The California State Housing Authority has taken targeted measures to provide assistance to homeowners in financial hardship through the Hardest Hit Fund.
Like all states receiving help from HHF they have worked hard at developing innovative mortgage assistance programs targeted to the specific needs of their homeowners foreclosure assistance needs.
In addition to developing new programs they have adopted the approach of improving and expanding existing efforts and foreclosure prevention programs already in place.
California has decided to hyper focus borrower assistance resources towards aiding low to moderate income homeowners.
A core theme in the development and design of their approach is to ensure that their programs and the operations of their assistance efforts remain flexible and agile. This is in response to the success that the Obama home affordable mortgage assistance programs have had with the same approach.
To get the most bang out of their buck California foreclosure assistance efforts has put significant measures in place to have lenders, loan servicers, and PMI insurers to match their efforts dollar to dollar.
Related Articles
California Foreclosure Prevention Programs - Hardest Hit Fund Program
Showing posts with label stop foreclosure. Show all posts
Showing posts with label stop foreclosure. Show all posts
Sunday, March 20, 2011
Friday, January 28, 2011
Foreclosure Relocation and Financial Assistance
Homeowners and renters alike are losing their homes at a rapid rate. These homeowners and renters must vacate their homes because of the home being sold due to a foreclosure sale. Many who lose their home in this manner are often left feeling vengeful and out of spite will cause damage to the home or property.
Lenders thought that angry complaints and phone calls from the former homeowner were the least of their problems and they were wrong. Former owners would get their revenge by trashing the home. A new risk management tactic was soon formed called Cash for Keys. Simply put, it is a program designed by lenders providing financial assistance to occupants who must depart and relocate elsewhere because of the foreclosure sale.
The agreement is usually fixed with conditions and requires the former homeowner or renter to agree then honor these terms and conditions including move out dates. If the former homeowners meet these terms and conditions, lenders will pay a lump sum of money to the evicted party.
Typical homeowners might be offered a monetary sum of twenty-five hundred dollars given if they vacate the foreclosed home within forty-five days and leave the residence in good condition. The program recognizes the financial hardship and relocation expense of those affected directly.
Lenders thought that angry complaints and phone calls from the former homeowner were the least of their problems and they were wrong. Former owners would get their revenge by trashing the home. A new risk management tactic was soon formed called Cash for Keys. Simply put, it is a program designed by lenders providing financial assistance to occupants who must depart and relocate elsewhere because of the foreclosure sale.
The agreement is usually fixed with conditions and requires the former homeowner or renter to agree then honor these terms and conditions including move out dates. If the former homeowners meet these terms and conditions, lenders will pay a lump sum of money to the evicted party.
Typical homeowners might be offered a monetary sum of twenty-five hundred dollars given if they vacate the foreclosed home within forty-five days and leave the residence in good condition. The program recognizes the financial hardship and relocation expense of those affected directly.
Thursday, December 16, 2010
Cash For keys
Foreclosure sales are at all time highs.
Homeowners are losing their homes everywhere. Many people who lose their home to foreclosure have to move, and thus incur significant expenses and moving costs. This is a financial hardship in itself but is often endured while the former residents are already amidst a current financial hardship which has caused them to default on their mortgage payments and fall victim to foreclosure in the first place.
A program called Cash for Keys was developed to address this homeowner difficulty.
Cash for keys offers homeowners and renters who must move due to foreclosure financial aid and foreclosure relocation assistance.
How Cash for Keys Works
The lender or mortgage servicer offers the occupant who must move due to a foreclosure financial assistance through a conditional agreement.
The occupant must agree to move out by a certain date.
The occupant must agree to leave the property in acceptable condition.
If the occupant follows all requirements of the agreement they are given thousands of dollars in foreclosure relocation assistance and financial aid.
Typical Cash for Keys Amount
The exact amount received through a cash for keys like program is variable.
The typical amount will range from 1,000 - 5,000 dollars.
Homeowners are losing their homes everywhere. Many people who lose their home to foreclosure have to move, and thus incur significant expenses and moving costs. This is a financial hardship in itself but is often endured while the former residents are already amidst a current financial hardship which has caused them to default on their mortgage payments and fall victim to foreclosure in the first place.
A program called Cash for Keys was developed to address this homeowner difficulty.
Cash for keys offers homeowners and renters who must move due to foreclosure financial aid and foreclosure relocation assistance.
How Cash for Keys Works
The lender or mortgage servicer offers the occupant who must move due to a foreclosure financial assistance through a conditional agreement.
The occupant must agree to move out by a certain date.
The occupant must agree to leave the property in acceptable condition.
If the occupant follows all requirements of the agreement they are given thousands of dollars in foreclosure relocation assistance and financial aid.
Typical Cash for Keys Amount
The exact amount received through a cash for keys like program is variable.
The typical amount will range from 1,000 - 5,000 dollars.
Saturday, November 6, 2010
Banks Playing Off Clueless Homeowners - Destroying the Obama Plan One American Dream at a Time
The HAMP modification has been compromised. Obama's mortgage assistance program designed to provide debt help for homeowners has been sabotaged.
The problem is that homeowners are not able to obtain a permanent modification through the program because they do not get approved after the HAMP trial modification.
Approximately 70% of HAMP trials started through JP Morgan and Chase are not approved. Approximately 50% of the 1.4 million trial modifications through the Making Home Affordable Plan have dropped out.
Now ask yourself; how it is that a program that was created and developed with terms chosen specifically because those terms allowed a projected eligibility of 3 - 4 million homeowners has only been able to issue 1.4 million trials and only half of those participants still have a shot of obtaining a permanent modification. That means about 1/5 to 1/7 of all those who originally qualified will not qualify according to the lenders hosting this program.
Oh Yeah, one other important detail that you may be curious to here about....
the lenders are given 1,000 dollars cash per HAMP trial!!!!!!!
hmmmm...
I know!
The lenders are taking advantage of the fact that homeowners don't know squat about contract law, the mechanics of the MHA HAMP Compliance measures, and have not a clue of the importance of communicating through writing nor do they understand how important it is to keep records. Now even if a homeowner was well aware of these aspects of lender negotiations when would a full time, hard working American homeowner get the chance to keep up with these tasks. They are time consuming and extremely stressful. This is even more true when you consider how much more mentally exhausting it is to deal with loss mitigation talks when it is your personal finances and financial well being that is of interest.
I have talked to many homeowners and read many emails from homeowners and the scoop is this...
Many homeowners have not a clue that they are even in a trial modification! Homeowners can't get their head around why they should not even bother talking and or listening to anything that the "customer service agent" aka DEBT COLLECTING LIARS AND HOME WRECKERS who just lie, lie, and lie.
Homeowners are not making payments with the coupons. They say "coupons? what coupons?" It is a total cluster duck of a situation. It is not hard to communicate the idea that the payment coupons are the means for tracking the HAMP trial modification. The lenders just don't make an effort besides putting the directions in print. If the homeowner calls typically the lender won't mention the coupons. I would not be surprised if we were all to find out that the vast majority of entry level customer service agents that work for the major lenders are not even aware of the payment coupons themselves.
You know what the homeowners could use????
REPRESENTATION
They don't know what to do.
They are overwhelmed and most of them are working twice as hard to find work, or they are just working more hours. They are fighting for their crumbling marriage. They are trying not to worry their kids. They are in shambles. They HURT they CRY they need HELP.
I just posted a new article that takes a closer look at the negotiation playing field between lender and homeowner. Take a look if you are interested.
Related Articles
Homeowner Risk and HAMP Modification
The problem is that homeowners are not able to obtain a permanent modification through the program because they do not get approved after the HAMP trial modification.
Approximately 70% of HAMP trials started through JP Morgan and Chase are not approved. Approximately 50% of the 1.4 million trial modifications through the Making Home Affordable Plan have dropped out.
Now ask yourself; how it is that a program that was created and developed with terms chosen specifically because those terms allowed a projected eligibility of 3 - 4 million homeowners has only been able to issue 1.4 million trials and only half of those participants still have a shot of obtaining a permanent modification. That means about 1/5 to 1/7 of all those who originally qualified will not qualify according to the lenders hosting this program.
Oh Yeah, one other important detail that you may be curious to here about....
the lenders are given 1,000 dollars cash per HAMP trial!!!!!!!
hmmmm...
I know!
The lenders are taking advantage of the fact that homeowners don't know squat about contract law, the mechanics of the MHA HAMP Compliance measures, and have not a clue of the importance of communicating through writing nor do they understand how important it is to keep records. Now even if a homeowner was well aware of these aspects of lender negotiations when would a full time, hard working American homeowner get the chance to keep up with these tasks. They are time consuming and extremely stressful. This is even more true when you consider how much more mentally exhausting it is to deal with loss mitigation talks when it is your personal finances and financial well being that is of interest.
I have talked to many homeowners and read many emails from homeowners and the scoop is this...
Many homeowners have not a clue that they are even in a trial modification! Homeowners can't get their head around why they should not even bother talking and or listening to anything that the "customer service agent" aka DEBT COLLECTING LIARS AND HOME WRECKERS who just lie, lie, and lie.
Homeowners are not making payments with the coupons. They say "coupons? what coupons?" It is a total cluster duck of a situation. It is not hard to communicate the idea that the payment coupons are the means for tracking the HAMP trial modification. The lenders just don't make an effort besides putting the directions in print. If the homeowner calls typically the lender won't mention the coupons. I would not be surprised if we were all to find out that the vast majority of entry level customer service agents that work for the major lenders are not even aware of the payment coupons themselves.
You know what the homeowners could use????
REPRESENTATION
They don't know what to do.
They are overwhelmed and most of them are working twice as hard to find work, or they are just working more hours. They are fighting for their crumbling marriage. They are trying not to worry their kids. They are in shambles. They HURT they CRY they need HELP.
I just posted a new article that takes a closer look at the negotiation playing field between lender and homeowner. Take a look if you are interested.
Related Articles
Homeowner Risk and HAMP Modification
Wednesday, July 28, 2010
HAMP Modifications Are Drying Up - Uh Oh?
I was reading over an article I saw on a proclaimed debt help resource for homeowners.
The article was on the stats and numbers pertaining to the HAMP modification performance to date.
I expected to see good numbers as I have been hearing good things amidst the never ending slue of finance blog posts that I read on the housing market.
At first I really did see some promising numbers. There was a few highlights to warm you up stating how much money everyone was saving through these modifications through Obamas homeowner help program.
Then the first data table looked pretty swell as well. At first but as I followed the dates down from May of last year to the turn of the decade and then the numbers just started to crawl.
The next data table was even worst in fact it was a bit horrifying. It was just month to month growth rates for the cumulative modifications and net new monthly modifications... it was bad. I almost want to believe those guys made the whole thing up... but he didn't.
I think the future is becoming bleaker suddenly and no one knows it yet.
I hope we are not as screwed as those damn data tables make me think we are.
At one point I thought maybe that the population of eligible homeowners was simply exhausted. This is not so. The Make Home Affordable Outreach effort are only increasing in intensity. More and more homeowners are being urged to check the basic qualifications of Obama's modification assistance program and to apply if eligible.
The article was on the stats and numbers pertaining to the HAMP modification performance to date.I expected to see good numbers as I have been hearing good things amidst the never ending slue of finance blog posts that I read on the housing market.
At first I really did see some promising numbers. There was a few highlights to warm you up stating how much money everyone was saving through these modifications through Obamas homeowner help program.
Then the first data table looked pretty swell as well. At first but as I followed the dates down from May of last year to the turn of the decade and then the numbers just started to crawl.
The next data table was even worst in fact it was a bit horrifying. It was just month to month growth rates for the cumulative modifications and net new monthly modifications... it was bad. I almost want to believe those guys made the whole thing up... but he didn't.
I think the future is becoming bleaker suddenly and no one knows it yet.
I hope we are not as screwed as those damn data tables make me think we are.
At one point I thought maybe that the population of eligible homeowners was simply exhausted. This is not so. The Make Home Affordable Outreach effort are only increasing in intensity. More and more homeowners are being urged to check the basic qualifications of Obama's modification assistance program and to apply if eligible.
Thursday, October 15, 2009
Obama Loan Modification - From 1 to 500,000 Mortgage Modifications
The Obama Loan Modification program known as the making home affordable plan has been a success! Mortgage Lenders finally got the hint from President Obama and his administration, They are now clearly headed in the right direction and offering Homeowner Hope to those in financial distress.
Large lending institutions such as Saxon, Bank of America, Wells Fargo, and many others have really cam through this last month or so and have done their part in America's collective effort to Make Home Affordable by restructuring Home Mortgage loans under the Obama specified guide lines. In fact the mortgage lenders have even one upped Obama by completing the goal of 500,000 loan modifications by November 1st. They completed this feat with ease and plenty of time to spare as of early this month on October 6th.
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