Report on the Institute for Foreclosure Legal Assistance

Size: px
Start display at page:

Download "Report on the Institute for Foreclosure Legal Assistance"

Transcription

1 Report on the Institute for Foreclosure Legal Assistance In direct response to the worsening foreclosure crisis in 2007, Paulson and Co. generously donated $15 million to the Center for Responsible Lending (CRL) to help struggling homeowners. With these funds, CRL partnered with the National Association of Consumer Advocates (NACA) to launch the Institute for Foreclosure Legal Assistance (IFLA). Recognizing that lack of access to quality legal services is one of the biggest factors in a family losing their home, a majority of these funds were directed to support direct legal assistance to homeowners. The IFLA program includes direct grants, intensive training, and a recoverable grants program to pay for litigation costs. IFLA and its grantees also leveraged almost $1 million in matching support from Equal Justice Works/AmeriCorps, the Oak Foundation, and the John D. and Catherine T. MacArthur Foundation for several hard-hit areas. As we are completing the second year of the three-year effort, CRL is reporting on the results of the IFLA program thus far. Bottom line: IFLA committed $10 million in multi-year grants to 52 organizations in 30 states. The grants -- ranging in size from $63,000 a year to $175,000 a year -- enabled these organizations to increase staffing, serve more people, and take on more ambitious litigation. Though most of these groups are only mid-way through their grant cycle, we are already seeing strong results: Borrowers are getting help Organizations reached more than 11,000 borrowers with initial interviews. From this group, 5,420 cases were taken on by IFLA-funded programs and 2,750 cases have been resolved. There are 2,670 cases still pending. Organizations are gaining strength - With IFLA funds, 35 organizations reported hiring 50 additional staff and expanding efforts to reach borrowers facing foreclosure. Legal staff are gaining expertise - More than 1,700 lawyers and paralegals attended trainings on how to more effectively respond to borrowers at risk of foreclosure. Communities are responding - Organizations are leveraging additional support, training pro bono attorneys to expand legal assistance, and working with other organizations to expand impact. Making an economic impact - CRL s research shows that every foreclosure results in $7,200 in lost value in neighboring homes. i By avoiding foreclosures, millions of dollars in potential lost equity is saved. We are grateful for the opportunity to launch this program which is providing relief to homeowners facing foreclosure across the country. The sad truth is that these efforts can only directly reach a small percentage of the millions of homeowners in trouble. However, by providing high-quality legal services and litigation support in combination with CRL s policy and advocacy work, we have begun to slow the tide of foreclosures and have helped stabilize communities.

2 Background: In 2006, CRL produced one of the first reports to warn of the impending foreclosure crisis, predicting that one out of every five subprime mortgages would end in foreclosure. ii At the time, these estimates were called wildly pessimistic. Unfortunately, the situation has become much worse than we predicted. The crisis has now spread beyond the subprime market, and CRL projects 2.4 million total foreclosures in 2009 and 9 million more through The spillover effect of these foreclosures will depress the value of nearby homes, causing 69.5 million homes to suffer price declines averaging $7,200 per home, with a $502 billion total decline in 2009 alone. iii Low-wealth homeowners and people of color, who received a disproportionate share of subprime mortgages, have been hit hardest by the foreclosure crisis. CRL was created in 2002 to protect homeownership and family wealth by working to eliminate abusive financial practices. We carry out this mission through research, technical policy assistance, coalition-building, litigation, and communications. We have been at the forefront of efforts to halt the rampant growth of abusive practices in the financial industry - in home loans, overdraft loans, payday lending, credit cards, and auto loans. Reckless lending practices in recent years have devastated the economy, costing Americans trillions of dollars in lost wealth and resulting in the weakest economy since the Great Depression. Creation of IFLA: When CRL received the $15 million investment to assist borrowers in distress, it reached out to the NACA, a nationwide organization of more than 1,500 consumer advocates, to help design and manage the program. NACA s members represent and have represented hundreds of thousands of consumers victimized by fraudulent, abusive and predatory business practices. As an organization fully committed to promoting justice for consumers, NACA's members are actively engaged in promoting a fair and open marketplace that forcefully protects the rights of consumers, particularly those of modest means. Together NACA and CRL organized the IFLA program to provide direct grants to enhance the capacity of legal aid organizations to serve homeowners in distress. IFLA also contracted with the National Consumer Law Center to provide a series of trainings for grantees, especially the newly hired attorneys. Goals of the IFLA Program: 1) Increase the supply of attorneys available to represent homeowners threatened with foreclosure. Create a grant program that funds public interest attorneys to do foreclosure defense work. 2) Maximize the effectiveness of attorneys representing homeowners. Create a loan fund to cover costs of aggressive and creative litigation by nonprofit and for-profit litigators. Create a national litigation center with attorneys available to co-counsel. Create a centralized database and provide enhanced technology for attorneys. Provide expert testimony support. Hold national- and state-level trainings to build a coordinated litigation effort. 2

3 Progress Report: Goal 1: Increase the supply of attorneys available to represent homeowners threatened with foreclosure. Create a grant program that funds public interest attorneys to do foreclosure defense work. Getting started The original goal of the IFLA program was to support direct legal assistance to borrowers in 10 or more states to fight foreclosure. Each organization was given a three-year grant, contingent on meeting certain benchmarks, to allow it to make a long-term commitment to foreclosure defense. IFLA disbursed the money to organizations through two grant cycles. The Recoverable Grants program was created to fund costs associated with litigation brought to address systematic abuses. Lastly, IFLA created a network of attorneys working on foreclosure issues and provided them with training and tools to improve their work. To help monitor the progress of the program, IFLA established an Advisory Committee, made up of representatives from NACA, CRL, Paulson & Co. as well as national leaders such as AARP and National Council of La Raza. Here is a report on each aspect of the program. Moving money into the field First grant cycle IFLA announced a request for proposals (RFP) in November 2007 to provide three-year grants to nonprofit legal services organizations with existing foreclosure defense programs. The RFP was distributed widely among state and local legal aid and consumer protection organizations. Seventyseven proposals from 36 states were received, requesting more than $24 million in assistance. A committee reviewed the proposals with emphasis on geographic need, established program and litigation experience, a commitment to community-focused organizing, and demonstrated outreach with direct service providers and other local stakeholders. In March 2008, IFLA committed three-year grants equal to $6.5 million in funding to 27 non-profit organizations in 19 states. The funds are distributed over three years to provide sufficient time to train new attorneys, and for the litigation brought by those attorneys to make an impact. With the first grant cycle, we reached some of the hardest hit areas in the country, especially large urban areas such as Philadelphia and Chicago. Multiple grants were also provided to organizations in Ohio and California, which are facing some of the highest rates of foreclosure in the country. See attachments for full listing of grants. 3

4 Second grant cycle In September 2008, IFLA announced a request for proposals for the second round of grantmaking. Seventy-two proposals were received representing 31 states and $20 million in requests for assistance. The Advisory Committee reviewed the proposals with an emphasis on increasing capacity in areas with the greatest need as well as reaching communities that did not receive funding in the first round. In February 2009, IFLA announced a second round of three-year grant commitments to 9 organizations in 8 additional states with $2.4 million in funding. With these grants, IFLA now covers 36 organizations in 27 states and the District of Columbia. See attachments for complete listing of grants. 4

5 Goal 2: Maximize the effectiveness of attorneys representing homeowners. Create a recoverable grant fund to cover costs of aggressive and creative litigation by non-profit and for-profit litigators. Create a national litigation center with attorneys available to co-counsel. Create a centralized database and provide enhanced technology for attorneys. Provide expert testimony support. Hold national- and state-level trainings to build a coordinated litigation effort. Recoverable Grants Program IFLA established a Recoverable Grants Program and committed up to $1 million to pay for litigation costs of private attorneys or non-profit legal organizations who are engaged in foreclosure litigation that will have a broad impact. Many legal organizations are not able to enter into impact litigation due to the costs associated with lengthy legal battles. The goal of this revolving fund is to help absorb the out-of-pocket costs of these expensive and time-consuming cases. It is important that these organizations have the resources necessary to bring potentially precedent-setting cases to court. In the Recoverable Grants Program, one-time grants of up to $50,000 are awarded to cover out-ofpocket litigation costs such as: deposition expenses, expert fees, investigation expenses for impact litigation and class actions. If a monetary award is received, these funds will be repaid and funds will be redistributed to new applicants. Recoverable grants are awarded on a rolling basis and fund new cases or existing cases that cannot otherwise be brought effectively without additional resources. To date, IFLA has awarded 15 recoverable grants in 13 states, totaling $359,900 in funding. Equal Justice Works/AmeriCorps Fellowships & Other Funding In 2009, IFLA partnered with Equal Justice Works/AmeriCorps to create eight legal fellowships to help expand our efforts to provide legal support in some of the hardest-hit communities across the country. The goal of the fellowships is to save as many homes as possible within a calendar year. The organizations receiving fellows are located in Washington, DC, Atlanta, Milwaukee, Seattle, Chicago, Brooklyn and Kentucky. IFLA granted $100,000 in grants of $12,500 to eight organizations, six of whom were already grantees. This support leveraged an additional $300,000 in matching support. IFLA also provided two additional grants of $100,000 each to programs in Philadelphia and Chicago to allow these organizations to receive matching grants from Oak Foundation and the John D. and Catherine T. MacArthur Foundation. With IFLA funding and the matching grants, these programs have been able to take an innovative approach to fighting foreclosures in their 5

6 communities. These programs are discussed in more detail in the Impact for Organizations section below. See attached financial report for a complete breakdown of grant distribution to date. National Litigation Center With support from IFLA, CRL has significantly strengthened its litigation program which brings impact litigation to fortify consumer protection law and directly protect consumers, as well as supports attorneys general and other law enforcement agencies. The primary goals of the litigation program have been to support litigation to mitigate the effects of predatory lending on families and communities and bring forwardlooking litigation to create precedent to prevent the next predatory lending crisis. Over the past two years, the CRL litigation program has co-counseled cases with five IFLAsupported legal aid offices in four different states. These cases have involved a diverse range of issues: -- CRL, joined by IFLA grantee Mid-Minnesota Legal Services and a local law firm, filed a class action on behalf of thousands of Minnesotans facing foreclosure alleging that the mortgage industry s failure to inform borrowers who owns their loan violates Minnesota foreclosure law. The case divided the Minnesota Supreme Court, with the majority ruling that the industry s practice was legal although not desirable. -- CRL, joined by IFLA grantee South Brooklyn Legal Services, represented an elderly Brooklyn homeowner who was sold a payment option adjustable rate mortgage when there was no way he could afford the amortizing payment. The case was based on CRL s position that New York consumer protection law prevents lenders from putting homeowners into unaffordable loans. The case settled before the judge ruled on CRL s legal theories. -- In several cases, including ones co-counseled with IFLA grantees Pine Tree Legal Assistance (based in Maine) and Mid-Minnesota Legal Services, CRL has sought to ensure that fringe subprime lenders cannot prey on desperate borrowers facing foreclosure by evading the provisions of the federal Home Ownership Equity Protection Act. CRL s involvement in the Minnesota case has already resulted in a strong pro-consumer ruling from the U.S. Court of Appeals for the Eighth Circuit. CRL has recently settled both cases with non-confidential, publicly available settlements that will allow other advocates to assess high values to their cases. -- In several cases, including ones co-counseled with IFLA grantees Legal Services of Northern Virginia and Staten Island Legal Services, CRL has represented borrowers who were put into foreclosure even though they had entered into loan modification agreements. 6

7 These lawsuits have stopped the foreclosures against the represented homeowners, and CRL continues to work on litigation strategies to attack lenders failure to modify loans and honor those modifications. In addition to the Minnesota HOEPA case discussed above, CRL s litigation team was lead counsel in two other federal circuit court appeals. One case challenged an equity stripping scheme of a Virginia foreclosure rescue scammer and a second involved a subprime lender s attempt to throw out the predatory lending lawsuit of a Mississippi homeowner and instead force the case into a private arbitration proceeding. In addition to co-counseling, CRL s litigation team has collaborated with several IFLA grantees on legal strategies and responding to lenders legal tactics. Database IFLA created a database to serve as an information hub for attorneys working on foreclosure cases. Launched in the Fall of 2009, the IFLA Pleadings Database currently houses over 2,700 foreclosure-related documents. This password-protected site will allow any grantee to research virtually all of the relevant foreclosure casework to date. This site is constantly updated with new pleadings from IFLA grantees as well as NACA Mortgage listserv members as they become available. Furthermore, IFLAdatabase.org has become a virtual hub of the general grant program including such features as blogs, online forums, Predatory Story Repository (over 300 stories) and video training library. Training IFLA is also providing intensive training to ensure that attorneys are equipped to respond to the needs of families facing foreclosure. IFLA contracted with National Consumer Law Center (NCLC), a well-respected organization which assists consumers, advocates and public policy makers to use consumer law on behalf of low-income and vulnerable populations seeking economic justice. NCLC works on issues of consumer fraud, debt collection, consumer finance, predatory lending and sustainable home ownership programs. These training events take two primary forms: interactive Internet-based learning sessions ( webinars ) and in-person training conferences. Over the past two years, IFLA has hosted or funded 26 programs that trained more than 1,700 attorneys and paralegals. See attachments for a complete list. 7

8 In-person trainings All of the IFLA-funded attorneys from around the country are invited to training conferences for one-to-two days of intensive instruction from expert presenters. Presenters at these trainings have included local elected officials, law school faculty, and judges. The trainings provide the opportunity for IFLA attorneys to learn from each other, hear best practices in the field and build a community of trained professionals. At right, NCLC presents at a training in Chicago. These conferences have included an intensive introduction to predatory lending law (Boot Camp) to give attorneys the tools to attack illegal lending practices; strategies for engaging other members of the community (such as housing counselors, community organizers, and governmental officials); an intensive introduction to bankruptcy law to help homeowners whose mortgage default can be cured through a bankruptcy payment plan; and a training on how to use pre-foreclosure mediation between borrowers and lenders to achieve affordable loan modifications. Webinars and Teleconferences The webinars, which typically run about two hours, are led by some of the nation s leading experts on mortgage and foreclosure law. Over the past two years, IFLA has hosted nine webinars on a wide range of topics. See attachments for complete listing. At right, sample slide from presentation. A review of the Obama administration s loan modification program and associated policies INSTITUTE FOR FORECLOSURE LEGAL ASSISTANCE In 2009, IFLA hosted webinars that discussed: identifying mistakes in mortgage payment records that can wrongly cause lenders to commence foreclosure; obtaining loan modifications under the Obama Administration s Making Home Affordable Program; comparing recent changes and best practices in state foreclosure laws; and detailing foreclosure mediation programs across the country. The presenters for these webinars included staff from NCLC and a professional accountant with years of experience in reviewing mortgage payment records. 8

9 Impact Report What difference has the funding made? It is important to go beyond the numbers to understand the more personal impact that the program has had on individuals, organizations, and communities. At right, a borrower in Oregon whose home was saved. (Photo courtesy of Oregon Law Center ) Impact on individuals The organizations which have received funding through the IFLA program have reached more than 11,000 homeowners. More than half of these homeowners received simple legal advice or a referral to another, more appropriate agency. More than 5,000 of the homeowners were accepted as clients. Here are two stories that illustrate the challenges people face and how legal assistance is helping them recover from the devastation of predatory lending. These two homeowners are representative of the thousands of individuals and families whose equity was stripped through predatory lending practices that never should have been allowed to exist. Client name: A. J. A. J. is an elderly African American woman who lives in Los Angeles. She had lived in her home for more than 30 years. She has a mild form of Alzheimer s disease and her only source of income is social security and a retirement pension. An aggressive con artist convinced A. J. to refinance her reverse mortgage and give the con artist the proceeds. She received nothing in return. With her extremely limited income, she was given a $352,000 loan with monthly payments of $700 greater than her monthly income and a balloon payment of $214,000. The loan required no documentation and the income information was falsified without the borrower s knowledge. With support from the Legal Aid Foundation of Los Angeles, A. J. s case is currently being litigated and the foreclosure has been prevented. Client name: A.C. A. C. is a single African American woman in her early 40s with a child. She is employed, making approximately $15,600 in combined annual employment income and public benefits. After renting for 18 years, she was given an opportunity to purchase her home. Since she had a weak credit history, several lenders rejected her application. She saw a flyer from First Service Financial Group, which she believed was a lender. They offered her a loan, but only if she also purchased costly home repairs from them, which inflated the loan by $15,000, to $56,000. The loan also was an adjustable rate mortgage with an initial interest rate of 8.5% that rose to 11.5%. The home repairs were never completed despite repeated calls to the lender. When she lost her job, she missed a few payments and began to receive default letters 9

10 from the mortgage servicer, People s Choice. She worked out a repayment plan which required an upfront fee of $2,500 to stop foreclosure. She managed to send this amount, but the company began foreclosure proceedings anyway. With help from the Legal Aid Society of Cleveland, A.C. was able to obtain a settlement that changed the adjustable rate mortgage to a fixed rate mortgage and lowered the interest rate to 7.16% with monthly payments of $ This settlement enabled A.C. to remain in her home. Impact on organizations In a number of cases, IFLA grants have transformed the work of the recipients, enabling them to focus more resources toward averting foreclosures in their communities. Here are two examples of organizations that have used the IFLA funds to leverage additional funds from other sources to have a greater impact. Community Legal Services of Philadelphia (CLS) CLS received two grants from IFLA - both in the amount of $100,000 per year for three years -- one for the core foreclosure defense program and the other for a collaborative foreclosure prevention project, Saving Homes, Saving Neighborhoods. (SHSN). With the first grant, CLS hired an additional attorney to handle its increasing volume of clients. The second grant helped the organization to match a challenge grant from the Oak Foundation. SHSN targets two areas of Philadelphia for intensive foreclosure prevention efforts coordinated among several agencies. The neighborhoods were identified because they had high levels of subprime mortgage lending and high foreclosure rates, but with a relatively low rate of abandoned/vacant properties. The goal was to select neighborhoods where early intervention could prevent an epidemic of abandoned properties. The project work is broken into three parts: outreach, housing counseling and legal assistance. Two other organizations are providing the outreach and counseling, while CLS is providing the legal services. After CLS established SHSN, the City of Philadelphia began an innovative foreclosure mediation program. This program requires a court hearing before any owner-occupied property can be foreclosed on. CLS reviews the court provided hearing lists, identifying properties in the target areas and attending the court dates to meet and represent the homeowners. By being proactive in seeking out homeowners at risk of foreclosure and providing them with services and legal support early on, the program has been effective in averting a number of foreclosures. A major roadblock has been the lack of cooperation among servicers in providing loan modifications. However, given this challenge, the program has been effective. Legal Assistance Foundation of Metropolitan Chicago (LAF) LAF received a $200,000 grant from IFLA and with these funds, LAF sought and received matching funds of $200,000 from the John D. and Catherine T. MacArthur Foundation. With the combined funding, LAF was able to create three teams, each consisting of one attorney and one paralegal, each team working closely in one of three Chicago neighborhoods - South Side, West Side and Northwest Side. Each team focuses on providing foreclosure prevention services to distressed neighborhoods, which are already receiving comprehensive services under MacArthur Foundation s New Communities 10

11 Initiative. Each team works closely with housing counseling agencies, churches, social service agencies and other community groups to assist families to prevent foreclosures. With the IFLA-MacArthur funding, amounts recovered or saved for homeowners rose from $1.9 million in 2008 to $3.5 million in Impact on communities The IFLA grants have had an impact far beyond the direct legal assistance to individuals and the strengthened capacity among legal service organizations. Here are two examples an organizations which are having an impact throughout their state. Pine Tree Legal Assistance (PTLA), Portland, Maine With the IFLA funds, Pine Tree has hired attorneys to litigate foreclosure cases and reached out in a variety of innovative ways. PTLA has been instrumental in helping create a mediation program in Maine as well as developing training materials and in hosting the training for the mediators. PTLA helped created networks of consumer advocates such as a Maine Housing Counselor Network that helps to more effectively coordinate the efforts of counselors. PTLA hosted a number of homeowner clinics throughout the state and has developed a system for previewing loan files to spot systemic legal problems on the front end, before homeowners are referred to mediation. Housing and Economic Rights Advocates (HERA), Oakland, CA The IFLA funding has enabled HERA to support the work of several other legal aid agencies in California. HERA helped California Rural Legal Assistance (CRLA) to review mortgage loan documents, providing legal research and advice to staff on potential legal claims for local residents facing foreclosure. HERA is also co-counseling with CRLA on a foreclosure rescue scam case, a predatory mortgage/elder financial abuse case, and a predatory lending case on behalf of a deaf and mute homeowner. HERA has also worked with Legal Services of Northern California by providing legal advice and research to staff on predatory lending issues and is co-counseling on three cases. Lastly, HERA is cocounseling with Bay Area Legal Aid to support its predatory lending litigation. By working with other legal aid organizations, HERA has leveraged its IFLA funding to become a support center for other legal services programs in its region, training other attorneys and extending the reach of foreclosure defense to more communities. Impact on the economy In May 2009, CRL published a report entitled, Soaring Spillover: Accelerating Foreclosures to Cost Neighbors $502 Billion in 2009 Alone; 69.5 Million Homes Lose $7,200 on Average. This paper uses previous research to quantify the lost equity in homes that are located near foreclosures. The loss of household wealth leads to the erosion of consumer confidence, which has led to the current economic recession. While it is difficult to identify exactly the number of foreclosures that have been prevented with IFLA funding, IFLA grantees report that more than 2,700 cases have been resolved. These resolutions result in millions of dollars of equity saved in surrounding homeowners and communities. We hope that in some cases, the downward spiral of foreclosures, abandoned houses and declining property values has been stopped or slowed. 11

12 In addition, for each family that is able to stay in its home, children are able to maintain stability and stay in school; the tax base for the local government is preserved, not eroded, and vital governments services can continue. A whole host of positive benefits comes from the prevention of foreclosures. Conclusions While the efforts of IFLA grantees alone are not enough to stem the flood of foreclosures, legal aid attorneys are the first line of defense in this worsening crisis and IFLA funding has greatly enhanced legal foreclosure defense and the consequent retention of homeownership around the country. This would not have been possible without the foresight and financial support of Paulson and Co. to create the IFLA program. We invite any questions or comments that you may have. We hope that we can continue working together to have even greater impact on individuals, organizations and communities. i Center for Responsible Lending, Soaring Spillover: Accelerating Foreclosures to Cost Neighbors $502 Billion in 2009 Alone; 69.5 Million Homes Lose $7,200 on Average. (May 2009), at ii Ellen Schloemer, Wei Li, Keith Ernst, and Kathleen Keest, Losing Ground: Foreclosures in the Subprime Market and Their Cost to Homeowners, Center for Responsible Lending (December 2006), at iii Center for Responsible Lending, Soaring Spillover. 12

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

TESTIMONY OVERSIGHT: THE ECONOMIC IMPACT OF THE CITY S FORECLOSURE CRISIS

TESTIMONY OVERSIGHT: THE ECONOMIC IMPACT OF THE CITY S FORECLOSURE CRISIS TESTIMONY ON OVERSIGHT: THE ECONOMIC IMPACT OF THE CITY S FORECLOSURE CRISIS PRESENTED BEFORE: CITY OF NEW YORK, COMMITTEES ON ECONOMIC DEVELOPMENT AND COMMUNITY DEVELOPMENT PRESENTED BY: LINDA JUN MFY

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

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

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

Oakland NEIGHBORHOODS

Oakland NEIGHBORHOODS Oakland NEIGHBORHOODS 1 Overview There is an epidemic of foreclosures throughout the country, including in Oakland and California. Last year there were 1.2 million foreclosures filed nationwide (that s

More information

Request for Proposals

Request for Proposals GEORGIA BAR FOUNDATION, INC. Request for Proposals In April of 2015, the Georgia Bar Foundation, Inc. ( GBF or the Bar Foundation) received a check in the amount of $878,787.40 as a result of a settlement

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

Dear Fellow New Yorker,

Dear Fellow New Yorker, Dear Fellow New Yorker, Every day, in every corner of the State, New Yorkers are purchasing goods and services. Our purchases range from the latest smartphone to buying our first home, and include a wide

More information

CONSUMER. Steps That Advocates Can Take To Help Prevent Foreclosure

CONSUMER. Steps That Advocates Can Take To Help Prevent Foreclosure CONSUMER Information for Advocates Representing Older Adults National Consumer Law Center Steps That Advocates Can Take To Help Prevent Foreclosure How Foreclosures Work CONCERNS Foreclosure or the threat

More information

Helping Elderly Homeowners Victimized by Predatory Mortgage Loans

Helping Elderly Homeowners Victimized by Predatory Mortgage Loans Helping Elderly Homeowners Victimized by Predatory Mortgage Loans Equity-rich, cash poor elderly homeowners are an attractive target for unscrupulous mortgage lenders. Many elderly homeowners are on fixed

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

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

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

CONSUMER GROUPS: FIX BANKRUPTCY LAWS SO HUNDREDS OF THOUSANDS OF AMERICANS CAN AVOID HOME FORECLOSURES IN SUBPRIME MORTGAGE CRISIS

CONSUMER GROUPS: FIX BANKRUPTCY LAWS SO HUNDREDS OF THOUSANDS OF AMERICANS CAN AVOID HOME FORECLOSURES IN SUBPRIME MORTGAGE CRISIS CONSUMER GROUPS: FIX BANKRUPTCY LAWS SO HUNDREDS OF THOUSANDS OF AMERICANS CAN AVOID HOME FORECLOSURES IN SUBPRIME MORTGAGE CRISIS 81 Percent of Bankruptcy Attorneys Say It s Now Tougher for Clients to

More information

CONSUMER. Helping Elderly Homeowners Victimized by Predatory Mortgage Loans

CONSUMER. Helping Elderly Homeowners Victimized by Predatory Mortgage Loans CONSUMER Information for Advocates Representing Older Adults National Consumer Law Center Helping Elderly Homeowners Victimized by Predatory Mortgage Loans Equity-rich, cash poor, elderly homeowners are

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

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

REQUEST FOR QUALIFICATIONS AND PROPOSALS

REQUEST FOR QUALIFICATIONS AND PROPOSALS Office of Attorney General Lisa Madigan State of Illinois REQUEST FOR QUALIFICATIONS AND PROPOSALS Housing Counseling and Community Revitalization December 21, 2012 BACKGROUND AND INTRODUCTION: Utilizing

More information

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A.

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A. Florida Foreclosure/Real Estate Law E-Book A Simple Guide to Florida Foreclosure/Real Estate Law by: Florida Law Advisers, P.A. 1 Call: 800-990-7763 Web: www.floridalegaladvice.com TABLE OF CONTENTS INTRODUCTION...

More information

A CONSUMER GUIDE TO FAIR LENDING

A CONSUMER GUIDE TO FAIR LENDING FAIR HOUSING LEGAL SUPPORT CENTER A CONSUMER GUIDE TO FAIR LENDING AND HOME OWNERSHIP PRESERVATION A CONSUMER GUIDE TO FAIR LENDING AND HOME OWNERSHIP PRESERVATION OVERVIEW This guide explains your right

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

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

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

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

Guide to Fair Mortgage Lending and Home Preservation

Guide to Fair Mortgage Lending and Home Preservation Guide to Fair Mortgage Lending and Home Preservation Fair Housing Legal Support Center & Clinic Guide to Fair Mortgage Lending and Home Preservation What does this guide cover? What is Fair Lending? What

More information

Poll: Domestic Violence in Foreclosure: The Foreclosure Process, Defenses and Alternatives for Survivors. Do you consider yourself: advocate; or

Poll: Domestic Violence in Foreclosure: The Foreclosure Process, Defenses and Alternatives for Survivors. Do you consider yourself: advocate; or Domestic Violence in Foreclosure: The Foreclosure Process, Defenses and Alternatives for Survivors Karen Merrill Tjapkes Legal Aid of Western Michigan (616) 774-0672 ext. 120 ktjapkes@legalaidwestmich.net

More information

California Department of Real Estate ** CONSUMER ALERT **

California Department of Real Estate ** CONSUMER ALERT ** California Department of Real Estate ** CONSUMER ALERT ** FRAUD WARNING REGARDING LAWSUIT MARKETERS REQUESTING UPFRONT FEES FOR SO-CALLED MASS JOINDER OR CLASS LITIGATION PROMISING EXTRAORDINARY HOME MORTGAGE

More information

Short Sale Seller Advisory

Short Sale Seller Advisory Short Sale Seller Advisory Short Sale Seller Advisory Recent economic challenges have resulted in many homeowners needing to sell their home but owing more on their home than the home is worth. This advisory

More information

INTRODUCTION. We have written this report to help you recognize and avoid these scams and ultimately to save your home!

INTRODUCTION. We have written this report to help you recognize and avoid these scams and ultimately to save your home! INTRODUCTION If you are reading about these loan modification scams it is likely you or somebody you know is behind in their mortgage or at risk of foreclosure. Over the 30 years that we have been practicing

More information

Home Mortgage Foreclosures in Maine

Home Mortgage Foreclosures in Maine Home Mortgage Foreclosures in Maine Find more easy-to-read legal information at www.ptla.org Important Note: This is very general information about home mortgage and foreclosure rules in Maine. It is not

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

I m behind in my mortgage payments, what should I do?

I m behind in my mortgage payments, what should I do? FORECLOSURES This handout was prepared by Legal Services of Greater Miami, Inc.(LSGMI) with support from the Institute for Foreclosure Legal Assistance. LSGMI represents homeowners in foreclosure and homeowners

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

STATEMENT OF SAPNA V. RAJ MANAGING ATTORNEY MEMPHIS FAIR HOUSING CENTER MEMPHIS AREA LEGAL SERVICES, INC. July 19, 2010

STATEMENT OF SAPNA V. RAJ MANAGING ATTORNEY MEMPHIS FAIR HOUSING CENTER MEMPHIS AREA LEGAL SERVICES, INC. July 19, 2010 STATEMENT OF SAPNA V. RAJ MANAGING ATTORNEY MEMPHIS FAIR HOUSING CENTER MEMPHIS AREA LEGAL SERVICES, INC. July 19, 2010 Chairman Cohen and Congressman Conyers, good morning. My name is Sapna V. Raj. I

More information

What Is Predatory Lending?

What Is Predatory Lending? Predatory lending often starts with a phone call, mailing, e-mail, television commercial, or knock at your door. The home improvement scam is one of many tactics predatory lenders will use to convince

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

The Home Ownership Preservation Initiative in Chicago (HOPI) Reducing Foreclosures through Strategic Partnerships

The Home Ownership Preservation Initiative in Chicago (HOPI) Reducing Foreclosures through Strategic Partnerships The Home Ownership Preservation Initiative in Chicago (HOPI) Reducing Foreclosures through Strategic Partnerships Bruce Gottschall, Executive Director Neighborhood Housing Services of Chicago Neighborhood

More information

NYC FORECLOSURE PREVENTION GAP LOAN PROGRAM NOVEMBER 2014 IMPACT REPORT NEW ECONOMY PROJECT

NYC FORECLOSURE PREVENTION GAP LOAN PROGRAM NOVEMBER 2014 IMPACT REPORT NEW ECONOMY PROJECT NYC FORECLOSURE PREVENTION GAP LOAN PROGRAM IMPACT REPORT NOVEMBER 2014 NEW ECONOMY PROJECT Table of Contents 1 Introduction 2 Findings 6 Map 7 Case Examples ACKNOWLEDGEMENTS New Economy Project thanks

More information

Alternatives To Bankruptcy: Advising Seniors When Bankruptcy Is Not An Option

Alternatives To Bankruptcy: Advising Seniors When Bankruptcy Is Not An Option Alternatives To Bankruptcy: Advising Seniors When Bankruptcy Is Not An Option Michelle Weinberg, Legal Assistance Foundation of Chicago Jillian McLaughlin & Jessica Hiemenz National Consumer Law Center

More information

Facts TIPS FOR CONSUMERS ON AVOIDING FORECLOSURE RESCUE SCAMS

Facts TIPS FOR CONSUMERS ON AVOIDING FORECLOSURE RESCUE SCAMS NATIONAL CONSUMER LAW CENTER INC p Consumer 77 Summer S treet, 10th Fl Boston, MA 02110 617 542-8010 www.nclc.org Facts for Older Americans TIPS FOR CONSUMERS ON AVOIDING FORECLOSURE RESCUE SCAMS Older

More information

PREVENTING TAX FORECLOSURES IN THE CITY OF BUFFALO. Mike Streit University at Buffalo Law School, State University of New York April 14, 2008

PREVENTING TAX FORECLOSURES IN THE CITY OF BUFFALO. Mike Streit University at Buffalo Law School, State University of New York April 14, 2008 PREVENTING TAX FORECLOSURES IN THE CITY OF BUFFALO Mike Streit University at Buffalo Law School, State University of New York April 14, 2008 I. Executive Summary Over the past three years, tax foreclosures

More information

Breaking Down Barriers: Effective Coordination Between Counselors and Legal Services Organizations. Odette Williamson November 6, 2015

Breaking Down Barriers: Effective Coordination Between Counselors and Legal Services Organizations. Odette Williamson November 6, 2015 Breaking Down Barriers: Effective Coordination Between Counselors and Legal Services Organizations Odette Williamson November 6, 2015 National Consumer Law Center 2013 National Consumer Law Center Since

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

Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac

Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac Hearing of the Philadelphia, PA Chair Warren and members of the, thank you for inviting me to speak today. I am Edward

More information

What You Should Know About Bankruptcy What Is Bankruptcy?

What You Should Know About Bankruptcy What Is Bankruptcy? FACTS FOR National Consumer Law Center What You Should Know About Bankruptcy What Is Bankruptcy? Bankruptcy is a process under federal law designed to help people and businesses get protection from their

More information

Skills-Based Volunteerism

Skills-Based Volunteerism Skills-Based Volunteerism Case Study Project Dimensions: Resources: Teams Engagement Model: Done in one day with preparation work Fannie Mae SERVE Program: Leveraging Volunteer Employees Skills to Prevent

More information

2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623

2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623 2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623 VERSION: Enrolled VERSION-DATE: July 17, 2008 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2007 HOUSE

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

CONSUMER. Spending Down the House: A Quick Guide on Reverse Mortgages for Elder Advocates

CONSUMER. Spending Down the House: A Quick Guide on Reverse Mortgages for Elder Advocates 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 Spending Down the House: A Quick Guide on Reverse Mortgages for Elder Advocates At

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

Saving Homes-Saving Neighborhoods: Philadelphia s Data-Based Approach to Stabilizing Neighborhoods Threatened by Foreclosure

Saving Homes-Saving Neighborhoods: Philadelphia s Data-Based Approach to Stabilizing Neighborhoods Threatened by Foreclosure Saving Homes-Saving Neighborhoods: Philadelphia s Data-Based Approach to Stabilizing Neighborhoods Threatened by Foreclosure Presentation to the NGA Summit on Foreclosures & Housing Solutions Arlington,

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments 90-DAY PRE-FORECLOSURE NOTICE Lender sends notices, bills, letters to borrower stating that he/she is

More information

Project Summary. St. Louis Alliance for Home Ownership Preservation

Project Summary. St. Louis Alliance for Home Ownership Preservation Project Summary St. Louis Alliance for Home Ownership Preservation In early 2008, Mayor Slay became concerned about the growing number of foreclosures foreclosures can hurt not only individual homeowners

More information

The U.S. Trustee Program s Civil Enforcement Activity Targets Mortgage Fraud and Mortgage Rescue Schemes

The U.S. Trustee Program s Civil Enforcement Activity Targets Mortgage Fraud and Mortgage Rescue Schemes The U.S. Trustee Program s Civil Enforcement Activity Targets Mortgage Fraud and Mortgage Rescue Schemes by Sandra Taliani Rasnak, Assistant United States Trustee, Chicago Co-Chair, Foreclosure Rescue

More information

Statement of. Kenneth D. Wade. CEO of Neighborhood Reinvestment Corporation (Now doing business as NeighborWorks America) Before the

Statement of. Kenneth D. Wade. CEO of Neighborhood Reinvestment Corporation (Now doing business as NeighborWorks America) Before the Statement of Kenneth D. Wade CEO of Neighborhood Reinvestment Corporation (Now doing business as NeighborWorks America) Before the House Financial Services Committee Hearing on Possible Responses to Rising

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

An Overview of Foreclosure

An Overview of Foreclosure An Overview of Foreclosure While the rising number of foreclosures is an alarming national trend, the real hardship is for any individual or family who knows the threat of foreclosure firsthand. Unfortunately,

More information

Avoiding Bad Loans. Kentucky Department of Financial Institutions. Garry Wright. Consumer Protection Branch Manager

Avoiding Bad Loans. Kentucky Department of Financial Institutions. Garry Wright. Consumer Protection Branch Manager Avoiding Bad Loans Kentucky Department of Financial Institutions Garry Wright Consumer Protection Branch Manager Training Objectives Understanding Reverse Mortgages Avoiding predatory loans / products

More information

MORTGAGE FORECLOSURE MEDIATION PROGRAM FORUM

MORTGAGE FORECLOSURE MEDIATION PROGRAM FORUM INDEPENDENT VOTERS OF ILLINOIS INDEPENDENT PRECINCT ORGANIZATIONS FAR NORTH CHAPTER PRESENTS COOK COUNTY CIRCUIT COURT MORTGAGE FORECLOSURE MEDIATION PROGRAM FORUM AUGUST 18, 2011 WELCOME Sandra Verthein

More information

v. VERIFIED ANSWER TO FORECLOSURE COMPLAINT

v. VERIFIED ANSWER TO FORECLOSURE COMPLAINT SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF v. Plaintiff, Index No. VERIFIED ANSWER TO FORECLOSURE COMPLAINT Defendant(s). Defendant answers as follows: I generally deny each allegation of the Complaint,

More information

Guide to Foreclosure Settlement Conference Process. New York City

Guide to Foreclosure Settlement Conference Process. New York City NOTE: This material is not intended for nor is it to be used as a substitute for legal advice. You should not rely on it as a source of legal advice. Guide to Foreclosure Settlement Conference Process

More information

CITY OF WEST HOLLYWOOD

CITY OF WEST HOLLYWOOD CITY OF WEST HOLLYWOOD Rent Stabilization & Housing Department M E M O TO: Homeowners From: Housing Division at the City of West Hollywood RE: Worried about Foreclosure? In the current sub-prime housing

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

Reports on Philadelphia Mortgage Foreclosure Diversion Program

Reports on Philadelphia Mortgage Foreclosure Diversion Program Reports on Philadelphia Mortgage Foreclosure Diversion Program Executive Summary Philadelphia Residential Mortgage Foreclosure Diversion Program: Initial Report of Findings June 2011 The bursting of the

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

STATE OF MICHIGAN BILL SCHUETTE ATTORNEY GENERAL. FOR IMMEDIATE RELEASE MEDIA CONTACT: Joy Yearout JULY 23, 2014 517-373-8060 www.michigan.

STATE OF MICHIGAN BILL SCHUETTE ATTORNEY GENERAL. FOR IMMEDIATE RELEASE MEDIA CONTACT: Joy Yearout JULY 23, 2014 517-373-8060 www.michigan. STATE OF MICHIGAN BILL SCHUETTE ATTORNEY GENERAL FOR IMMEDIATE RELEASE MEDIA CONTACT: Joy Yearout JULY 23, 2014 517-373-8060 www.michigan.gov/agpress Schuette Announces Felony Charges Against Four Southeast

More information

What are the HHF program eligibility criteria?

What are the HHF program eligibility criteria? FREQUENTLY ASKED QUESTIONS What is the Hardest Hit Fund Program (HHF)? What are the HHF program eligibility criteria? What property types are eligible for HHF assistance? I or my spouse is in the U.S.

More information

General Program Questions

General Program Questions General Program Questions What is Save the Dream Ohio (Ohio s Hardest-Hit Fund)? The Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets gave 18 states including Ohio, via Save the

More information

New CFPB Mortgage Servicing Rules Part 2: Loss Mitigation Procedures

New CFPB Mortgage Servicing Rules Part 2: Loss Mitigation Procedures New CFPB Mortgage Servicing Rules Part 2: Loss Mitigation Procedures John Rao, staff attorney Tara Twomey, of counsel National Consumer Law Center Jessica Hiemenz National Consumer Law Center January 23,

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

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 Prevention Handbook

Foreclosure Prevention Handbook The New York Mortgage Coalition Foreclosure Prevention Handbook We re worried we ll lose our home. We need help... but we re not sure where to start. Let s check out nymc.org New York Mortgage Coalition

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

Remarks of Bethany Sanchez, Metropolitan Milwaukee Fair Housing Council EGRPRA Panel October 19, 2015 - Chicago, IL

Remarks of Bethany Sanchez, Metropolitan Milwaukee Fair Housing Council EGRPRA Panel October 19, 2015 - Chicago, IL Remarks of Bethany Sanchez, Metropolitan Milwaukee Fair Housing Council EGRPRA Panel October 19, 2015 - Chicago, IL Good morning, I am Bethany Sanchez. I direct the Fair Lending Program at the Metropolitan

More information

A Florida Homeowner s Guide to. Defending their Foreclosure

A Florida Homeowner s Guide to. Defending their Foreclosure A Florida Homeowner s Guide to Defending their Foreclosure Presented by: Alliance Legal Group. Please note: This guide contains legal information but not legal advice. Unless we have been hired by you,

More information

Office of the Arizona Attorney General. Civil Rights Consumer Protection and Advocacy

Office of the Arizona Attorney General. Civil Rights Consumer Protection and Advocacy Office of the Arizona Attorney General Civil Rights Consumer Protection and Advocacy Civil Rights and Fair Housing Enforcement Consumer Fraud Enforcement and the Housing Industry AGO Complaint Process

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

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments if S/P or N/T 90-DAY PRE-FORECLOSURE NOTICE* for all subprime and non-traditional loans (as defined by

More information

Mortgage Fraud and Mortgage Rescue Schemes: How Panel Trustees Can Help Uncover These Schemes

Mortgage Fraud and Mortgage Rescue Schemes: How Panel Trustees Can Help Uncover These Schemes Mortgage Fraud and Mortgage Rescue Schemes: How Panel Trustees Can Help Uncover These Schemes by Doreen Solomon, Assistant Director, Review and Oversight, Executive Office for U.S. Trustees Identifying,

More information

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order.

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order. FORECLOSURE GLOSSARY NOTICE: This glossary of legal words and phrases related to foreclosure is provided to you by the Clermont County Common Pleas Court to help you better understand your legal problem

More information

Nevada Attorney General s Office. Home Again Program. National Mortgage Settlement. Budget 1045. Quarterly Report

Nevada Attorney General s Office. Home Again Program. National Mortgage Settlement. Budget 1045. Quarterly Report Nevada Attorney General s Office Home Again Program National Mortgage Settlement Budget 1045 Quarterly Report April 2015 June 2015 1 NEVADA ATTORNEY GENERAL S HOME AGAIN PROGRAM The Office of the Attorney

More information

Nearly one in ten reverse mortgages defaults.

Nearly one in ten reverse mortgages defaults. POLICY RESEARCH BRIEF Reverse Mortgages: Reducing Financial Risk While Preserving Access New data show who is at risk for defaulting on a reverse mortgage and ways to reduce risk while keeping the option

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

Virginia s Evolving Foreclosure Problems: Rural Foreclosures and Mortgage Servicing Errors Are Adding New Troubles to an Already Difficult Situation

Virginia s Evolving Foreclosure Problems: Rural Foreclosures and Mortgage Servicing Errors Are Adding New Troubles to an Already Difficult Situation Virginia s Evolving Foreclosure Problems: Rural Foreclosures and Mortgage Servicing Errors Are Adding New Troubles to an Already Difficult Situation Key Findings In, the largest increase in foreclosure

More information

Statement of Barbara Stucki, PhD

Statement of Barbara Stucki, PhD Statement of Barbara Stucki, PhD Vice President, Home Equity Initiatives, National Council on Aging House Financial Services Subcommittee on Insurance, Housing and Community Opportunity Hearing on Oversight

More information

1. Only 20 days to file answer or other responsive pleading to summons and complaint in foreclosure action.

1. Only 20 days to file answer or other responsive pleading to summons and complaint in foreclosure action. PREDATORY MORTGAGE LENDING FORECLOSURE DEFENSE Attorney Catherine M. Doyle Legal Aid Society of Milwaukee 521 N. 8 th Street Milwaukee, WI 53233 (414) 727-5331 cdoyle@lasmilwaukee.com I. MORTGAGE FORECLOSURE

More information

Loan Modification Scam Prevention Network (LMSPN) Annual Report 2010

Loan Modification Scam Prevention Network (LMSPN) Annual Report 2010 Loan Modification Scam Prevention Network (LMSPN) Annual Report 2010 Introduction At the end of 2009, the Lawyers Committee for Civil Rights Under Law ( Lawyers Committee ) Project created and launched

More information

Press Release SCHAKOWSKY ANNOUNCES SAVE OUR HOMES ACT, INITIATIVE TO PROTECT HOMEOWNERS/BUYERS FROM PREDATORY LENDERS

Press Release SCHAKOWSKY ANNOUNCES SAVE OUR HOMES ACT, INITIATIVE TO PROTECT HOMEOWNERS/BUYERS FROM PREDATORY LENDERS JULY 16, 2001 Press Release SCHAKOWSKY ANNOUNCES SAVE OUR HOMES ACT, INITIATIVE TO PROTECT HOMEOWNERS/BUYERS FROM PREDATORY LENDERS CHICAGO, IL U.S. Representative Jan Schakowsky (D-IL) today unveiled

More information

OPPORTUNITY DENIED HOW HUD S NOTE SALE PROGRAM DEPRIVES HOMEOWNERS OF THE BASIC BENEFITS OF THEIR GOVERNMENT-INSURED LOANS EXECUTIVE SUMMARY

OPPORTUNITY DENIED HOW HUD S NOTE SALE PROGRAM DEPRIVES HOMEOWNERS OF THE BASIC BENEFITS OF THEIR GOVERNMENT-INSURED LOANS EXECUTIVE SUMMARY EXECUTIVE SUMMARY The U.S. Department of Housing and Urban Development s (HUD s) program for selling defaulted Federal Housing Administration (FHA) loans is the largest auctioning off of government-insured

More information

LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE

LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE Helpful Agencies Here are some agencies which may lead you to lawyers who can help you: Lake County Bar Association 7 North County Street Waukegan, IL 60085 847-244-3140 www.lakebar.org Prairie State Legal

More information

Common Mortgage and Foreclosure Terms

Common Mortgage and Foreclosure Terms H ELP FOR N EW Y ORK S TATE H OMEOWNERS C ONCERNED A BOUT F ORECLOSURE Common Mortgage and Foreclosure Terms Talking about mortgages can feel like speaking a foreign language and is even more confusing

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

Foreclosure Dispute Resolution Programs

Foreclosure Dispute Resolution Programs Foreclosure Dispute Resolution Programs Do They Work? By Heather Scheiwe Kulp and Jennifer Shack Heather Scheiwe Kulp is a clinical fellow in the Negotiation and Mediation Clinical Program of Harvard Law

More information

Your Money New York. Help for Homeowners Facing Foreclosure. Office of the New York State Comptroller. Thomas P. DiNapoli State Comptroller

Your Money New York. Help for Homeowners Facing Foreclosure. Office of the New York State Comptroller. Thomas P. DiNapoli State Comptroller Your Money New York Help for Homeowners Facing Foreclosure Thomas P. DiNapoli State Comptroller Office of the New York State Comptroller A Message From State Comptroller Thomas P. DiNapoli Dear Friend:

More information

Chairman Harkin, Ranking Member Alexander, and members of the Committee, thank you for inviting me to testify today.

Chairman Harkin, Ranking Member Alexander, and members of the Committee, thank you for inviting me to testify today. Testimony of Illinois Attorney General Lisa Madigan for a Hearing on The Role of States in Higher Education before the Committee on Health, Education, Labor, and Pensions United States Senate Thursday,

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