints with the Ohio Attorney General’s Office and check a company’s reputation with the Better Business Bureau.
- Don’t trust businesses that tell you to stop making your mortgage payments.
- Contact Save the Dream Ohio for foreclosure assistance. Call 888-404-4674 or visit www.savethedream.ohio.gov.

Consumers who believe they have been treated unfairly should file a complaint with the Ohio Attorney General’s Office at www.OhioAttorneyGeneral.gov or by calling 800-282-0515.

Source: Attorney General Mike DeWine


Article source: http://www.loansafe.org/newport-beach-loan-modification-lawsuit

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Who Cares About Foreclosures?alt

Why should you read this guide? 

  • If you are dealing with a burdensome mortgage, and you want to know what your alternatives are, this guide provides updated information on current government programs designed to help distressed borrowers avoid foreclosure.
  • If you are an investor looking to profit from the foreclosure crisis, this guide provides detailed information on the foreclosure process and what you will face if you consider bidding on properties at the public auctions.
  • If you are simply looking to expand your understanding of our property rights system to know why we are seeing millions of foreclosures nationwide, this guide will satisfy your curiosity.

Written by someone with experience buying more than 50 properties at public auction, it’s a detailed description from someone who has been in the trenches dealing with these issues on a daily basis. This guide has something for everyone interested in this topic which has impacted so many people over the last several years.

Get this guide right now!



Table of Contents   

  • Who Cares About Foreclosures? – 4   
  • Ownership Rights – 5   
  • Who or what is an Owner? – 5   
  • What does an Owner Own? – 6   
  • Mortgage or Deed of Trust? – 7   
  • Why Foreclosure Happens – 8   
  • Negative Equity – 8   
  • Five D’s of Foreclosure – 8   
  • What about Subprime? – 9   
  • A business transaction – 9   
  • The big bluff – 11   
  • Judicial or Non-Judicial Foreclosure – 12   
  • Judicial Foreclosure – 12   
  • Non-judicial Foreclosure – 13   
  • Important Notes – 13   
  • The step-by-step Non-Judicial Foreclosure process – 15   
  • Black hole of payment default – 16   
  • Visible inventory – 17   
  • Loan modification recycling – 18   
  • Trustee sale postponements – 18   
  • Foreclosure Suffering Flow Chart – 19   
  • Bad Credit is best result – 21   
  • Borrower options – 21  
  • Lenders Captain the Titanic – 22   
  • Recourse sucks for borrowers – 22   
  • California Foreclosure Rules – 24   
  • The Purchase Money Rule – 24   
  • The One Action Rule – 24   
  • The Cancellation Of Debt Rule – 24   
  • The Bankruptcy Insolvency Exception – 25   
  • The First Action Rule – 25   
  • California Legal Code Pertaining to Foreclosure – 25   
  • Why Trustee Sales? – 26   
  • Trustee Sale Risks and Limitations – 26   
  • Cash Only – 26   
  • Selection – 27   
  • No Inspection – 27   
  • No Insurance – 27   
  • No Remorse – 27   
  • Unannounced Postponements and Late Cancellations – 27  
  • High Opening Bids – 28   
  • Competition – 28   
  • Trustee Sale Research – 28   
  • Preparing for Trustee Sale – 29   
  • What happens at auction? – 30   
  • Getting the Trustee’s Deed – 31   
  • Taking Equitable Title (possession) – 31   
  • Is it worth it? – 32   
  • HUD.GOV – Avoiding Foreclosure – 33   
  • Making Home Affordable – 33   
  • Modify or Refinance Your Loan for Lower Payments – 33   
  • “Underwater” Mortgages – 34   
  • Assistance for Unemployed Homeowners – 35   
  • Managed Exit for Borrowers – 35   
  • FHA-Insured Mortgages – 36   
  • CONTACT FHA – 36   
  • Home Affordable Foreclosure Alternatives (HAFA) Program – 37   
  • Eligibility – 37   
  • Program Availability – 38   
  • Steps to Apply for HAFA – 38   
  • Home Affordable Refinance Program (HARP) – 39   
  • Eligibility – 39   
  • Program Availability – 39   
  • Steps to HARP Refinance – 40   
  • Home Affordable Modification Program – 41   
  • Eligibility – 41   
  • Program Availability – 42   
  • Steps to apply for a HAMP Modification – 42   
  • Principal Reduction Alternative (PRA) – 43   
  • Eligibility – 43   
  • Program Availability – 43   
  • Second Lien Modification Program (2MP) – 44   
  • Eligibility – 44   
  • Program Availability – 44   
  • For More Information – 45

What you will learn

  • What happens if you quit paying your mortgage   
  • The statutory process for a foreclosure   
  • What you can do to avoid a foreclosure   
  • Guidelines, qualification standards, and application procedures for Home Affordable Foreclosure Alternatives (HAFA) Program  
  • Guidelines, qualification standards, and application procedures for Home Affordable Refinance (HAFA) Program   
  • Guidelines, qualification standards, and application procedures for Home Affordable Modification Program  
  • Guidelines, qualification standards, and application procedures for Principal Reduction Alternative (PRA) Program   
  • Guidelines, qualification standards, and application procedures for Second Lien Modification (2MP) Program   
  • How you can buy a foreclosure at auction for yourself or for profit   
  • The risks of buying a house at foreclosure   
  • The laws pertaining to foreclosure and debt collection in California   
  • The difference between a recourse and a non-recourse loan   
  • The difference between judicial and non-judicial foreclosure   
  • And so much more!

Give me an hour, and I will teach you everything you need to know about foreclosures.

Get this FREE guide today!


 

Article source: http://www.ochousingnews.com/foreclosure-101

Demand for Foreclosed Homes Eased Last Quarter, Fannie Mae Says

Another sign that the housing market slowed down during the fourth quarter: Fannie Mae, the nation’s largest mortgage guarantor, saw demand for foreclosed properties dip at the end of the year.

Fannie reported last week an $84 billion annual profit for 2013 on the backs of large home-price gains and a series of one-time legal and accounting benefits. But the report also showed that its inventory of foreclosed homes increased for the second straight quarter as it begins to take back more properties in Florida and other states where foreclosures have been tied up in courts.

And the report showed that the prices Fannie received on those properties, as a share of the underlying mortgage balances, declined slightly from the prior quarter for the first time in 2½ years.

Between higher prices and higher interest rates, “we’ve seen demand for [foreclosed] properties soften a bit,” said Timothy Mayopoulos, Fannie’s chief executive, in a conference call with reporters last week. “We’re not necessarily concerned about that, but the rate of increase [in home prices] has been slowing down.”

Foreclosed properties aren’t rising in a significant way, and there are no real signs that a much vaunted “shadow” inventory of foreclosures is set to pour onto housing markets. Delinquencies continue to fall, suggesting that the increase in foreclosure stems from old loans that have been stuck in delinquent-loan purgatory for years. While some 9.3% of loans guaranteed by Fannie between 2005 and 2008 were at least 90 days past due at the end of last year, just 0.33% of loans made since 2009 are seriously delinquent.

Still, the report offers the latest clue that reduced affordability is leading housing markets to downshift from the sales frenzy of one year ago. Foreclosed properties have been bid up aggressively over the past two years by investors, including institutional buyers that have acquired tens of thousands of properties with the goal of converting them into rentals. “I think what you’re seeing is less interest on the part of institutional buyers,” said Mr. Mayopoulos. “Some of that demand has diminished.”

Fannie’s annual report showed that the geographic composition of its foreclosed-property inventory is also changing. Even though Florida accounts for just 6% of all loans guaranteed by Fannie, it accounted for 21% of homes acquired through foreclosure last year, up from 14% in 2012 and 7% in 2011. Its inventory of Florida homes grew 44% last year.

Meanwhile, California accounts for around one fifth of loans backed by Fannie, but it accounted for just 4% of foreclosures acquired by the company last year, down from 9% in 2012 and 14% in 2011. Its inventory of California homes fell 45%, and its inventory of Arizona homes fell 37%.

California and Arizona are among states with a so-called “nonjudicial” foreclosure process, in which banks take back properties through an administrative process and don’t have to go to court. For homes that completed foreclosure last year, loans in Arizona hadn’t made any payments in 431 days, while loans in California hadn’t made payments in 560 days.

Florida, meanwhile, has a judicial foreclosure process in which banks must go to court to take back properties. Lenders have struggled in many cases to properly document their ownership of those loans or to satisfy other state requirements, leading to lengthy delays. In Florida, loans that completed foreclosure last year hadn’t made any payments for an average 1,226 days, according to Fannie.

Article source: http://blogs.wsj.com/economics/2014/02/25/demand-for-foreclosed-homes-eased-last-quarter-fannie-mae-says/