National Community Development Association. Foreclosure Prevention

Size: px
Start display at page:

Download "National Community Development Association. Foreclosure Prevention"

Transcription

1 National Community Development Association White Paper Foreclosure Prevention By Vicki Watson Assistant Director March 2013

2 National Community Development Association The National Community Development Association (NCDA) is a national non-profit organization that represents local government agencies that administer community development, affordable housing, and economic development programs, including the Community Development Block Grant (CDBG) Program and the HOME Investment Partnerships (HOME) Program. The mission of the Association is to assist local governments achieve high-quality, locally-responsive programs for making communities better places to live and work, particularly for low- and moderate-income people. NCDA grew out of the Model Cities Program in 1968, with the commitment to help local governments respond to their community development and affordable housing needs. For more information go to NCDA would like to thank Freddie Mac for their support in the development of this paper.

3 CRA - Community Reinvestment Act of 1977 GAO - U.S. Government Accountability Office Acronyms and Definitions Government Sponsored Enterprises (GSEs) - Freddie Mac, Fannie Mae, and the Federal Home Loan Bank Mortgage Fraud Foreclosure rescue schemes that take advantage of homeowners who have fallen behind in their mortgage loan. Schemers promise to prevent foreclosure for a hefty up front fee by having so-called investors purchase the mortgage or transfer title to other persons involved with the scheme. Loan modification schemes that, again, require advance fees from homeowners to negotiate on behalf of the homeowner for a better mortgage with their lender. Oftentimes, the negotiator does nothing and walks away with the fee. Short sale fraud. Similar to the scenario above, so called short sale negotiators guarantee to negotiate a short sale with your bank for a fee oftentimes a percentage of the sales price of the home. The negotiator takes the fee and does little or nothing in return. Prime Mortgages - mortgages made to borrowers with strong credit ratings. Prime mortgages provide the most favorable interest rates and terms. Sub-Prime Mortgages - mortgages made to borrowers with blemished credit histories. Subprime mortgages feature high interest rates and less favorable terms.

4 How Did We Get Here and How Do We Fix It? Most agree the housing crisis was caused by loose lending practices and unaffordable mortgages. Add in depressed housing values, high unemployment, and lost equity, and you have the makings of both a housing and national financial crisis. According to various federal agencies and housing experts, the continued increase in foreclosures between 2008 and 2011 can be attributed to several factors: continued depreciation in home values, elevated numbers of unemployed nationwide, and weaknesses in the servicing industry s response to the large number of delinquent borrowers. 1 While housing sales and prices seem to be increasing in most areas of the country, foreclosure filings and mortgage delinquencies remain an issue for many regions. First and foremost, mortgage affordability led to the problem. An excess of mortgages were originated at very high debt-to-income ratios or included interest rate resets that resulted in unsustainable payments. Moreover, home price declines since 2006 have pushed as many as a quarter of homeowners underwater, owing more than the current value of their homes. Throughout the research of this paper, several themes emerged as to how to best address the problem. First, outreach and housing counseling appear to be effective tools for helping borrowers address their mortgage situation. Next, sensible mortgage modifications that provide affordable mortgages must be provided by lenders. The key here is affordability; most experts agree that mortgage debt to loan ratio should be in a range of percent to be considered affordable. In addition to reasonable debt-to-income loan ratios, sensible modifications can also include a combination of fixed interest rates, interest rate reductions, amortization extensions and principal reductions. Short sales should not be an option. The goal should be to keep borrowers in their homes. Foreclosures Remain High; Affordable Modifications are Needed According to the Standard and Poors/Case- Shiller home price index, average U.S. home prices rose by 192 percent from 1996 to 2006 and have fallen an average of 31 percent since Some regions have seen a decline in home prices of 50 percent or more from peak levels. Home foreclosures impact the credit and stability of homeowners, wreak havoc on neighborhoods with vacant properties and depressed home values, and deplete local tax coffers. Many point to 2006 or 2007 as the starting point of the foreclosure crisis when foreclosures begin to increase in areas that had previously seen few foreclosures such as California, Nevada, and Arizona; all of which benefitted greatly from the housing boom. While overall foreclosure filings have plunged since the peak foreclosure year of 2010, some states are seeing foreclosure rates rise. Florida, Illinois, and Georgia were home to the largest number of zip codes with the highest foreclosure rates in 2012, displacing California, Nevada, and Arizona which accounted 1 Board of Governors of the Federal Reserve System, The U.S. Housing Market: Current Conditions and Policy Considerations, Washington, DC, January 4, 2012.

5 for 81 of the top 100 zip codes in The number of loans in foreclosure remains elevated and many mortgage loans are at risk of foreclosure. By most estimates the foreclosure wave is only halfway over with 8% of borrowers delinquent on their mortgages as of the third quarter of The Government Accountability Office s (GAO) analysis of mortgage data showed that in June 2011 between 1.9 million and 3 million loans still had characteristics associated with an increased likelihood of foreclosure, such as serious delinquency and significant negative equity (a loan to value ratio of 125% or greater). Moreover, as of December 2011, total household mortgage debt was $3.7 trillion greater than households equity in their homes, representing a significant decline in household wealth nationwide, possibly leading to borrowers walking away from their homes. 4 In total, loan servicers completed more than 4 million loan modifications under various programs between January 2009 and December 2011, according to the GAO. At the beginning of the mortgage crisis, servicers were slow to offer meaningful modification plans to borrowers. Using data obtained from Core Logic, the GAO found that in 2007, at the beginning of the foreclosure crisis, most modifications resulted in higher monthly payments for borrowers because servicers chose to capitalize past due amounts into the new payment instead of forgiving the past debt. This resulted in higher rates of borrowers According to GAO, beginning in the first quarter of 2010, more than half of modifications involved payment reductions of 20 percent or more. By early 2011, about a quarter of all modifications involved payment reductions of 40 percent or more. Since 2008 the performance of modified mortgages has steadily improved. re-defaulting on their modifications. For example, according to GAO, 36 percent of prime loans and 31 percent of sub-prime loans modified in the last quarter of 2008 re-defaulted within six months. Fast forward to 2010 and beyond when servicers begin to focus more on lowering monthly payments in the modification through reduced interest rates, extended loan terms, and principal forgiveness in some cases. This effort to make the loan affordable vs. recouping loan losses resulted in much lower re-default rates among servicers. According to GAO, prime loans modified in the fourth quarter of 2010, had a 9 percent re-default and sub-prime loans had a 10 percent re-default rate. 5 2 America s Hardest Hit Neighborhoods, CNN Money, January 17, Mortgage Banks Association, Mortgage Delinquency Survey, November 7, U.S. Government Accountability Office, Foreclosure Mitigation: Agencies Could Improve Effectiveness of Federal Efforts with Additional Data Collection and Analysis, June U.S. Government Accountability Office, Foreclosure Mitigation: Agencies Could Improve Effectiveness of Federal Efforts with Additional Data Collection and Analysis, June

6 Community Reinvestment Act Resources for Foreclosure Prevention Enacted as part of the Housing and Community Development Act of1977, the Community Reinvestment Act (CRA) requires regulated banks to meet the credit and deposit needs of consumers and neighborhoods including low- and moderate-income persons and communities. Before CRA was enacted in 1977, there were severe shortages of credit available to low- and moderate-income neighborhoods as well as concerns about redlining and discrimination. CRA was intended to expand access to credit and reduce discriminatory credit practices. Consistent with safe and sound operations, CRA assigns federally insured financial institutions a continuing and affirmative obligation to help meet the credit needs of their communities, including low- and moderate-income neighborhoods. FDIC examiners evaluate the performance of approximately 5,200 institutions. 6 Some studies have tried to lay the blame for the mortgage crisis squarely on the shoulders of the CRA and the low- and moderateincome borrowers it helps. However, other studies and agencies point out that only about one-in-four higher priced first mortgage loans were made by CRA covered banks during , the pinnacle of the subprime mortgage lending. 7 The rest were made by private independent mortgage companies and affiliates of large banks not covered by CRA. According to the Center for Responsible Lending, the loans that caused the financial crisis sub-prime and Alt-A loans were overwhelmingly originated by non-cra Types of CRA lending that may warrant favorable bank review ratings (source: Interagency Questions and Answers Regarding CRA, Notice, Federal Register, July 21, 2001, p ): Providing loan programs that include a financial education component about how to avoid lending activities that may be abusive. Offering lending programs that transition borrowers with higher interest rates and fees to lower cost lenders. 8 Moreover, according to former FDIC chief, Sheila Bair, CRA works because it encourages FDIC-insured banks to lend in low- and moderate-income areas consistent with safe and sound operations. In 2007, early on in the housing crisis, the FDIC sent a letter to the 5,200 banking institutions under its regulatory control alerting them that they could receive CRA consideration for programs that transition low- and moderate-income borrowers from higher-cost 6 Federal Deposit Insurance Corporation, Sandra L. Thompson, Division of Supervision and Consumer Protection, Community Reinvestment Act: Thirty Years of Accomplishments, but Challenges Remain, Testimony before the House Financial Services Committee, February 13, Federal Deposit Insurance Corporation, Sheila Bair, Chairman, December 17, 2008 speech. 8 Center for Responsible Lending, Center for American Progress, University of North Carolina Center for Community Capital, Affordable Housing: The Way Forward from Here,

7 loans to affordable loans, provided the loans were made in a safe and sound manner. 9 National Foreclosure Mitigation Counseling Program In December 2007, the National Foreclosure Mitigation Counseling (NFMC) Program began. The program is operated through NeighborWorks America and provides grants to housing counseling agencies nationwide. Upwards of over 1,700 counseling agencies operate under the program. As of August 31, 2012, the NFMC provided nearly $600 million to local counseling agencies for foreclosure mitigation counseling services and legal assistance to homeowners. 10 According to a study conducted by the Urban League, homeowners who received NFMC counseling were twice as likely to obtain a mortgage modification and remain current on their mortgages after the modification. The Hardest Hit Fund and the National Mortgage Settlement Most of the federal funding available for foreclosure prevention has been allocated directly to states through the Hardest Hit Fund and through the National Mortgage Settlement. The Hardest Hit Fund (HHF), enacted through the Emergency Economic Stabilization Act of 2008, is administered by the U.S. Treasury Department and has provided resources to states, mainly through state housing finance agencies, to develop local and regional solutions to foreclosure. Beginning in February 2010, the HHF provided $7.6 billion to states with high foreclosure rates and high unemployment rates. The following 17 states and the District of Columbia received funding through the program. Alabama - $162.5 million Arizona - $267.8 million California - $2 billion District of Columbia - $20.7 million Florida - $1.1 billion Georgia - $339.3 million Illinois- $445.6 million Indiana - $221.7 million Kentucky - $148.9 million According to NeighborWorks America, the NFMC Program has provided counseling services and legal assistance to 1.45 million borrowers. NFMC counseled borrowers were nearly 70% more likely to remain current on their mortgages nine months after receiving a modification rather than re-default. 9 Federal Deposit Insurance Corporation, Sheila Bair, Chairman, April 2007 letter to banking institutions. 10 NeighborWorks America, National Foreclosure Mitigation Counseling Program: Congressional Update, December 10,

8 Michigan - $498.6 million Mississippi - $101.9 million Nevada - $194 million New Jersey - $300.5 million North Carolina - $482.8 million Ohio - $570.4 million Oregon - $220 million Rhode Island - $79.4 million South Carolina - $295.4 million Tennessee - $217.3 million These states have implemented a variety of targeted programs to help struggling homeowners pay their monthly mortgage payments, help delinquent homeowners bring their mortgage current, provide principal reductions for homeowners who are underwater, help homeowners pay-off second liens, and provide relocation assistance to homeowners who are faced with short sales and deed-in-lieu of foreclosures. Some states have been criticized for slow implementation of the program and for helping homeowners who made poor financial decisions. Since the program has been slow to commit funds there is a good chance that resources are still available to help homeowners in most states. In February 2012, 49 state attorney generals (the State of Oklahoma chose not to be a party to the settlement) and the federal government announced a $25 billion settlement, the National Mortgage Settlement, with the country s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi Bank, JPMorgan Chase, and Wells Fargo. The agreement settles state and federal investigations against these servicers which found instances of mortgage fraud and deception. The servicers violated federal mortgage law in several areas: (1) robo-signing (where foreclosure documents were signed by people who had no knowledge about whether the information contained in the documents was correct), (2) inaccurately notarized documents; (3) improper foreclosure procedures, and (4) deceptive practices in the loan modification process (such as telling a borrower that a loan modification was imminent while simultaneously foreclosing). The settlement provided monetary relief to borrowers in the following areas. 11 $17 billion - Immediate aid to borrowers needing loan modification, including first and second lien principal reduction. $3 billion - Immediate aid to borrowers who are current, but whose mortgages currently exceed their home value. Borrowers will be able to refinance at today s low rates. $1.5 billion - Payments to borrowers who lost their homes to foreclosure. $2.5 billion - Immediate payments to the 49 states to help fund consumer protection and state foreclosure prevention efforts. 11 Office of Mortgage Settlement Oversight, Ongoing Implementation: A Report from the Monitor of the National Mortgage Settlement, February 21,

9 Go to for the contact information for your State Attorney General s Office. The settlement also included nationwide reforms to servicing standards requiring a single point of contact for borrowers, adequate staffing levels and training, better communication with borrowers, and appropriate standards for executing documents in foreclosure cases, ending improper fees, and dual track foreclosures. As of December 31, 2012, the servicers reported assisting 554,389 borrowers with some type of consumer relief representing $45.83 billion in assistance. Of this assistance, nearly $25 billion has come in the form of first lien modifications. 12 Unfortunately, much of the remainder of the assistance has come in the form of short sales ($19.5 billion) which does not help borrowers remain in their home. Of the $25 billion settlement, $2.5 billion is directed to states. Of this amount, less than half $1 billion is being used for foreclosure prevention efforts or other housing related programs. The remainder is being used by states to plug budget holes. Case in point, the State of California received $410 million from the national mortgage settlement but only $18.4 million went to the State Attorney General s Office for housing counseling. Arizona s state assembly diverted $50 million - just over half of its settlement to the general fund. And the list goes on. However, some states are making good use of the funds. The following provides some examples of how states are using their portion of the National Mortgage Settlement to help consumers. The Commonwealth of Pennsylvania is using 90% of its allocation for its emergency mortgage assistance program - the Homeowner s Emergency Mortgage Assistance Program. The program was started in 1983 and helps homeowners faced with foreclosure pay their mortgage payments. Washington State is allocating most of its $54 million to non-profits for a range of counseling and legal aid services, as well as to cities for demolition of blighted housing. The State of Michigan s $97.2 million will go into a Homeowner Protection Fund to help people avoid foreclosure, alleviate the effects of the foreclosure crisis, and support law enforcement activities to prevent or prosecute financial fraud. Most notably the Fund will provide $7.5 million to a foreclosure rescue scam victim restitution program to compensate Michigan residents who fell victim to foreclosure scams. Another $20 million will go to foreclosure counseling for homeowners, $25 million will be allocated to cities for blight elimination, $5 million will go towards paying the closing costs of homeowners who refinance their mortgage, and the remainder will go to other housing related efforts. With its $11 million, the State of New Mexico is funding a new foreclosure hotline and a pilot program for facilitating settlements in court cases. 12 Ibid 6

10 The State of Nevada Department of Business and Industry is in the process of creating a program to help homeowners who have underwater mortgages. The program would create a $150 million loan pool to buy up nearly 52,000 distressed mortgages en masse and refinance them. The Home Means Nevada Home Retention Program would buy pools of underwater mortgages at a 30% discount then work with homeowners to refinance. The State of Louisiana plans to allocate its $17.7 million to various programs including settlement oversight, a financial fraud unit, and litigation over faulty drywall. The State of New Hampshire is using its $9.6 million on a new financial fraud unit in the Attorney General s office and to launch a statewide complaint database to help coordinate investigations. Some Local Examples City of Boston, MA Department of Neighborhood Development Boston Home Center The Department of Neighborhood Development s Boston Home Center provides consumer outreach, information, and counseling to help homeowners avoid predatory lending and prevent foreclosure. One of the services offered is a one-day workshop on Options for Reducing Monthly Mortgage Payments that helps homeowners learn how to prevent foreclosure through budgeting and credit counseling. Don t Borrow Trouble is an educational campaign started by Freddie Mac in 1999 to enhance consumer awareness around predatory home loans. The program started in the City of Boston and has since gone nationwide to 30 states. The campaign primarily focuses on referral hotlines that connect borrowers to resources, consumer awareness campaigns, and homeownership and foreclosure prevention counseling services. Miami-Dade County Foreclosure Prevention Program. The City of Miami created the Foreclosure Prevention Program to help people who have faced a significant and unexpected loss of income stay in their homes. The primary goal is to help families get back on track with their mortgage payments. The program provides financial and cash grants up to $7,500 to eligible homeowners facing foreclosure. The program also provides legal assistance and representation to homeowners faced with foreclosure including victims of mortgage fraud. The project is funded through the State Attorney General s Office and is administered through Legal Services of Greater Miami. 7

11 City of Seattle Office of Housing Foreclosure Prevention Program. The program provides stabilization loans up to $5,000 to help homeowners who have suffered a temporary set-back remain in their home. The program also provides financial and mortgage counseling, and help in negotiating repayment plans with lenders. The program is administered by local non-profits including the local Urban League. Summary The housing crisis is attributable to a set of factors. These include inadequate consumer protections, poor lending standards, unemployment, and inadequate due diligence by originators and investors. The results are massive home foreclosures, loss of homeowner equity, and depressed housing markets and neighborhoods. Foreclosures result in vacant homes that mar neighborhoods, invite crime, and create an appearance of market distress, diminishing the market value of nearby properties. Foreclosures are costly; resulting in direct costs to servicers (holding costs, property maintenance), erosion of local tax bases, depletion of consumer equity, and enormous emotional toll on borrowers. To help borrowers faced with foreclosure, loan holders and servicers need to adopt systematic approaches to loan modifications that result in affordable loans that are sustainable over the long term. It would seem that a modified, performing loan is of greater value to mortgage investors than a foreclosure, but servicers have been slow to provide meaningful mortgage modification to borrowers and have been slow to providing principal reduction. Homeowners who find themselves behind in their mortgage need help, but don t seem to know how or who to reach out to for assistance. It is safe to say that most don t understand the foreclosure process, know their mortgage rights, or how to contact their lender or a housing counseling agency. State and local governments have stepped in to help educate homeowners and prevent foreclosures. States have received the bulk of federal funding allotted during the housing crisis and are in a good position to fund new and existing programs at both the state and local level. While it appears we ve reached the pinnacle of the foreclosure crisis in most regions, others are still suffering. State and local governments located in these regions must be quick to reach out to borrowers to provide avenues for housing counseling and legal assistance to modify mortgages quickly and effectively. Some Tips A proactive outreach and education campaign to contact borrowers is necessary to ensure early modification of loans before there is an extended period of delinquency. Outreach should focus on the use of radio, television, the internet, and concentrated mailing campaigns to neighborhoods with high-foreclosure rates. The outreach campaign must 8

12 focus on connecting at-risk borrowers with HUD-certified housing counseling agencies. A proactive approach to follow-up with borrowers post-modification (post modification counseling and tracking) is needed to ensure lower re-defaults. Modifications must result in an affordable monthly payment for the borrower to lessen the chances of re-default. The University of North Carolina Center for Community Capital suggests the use of a financial coach after a loan modification to help borrowers adopt behaviors and make decisions that lower debt, increase credit scores, and maintain homeownership for the long run (see the example below). Collaboration among state and local government agencies, local housing counseling agencies and other non-profit organizations, and banks is needed to forge partnerships, marshal resources, and develop long-term solutions to foreclosure prevention and mitigation. Good Examples The Texas Department of Housing and Community Affairs provides detailed information on its web site (www.tdhca.state.tx.us/homeownership/foreclosure/index.htm) that outlines the loan workout process, the stages of foreclosure, tips for improving credit and prioritizing debt, and housing counseling information. The State of Michigan also has an excellent foreclosure prevention web site (www.michigan.gov/mshda) that provides a list of housing counseling agencies throughout the state, a community foreclosure response tool kit targeted at homeowners and stakeholder groups that provides information on organizing an effective local response to foreclosure, the foreclosure process and time line, federal, state, and local resources, information on foreclosure rescue scams, legal assistance, and counseling services, data, and other important information. The Foreclosure Response Coalition of Kent County, MI launched an aggressive marketing campaign to get the word out to residents on counseling services. The Coalition, comprised of over 40 agencies from a wide spectrum of non-profits, local government, foundations, banks, realtors, and neighborhood organizations, went door-todoor to inform residents of federal, state, and local programs and resources, attended neighborhood association meetings, printed foreclosure counseling information on water bills, and broadcast public service announcements on Spanish radio stations. Miami-Dade County provides information to residents on how to avoid foreclosure rescue scams on its website. The videos are in both English and Spanish. 9

13 Home Free-USA Project Restore. Home Free-USA developed Project Restore to improve the likeliness of post-modification success. The program recognized two important points: First, many struggling borrowers continue to be burdened with excessive consumer debt after their workout and second, default counselors do not usually continue to work with borrowers following the successful negotiation with the lender. Project Restore set out to couple modification of borrower finances with modification of mortgages through a long-term financial coaching model. The program combined ownership counseling with a class called Financial Mistakes to Avoid, but also added a third component: a financial coach. The coach s role was to identify and help change financial behaviors that made homeownership difficult to maintain. The coach tracked metrics such as debt, savings, debt-to-income ratios, and credit scores University of North Carolina Center for Community Capital, Community-Based Initiatives for Foreclosure Prevention and Mitigation, May

National Mortgage Settlement

National Mortgage Settlement National Mortgage Settlement Housing and Land Use Policy Program University of Iowa Public Policy Center Sally Scott, Ph.D. and Jerry Anthony, Ph.D. October 2012 Overview On February 9 of 2012, a bipartisan

More information

HARDEST HIT FUND. Fourth Quarter 2014 Performance Summary

HARDEST HIT FUND. Fourth Quarter 2014 Performance Summary HARDEST HIT FUND Fourth Quarter 2014 Performance Summary HARDEST HIT FUND QUARTERLY PERFORMANCE SUMMARY Background and Glossary of Terms The Hardest Hit Fund (HHF) provides $7.6 billion to 18 states and

More information

Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY

Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY The settlement between the state attorneys general and the five leading bank mortgage servicers will result in approximately $25 billion

More information

Support Under the Homeowner Affordability and Stability Plan: Three Cases

Support Under the Homeowner Affordability and Stability Plan: Three Cases Support Under the Homeowner Affordability and Stability Plan: Three Cases Family A: Access to Refinancing In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the

More information

DETAILS REGARDING USE OF MORTGAGE FUNDS

DETAILS REGARDING USE OF MORTGAGE FUNDS DETAILS REGARDING USE OF MORTGAGE FUNDS Attorney General Tom Horne has announced a comprehensive multi-year program for the allocation of the $57 million in mortgage settlement funds aimed at keeping people

More information

Making Home Affordable Updated Detailed Program Description

Making Home Affordable Updated Detailed Program Description Making Home Affordable Updated Detailed Program Description The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout

More information

Protecting Your Investment

Protecting Your Investment Protecting Your Investment Understanding Home Financing and Avoiding Foreclosure Massachusetts Attorney General Consumer Hotline One Ashburton Place Boston, MA 02108-1518 (617) 727-8400 or (617) 727-4765

More information

The Making Home Affordable Program Offers Options for Homeowners in Bankruptcy

The Making Home Affordable Program Offers Options for Homeowners in Bankruptcy The Making Home Affordable Program Offers Options for Homeowners in Bankruptcy By Doreen Solomon, Assistant Director, Office of Oversight, Executive Office for U.S. Trustees, and Erin Sagransky, Policy

More information

Hardest Hit Fund Overview

Hardest Hit Fund Overview Hardest Hit Fund Overview for Trusted Advisors The Hardest Hit Fund 2 History of the Hardest Hit Fund The Hardest Hit Fund provides $7.6 billion to 18 states and the District of Columbia to provide assistance

More information

Special Inspector General for the Troubled Asset Relief Program

Special Inspector General for the Troubled Asset Relief Program SPECIAL INSPECTOR GENERAL TROUBLED ASSET RELIEF PROGRAM Homeowners Have Struggled With Low Admission Rates and Lengthy Delays In Getting Help From TARP s Second-Largest Housing Program The Hardest Hit

More information

Hardest Hit Fund Overview

Hardest Hit Fund Overview Hardest Hit Fund Overview for Trusted Advisors The Hardest Hit Fund 2 History of the Hardest Hit Fund The Hardest Hit Fund provides $7.6 billion to 18 states and the District of Columbia to provide assistance

More information

2013 Annual Awards Entry Form (Complete one for each entry.)

2013 Annual Awards Entry Form (Complete one for each entry.) 2013 Annual Awards Entry Form (Complete one for each entry.) Entry Name Keeping People in Their Homes - A Foreclosure Prevention Success Story HFA Illinois Housing Development Authority (IHDA) Submission

More information

Countrywide Settlement FAQ s

Countrywide Settlement FAQ s Countrywide Settlement FAQ s 1. Does the settlement impact my Countrywide loan? The Attorney General s settlement with Countrywide provides for loan modifications for eligible borrowers who are 60 days

More information

FAITH SCHWARTZ THE HOPE NOW ALLIANCE. U.S. House of Representatives Committee on the Judiciary Subcommittee on Commercial and Administrative Law

FAITH SCHWARTZ THE HOPE NOW ALLIANCE. U.S. House of Representatives Committee on the Judiciary Subcommittee on Commercial and Administrative Law TESTIMONY OF FAITH SCHWARTZ ON BEHALF OF THE HOPE NOW ALLIANCE U.S. House of Representatives Committee on the Judiciary Subcommittee on Commercial and Administrative Law HEARING ON Growing Mortgage Foreclosure

More information

Hardest Hit Fund Overview. October 2014 Making Home Affordable

Hardest Hit Fund Overview. October 2014 Making Home Affordable Hardest Hit Fund Overview for Trusted Advisors History of the Hardest Hit Fund The Hardest Hit Fund provides $7.6 billion to 18 states and the State District of Columbia to provide assistance to struggling

More information

Progress and Peril III: Taking Action: A Status Report on the Compact for Home Opportunity

Progress and Peril III: Taking Action: A Status Report on the Compact for Home Opportunity Progress and Peril III: Taking Action: A Status Report on the Compact for Home Opportunity Executive Summary This status report describes progress toward implementation of the Compact for Home Opportunity,

More information

Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts

Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts Third Quarter 28 EXECUTIVE SUMMARY In February 28, we published our initial data report on Citi s U.S. mortgage lending businesses,

More information

February 1, 2011. RE: Participation in the Hardest-Hit Fund Program in Georgia

February 1, 2011. RE: Participation in the Hardest-Hit Fund Program in Georgia February 1, 2011 RE: Participation in the Hardest-Hit Fund Program in Georgia The United States Department of Treasury (Treasury) established the Hardest Hit Fund (HHF) Program in February 2010 to provide

More information

Keys to Preserving Homeownership through Housing Counseling

Keys to Preserving Homeownership through Housing Counseling Keys to Preserving Homeownership through Housing Counseling NeighborWorks Week 2015: Empowering Neighborhood Leaders! June 6, 2015 St. Luke's Episcopal Church Overview According to a Minneapolis Study

More information

Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures. Debbie Gruenstein Bocian, Wei Li, Carolina Reid Center for Responsible Lending

Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures. Debbie Gruenstein Bocian, Wei Li, Carolina Reid Center for Responsible Lending Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures Executive Summary Debbie Gruenstein Bocian, Wei Li, Carolina Reid Center for Responsible Lending Roberto G. Quercia Center for Community

More information

Joint State-Federal Mortgage Servicing Settlement FAQ

Joint State-Federal Mortgage Servicing Settlement FAQ Joint State-Federal Mortgage Servicing Settlement FAQ Q: Is Wisconsin part of a national mortgage settlement? A: Yes. Wisconsin joined a landmark $25 billion joint federal-state agreement with the nation

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners August 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

REALTORS Guide to FORECLOSURE RESOURCES

REALTORS Guide to FORECLOSURE RESOURCES REALTORS Guide to FORECLOSURE RESOURCES Federal & State Programs That May Help Those Facing Foreclosure Making Home Affordable Program Designed to assist families who may face foreclosure, the federal

More information

Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets ( HFA Hardest-Hit Fund ) Frequently Asked Questions.

Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets ( HFA Hardest-Hit Fund ) Frequently Asked Questions. Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets ( HFA Hardest-Hit Fund ) Frequently Asked Questions March 5, 2010 On February 19, 2010, President Obama announced $1.5 billion

More information

The Coordinated Plan. to Address Foreclosures in Minnesota

The Coordinated Plan. to Address Foreclosures in Minnesota The Coordinated Plan to Address Foreclosures in Minnesota A review of and as summarized by the Minnesota Foreclosure Partners Council March 2009 The Problem The number of mortgage foreclosures in Minnesota

More information

Foreclosure Prevention Programs in Lucas County

Foreclosure Prevention Programs in Lucas County December 2014 Foreclosure Prevention Programs in Lucas County Analysis of Applications and Outcomes by Zip Code for Potential Racial Disparities Toledo Fair Housing Center TABLE OF CONTENTS Introduction..2

More information

Help for Rhode Islanders in Housing Trouble

Help for Rhode Islanders in Housing Trouble Help for Rhode Islanders in Housing Trouble An Update from Rhode Island Housing June 2009 Table of Contents: Getting Out of Mortgage Trouble... 2 Modification, Refinancing and Beyond... 3 Homeowner gets

More information

27-May-10 State Responses to Housing Crisis: Non-Financial Assistance Programs

27-May-10 State Responses to Housing Crisis: Non-Financial Assistance Programs 27-May-10 State Responses to Housing Crisis: Non-Financial Assistance s Arizona State Date Administration Funding details Source Foreclosure Prevention Workshops Eviction Prevention/Emergency Homeless

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2014 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S

More information

Countrywide Settlement FAQs

Countrywide Settlement FAQs The Tennessee Attorney General s settlement with Countrywide offers several options for borrowers. If you do not see the answer to your question here, please contact Countrywide toll free at (800) 669

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners April 2014 U.S. Department U.S Department of Housing of Housing and Urban and Urban Development Development

More information

9-Jul-08 State Responses to Housing Crisis: Legislative Solutions

9-Jul-08 State Responses to Housing Crisis: Legislative Solutions 9-Jul-08 State Responses to Housing Crisis: Legislative Solutions Arkansas 4/16/03 7/15/03 HB 2598 California 7/8/08 7/8/08 SB 1137 10/5/07 10/5/07 SB 223 10/5/07 SB 385 Enacts Arkansas Home Loan Protection

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners March 21 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

STATE OF COLORADO OFFICE OF THE ATTORNEY GENERAL JOHN W. SUTHERS Attorney General

STATE OF COLORADO OFFICE OF THE ATTORNEY GENERAL JOHN W. SUTHERS Attorney General STATE OF COLORADO OFFICE OF THE ATTORNEY GENERAL JOHN W. SUTHERS Attorney General Allocation of Settlement Funds March 16, 2012 Relief Available under the Settlement Background On February 9, 2012 this

More information

HOME PRESERVATION BASICS

HOME PRESERVATION BASICS HOME PRESERVATION BASICS - Know what to do and when to do it The current economic crisis has greatly affected the housing industry, and our local community is no exception. This has forced different households

More information

Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv.

Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv. The National Mortgage Settlement Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv.gov Multistate Settlement Investigation

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

TESTIMONY OF BARRY R. WIDES DEPUTY COMPTROLLER FOR COMMUNITY AFFAIRS OFFICE OF THE COMPTROLLER OF THE CURRENCY BEFORE THE

TESTIMONY OF BARRY R. WIDES DEPUTY COMPTROLLER FOR COMMUNITY AFFAIRS OFFICE OF THE COMPTROLLER OF THE CURRENCY BEFORE THE For Release Upon Delivery 10:00 a.m., April 15, 2008 TESTIMONY OF BARRY R. WIDES DEPUTY COMPTROLLER FOR COMMUNITY AFFAIRS OFFICE OF THE COMPTROLLER OF THE CURRENCY BEFORE THE COMMITTEE ON FINANCIAL SERVICES

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners March 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S

More information

$2.5 Billion. Understanding how States are Spending their Share of the National Mortgage Settlement. Amanda Sheldon Roberts

$2.5 Billion. Understanding how States are Spending their Share of the National Mortgage Settlement. Amanda Sheldon Roberts $2.5 Billion Understanding how States are Spending their Share of the National Mortgage Settlement Amanda Sheldon Roberts Introduction The National Mortgage Settlement is a historic joint state-federal

More information

Short Sales A guide to working with Wells Fargo

Short Sales A guide to working with Wells Fargo Short Sales A guide to working with Wells Fargo J.K. Huey, CMB, AMP Senior Vice President Wells Fargo Home Mortgage National Association of REALTORS New Orleans, LA November 7, 2010 1 Strategic Partnership

More information

This notice provides guidance on the federal tax consequences of, and

This notice provides guidance on the federal tax consequences of, and Part III - Administrative, Procedural, and Miscellaneous TAX CONSEQUENCES TO HOMEOWNERS, MORTGAGE SERVICERS, AND STATE HOUSING FINANCE AGENCIES OF PARTICIPATION IN THE HFA HARDEST HIT FUND AND THE EMERGENCY

More information

Homeownership Preservation Policy for Residential Mortgage Assets. Section 110 of the Emergency Economic Stabilization Act (EESA)

Homeownership Preservation Policy for Residential Mortgage Assets. Section 110 of the Emergency Economic Stabilization Act (EESA) Homeownership Preservation Policy for Residential Mortgage Assets Section 110 of the Emergency Economic Stabilization Act (EESA) requires that each Federal property manager that holds, owns, or controls

More information

Summary of the Housing and Economic Recovery Act of 2008

Summary of the Housing and Economic Recovery Act of 2008 Summary of the Housing and Economic Recovery Act of 2008 On July 30, President Bush signed major housing legislation, HR 3221, the Housing and Economic Recovery Act of 2008. The bill restructures regulation

More information

How The $25 Billion Foreclosure Settlement Will Really Affect The Housing Market

How The $25 Billion Foreclosure Settlement Will Really Affect The Housing Market How The $25 Billion Foreclosure Settlement Will Really Affect The Housing Market Well, struggling homeowners, that long-anticipated mortgage relief plan President Obama has been alluding to has finally

More information

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research

More information

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners

The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners June 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department

More information

Responses to the Foreclosure Crisis University of Iowa October 2008

Responses to the Foreclosure Crisis University of Iowa October 2008 Responses to the Foreclosure Crisis University of Iowa October 2008 National Community Reinvestment Coalition http://www.ncrc.org 202-628-8866 1 What is Abusive Lending Prime lending market rate lending

More information

MACDC MASSACHUSETTS MORTGAGE INDUSTRY REPORT CARD. A View of the Foreclosure Crisis from the Perspective of Foreclosure Prevention Counselors

MACDC MASSACHUSETTS MORTGAGE INDUSTRY REPORT CARD. A View of the Foreclosure Crisis from the Perspective of Foreclosure Prevention Counselors MASSACHUSETTS MORTGAGE INDUSTRY REPORT CARD A View of the Foreclosure Crisis from the Perspective of Foreclosure Prevention Counselors MACDC MASSACHUSETTS ASSOCIATION OF COMMUNITY DEVELOPMENT CORPORATIONS

More information

National Delinquency and Foreclosure Trends Mortgage Category Definitions National percentage change in mortgage delinquencies and

National Delinquency and Foreclosure Trends Mortgage Category Definitions National percentage change in mortgage delinquencies and Volume 31, December 2007 Policy Points A publication of the Southern Good Faith Fund Public Policy program Mortgage Foreclosures: A Review of Trends in Arkansas and Strategies Used The rising rate of mortgage

More information

House Republican Housing Plan The Responsible Homeowners Act

House Republican Housing Plan The Responsible Homeowners Act House Republican Housing Plan The Responsible Homeowners Act Keeping Families in Their Home, Lowering Costs for All Homeowners: $5,000 Refinancing Credit: House Republicans propose to provide a $5,000

More information

Affordable Housing Partnership Housing Counseling Program

Affordable Housing Partnership Housing Counseling Program Affordable Housing Partnership Housing Counseling Program ORGANIZATION AND STAFF INFORMATION Name of Organization: Affordable Housing Partnership of the Capital Region Inc. 255 Orange Street Albany, New

More information

INTRODUCTION TO THE NATIONAL MORTGAGE SERVICING SETTLEMENT FLORIDA ATTORNEY GENERAL S OFFICE

INTRODUCTION TO THE NATIONAL MORTGAGE SERVICING SETTLEMENT FLORIDA ATTORNEY GENERAL S OFFICE INTRODUCTION TO THE NATIONAL MORTGAGE SERVICING SETTLEMENT FLORIDA ATTORNEY GENERAL S OFFICE 1 Attorney General Pam Bondi News Release March 12, 2012 Attorney General Bondi Announces Court Filings in $25

More information

ATTORNEYS AND THE FORECLOSURE RESCUE FRAUD EPIDEMIC

ATTORNEYS AND THE FORECLOSURE RESCUE FRAUD EPIDEMIC ATTORNEYS AND THE FORECLOSURE RESCUE FRAUD EPIDEMIC The Lawyers' Committee for Civil Rights Under Law (Lawyers Committee) and its coalition partners in the Loan Modification Scam Prevention Network (LMSPN)

More information

The Coordinated Plan. to Address Foreclosures in Minnesota

The Coordinated Plan. to Address Foreclosures in Minnesota The Coordinated Plan to Address Foreclosures in Minnesota An overview of the Goals, Strategies, and Successes of the Minnesota Foreclosure Partners Council September 2010 The Crisis The number of mortgage

More information

The Consumer Debt Crisis: What Can Law Schools Do?

The Consumer Debt Crisis: What Can Law Schools Do? The Consumer Debt Crisis: What Can Law Schools Do? Professor Peggy Maisel Director of the Clinical Program Florida International University College of Law University Park; RDB 1010; Miami, FL 33199 E-mail:

More information

Questions and Answers for Borrowers about the. Homeowner Affordability and Stability Plan

Questions and Answers for Borrowers about the. Homeowner Affordability and Stability Plan Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan Borrowers Who Are Current on Their Mortgage Are Asking: 1. What help is available for borrowers who stay current

More information

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS FAIR HOUSING UNIVERSITY FOR SALE Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS WHAT IS FORECLOSURE When a lender takes possession of a house from a homeowner who has not met the mortgage

More information

Troubled Asset Relief Program: Status of Housing Programs

Troubled Asset Relief Program: Status of Housing Programs January 8, 2016 Congressional Committees Troubled Asset Relief Program: Status of Housing Programs The Emergency Economic Stabilization Act of 2008 (EESA) initially authorized $700 billion to assist financial

More information

Redefault Rates Improve for Recent Loan Modifications

Redefault Rates Improve for Recent Loan Modifications Redefault Rates Improve for Recent Loan Modifications State Foreclosure Prevention Working Group Memorandum on Loan Modification Performance August 2010 Introduction and Summary of Key Findings For over

More information

Spotlight on the Housing Market in the Orlando-Kissimmee-Sanford, FL MSA

Spotlight on the Housing Market in the Orlando-Kissimmee-Sanford, FL MSA Spotlight on in Orlando-Kissimmee-Sanford, FL MSA The Orlando-Kissimmee-Sanford, FL Metropolitan Statistical Area (Orlando MSA) is located in central Florida and includes four counties: Lake, Orange, Osceola,

More information

Saving Homes, Saving Cities Solving the Mortgage Crisis Locally

Saving Homes, Saving Cities Solving the Mortgage Crisis Locally Saving Homes, Saving Cities Solving the Mortgage Crisis Locally Scope of the Problem The Big Picture 12 million underwater homes in the United States 9 million future foreclosures Underwater borrowers

More information

Loan Foreclosure Analysis and Comparison. A Briefing To The Housing Committee March 3, 2008

Loan Foreclosure Analysis and Comparison. A Briefing To The Housing Committee March 3, 2008 Loan Foreclosure Analysis and Comparison A Briefing To The Housing Committee March 3, 2008 Purpose To determine the cause of the Subprime mortgage crisis which was triggered by a sharp rise in home foreclosures

More information

National Industry Standards for Homeownership Counseling Foreclosure Intervention Specialty

National Industry Standards for Homeownership Counseling Foreclosure Intervention Specialty National Industry Foreclosure Counseling Standards The National Industry Standards for Homeownership Education and Counseling allow organizations and homeownership professionals to demonstrate that all

More information

PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION

PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION 1 PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION Preliminary Report, Findings and Recommendations from the IDT Seattle City Council March 26, 2014 IDT Scope of Work 2 Resolution 31495 directed IDT to explore

More information

As soon as you know you can t make your payment, take the following steps:

As soon as you know you can t make your payment, take the following steps: As soon as you know you can t make your payment, take the following steps: Call your lender. Ask for the loss mitigation department. Be honest about your situation so you can get the best, most realistic

More information

Foreclosure Information & Assistance 2010 (updated 10/10)

Foreclosure Information & Assistance 2010 (updated 10/10) This information can also be found on the web at: http://humanservices.townofmanchester.org/elderly/documents/forclosureassistance2010.pdf Summary of P.A. 08-176 An Act Concerning Responsible Lending and

More information

Making Home Affordable

Making Home Affordable Making Home Affordable Overview of Programs What to Expect Overview of MHA Programs This presentation will: Provide an overview of Making Home Affordable (MHA) and its various components. Show you how

More information

For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes

For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes home preservation. Your home is not only a significant

More information

Handling Default and Foreclosure

Handling Default and Foreclosure Handling Default and Foreclosure Delinquency Vs. Default Delinquency = less than 3 payments behind. A collections account. Only late fees accrue Default= more than 3 payments behind. Mortgage automatically

More information

Central Mortgage Company

Central Mortgage Company Central Mortgage Company Dear Borrower Are you struggling with your mortgage payment? We are concerned about your missed or potentially missed mortgage payment and want you to be aware of assistance available

More information

Servicing s Pain Points

Servicing s Pain Points C o v e r R e p o r t : Te c h n o l o g y Servicing s Pain Points BY J O H N G U Z Z O Historic changes are occurring in the servicing business. Not least among the many changes that have occurred in

More information

WHO RECEIVES A MORTGAGE MODIFICATION? RACE AND INCOME DIFFERENTIALS IN LOAN WORKOUTS

WHO RECEIVES A MORTGAGE MODIFICATION? RACE AND INCOME DIFFERENTIALS IN LOAN WORKOUTS WHO RECEIVES A MORTGAGE MODIFICATION? RACE AND INCOME DIFFERENTIALS IN LOAN WORKOUTS J. MICHAEL COLLINS University of Wisconsin Loan modifications offer one strategy to prevent mortgage foreclosures by

More information

THE WHITE HOUSE Office of the Press Secretary. FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market

THE WHITE HOUSE Office of the Press Secretary. FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market THE WHITE HOUSE Office of the Press Secretary FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market In his State of the Union address, President Obama laid out a

More information

Exhibit 57A. Approved Attorney Fees and Title Expenses

Exhibit 57A. Approved Attorney Fees and Title Expenses Exhibit 57A Approved Attorney Fees and Title Expenses Written pre-approval from Freddie Mac is required before incurring any expense in excess of any of the below amounts. See Sections 71.19 and 71.24

More information

AVOID FORECLOSURE HOW TO A CONSUMER GUIDE. Open mail from your mortgage company. Can you afford your home? Contact your mortgage company

AVOID FORECLOSURE HOW TO A CONSUMER GUIDE. Open mail from your mortgage company. Can you afford your home? Contact your mortgage company HOW TO AVOID FORECLOSURE A CONSUMER GUIDE Open mail from your mortgage company Can you afford your home? Contact your mortgage company Keeping or not keeping your home What happens if you do not contact

More information

FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS Para la versión en español, clic aquí. FREQUENTLY ASKED QUESTIONS Please click on one of the following links below to go to the section of the application process you are in. Can I sell my house or re-finance

More information

Homeowners are NOT eligible if: The loan is a land contract transaction or privately held mortgage A Foreclosure Sale has already been completed

Homeowners are NOT eligible if: The loan is a land contract transaction or privately held mortgage A Foreclosure Sale has already been completed Frequently Asked Questions 1. What is the Michigan s Hardest Hit Funds program? It is a federally funded loan program designed to help eligible homeowners who are struggling to make their mortgage payments.

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

Making Home Affordable Act Now to Get the Help You Need

Making Home Affordable Act Now to Get the Help You Need Making Home Affordable Act Now to Get the Help You Need Help for America s Homeowners SM MAKING HOME AFFORDABLE The Obama Administration s Making Home Affordable Program is a critical part of the effort

More information

2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012

2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012 2102 Illinois Governor's Conference on Affordable Housing Foreclosure Prevention Programs April 16, 2012 The 18 month Robo Signing Settlement was announced on February 8 and finalized on April 5, 2012

More information

extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm s way.

extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm s way. FACT SHEET: President Obama Announces New Steps to Provide Housing Relief to Veterans and Servicemembers and Help More Responsible Homeowners Refinance In his State of the Union address, President Obama

More information

Introduction. Lenders, Investors, and Servicers

Introduction. Lenders, Investors, and Servicers Introduction The Making Home Affordable Program was announced by the U.S. Department of the Treasury in February 2009 in an effort to help stabilize the housing market and provide relief for struggling

More information

Information on Avoiding Foreclosure

Information on Avoiding Foreclosure Whitney Bank offers and provides financial products and services through its locations in Louisiana and Texas as "Whitney Bank" and as "Hancock Bank" in Mississippi, Alabama and Florida. Information on

More information

Broker s Referral Program

Broker s Referral Program Broker s Referral Program ENROLLMENT KIT One-time prequalification, years of residual income! Contact us Today at rehabs@brookviewfinancial.com or visit us online at: www.brookviewfinancial.com Brookview

More information

Mortgage Servicer Settlement FAQs

Mortgage Servicer Settlement FAQs The Servicer Settlement is the product of sixteen months of intensive negotiations between the five largest banks and an unprecedented coalition of state attorneys general and federal agencies, including

More information

CONSUMER. Steps that Advocates Can Take to Help Older Homeowners Prevent Foreclosure

CONSUMER. Steps that Advocates Can Take to Help Older Homeowners Prevent Foreclosure CONSUMER Information for Advocates Representing Older Adults N a t i o n a l C o n s u m e r L a w C e n t e r CONCERNS Steps that Advocates Can Take to Help Older Homeowners Prevent Foreclosure Foreclosure

More information

Virginia Association of Housing Counseling

Virginia Association of Housing Counseling Virginia Association of Housing Counseling Patricia Scott AVP, Community Outreach Consultant Wells Fargo Home Mortgage Consumer Lending Group, Community Relations and Outreach Hampton, VA May 5, 2015 We

More information

The key components of the Making Home Affordable Program are:

The key components of the Making Home Affordable Program are: REVISED AS OF JULY 13, 2009 HOUSING COUNSELOR FREQUENTLY ASKED QUESTIONS 1. What is the Making Home Affordable (MHA) Program? The Making Home Affordable Program is part of the Obama Administration s broad,

More information

ALLOCATION OF MORTGAGE SERVICING SETTLEMENT FUNDS

ALLOCATION OF MORTGAGE SERVICING SETTLEMENT FUNDS ALLOCATION OF MORTGAGE SERVICING SETTLEMENT FUNDS This Office along with 48 other Attorneys General, the United States Department of Justice, the United States Department of Housing and Urban Development

More information

Avoid Foreclosure. How to Help Yourself (or someone you know) A Step-By-Step Consumer Self-Help Kit. Plus: How to Spot & Report Loan Scams!

Avoid Foreclosure. How to Help Yourself (or someone you know) A Step-By-Step Consumer Self-Help Kit. Plus: How to Spot & Report Loan Scams! How to Help Yourself (or someone you know) Plus: How to Spot & Report Loan Scams! Avoid Foreclosure A Step-By-Step Consumer Self-Help Kit Open mail from your mortgage company Can you afford your home?

More information

FORECLOSURE INTERVENTION PRESENTED BY BRIGHTON CENTER FINANCIAL SERVICES

FORECLOSURE INTERVENTION PRESENTED BY BRIGHTON CENTER FINANCIAL SERVICES FORECLOSURE INTERVENTION PRESENTED BY BRIGHTON CENTER FINANCIAL SERVICES WHAT IS FORECLOSURE Foreclosure is a legal remedy used by a mortgage company to assume ownership of a property when the required

More information

OCC Mortgage Metrics Report Disclosure of National Bank and Federal Savings Association Mortgage Loan Data

OCC Mortgage Metrics Report Disclosure of National Bank and Federal Savings Association Mortgage Loan Data OCC Mortgage Metrics Report Disclosure of National Bank and Federal Savings Association Mortgage Loan Data First Quarter 2014 Office of the Comptroller of the Currency Washington, D.C. June 2014 Contents

More information

GLOSSARY COMMONLY USED REAL ESTATE TERMS

GLOSSARY COMMONLY USED REAL ESTATE TERMS GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These

More information

BORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me?

BORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me? MAKING HOME AFFORDABLE BORROWER Q&AS 1. What is Making Home Affordable" all about? Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through

More information

Steps you can take to protect your home and your credit

Steps you can take to protect your home and your credit Steps you can take to protect your home and your credit Oregon Division of Finance and Corporate Securities Our mission To encourage a wide range of financial services, products, and information for Oregonians,

More information

MULT MUL IST IS A T TE

MULT MUL IST IS A T TE MULTISTATE MORTGAGE COMMITTEE Looking Back... Looking Forward. 1 MULTISTATE MORTGAGE COMMITTEE (MMC) Pennsylvania Donald Debastiani Chair Illinois Mike Garvin Iowa Rod Reed Louisiana Darin Domingue Maryland

More information

Remarks by. Thomas J. Curry Comptroller of the Currency. National Asian American Coalition. San Diego, California.

Remarks by. Thomas J. Curry Comptroller of the Currency. National Asian American Coalition. San Diego, California. Remarks by Thomas J. Curry Comptroller of the Currency National Asian American Coalition San Diego, California October 18, 2013 Good evening. It s a pleasure to be here at the 10 th Anniversary Economic

More information