Here is the promised debrief from the Foreclosure Prevention conference I attended last week.
Probably the primary point of emphasis throughout the meeting was the statistic that over 50% of homeowners who are foreclosed on NEVER contact their lender.
"Lenders WANT to hear from people who are behind on their mortgages." (Wells Fargo VP for Residential Loans)
There are now many help sources for people looking at foreclosure. There is a national hotline at 888-995-HOPE and an Arizona Foreclosure Help Line at 877-448-1211. These are staffed with financial counselors who can help you sort through the problems and find SOLUTIONS that will increase your chances of staying in your home.
If you meet with a Housing Counselor, here is what you should bring:
1) Recent mortgage statement.
2) All your mortgage documents.
3) Bring all mail received from your lender (opened or not).
4) Draft a Hardship Letter detailing why you are having trouble making your payment.
5) List out all your monthly expenses.
6) Gather all the pay stubs for all household earners for the last two pay periods.
7) The last two months of your bank statements.
There is an excellent free Crisis Budget Workshop offered in the Phoenix area that will help couples get a firm hold on their finances. Banks will be much more willing to work something out if they see you are making a serious effort at budgeting your money. You can call 602-258-1659 or click here to see their website.
Regardless of your payment situation, a call to your lender is worth your time.
So, get help if you need it. There is plenty of that available.
If you are in foreclosure, free or low cost legal services in Maricopa County are available through Community Legal Services. They can be reached at 602-258-3434 or 1-800-852-9075.
If you are considering selling your home as a solution, go to my website for a free market analysis and other information.
I am just a phone call away if you have any questions. 602-370-1450
Richard
Wednesday, November 19, 2008
Weekly Real Estate News Update 11-19-2008
Here are the real estate news headlines for this week.
For local real estate information see my web site here.
Big jump in foreclosure counseling; Inman News
A report from the U.S. Department of Housing and Urban Development found a 55 percent increase in the number of families receiving foreclosure prevention counseling between 2006 and 2007, with growth expected to be much higher in 2008. HUD's report, "The State of the Housing Counseling Industry," revealed that of the approximately 136,000 families that completed this counseling during 2007, 45 percent were able to remain in their homes while 14 percent ultimately lost their home through foreclosure. Outcomes for the remaining 41 percent of clients are not known.
FDIC Details Plan To Alter Mortgages; Washington Post
Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.
Aid to Fannie, Freddie May Top Expectations; Washington Post
The first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning that it may ultimately cost more than the government has suggested.
Bernanke Says Central Bankers Ready for More Actions; Bloomberg
Federal Reserve Chairman Ben S. Bernanke said central bankers worldwide are prepared to take additional actions as needed to unfreeze credit markets, citing continued strains even amid ``tentative improvements.'' ``The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain,'' Bernanke said today at a panel discussion hosted by the European Central Bank in Frankfurt. ``For this reason, policy makers will remain in close contact, monitor developments closely and stand ready to take additional steps should conditions warrant.''
Citigroup to lay off another 10,000 – report; CNN Money.com
Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday. The battered financial services company will be laying off 10,000 workers, on top of the 23,000 job cuts it has already made over the last four quarters, reported The Wall Street Journal. Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.
For local real estate information see my web site here.
Big jump in foreclosure counseling; Inman News
A report from the U.S. Department of Housing and Urban Development found a 55 percent increase in the number of families receiving foreclosure prevention counseling between 2006 and 2007, with growth expected to be much higher in 2008. HUD's report, "The State of the Housing Counseling Industry," revealed that of the approximately 136,000 families that completed this counseling during 2007, 45 percent were able to remain in their homes while 14 percent ultimately lost their home through foreclosure. Outcomes for the remaining 41 percent of clients are not known.
FDIC Details Plan To Alter Mortgages; Washington Post
Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.
Aid to Fannie, Freddie May Top Expectations; Washington Post
The first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning that it may ultimately cost more than the government has suggested.
Bernanke Says Central Bankers Ready for More Actions; Bloomberg
Federal Reserve Chairman Ben S. Bernanke said central bankers worldwide are prepared to take additional actions as needed to unfreeze credit markets, citing continued strains even amid ``tentative improvements.'' ``The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain,'' Bernanke said today at a panel discussion hosted by the European Central Bank in Frankfurt. ``For this reason, policy makers will remain in close contact, monitor developments closely and stand ready to take additional steps should conditions warrant.''
Citigroup to lay off another 10,000 – report; CNN Money.com
Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday. The battered financial services company will be laying off 10,000 workers, on top of the 23,000 job cuts it has already made over the last four quarters, reported The Wall Street Journal. Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.
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