Dear Catherine,
I met you in the park on the 14th. I was introduced to you by Laurie Reyon Anderson. Joan of Arc is also one of my shamanic guides.
I have a co-worker who is going to lose her house in 3 months if she doesn't get help. She is holding a full-time job as an Assistant Manager at Jimbo's, is a steady hard worker, and just needs help re-financing. I remember you mentioning that you had a program to help people like her, but don't see anything about it on the website. Could email me a contact # or something written and I will bring it in to her?
many thanks,
Joanie Blaxter
Mon, October 29, 2007 - 9:55 PM
permalink
I met you in the park on the 14th. I was introduced to you by Laurie Reyon Anderson. Joan of Arc is also one of my shamanic guides.
I have a co-worker who is going to lose her house in 3 months if she doesn't get help. She is holding a full-time job as an Assistant Manager at Jimbo's, is a steady hard worker, and just needs help re-financing. I remember you mentioning that you had a program to help people like her, but don't see anything about it on the website. Could email me a contact # or something written and I will bring it in to her?
many thanks,
Joanie Blaxter
Hi Joanie,
Sorry i did not get to this problem until now,
i just got recently back from a trip to northern California, and yes I do remember you.
We are trying very hard to get funds to put a foreclosure clinic together but meanwhile your friend is one of many many good peolple who are caught in a terrible situation. There are several great resources available including some pending government programs,
So I will just paste some of our various information and links here below ,
FIRST GOVERNMENT PROGRAMS
If your adjustable rate has pushed your mortgage payment to unaffordable levels, you may have some relief. In response to the crisis of people facing default on their home mortgages because their adjustable rate mortgages are no longer affordable, the Federal Housing Administration is coming out with the FHA Secure Refinance Program.
The new FHA Secure program would help home owners who have fallen behind on their home mortgage and are possibly facing foreclosure because of their new higher monthly payments. The new program would allow the delinquent home owners to refinance their Adjustable Rate Mortgages into a fixed rate FHA loan. The FHA Secure program is intended to help homeowners that may have been tricked into expensive Adjustable Rate Mortgages with teaser interest rates. If you qualify for an FHA mortgage your loan will be funded by a conventional mortgage lender.
Remember, FHA mortgage loans are insured by the Federal Housing Administration. The FHA does not lend money; they simply insure your debt with an approved FHA lender.
Because your mortgage is insured against default by the government, FHA loans offer significantly less risk for lenders, allowing homeowners, even those with poor credit, to qualify for lower mortgage rates. The FHA will accept homeowners with blemished credit⦠especially if you are working on improving your finances and can document your current situation. In the past, the FHA has not required borrowers to have a minimum credit score. Instead, they have focused on one's overall credit history.
Therefore, it may be possible to qualify even though you may have a low credit score, perhaps 500 (or less). If you are a homeowner with tarnished credit and are concerned that the current âmortgage crisisâ will prevent you from refinancing before your lender begins adjusting your interest rate and payment amount, FHA backed mortgage refinancing could be your answer.
Apparently, the FHA's focus will remain on looking to the good credit profile of applicants rather than a credit score, And, until now, the FHA has not permitted delinquent borrowers to qualify for their loan program.
To qualify, you must showâ¦.
-That your loan is a non-FHA ARM.
-A history of on-time mortgage payments "prior" to the borrower's ARM loan resetting to the higher rate.
-The Arm loan interest rate must have either reset or be scheduled to reset between June 2005 and December 2009.
-Mortgage late payments are allowed after the reset date if they are directly related to your higher loan payment. In addition, if you are in a mortgage payment plan because of late payments and there is sufficient equity in the home, the late amounts can be rolled into the new loan.
-A minimum of 3% cash or equity in the home.
-A sustained history of employment.
-Sufficient income to make the new mortgage payment.
While the new program will help those borrowers who qualify save their homes, it is obviously not a free ride. It is designed for homeowner's who just need a little assistance in order to get out from underneath expensive ARM interest rates.
The FHA will not insure interest-only or Pay Option ARMs; and will not help home owners who have properties that have depreciated in value and are now worth less then the current mortgage balance. You must use an FHA approved lender to see if you qualify for the FHA Secure Refinance Program. For FHA lenders in your neighborhood, go to
While this program may not help everyone, it certainly doesnât hurt to see if you qualify. It could be a resource to take your ARM to a fixed rate mortgage that is actually affordable.
NOW to SOME LOCAL AGENCIES
San Diego Housing Collabotative has lots of resources; and features a traveling clinic to give free foreclosure help in various locations.
Also
| THE Following SITE MAY HELP HER learn exactly what her options are to keep her home. Article Source: http://EzineArticles.com/?expert=Robert_Spahos SOME VERY GOOD LOCAL AGENCIES |
| SAN DIEGO HOME LOAN COUNSELING AND EDUCATION CENTER | P: 619-624-2330 T: F: 619-624-0314 E: motero_sdhl@sbcglobal.net |
| SPRINGBOARD - OCEANSIDE | P: 800-947-3752 T: 800-947-3752 F: E: springbord@credit.or W: www.credit.org | 2181 El Camino Real, Suite 207 Oceanside, California |
Also The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov
and also please refer your friend to the following very helpful article reprinted from the north county times.
Q: I'm worried that I may be one of those people who could be forced to sell my house for a loss or possibly go into foreclosure. What should I do?
ÃA: One thing you cannot do is just sit around with your fingers crossed and hope everything works out. Now is the time to become proactive and find out exactly where you stand and what can be done to avoid a financial disaster.
Understand this: Your lender does not want to own your home. Banks and mortgage companies are in the business of making loans, not owning real estate. As a result, most of them will do whatever is necessary to keep you in your home and find a way to salvage your situation.
Just this week, Countrywide Financial announced that it has helped 35,000 homeowners avoid foreclosure by using programs such as loan modifications, repayment plans, postponement of payments and refinancings.
The U.S. Department of Housing and Urban Development recently offered some suggestions for homeowners in trouble. First, don't ignore the problem. As tough as it may be, swallow your pride and call your lender immediately. If lenders are forced to track you down and you repeatedly ignore their calls and letters, it probably won't go well.
Another thing is to know your mortgage rights. Read your loan documents and find out what your lender can and cannot do if you can't make your payments.
It is also very important to avoid bogus companies who flood into a troubled area and say they can help you avoid foreclosure ---- for a fee that is usually equal to three months of mortgage payments. State and federal regulators warn that if you do sign documents from these companies, you could unintentionally transfer ownership to these scamsters and wind up becoming a renter in your own home.
In addition to talking to your lender, it is wise to talk with a legitimate housing counselor who can guide you through all of the legal options that are available. The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov.
Fortunately, many organizations in the San Diego region have banded together to create the Housing Opportunities Collaborative.
This group recently held a clinic in Oceanside to assist homeowners, and another clinic will take place Saturday in Chula Vista.
Private, confidential counseling will be available at no cost.
You can get more details about the clinic, or schedule an appointment with a local counselor, by calling the collaborative at (619) 282-6647 or visiting the Web site, www.housingcollaborative.org.
As you can see, you are not alone. And your worst nightmares might be avoided if you just get busy.
The U.S. Department of Housing and Urban Development recently offered some suggestions for homeowners in trouble. First, don't ignore the problem. As tough as it may be, swallow your pride and call your lender immediately. If lenders are forced to track you down and you repeatedly ignore their calls and letters, it probably won't go well.
Another thing is to know your mortgage rights. Read your loan documents and find out what your lender can and cannot do if you can't make your payments.
It is also very important to avoid bogus companies who flood into a troubled area and say they can help you avoid foreclosure ---- for a fee that is usually equal to three months of mortgage payments. State and federal regulators warn that if you do sign documents from these companies, you could unintentionally transfer ownership to these scamsters and wind up becoming a renter in your own home.
In addition to talking to your lender, it is wise to talk with a legitimate housing counselor who can guide you through all of the legal options that are available. The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov.
Fortunately, many organizations in the San Diego region have banded together to create the Housing Opportunities Collaborative.
This group recently held a clinic in Oceanside to assist homeowners, and another clinic will take place Saturday in Chula Vista.
Private, confidential counseling will be available at no cost.
You can get more details about the clinic, or schedule an appointment with a local counselor, by calling the collaborative at (619) 282-6647 or visiting the Web site, www.housingcollaborative.org.
As you can see, you are not alone. And your worst nightmares might be avoided if you just get busy.
Q: I'm worried that I may be one of those people who could be forced to sell my house for a loss or possibly go into foreclosure. What should I do? Craig, Escondido
ÃA: One thing you cannot do is just sit around with your fingers crossed and hope everything works out. Now is the time to become proactive and find out exactly where you stand and what can be done to avoid a financial disaster.
ÃA: One thing you cannot do is just sit around with your fingers crossed and hope everything works out. Now is the time to become proactive and find out exactly where you stand and what can be done to avoid a financial disaster.
Understand this: Your lender does not want to own your home. Banks and mortgage companies are in the business of making loans, not owning real estate. As a result, most of them will do whatever is necessary to keep you in your home and find a way to salvage your situation.
Just this week, Countrywide Financial announced that it has helped 35,000 homeowners avoid foreclosure by using programs such as loan modifications, repayment plans, postponement of payments and refinancings.
The U.S. Department of Housing and Urban Development recently offered some suggestions for homeowners in trouble. First, don't ignore the problem. As tough as it may be, swallow your pride and call your lender immediately. If lenders are forced to track you down and you repeatedly ignore their calls and letters, it probably won't go well.
Another thing is to know your mortgage rights. Read your loan documents and find out what your lender can and cannot do if you can't make your payments.
It is also very important to avoid bogus companies who flood into a troubled area and say they can help you avoid foreclosure ---- for a fee that is usually equal to three months of mortgage payments. State and federal regulators warn that if you do sign documents from these companies, you could unintentionally transfer ownership to these scamsters and wind up becoming a renter in your own home.
In addition to talking to your lender, it is wise to talk with a legitimate housing counselor who can guide you through all of the legal options that are available. The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov.
Fortunately, many organizations in the San Diego region have banded together to create the Housing Opportunities Collaborative.
This group recently held a clinic in Oceanside to assist homeowners, and another clinic will take place Saturday in Chula Vista.
Private, confidential counseling will be available at no cost.
You can get more details about the clinic, or schedule an appointment with a local counselor, by calling the collaborative at (619) 282-6647 or visiting the Web site, www.housingcollaborative.org.
As you can see, you are not alone. And your worst nightmares might be avoided if you just get busy.
The U.S. Department of Housing and Urban Development recently offered some suggestions for homeowners in trouble. First, don't ignore the problem. As tough as it may be, swallow your pride and call your lender immediately. If lenders are forced to track you down and you repeatedly ignore their calls and letters, it probably won't go well.
Another thing is to know your mortgage rights. Read your loan documents and find out what your lender can and cannot do if you can't make your payments.
It is also very important to avoid bogus companies who flood into a troubled area and say they can help you avoid foreclosure ---- for a fee that is usually equal to three months of mortgage payments. State and federal regulators warn that if you do sign documents from these companies, you could unintentionally transfer ownership to these scamsters and wind up becoming a renter in your own home.
In addition to talking to your lender, it is wise to talk with a legitimate housing counselor who can guide you through all of the legal options that are available. The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov.
Fortunately, many organizations in the San Diego region have banded together to create the Housing Opportunities Collaborative.
This group recently held a clinic in Oceanside to assist homeowners, and another clinic will take place Saturday in Chula Vista.
Private, confidential counseling will be available at no cost.
You can get more details about the clinic, or schedule an appointment with a local counselor, by calling the collaborative at (619) 282-6647 or visiting the Web site, www.housingcollaborative.org.
As you can see, you are not alone. And your worst nightmares might be avoided if you just get busy.
Q: I'm worried that I may be one of those people who could be forced to sell my house for a loss or possibly go into foreclosure. What should I do? Craig, Escondido
ÃA: One thing you cannot do is just sit around with your fingers crossed and hope everything works out. Now is the time to become proactive and find out exactly where you stand and what can be done to avoid a financial disaster.
ÃA: One thing you cannot do is just sit around with your fingers crossed and hope everything works out. Now is the time to become proactive and find out exactly where you stand and what can be done to avoid a financial disaster.
Understand this: Your lender does not want to own your home. Banks and mortgage companies are in the business of making loans, not owning real estate. As a result, most of them will do whatever is necessary to keep you in your home and find a way to salvage your situation.
Just this week, Countrywide Financial announced that it has helped 35,000 homeowners avoid foreclosure by using programs such as loan modifications, repayment plans, postponement of payments and refinancings.
The U.S. Department of Housing and Urban Development recently offered some suggestions for homeowners in trouble. First, don't ignore the problem. As tough as it may be, swallow your pride and call your lender immediately. If lenders are forced to track you down and you repeatedly ignore their calls and letters, it probably won't go well.
Another thing is to know your mortgage rights. Read your loan documents and find out what your lender can and cannot do if you can't make your payments.
It is also very important to avoid bogus companies who flood into a troubled area and say they can help you avoid foreclosure ---- for a fee that is usually equal to three months of mortgage payments. State and federal regulators warn that if you do sign documents from these companies, you could unintentionally transfer ownership to these scamsters and wind up becoming a renter in your own home.
In addition to talking to your lender, it is wise to talk with a legitimate housing counselor who can guide you through all of the legal options that are available. The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov.
Fortunately, many organizations in the San Diego region have banded together to create the Housing Opportunities Collaborative.
This group recently held a clinic in Oceanside to assist homeowners, and another clinic will take place Saturday in Chula Vista.
Private, confidential counseling will be available at no cost.
You can get more details about the clinic, or schedule an appointment with a local counselor, by calling the collaborative at (619) 282-6647 or visiting the Web site, www.housingcollaborative.org.
As you can see, you are not alone. And your worst nightmares might be avoided if you just get busy.
The U.S. Department of Housing and Urban Development recently offered some suggestions for homeowners in trouble. First, don't ignore the problem. As tough as it may be, swallow your pride and call your lender immediately. If lenders are forced to track you down and you repeatedly ignore their calls and letters, it probably won't go well.
Another thing is to know your mortgage rights. Read your loan documents and find out what your lender can and cannot do if you can't make your payments.
It is also very important to avoid bogus companies who flood into a troubled area and say they can help you avoid foreclosure ---- for a fee that is usually equal to three months of mortgage payments. State and federal regulators warn that if you do sign documents from these companies, you could unintentionally transfer ownership to these scamsters and wind up becoming a renter in your own home.
In addition to talking to your lender, it is wise to talk with a legitimate housing counselor who can guide you through all of the legal options that are available. The federal housing department can refer you to a counselor in your community. Just call (800) 569-4287 or go to www.hud.gov.
Fortunately, many organizations in the San Diego region have banded together to create the Housing Opportunities Collaborative.
This group recently held a clinic in Oceanside to assist homeowners, and another clinic will take place Saturday in Chula Vista.
Private, confidential counseling will be available at no cost.
You can get more details about the clinic, or schedule an appointment with a local counselor, by calling the collaborative at (619) 282-6647 or visiting the Web site, www.housingcollaborative.org.
As you can see, you are not alone. And your worst nightmares might be avoided if you just get busy.
Finally
if all of the above approch fails do what my friend Monique did and find an investor to help with a short sale of the home.
this is a pretty clear explanation of how it a short sale at best might work;
Why would a bank sell you a
$50,000 note for only $2,500?
$50,000 note for only $2,500?
Reason #1
Because they must avoid foreclosure at all costs â and hereâs why. When a bank forecloses on a home it becomes a non-performing loan. This affects the amount of money a bank can borrow from the Federal Reserve.
Since banks only make money by borrowing from the Fed and lending to the public, they must borrow as much as they can. Every non-performing loan reduces the amount the bank can lend to the public, affecting their bottom line profits.
Reason #2
The bank knows if the property is foreclosed, it goes to auction and is sold for what is owed on the first mortgage and typically not a dime more. This leaves the second mortgage holder getting absolutely nothing.
Think about it â if you were in their shoes, wouldnât you rather recoup something than nothing at all?
So for the bank itâs a no-brainer...and it creates a win-win situation for everyone involved. The bank gets some money, but more importantly they keep a non-performing loan off their books. The homeowner avoids foreclosure and saves his credit. And your investor becomes the biggest winner of all, walking away with tens of thousands of dollars in instant equity.
good luck to your friend....this has inspired me to put all foreclosure resources on our Communiversity Magazine website.
Blessings,
Catherine
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