HUD Foreclosure Info Center

Foreclosure review may help homeowners

If your house went into foreclosure in 2009 or 2010, you have until September 30th to take advantage of a free independent foreclosure review.
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Lawmakers Seek Updates on Foreclosure Payouts, Other Assistance

Lawmakers Seek Updates on Foreclosure Payouts, Other Assistance
A senior member of the House Financial Services committee wants bank regulators to provide lawmakers updates on payouts that are suppose start Friday and information on other assistance to borrowers in the Independent Foreclosure Review. Rep.
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Lynn foreclosure mediation plan faces mayoral scrutiny
The ordinance requires lenders to sit down with homeowners facing foreclosure. A city-selected mediator would assist lender and homeowner in trying to reach a loan modification agreement and any foreclosure deed sent to the registry for recording.
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CPCA Announces New First-time Homebuyer Assistance Program, Workshop

CPCA Announces New First-time Homebuyer Assistance Program, Workshop
This no interest loan will be limited to $ 1,900 per family and will not need to be paid back until the home mortgaged is sold, re-financed or foreclosed. The mortgage must be financed through a licensed mortgage lender; “rent to own” scenarios will not …
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Replay:Minneapolis Mayor Rybak's Final State Of City Address
During that terrible time, we executed an aggressive strategy to prevent foreclosures and reinvest tens of millions of dollars. We got homes out of the ….. We know when to help — and we also know when to get out of the way. Like: · Eliminating …
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Quack, Quack! Obama is the Lamest Lame Duck
There was little help for homeowners whose mortgages exceeded the value of their homes. By the end of 2012, there were 5.6 million residential mortgages in delinquency or foreclosure. The 2008 financial crisis was precipitated by Fannie Mae and Freddie …
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Lawmakers re-direct money dedicated to low-income housing
But lawmakers do devote some $ 275 million to rental assistance and housing down-payments, homeless housing programs and other programs, using dollars from Florida's $ 334 million lump-sum payment as part of a national foreclosure settlement with the …
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Foreclosure Help: Banks Commit Fraud, Underwater and Homeowners in Foreclosure Get Blame

http://youtu.be/L9K982nNys4 See how banks commit massive foreclosure fraud and homeowners facing foreclosure, underwater or defaulting get the blame for the …
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Agency Receives $3 Million Grant Award to Assist Homeowners Facing Mortgage Delinquency and Foreclosure

Riverside, CA (PRWEB) June 27, 2011

Springboard Nonprofit Consumer Credit Management is pleased to announce that it is the recipient of a $ 3 million federal grant through the National Foreclosure Mitigation Counseling (NFMC) Program administered by NeighborWorks

Need Mortgage Help? Avoid Mortgage Foreclosure Today! STOP FORECLOSURE NOW!

Stop Foreclosure NOW visit http://www.1realestatehomes.com – This video shows people we have helped STOP THEIR FORECLOSURE! If you are facing foreclosure in …

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Coronado Cays – Short Sales – Pre-Foreclosure Assistance – Gerri-Lynn Fives – Coronado Real Estate

Coronado Cays – Short Sales – Pre-Foreclosure Assistance Call Gerri-Lynn Fives to assist you with you Coronado Cays Short Sale or Coronado Cays pre-foreclosu…
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Mortgage Industry Leaders and Government Agencies Gathered to Discuss Financial Reform Implementation and Enforcement

Arlington, VA (PRWEB) July 02, 2011

The Lending Industry Diversity Conference, Inc. (LIDC) held its 6th Annual Strategic Markets and Diversity Conference in Arlington, Virginia on June 22-24th, 2011. The attendees represented a large range of housing and mortgage market stakeholders including lenders/servicers, regulators, enforcement agencies, realtors, academia, home loan counseling agencies, civil rights groups and community based organizations. The conference was designed to be a forum for the frank interchange of opinions and ideas surrounding the strategic marketing of affordable mortgages in a fair and responsible manner. Therefore, participants did not shy away from talking about the role that racial diversity plays in ensuring effective CRA or fair lending programs, said Michael Taliefero, Managing Director, ComplianceTech, a lead organizer of the conference.

This event was supported largely by ComplianceTech (Gold Sponsor), and other industry sponsors including Bank of America and Freddie Mac (Silver Sponsor), and Wells Fargo Home Mortgage (Host Sponsor).

The keynote speaker on Thursday, June 23 was Patrice Alexander Ficklin, the newly appointed Assistant Director of Fair Lending for the Consumer Financial Protection Bureau. The newly-formed Consumer Financial Protection Bureau, gains its oversight and enforcement authority on July 21, 2011 and is expected to focus much of its efforts on preventing discriminatory lending practices and using data-driven solutions to accomplish this enforcement.

“One priority for the Consumer Financial Protection Bureau is to work to make our policy decisions based on hard data and rigorous analysis,” said Ms. Ficklin. She also intimated that data would drive the work of the new agency when she stated: You at this conference are particularly interested in the use of mortgage data and we look forward to your analysis of currently available data and your thoughts about additional data that might be informative.

Also of noteworthy significance was the panel discussing the Qualified Residential Mortgage (QRM) proposal and its probable adverse impact on affordable and multicultural households if implemented substantially as proposed . Barry Zigas, Director of Housing Policy, for the Consumer Federation of America led the discussion with participants that included, Ellen Harnick, Senior Policy Counsel for the Center for Responsible Lending; Jeff Lischer, Managing Director for Regulatory Policy for the National Association of Realtors; Ken Marksison, Associate Vice President and Regulatory Counsel for the Mortgage Bankers Association and Jim Bennison, Senior Vice President of Capital Markets and Corporate Strategy for Genworth Financial. Although many of these participants usually take different viewpoints on housing policy, they were all in agreement during this session. Mr. Zigas indicated that the Washington Post referred to members of the group as an Unholy Alliance.

The Center for Responsible Lending notes the difficulty for many Americans to save for a 10 percent down payment and an additional 5 percent for closing costs. As an example, a staff sergeant in the U.S. Army would need 16 years saving 5.2 percent of his annual income ($ 30,176) towards a home in order to make the down payment need to purchase a home of $ 172,900 (2010 Median Price Home).

MBA believes that since both the QRM and QM constructs were intended to achieve the same purpose of assuring better, more sustainable lending, both constructs should be essentially the same. Considering that the QRM restrictions would exclude too many borrowers from the most affordable, sustainable loans, MBA believes the QM proposal is a much better starting point for both sets of rules, said Ken Markison.

On the Fair Servicing and Analysis breakout session in the afternoon panelists focused on policies, procedures and best practices to mitigate fair lending risk in various aspects of loan servicing. The unprecedented levels of defaults and foreclosures have triggered heightened scrutiny of mortgage loan servicing by government agencies, legislators, consumer rights organizations and private litigants.

Joe Moran, Senior Vice-President and Chief Compliance Officer for Saxon Mortgage Services, Inc. noted, At present, there is no uniform data standard for servicers to adhere to that brings consistency to the process. Mr. Moran called for regulators to come up with such a uniform data standard for servicers.

Of final note, after hearing consumer protection and fair lending enforcement presentations from DOJ, HUD and CSBS, the conference hosted a lively town hall meeting during which lender, policy analysts, community organizations, real estate professionals and researchers engaged in an exchange of ideas about national homeownership policy, the role of government in the housing market, the secondary market implications of recent proposed legislation and the implications on affordable housing and minority home ownership.

LIDC is a Washington, DC non-profit corporation dedicated to increasing employee/supplier diversity in mortgage lending in hopes of achieving higher homeownership rates and fair outcomes for the multi-cultural and affordable lending segments.

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Indianapolis Pre Foreclosure Assistance and Fishers short sale help

http://www.ShortSaleIndyHome.com – A quick 2 minute video that has been created that explains the entire process of short selling your Fishers short sale hou…
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Homeowners in 50 States Now Have a One-Stop Website and Phone Number to Find Out if They Qualify for Federal Mortgage Assistance

(PRWEB) July 07, 2011

With a limited time to apply, HomeOwnership.org announced a fast and easy way to apply for the U.S. Department of Housing and Urban Developments (HUD) Emergency Homeowners Loan Program (EHLP). Rather than faxing or mailing in an application, troubled homeowners can easily apply for $ 50,000 in forgivable mortgage assistance by visiting the website http://www.HomeOwnership.org or by calling the Homeownership Preservation Foundations (HPF) Hotline at 888-995 HOPE(tm) to see if they qualify for this new Federal program. In order to ensure that program funds are made available in a fair and impartial manner, homeowners interested in applying must first complete a Pre-Applicant Screening Worksheet. The deadline for applications is July 22, 2011.

With the launch of the EHLP program, federal mortgage assistance is now available in all 50 states. Underemployed or underemployed homeowners can find out if they qualify for any of these programs by visiting HomeOwnership.org or calling the HOPE(tm) Hotline at 888-995 HOPE.

“We want to provide struggling homeowners a simple way to find out if they qualify for these programs,” said Aaron Horvath, president of HomeOwnership.org. “Were optimistic that EHLP will provide another option for distressed homeowners,” said Horvath.

Under EHLP, borrowers in Puerto Rico and the 27 states otherwise not funded by the U.S. Treasury’s Innovation Fund for Hardest Hit Housing Markets program are eligible for assistance. The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $ 1 billion to HUD to implement EHLP. States and jurisdictions that will be directly assisted under the EHLP include:

Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, Puerto Rico, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming

The EHLP is designed to provide forgivable mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical condition.

Approved borrowers will receive assistance under the EHLP to pay for the following expenses, and under the following terms and conditions of the loan program:

Arrearages: EHLP loan assistance will help bring homeowners current by paying 100% of eligible arrearages.

Monthly Mortgage Payments and Borrower Contributions: Under EHLP, the assisted homeowner’s contribution to the monthly payment on their first mortgage will be set at 31 percent of their monthly income at the time of application, but in no instance will it be less than $ 150 per month. EHLP funds will be used to pay for the remaining balance.

Duration of Assistance/Maximum Assistance Amount: Approved homeowners may receive EHLP assistance with monthly mortgage payments for a maximum duration of 24 months, or up to a maximum loan amount of $ 50,000 in total assistance, whichever occurs first.

Loan Repayment Terms: No payment is due on the EHLP Note during the 5-year term so long as the assisted borrower remains current in their monthly mortgage payments, and meets other program requirements. If the homeowner meets these conditions, the principal balance due on their EHLP loan shall decline in equal portions of twenty percent (20%) annually, until the note is extinguished and the junior lien is terminated.

Troubled homeowners are encouraged to apply as soon as possible to beat the July 22 deadline. HomeOwnership.org assists clients nationwide needing foreclosure prevention assistance and other housing and financial counseling. Working in partnership with HPF, HomeOwnership.org has helped hundreds of thousands of distressed homeowners avoid foreclosure.