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Help After Foreclosure In California Article
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Help to Prevent Foreclosure
from:If you find yourself caught in a mortgage that you can no longer afford, you may need to find help to prevent foreclosure. The recent subprime mortgage crisis has prompted many local, federal and privately run agencies to develop programs that help to prevent foreclosure. Subprime mortgages are offered to borrowers with a few blemishes on their credit record that can’t qualify for prime rates. Usually offered with a limited time “teaser” rate that is significantly lower than the actual rate, these subprime mortgages cause many borrowers to find themselves with a mortgage that they can’t afford when the teaser period runs out. These are the borrowers that are looking for help to prevent foreclosure. Many times, these borrowers are not told of the actual cost of the mortgage until it is too late, making them victims of predatory lending.
The best place to start your information search for help to prevent foreclosure is your lender. Lenders have a lot at stake when a home goes into foreclosure. Research shows that a lender loses, on average, between fifty to sixty thousand dollars for each foreclosure. They are in the business of lending money, not owning or selling houses. They have many programs set in place to help you when you get behind in your payments. Never ignore communication from your lender. As they are willing to help and have many programs available to do so, most programs are designed to help those that are only 1-2 payments behind. Early intervention may be the difference between keeping your house and foreclosure.
The US Department of Housing and Urban Development (HUD) is the federal agency responsible for offering help to prevent foreclosure. Their web site if full of information, tips and advice to help prevent foreclosure. Because you can customize your search based on location, this web site is the most comprehensive place to find the help you are looking for. They also offer counseling by local HUD approved financial counselors. These counselors are able to evaluate your individual situation and make recommendations on their findings. They also provide local resources, such as county specific help to prevent foreclosure.
It is important when faced with a mortgage that you can no longer afford that you seek help to prevent foreclosure early. As there are many programs that have been developed to assist you, many can only be implemented before you get too far behind. Be sure to conduct thorough research before committing to any one program. Finding the help to prevent foreclosure that will suit your situation is possible, but you must be willing to do the research it takes to find it.
Help After Foreclosure In California News
Preventing foreclosure the focus of seminars
Bank of America will provide one-on-one counseling service to its homeowner customers facing possible foreclosure or who want to explore home loan modifications and other alternatives.
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The mortgage giants sign on to Keep Your Home California, a $2-billion foreclosure prevention program, after state drops a requirement that lenders match taxpayer funds used for principal reductions. As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction.
Read more...This Woman Could Be The Poster Child For Dual-Tracking Legislation
Today's foreclosure horror story comes from Woodland, California. As described in The Daily Democrat , Alma Ponce was told by Wells Fargo to reapply for the Home Affordable Modification Program after an error was found in her paperwork. Ponce and her family thought that would be the end of it.
Read more...Fannie, Freddie Sign on to California Housing Initiative: Hot Trends
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Paulette Breen sensed something was wrong when her home loan modification made her mortgage payments more expensive. Suspecting fraud, the Van Nuys resident hired a lawyer to sort things out. That only made things worse.
Read more...Housing scam brings up to life sentence under three-strikes law
An Orange County man who swindled elderly people out of their homes is sentenced to 25 years to life in prison under California's three-strikes law, which is typically applied in violent crime cases. An Orange County man who swindled elderly people out of their homes after promising to help them avoid foreclosure was sentenced to 25 years to life in prison under California's tough three-strikes ...
Read more...Oakland law would pressure banks over blight
The Oakland City Council unanimously expanded an aggressive blight program late Tuesday to include homes in the earliest stages of the foreclosure process. Banks would be required to register homes in a city blight...
Read more...Shelter Animal Population Explodes
Local animal shelters are desperately seeking help after an explosion of unwanted animals. In just the last month, more than 200 newborn kittens were turned in to shelters around Las Vegas.
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