Oakland NEIGHBORHOODS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Oakland NEIGHBORHOODS"

Transcription

1 Oakland NEIGHBORHOODS 1

2 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 over 2 foreclosures every minute). That was a huge increase from 2005 when there were about 900,000 foreclosures filed. The foreclosure problem is expected to get worse this year, with about 1.5 million foreclosure filings nationwide. In California in 2006, there were foreclosure filings. 1 This was an increase of 131% from the number of foreclosures filed in 2005, the third largest percentage increase in the country. The foreclosure filings represents one foreclosure filing for every 86 households in the state. This is the fourteenth highest foreclosure rate in the country based on the percentage of households in foreclosure. In this report, we identify the zip codes in Oakland with the highest number of foreclosure proceedings in April We also examine the number of foreclosure filings in April 2007 compared to April Other reports have shown a strong correlation between the increase in foreclosures and the increase in subprime mortgages, which not only have higher rates and fees, but also contain predatory loan terms such as prepayment penalties and exploding adjustable interest rates. 2 We will examine the causes of the foreclosure crisis in Oakland and the role that subprime loans have played in this crisis in a future report. Foreclosures in California and Oakland. In California in 2006, there were foreclosure filings. This was an increase of 131% from the number of foreclosures filed in 2005, the third largest percentage increase in the country. The foreclosure filings represents one foreclosure filing for every 86 households in the state. This is the fourteenth highest foreclosure rate in the country based on the percentage of households in foreclosure. California has the fourteenth highest foreclosure rate in the country. In 2006, there were 12,280 foreclosure filings in the Oakland Metropolitan area This figure represents one foreclosure filing for every 73 households -- the 38th highest foreclosure rate in the country based on the percentage of households in foreclosure. Oakland has the 38th highest foreclosure rate in the country. 1 All data in this report comes from Realty Trac. 2 The most recent report which looked at this correlation is Losing Ground: Foreclosures in the Subprime Market and Their Cost to Homeowners, Center for Responsible Lending, December The report predicted that 1 in 5 subprime loans will end up in foreclosure. 2

3 Foreclosure Filings -- Comparing April 2007 to April 2006 In Oakland in April 2007, mortgage companies filed 261 foreclosure filings against homeowners who were behind on their mortgage. This was over 2 times greater than the 124 notices filed just a year earlier in April # of Foreclosure Filings April 2006 April 2007 Foreclosure proceedings in Oakland in April There are several types of measurable foreclosure activity in California. In this report, we combined the figures for each of these categories and identified the ten zip codes in Oakland with the highest number of properties in the foreclosure process during the month of April. [See methodology for definitions and more information.] Notice of Default Filed Notice of Trustee Sale Posted Repossessed TOTAL Zip by Lender FILINGS

4 4

5 ACORN s Recommendations: 1) Mortgage Companies, Servicers, and Wall Street Investors should institute a one-year moratorium on all foreclosures involving subprime loans that were unaffordable, either from the beginning of the loan or after the rate and payment increased, and should make new affordable loans to these customers by converting their adjustable rates to fixed rates or by reducing the interest rate and/or balance of the loan. 2) Mortgage lenders should change their practices, such as those regarding stated income and adjustable rate loans, in order to prevent future foreclosures. 3) State Attorney Generals should seek restraining orders and injunctions preventing foreclosures on loans that were made through unfair and deceptive practices in violation of state consumer protection laws. 4) County Sheriffs and Courts should declare a six-month moratorium on foreclosures of subprime properties with subprime loans in their county and refuse to conduct foreclosure sales or auctions. 5) States and Congress should pass legislation to protect families against predatory mortgage lending and foreclosure rescue scams. 6) The Federal Reserve should use its authority under the Home Ownership and Equity Protection Act (HOEPA) to issue regulations that will protect families from predatory lenders. 7) Congress should increase funding for the HUD Housing Counseling program from $50 million to $75 million, with some of the increase earmarked for foreclosure prevention counseling. 8) Cities, Counties, States, and the Mortgage Industry should provide funding for community outreach to borrowers in danger of losing their homes and to housing counseling programs to help homeowners avoid foreclosure. 9) State and Federal Regulators should devote the necessary resources to investigate and prosecute predatory lenders and other deceitful players in the loan process. 10) States and Congress should adopt a foreclosure prevention program that requires mortgage companies to: a) include a list of approved housing counseling agencies with telephone numbers in every foreclosure notice sent to homeowners; b) work with the counseling agency if authorized by the homeowner; and c) put all foreclosure activity on hold for 30 days when a homeowner is working with a counseling agency. 5

6 Methodology: All of the data in this report is based on data purchased from Realty Trac. All references to foreclosure filing refer to a total of the types of filings as listed below. Different states use different procedures and names for their filings. Notice of Default : A publicly recorded notice that a property owner has missed scheduled loan payments for a loan secured by a property. Some states require lenders to record a notice of default to begin the foreclosure process. Lis Pendens: A publicly recorded notice of a pending lawsuit against a property owner that may affect the ownership of a property. Some states require lenders to file a lis pendens to begin the foreclosure process if a borrower is in default on loan payments. Notice of Trustee Sale Posted or Notice of Foreclosure Sale Posted: A document announcing the public sale of a property to recover a debt owed by the owner of the property. The notice is mailed to parties affected by the sale of a property, advertised in local publications and recorded in public records. Among other information, it provides the date, time and location of the sale. REO: Real Estate Owned by the lender -- this status indicates the property is now owned by the lender or bank as a result of a foreclosure. 6

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

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

S.F. No. 3396, as introduced th Legislative Session ( )

S.F. No. 3396, as introduced th Legislative Session ( ) 1.1 1.2 1.3 1.4 1.5 A bill for an act relating to real property; providing for the Minnesota Subprime Foreclosure Deferment Act of 2008; proposing coding for new law in Minnesota Statutes, chapter 583.

More information

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options? FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy. This means that if you don t pay, the creditor can foreclose upon (or take

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

Predatory Lending : Predatory Lending Practices

Predatory Lending : Predatory Lending Practices Predatory Lending : Predatory Lending Practices Taken and abbreviated from ACORN website: http://www.acorn.org/acorn10/predatorylending/practices.htm The reach and effect of abusive practices by predatory

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

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

OFFICE OF THE ATTORNEY GENERAL STATE OF MISSOURI. Doug Ommen Consumer Protection Division

OFFICE OF THE ATTORNEY GENERAL STATE OF MISSOURI. Doug Ommen Consumer Protection Division OFFICE OF THE ATTORNEY GENERAL STATE OF MISSOURI Doug Ommen Consumer Protection Division Missouri s 2007 Mortgage Fraud Task Force Created in Department of Insurance, Financial Institutions and Professional

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

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

Foreclosure Process Timeline

Foreclosure Process Timeline Foreclosure A legal process spanning 150-415+ days, by which a creditor (bank, mortgage company, etc..) takes ownership of a property to satisfy a debt (mortgage, second mortgage or home equity loan).

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

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

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

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

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

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

Testimony of Minnesota Attorney General Lori Swanson

Testimony of Minnesota Attorney General Lori Swanson Testimony of Minnesota Attorney General Lori Swanson Regarding Predatory Mortgage Lending and Use of the Board's Authority Under the Home Ownership and Equity Protection Act of 1994 (HOEPA) to Curb Abusive

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

Bankruptcy and Short Sales

Bankruptcy and Short Sales Bankruptcy and Short Sales What agents need to know April 2013 Bankruptcy and Short Sales What happens to the short sale if the seller files for bankruptcy? Bank of America can review a short sale offer

More information

ElderCare FINANCIAL AWARENESS YOUR HOME AND ESTATE. ElderCare YOUR HOME AND ESTATE 1

ElderCare FINANCIAL AWARENESS YOUR HOME AND ESTATE. ElderCare YOUR HOME AND ESTATE 1 ElderCare FINANCIAL AWARENESS YOUR HOME AND ESTATE ElderCare YOUR HOME AND ESTATE 1 TABLE OF CONTENTS Introduction....Page 3 Your Home... Page 4 Foreclosure Rescue Scams Reverse Mortgages Predatory Mortgage

More information

Your rights as a borrower

Your rights as a borrower Your rights as a borrower A guide from the Better Business Bureau Protecting your home and the American dream What you need to know about predatory lending Commercials and door-to-door representatives

More information

Glossary of Real Estate Terms

Glossary of Real Estate Terms Glossary of Real Estate Terms 1099 A tax form that says how much the receiver had classified as income and usually, but not always, must pay taxes on that amount. However if the seller in a short sale

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

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

Buying your first home. Avoiding Financial Frauds. Developed by NJCA 1

Buying your first home. Avoiding Financial Frauds. Developed by NJCA 1 Buying your first home Avoiding Financial Frauds Developed by NJCA 1 Acknowledgment The work that provided the basis for this presentation was supported by funding under a grant with the U.S. Department

More information

State by State Foreclosure Laws

State by State Foreclosure Laws State by State Foreclosure Laws Alabama Foreclosure Laws 49-74 21 365 Trustee Comments: Judicial Foreclosures are not common Alabama foreclosures occur both in court and out-of-court. The typical foreclosure

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

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

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

Avoid a Foreclosure Notebook

Avoid a Foreclosure Notebook Avoid a Foreclosure Notebook A foreclosure is a catastrophic event for any property owner and has serious legal, credit and tax implications. Working with homeowners on the verge of foreclosure or in the

More information

Mortgage Safety Tips. Stability is important in your home life it s essential in your home mortgage.

Mortgage Safety Tips. Stability is important in your home life it s essential in your home mortgage. Stability is important in your home life it s essential in your home mortgage. What s the difference between a mortgage broker and a mortgage bank? A broker does not lend money, but merely originates a

More information

MRMLS Realist Tax System Foreclosure User Guide

MRMLS Realist Tax System Foreclosure User Guide MRMLS Realist Tax System Foreclosure User Guide 3201 W. Temple Ave., Suite 250 Pomona, CA 91768 (800)925-1525 1 Introducing Foreclosure Information on Realist Within Realist, the term "foreclosure coverage"

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

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2 Your Own Home Welcome 1. Agenda 2. Ground Rules 3. Introductions Your Own Home 2 Objectives If you are a pre-homebuyer: Explain the advantages and disadvantages of renting versus owning a home Identify

More information

Chapter 9 6/16/2010. Two Elements of a Mortgage Loan

Chapter 9 6/16/2010. Two Elements of a Mortgage Loan Some Effects of Mortgage Debt McGraw-Hill/Irwin Chapter 9 Real Estate Finance: The Laws and Contracts 9-1 Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. More households can own

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

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

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

INSIGHT on the Issues

INSIGHT on the Issues INSIGHT on the Issues AARP Public Policy Institute A First Look at Older Americans and the Mortgage Crisis This first-ever analysis of data on the mortgage crisis by age shows a surprisingly significant

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

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

Mortgage Fraud Home Equity Scams Choosing a Loan

Mortgage Fraud Home Equity Scams Choosing a Loan Mortgage Fraud You could lose your home and your money if you borrow from unscrupulous lenders who offer you a high-cost loan based on the equity you have in your home. Certain lenders target homeowners

More information

www.fha.gov FHA s Role and Strategy to Help Vulnerable Homebuyers and Homeowners

www.fha.gov FHA s Role and Strategy to Help Vulnerable Homebuyers and Homeowners FHA s Role and Strategy to Help Vulnerable Homebuyers and Homeowners FHA Helping Vulnerable Homeowners & Homebuyers Refinance Options for Non-FHA Foreclosure Prevention for FHA Support for Housing Counseling

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

WHAT TO DO WHEN YOU CAN'T PAY YOUR BILLS: MANAGING YOR DEBT

WHAT TO DO WHEN YOU CAN'T PAY YOUR BILLS: MANAGING YOR DEBT This material is provided to answer general questions about the law in New York State. The information and forms were created to assist readers with general issues and not specific situations, and, as

More information

STRUGGLING TO MAKE YOUR MORTGAGE PAYMENT PAGE 4

STRUGGLING TO MAKE YOUR MORTGAGE PAYMENT PAGE 4 Michigan Lending & Foreclosure Guide Attorney General Bill Schuette TABLE OF CONTENTS PREDATORY MORTGAGE LENDING PAGE 1 PREDATORY LENDING RED FLAGS PAGE 3 STRUGGLING TO MAKE YOUR MORTGAGE PAYMENT PAGE

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

Pre-Purchase Counseling Application

Pre-Purchase Counseling Application Pre-Purchase Counseling Application Guidance on purchasing a home and qualifying for downpayment assistance Pre-purchase counseling helps prepare the first-time homebuyer for the home purchase process

More information

Subprime lending & Foreclosure Crisis

Subprime lending & Foreclosure Crisis Subprime lending & Foreclosure Crisis Legislative Responses Assembly Committee on The Mortgage Crisis Facts and Figures A Credit Suisse report this spring predicted that 6.5 million loans will fall into

More information

Frequently Asked Questions (FAQs) in South Carolina Master-in-Equity Court

Frequently Asked Questions (FAQs) in South Carolina Master-in-Equity Court Frequently Asked Questions (FAQs) in South Carolina Master-in-Equity Court WARNING: You are strongly encouraged to seek the advice of an attorney in any legal matter. If you move forward without an attorney,

More information

WELCOME TO THE MASCIA LAW FIRM NEW CLIENT PACKAGE

WELCOME TO THE MASCIA LAW FIRM NEW CLIENT PACKAGE In these trying times you need a law firm that believes in you, A firm that will make the impossible, POSSIBLE. WELCOME TO THE MASCIA LAW FIRM NEW CLIENT PACKAGE A WELCOME LETTER FROM MASCIA LAW FIRM On

More information

ORDINANCE NO. 4002 Adopted 11/13/2008 AMENDED BY ORDINANCE NO. 4175 Adopted 01/26/2011 AMENDED BY ORDINANCE NO. 4322 Adopted 08/28/2012

ORDINANCE NO. 4002 Adopted 11/13/2008 AMENDED BY ORDINANCE NO. 4175 Adopted 01/26/2011 AMENDED BY ORDINANCE NO. 4322 Adopted 08/28/2012 ORDINANCE NO. 4002 Adopted 11/13/2008 AMENDED BY ORDINANCE NO. 4175 Adopted 01/26/2011 AMENDED BY ORDINANCE NO. 4322 Adopted 08/28/2012 AN ORDINANCE CREATING CHAPTER 8.80 OF THE CODE OF THE CITY OF ELIZABETH

More information

NEIGHBORHOOD LAND BANK

NEIGHBORHOOD LAND BANK NEIGHBORHOOD LAND BANK Purpose: Contribute to the community stabilization, revitalization and preservation of San Diego County s communities, particularly San Diego s low and moderate income communities,

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

What is a Short Sale?

What is a Short Sale? What is a Short Sale? A Short Sale is used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what

More information

CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008.

CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008. CHAPTER 86 AN ACT concerning certain residential mortgages, and supplementing Title 46 of the Revised Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.46:10B-36

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

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

REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance, Business & Financial Affairs Policy Committee 12 Y, 1 N, As CS Marra Cooper SUMMARY ANALYSIS

REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance, Business & Financial Affairs Policy Committee 12 Y, 1 N, As CS Marra Cooper SUMMARY ANALYSIS HOUSE OF REPRESENTATIVES STAFF ANALYSIS BILL #: CS/HB 845 Reverse Mortgage Loans to Senior Individuals SPONSOR(S): Insurance, Business & Financial Affairs Policy Committee, Legg TIED BILLS: IDEN./SIM.

More information

10 Frequently Asked Questions About Foreclosure

10 Frequently Asked Questions About Foreclosure 10 Frequently Asked Questions About Foreclosure 1. Who can I call for help if I am in foreclosure or fear I may be soon? The best source of help is a HUD-Approved housing counselor. You can find a 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

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

SHORT SALES Frequently Asked Questions

SHORT SALES Frequently Asked Questions SHORT SALES Frequently Asked Questions This factsheet is provided for information purposes only. It is not a substitute for advice from legal, accounting, housing, or real estate professionals. Please

More information

The Standard in Direct Marketing Research and List Generation

The Standard in Direct Marketing Research and List Generation The Standard in Direct Marketing Research and List Generation Use property & ownership information to research your best prospects and create targeted lists for your next marketing campaign. Sales and

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

Barbara W. Griest Trident Land Transfer Company

Barbara W. Griest Trident Land Transfer Company Barbara W. Griest Trident Land Transfer Company 1 Why learn about Short Sales & Foreclosures? Excellent opportunity to grow your real estate business! Changes in the Real Estate Market Declining Markets

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

FTC FACTS for Consumers

FTC FACTS for Consumers ftc.gov FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP FTC FACTS for Consumers Mortgage Payments Sending You Reeling? Here s What to Do T he possibility of losing your home because you can t

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

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

S.F. No. 2430, 3rd Engrossment - 86th Legislative Session (2009-2010) [s2430-3]

S.F. No. 2430, 3rd Engrossment - 86th Legislative Session (2009-2010) [s2430-3] 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 A bill for an act relating to mortgages; regulating reverse mortgages; requiring certain notices related to redemption rights be made to a mortgagor;

More information

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application.

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application. Chapter 30 Home Equity Conversion Mortgages 47-30-101. Short title. 47-30-102. Definitions. 47-30-103. Authorized lenders Designation Application. 47-30-104. Compliance Noncomplying loans unenforceable

More information

REAL! 1.5 1.9 1.7 DO IT THE WAY THEY DO IT: SUE FIRST, ASK QUESTIONS LATER!

REAL! 1.5 1.9 1.7 DO IT THE WAY THEY DO IT: SUE FIRST, ASK QUESTIONS LATER! Mortgage Servicing Fraud is REAL! Avoid being cheated out of your home before it s too late! Document version 1.5 1.9 1.7 DO IT THE WAY THEY DO IT: SUE FIRST, ASK QUESTIONS LATER! The mortgage servicing

More information

Predatory Lending: Issues Affecting the Elderly

Predatory Lending: Issues Affecting the Elderly Predatory Lending: Issues Affecting the Elderly Elder Law Conference Friday, August 5, 2011 University of Mississippi School of Law Oxford, Mississippi A M A N D A G L O V E R E V A N S A T T O R N E Y

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or

More information

Chapter 13 Bankruptcy Reorganization/Debt Discharge - A Guide to the Distressed Florida Homeowner Facing Foreclosure

Chapter 13 Bankruptcy Reorganization/Debt Discharge - A Guide to the Distressed Florida Homeowner Facing Foreclosure Chapter 13 Bankruptcy Reorganization/Debt Discharge - A Guide to the Distressed Florida Homeowner Facing Foreclosure (as of March 13, 2009) By: Jordan E. Bublick, Attorney at Law, Miami, Florida Practice

More information

ORDINANCE NO. 2014-40

ORDINANCE NO. 2014-40 ORDINANCE NO. 2014-40 AN ORDINANCE AMENDING 2006-106 AS AMENDED CHAPTER 530 OF THE CODE OF THE ENTITLED PROPERTY, ABANDONED AND NUISANCE WHEREAS, recent events in the local and national housing market

More information

Arizona Office of the Attorney General. Mortgage Settlement Assistance Programs

Arizona Office of the Attorney General. Mortgage Settlement Assistance Programs Arizona Office of the Attorney General Mortgage Settlement Assistance Programs The Funds 2 Arizona received $97 million ($50 million swept by the AZ Legislature) in a joint federal-state agreement with

More information

This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act."

This chapter shall be known and may be cited as the Home Equity Conversion Mortgage Act. Source: http://www.lexisnexis.com/hottopics/tncode/ 47-30-101. Short title. This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act." HISTORY: Acts 1993, ch. 410, 2. 47-30-102.

More information

CHAPTER 5 HOME PURCHASE, LENDING PATTERNS AND FORECLOSURES IN MARIN COUNTY

CHAPTER 5 HOME PURCHASE, LENDING PATTERNS AND FORECLOSURES IN MARIN COUNTY CHAPTER 5 HOME PURCHASE, LENDING PATTERNS AND FORECLOSURES IN MARIN COUNTY Home sales and lending are covered under the Fair Housing Act. Analysis of the general characteristics of the housing marketplace

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

Key Points: Conventional Loans:

Key Points: Conventional Loans: Key Points: Conventional Loans: Less regulation and more discretion than government loans. Can be cheaper than FHA and VA because FHA requires 2 mortgage insurances and VA requires VA funding fee. Sometimes

More information

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS Residential Mortgage Origination: Adds a number of new regulations and requirements to mortgage loan originators. The bill requires originators to

More information

REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance, Business & Financial Affairs Policy Committee Marra Cooper SUMMARY ANALYSIS

REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance, Business & Financial Affairs Policy Committee Marra Cooper SUMMARY ANALYSIS HOUSE OF REPRESENTATIVES STAFF ANALYSIS BILL #: HB 845 Reverse Mortgage Loans to Senior Individuals SPONSOR(S): Legg TIED BILLS: IDEN./SIM. BILLS: REFERENCE ACTION ANALYST STAFF DIRECTOR 1) Insurance,

More information

The Scheme of Things: What you Should Know About Mortgage Fraud. Protecting Homeowners Empowering Victims

The Scheme of Things: What you Should Know About Mortgage Fraud. Protecting Homeowners Empowering Victims The Scheme of Things: What you Should Know About Mortgage Fraud Protecting Homeowners Empowering Victims U.S Department of Housing and Urban Development Office of Inspector General 2 Session Speaker Michael

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

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

Department of Legislative Services Maryland General Assembly 2010 Session

Department of Legislative Services Maryland General Assembly 2010 Session House Bill 799 Economic Matters Department of Legislative Services Maryland General Assembly 2010 Session FISCAL AND POLICY NOTE Revised (Delegate Kramer, et al.) Reverse Mortgage Homeowners Protection

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

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 Lender sends notices, bills, letters to borrower stating that he/she is delinquent Borrower has multiple

More information

Foreclosure/Mortgage Assistance

Foreclosure/Mortgage Assistance The foreclosure process takes no less than 7 months and usually up to 12 months from the last accepted payment. Have conversations with mortgage lenders early and often. It is strongly encouraged to utilize

More information

Counseling Kit Overview

Counseling Kit Overview Counseling Kit Overview For More Information: Contact your Reverse Mortgage Advisor This Counseling Kit has been assembled to assist you in preparing for your required HUD counseling session. The Counseling

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

You Can Buy a Home The keys to Homeownership

You Can Buy a Home The keys to Homeownership You Can Buy a Home The keys to Homeownership The keys to homeownership Buying a home is one of the most important purchases you ll ever make. Owning your own home helps you build wealth, save on taxes

More information

CONFERENCE OF STATE BANK SUPERVISORS AMERICAN ASSOCIATION OF RESIDENTIAL MORTGAGE REGULATORS NATIONAL ASSOCIATION OF CONSUMER CREDIT ADMINISTRATORS

CONFERENCE OF STATE BANK SUPERVISORS AMERICAN ASSOCIATION OF RESIDENTIAL MORTGAGE REGULATORS NATIONAL ASSOCIATION OF CONSUMER CREDIT ADMINISTRATORS CONFERENCE OF STATE BANK SUPERVISORS AMERICAN ASSOCIATION OF RESIDENTIAL MORTGAGE REGULATORS NATIONAL ASSOCIATION OF CONSUMER CREDIT ADMINISTRATORS STATEMENT ON SUBPRIME MORTGAGE LENDING I. INTRODUCTION

More information

About the Center for NYC Neighborhoods

About the Center for NYC Neighborhoods Testimony before the New York City Council Committees on Economic Development, Community Development, and Civil Service and Labor: the Economic Impact of the Foreclosure Crisis April 14, 2015 Good afternoon.

More information

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The foreclosure process is perplexing, even for those experienced in real estate. Real estate agents, attorneys, mortgage

More information