Downey Real Estate, Mortgages and Community News
SB 931 in downey
http://TheMortgageSpin.com
HAMP Scorecard
The Making Home Affordable (MHA) and Home Affordable Foreclosure Alternatives (HAFA) Programs provide borrowers an alternative to foreclosure through a short sale or a Deed-in-Lieu. According to the scorecard (CLICK LINK BELOW) a loan modification was NEVER a GUARANTEE. To stop a foreclosure a short sale is the only and Best Guarantee that the banks have offered till now to you the homeowner.
Bankruptcy will only stop a foreclosure (A temporary stall. Your home will be placed on foreclosure sale again) and will not help in modifying your loan. It will also affect your credit more than a clean short sale.
Do not listen to what the news say or what organizations like NACA promise you. It is only to get you to continue making some kind of payment on your home. The banks are only trying to protect their own interest. According to the numbers in the scorecard (SEE BELOW) modifications do not work. The most important thing to remember is that if your loan modification has been declined it is simply due to the fact that your property has declined in value more than what an investor is willing to lose.
California is the number 1 affected state in the country. Stay ahead of the tidal wave of foreclosures that are about to hit the California shore. You deserve a 2nd chance. Do not let this opportunity to start over pass you by. This program expires 12/31/2012.
As of February 1st 2011 the HAFA short sales
1. no longer require full income or asset verification.
2. the property no longer must be owner occupied at the time of sale, but must have been owner occupied in the previous 12 months.
HAMP Scorecard
http://TheMortgageSpin.com – In this video Patty tells us about the realities of living with a overvalued home. Take action and don’t let the banks take advantage of you.
http://TheMortgageSpin.com – In this video Patty Kelly tells us of a Downey Homeowner who had his HAMP loan Modification denied. What are his Options?
1. Resubmit for Traditional Modification
2. File for Chapter 13 bankruptcy
3. Short Sale
For more information, please see the video.
Help for denials on downey loan modifications
Patty Kelly tells us about the dangers of ignoring the credit card companies, especially if you are a homeowner (wage garnishments) – Downey Real Estate
Will HAFA save homeowners?
Can you short sell and not have the bank sue you for amounts owed?
SB 1178 to extend Anti-Deficiency Protection for Homeowners – Downey Real Estate
Banks can pursue borrowers for deficiencies in non-purchase money loans. Lets find out what SB 1178 can do to protect the consumer.
For other posts on Deficiency Protection for Homeowners please read this post.
Another post on Banks pursuinf Deficiency Judgements on unsuspecting Homeowners.
See the video below.
If your loan is being serviced by one of the above mentioned banks there is an event ending on tuesday 7/20 aimed to help struggling homeowners.
Loan advisors will offer counseling for owners who are applying for loan modifications and for people who can’t afford their homes and need to apply for a short sale.
The event is being held at the Hilton Orange County at 3050 Bristol St., begins Friday and runs through Tuesday, July 20. The hours are 8 a.m. to 8 p.m.
Downey EMC, WAMU and CHASE loan customers can walk in their loan modification or short sale request.
If your Downey home loan needs a modification, or if you need to apply for a short sale LA County has 5 homeownership centers that can assist you in your requests.
Should you attempt a Loan Modification for your Downey Home?
In a previous post we discussed the HAFA program and how it can help you with your Downey distressed home.
Now let’s discuss the realities of attempting a loan modification. The Obama Program, or HAMP, was supposed to help millions of homeowners keep their home. Sadly this has not been the case.
Just a few notes before you see the video:
Did you know that if your Downey Home has already received a Notice of Trustee Sale, and it was postponed because you applied for a loan modification for example – the bank can simply sell the home without sending another notice? That’s why you must keep in contact with your bank.
Banks perform a financial analysis to see what makes more financial sense: Loan modification, approve a short sale, or foreclose on the home. Should you perform a similar analysis for yourself and your Downey Loan?
Let’s see Patty Kelly and what she has to say:
