FORECLOSURE RELIEF -- why haven't we been hearing about this ALL ALONG, via the MSM?

[ProgrezivIndie]

With MILLIONS of homeowners facing foreclosure, and with all the QUESTIONS floating around as to WHY we are BAILING-OUT the BANKS (with little help thus far for the REAL victims of predatory LOANS), why haven't there been CONSTANT TV ADS telling homeowners how they can get help?

If you know anyone that is having difficulty making their mortgage payments... because of such things as:

- Loss of job
- Cuts in work hours or overtime
- Retirement
- Illness, injury, or death of a family member
- Divorce or separation

...then they need to ASK FOR HELP SOONER rather than LATER (i.e., DO NOT wait until the foreclosure process begins... or for the sheriff to show up with an eviction notice)! For details, visit the HUD website ( http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm ), or call toll free: 1-800-569-4287

Along with a myriad of other resources, targeted at helping the NEEDY... I've recently added such resources to my web page
( NEED HELP? Find food, jobs, medical care, etc. @ http://services-a2z.biz/karlsgoodies/help-4-needy.htm )

Please pass this along to others who may be in need of assistance (food, medical, housing, jobs, etc.).

a K&R would also be appreciated... thanks in advance!

[OhioChick]

1. K&R

:kick:

[DJ13]

2. K

&
R

[LibertyLover]

3. Thank you

It's probably too late to help me, but I hope it will help others.

[ProgrezivIndie]

13. "It's probably too late to help me..." now that makes me both sad

and MAD AS HELL! :mad:

1. I hope it is not so... if you are of a mind to do so: call that toll free number ("experts" in mitigating foreclosures are waiting to hear from you).

2. These weasels (BANKS) get BILLION$ in TAXPAYER-bailouts, and they get to TAKE BACK the properties as well? :wtf:

3. What's more? this HUD program has been around, at least since the CARTER administration (circa 1978, according to some references I have seen). Of course, over time it has been modified, underfunded, underPUBLICIZED, etc. But at a time when MILLIONS are going to lose their homes, I am LIVID that this program is not being PUSHED and PUSHED hard!

[Luciferous]

4. K&R

[Patsy Stone]

5. K&R!

Nice post!

[FreakinDJ]

6. We can't talk about any thing positive Obama has done

[BrklynLiberal]

7. Thanks for posting this

[Triana]

8. KICK (& R) n/t

[barbtries]

9. kick

thank you

[SammyWinstonJack]

10. Thank you! Rec!

:thumbsup:

[Control-Z]

11. Let me kick

this again, and recommend it.

This could be a valuable resource for a lot of people. Thanks for posting. :)

[Mind_your_head]

12. Where's the "produce the note" link?

Google if you don't "know" this one.....

Many of these programs are very very bad, imo. You've got to go up the learning curve very quickly.....very very quickly to "come out alright".....doesn't mean one shouldn't 'try'.

edit: NO k&r from me

[ProgrezivIndie]

14. "Where's the 'produce the note' link?"

also "Many of these programs are very very bad, imo."

I've heard similar things about the "produce the note" strategy -- NOT that it's a bad strategy, in fact it is one that should definitely be employed (legally). But I've heard that in most instances it serves more as a delaying tactic (iow: they can, with time, prove that they own the note). However; that won't stop me from adding it to my web page:

I'm off to EDIT my web page now, look for a link along the lines of... another strategy when faced with foreclosure:

Produce The Note “How-To”
http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

... thanks for the suggestion! :fistbump:

[Mind_your_head]

17. wanker! eom

[aikanae]

15. Have you tried those numbers?

From my own experience (not with the lists you posted) a lot of those programs have numbers not working or no one knows what you are talking about (never heard of it) or they aren't geographically found where you are, only apply in one or two states.

[ProgrezivIndie]

16. yes, I called the HUD Housing & Counseling toll free number...

There are SCADS of websites (with TLDs of .com, .net, .biz, .info, .tv, etc.) out there... many offering assistance of one sort or another.

When I put this (my web page) together, I made it a point to only include resources which are available in every state... striving to avoid LOCALIZED ONLY means of obtaining assistance. I did not want my web page to look like a GOOGLE RESULTS list (with 10s of 1000s of mostly useless websites, and in some instances outright SCAMS).

Anyone who tries using resources listed on my page, PLEASE let me know if there is a problem (NOT something for which you personally do not qualify... but LINKS that do not work, resources that appear to be SCAMS, etc.) I've tried to make sure (by using .ORG and .GOV domains) that these resources are legitimate.

Thanks!

[ProgrezivIndie]

21. here's an example of LOW-LIFES preying on those already hurtin'

ref: http://www.latimes.com/business/investing/la-fi-mortgage10-2009mar10,0,653172.story

Foreclosure scammers sentenced
March 10, 2009

Two people were sentenced Monday after pleading guilty to grand theft for taking at least $700,000 from homeowners looking to prevent foreclosure, the California attorney general's office said.

Rosa Conrado, 51, of San Bernardino, charged with six counts, was sentenced to 72 months in prison, and Martin Jesus Flores, 33, of Baldwin Park, got three years' probation on one count.

Alejandrina Maldonado, 33, of St. Lucie, Fla., was sentenced Feb. 26 to three years in prison in the case, prosecutor's spokesman Scott Gerber said.

The three were principals of First Gov of San Bernardino, which claimed that it could renegotiate mortgages to prevent foreclosures, Gerber said. But First Gov never modified any loans after taking upfront fees of $1,500 to $5,000, he said.

P.S. while there are LEGITIMATE entities out there... using GOOGLE or TV/magazine/newspaper/telephone solicitations to search them out can lead to a whole slew of problems. <...big sigh...>

[kaygore]

18. K&R

[ProgrezivIndie]

19. am still pondering the "question"

FORECLOSURE RELIEF -- why haven't we been hearing about this ALL ALONG?

The decadent BUSH years saw the gap between the HAVEs and HAVE NOTs widen in near-obscene proportions. CORPORATE WELFARE never became his administration's object of scrutiny. It seems that almost every regulatory entity either looked the other way or there was no BUDGET allocation for them to effectively carry out their mission. And when it became apparent that the WHEELS were going to fall-off the housing industry, Guess what? In late 2007, "Bush Unveils Foreclosure Relief Plan" (for one analysis see: http://www.npr.org/templates/story/story.php?storyId=16981165 )

Did we hear a lot, back then from the MSM, telling people to seek-out help from HUD (i.e., the website address and/or the toll free phone number) where foreclosure mitigation of some sort or another had been in place, going back to the Carter administration, and even prior to that? No we did not hear that. Did it compel BANKS to do something? IMO: that's open to interpretation.

[ProgrezivIndie]

20. just a bit more...

note to DU moderators: the following material is PUBLIC DOMAIN, thus there's no copyright infringement... even so, I am reposting only a portion of the document, which can be found at
http://commdocs.house.gov/committees/bank/hba47582.000/hba47582_0.HTM

The above said, what follows provides some insight into the state of HUD/FHA prior to what I called the "The decadent BUSH years". The portion which I have included here starts on page five:

************************

WEDNESDAY, APRIL 1, 1998
U.S. House of Representatives,
Subcommittee on Housing and Community Opportunity,
Committee on Banking and Financial Services,
Washington, DC.

<...snip...>

Chairman LAZIO. I thank the gentleman.

Mr. Hinchey.

Mr. HINCHEY. Thank you very much, Mr. Chairman, and I want to thank you for calling this hearing to look into the Federal Housing Administration Single Family Property Disposition Program. Before I proceed with my brief opening statement, I would ask unanimous consent that two documents submitted by HUD be entered into the record. One is a critique of the NTIC study titled ''The Devil is in the Details,'' and the other is a series of answers to questions that have been raised about the operation of the FHA.

Chairman LAZIO. Without objection, it's so ordered.

Mr. HINCHEY. Thank you very much, Mr. Chairman.

I know your witnesses today will spend a considerable time talking about the problems with FHA programs. I do not think we should minimize these problems, but I also think that we should not overlook the progress that is being made at HUD and the FHA to reform single family housing programs.

For more than 60 years, the Federal Housing Administration has helped many Americans purchase their first homes by providing mortgage insurance to borrowers who cannot afford a sizable downpayment and are unable to obtain mortgage insurance in the private market. Many of the borrowers who use the FHA to help finance their homes are, of course, low- and moderate-income individuals, often minorities, and residents of urban areas who have been left behind by the conventional mortgage market.

To the critics who say that FHA has outlived its usefulness and should be replaced by the private market, I would point out that nearly one-third of all insured mortgages last year were insured by FHA. Most of these individuals would not have qualified for conventional mortgage insurance. This subcommittee has heard much testimony in the past about the conventional mortgage industry's high denial rate for minority borrowers. FHA fills that gap by making it possible for blacks, Hispanics, and other under-served groups to purchase homes.

While I commend the FHA for doing an admirable job of serving low- and moderate-income, minority, and center city populations, I'm also concerned with the reports of weaknesses in the Single Family Property Disposition programs. I would like to point out that all of these reports note that FHA's mortgage insurance fund is financially sound and currently exceeds its reserve target. As with any lending program, there are bound to be defaults, especially in a program that takes on riskier borrowers. And while the default rate of FHA mortgages is slightly higher than the rest of the industry, the foreclosure rate is just above 1 percent. The Loss Mitigation Program helps two-thirds of borrowers in default become current on their payments again.

The GAO, outside auditors, and HUD's own Inspector General have all reported a number of problems with FHA that must be addressed if we hope to win support on Capitol Hill to expand. I personally think that the President's proposal to raise the maximum loan amount to $227,150 from $170,362 is a good idea. However, many of my colleagues on both sides of the aisle remain unconvinced, in part, because of reports of mismanagement, loose internal controls, lax oversight of private contractors, and the decentralization envisioned by HUD's 2020 Management Reform Plan.

I understand that HUD is undergoing a top-to-bottom reorganization that is designed to streamline the department, make their operations more efficient, and bring some much needed accountability back to the Nation's housing programs.

I support the Department in those efforts and am pleased that we are already seeing some of the results of this Administration's commitment to reform. I also understand that problems with the FHA program date back many years, in fact, decades, and will not be resolved overnight.

I hope that the witnesses will outline how the Department and FHA will address the criticisms of the Inspector General and the General Accounting Office. In particular, I would like to hear how your organization in four homeownership centers will effectively oversee the many private contractors who will be necessary to manage the program in the wake of FHA's massive downsizing.

And finally, Mr. Chairman, I would like unanimous consent to enter the statement of our colleague George Brown into the record. He had hoped to deliver the statement in person but asked that I include it in today's proceedings. His description of the city of San Bernardino, California's, efforts to work with HUD to develop innovative ways to bring foreclosed and repossessed homes back into the market is instructive, I believe, for the subcommittee.

<...snip...>

************************

[ProgrezivIndie]

22. GA (and other states?) finally decides to get tough, and implement some foreclosure relief

as well as tightening the screws on LENDING practices...

ref: http://www.bizjournals.com/atlanta/stories/2009/03/09/daily26.html

10 March 2009
Ga. Senate OKs foreclosure relief measure

Banks and other residential mortgage lenders would face new restrictions in Georgia under legislation approved by the Senate Tuesday aimed at reducing the state’s high rate of foreclosures.

The bill, which passed 43-9 and now heads to the House, focuses primarily on subprime loans, high-interest mortgages that are extended to borrowers with poor credit histories. In Georgia and other states, a substantial factor in the rising rate of foreclosures has been the dramatic growth in subprime loans.

The measure would require lenders to be reasonably assured that a borrower will be able to make timely mortgage payments before approving a home loan. It also would prohibit prepayment fees or penalties and “flipping” of subprime loans.

<...snip...>

[ProgrezivIndie]

23. ahh yes, here's CT takin' some action as well...

ref: http://blogs.courant.com/george_gombossy/2009/03/foreclosure-reduction-agreemen.html

10 March 2009
Foreclosure reduction agreement reached in Connecticut

Press release from Gov. Rell's office

Governor M. Jodi Rell and the co-Chairs of the Legislature's Banks Committee - Senator Bob Duff and Representative Ryan P. Barry - today announced they have reached agreement on legislation that would make mediation a mandatory part of all real estate foreclosures in Connecticut, a move that could sharply reduce the number of borrowers losing their homes.

The new legislation builds on changes Governor Rell, Senator Duff and Representative Barry developed last year that expanded mediation services offered through the Judicial Branch.

Under that change, more than a quarter of recent foreclosure proceedings have gone to mediation - and about 70 percent of those cases have been resolved amicably, without the borrower being forced to leave the home or the lender forced to take over the property.

Under the new legislation, mediation services would be required in all foreclosure cases. The service funded with money already assigned to the Connecticut Housing Finance Authority to help deal with the subprime mortgage crisis.

<...snip...>

[ProgrezivIndie]

24. GLG (investment group) says renegotiation is the better answer -- DUH!

ref: http://www.glgroup.com/News/A-Better-Way-To-Stop-Foreclosures-35318.html

10 march 2009
A Better Way To Stop Foreclosures

Most economists agree that we are now in a vicious cycle of defaults>foreclosures>dropping house prices>economic recession>rising unemployment> more defaults, etc. While the recently approved stimulus package and TARP funds may reduce the likelihood of a complete meltdown of our financial markets, these actions do not address one of the root causes of the credit crises, namely mortgage defaults and the resulting foreclosures. The Obama administration recognizes the importance of interrupting this vicious cycle, and their proposal to use government funds to encourage loan modifications is a step in the right direction. Unfortunately the results of earlier loan modification programs have been awful, with approximately 60% of the loans re-defaulting; and it appears that the administration’s new initiatives, bundled under the Homeowner Affordability and Stabilization Act, are poorly structured and may suffer a similar fate.

<...snip...>

[Joe Chi Minh]

25. Your post must be blessing from heaven to many people. Great work,

if I may say so.

[ProgrezivIndie]

27. thank you... credit goes to fellow DUers (who inspired me to come

out of LURK mode, and register to post. Much of what I've gathered on my web page ( http://services-a2z.biz/karlsgoodies/help-4-needy.htm ) is research instigated by many other posts which I've seen here @ DU.

I don't think we've yet seen the bottom of the abyss, but I am hopeful that Obama (and all Washington D.C. as well as the 50 States' politicians) will work to slow this thing down. Unfortunately, IMO, recovery will be painful to many... and it better be, as well, even moreso... for the GREED-mongers AT THE TOP, who got us into this mess!

Here's a brief, but bleak, assessment of things as they stand:

ref: http://in.sys-con.com/node/871616

Women Cut Back as More Americans Worry About Finances

PHOENIX, AZ -- (Marketwire) -- 03/10/09 -- Thirty-two percent of Americans in 2008, nearly twice as many as in 2007, said they were financially worse off compared to the previous year, a year-end Consumer Reports survey indicated, with women more concerned about finances than men. Agencies that offer debt help are hearing stories of the same financial dropoff, says Think Debt Relief, as more consumers seek out debt relief through debt settlement, credit counseling, and debt consolidation programs.

Women in the Consumer Reports survey reported being more worried than men about personal finances, with 63 percent of women having planned to curb holiday spending this season, compared to only 36 percent of men. Women were also more likely to charge less to their credit cards, cut back on spending for entertainment and eating out, and postpone home improvement projects and big-ticket purchases for their home.

As a whole, both men and women were most concerned about the stability of their retirement funds, as well as their ability to pay for college, health care, and credit card debt.

As consumer debt levels reach $2.6 trillion and credit card defaults continue to climb after hitting a near-record high in December, consumers are feeling a heightened uncertainty about how they're going to pay their bills, especially as the news about unemployment keeps getting worse: 35 percent of survey respondents indicated that they were unsure about their ability to pay down existing credit card debts.

"The results show people are still very nervous and confused about what to do next," said Noreen Perrotta, Consumer Reports money editor.

It's clear that consumers are already struggling with finding a way to pay their bills. Nationally, foreclosures skyrocketed by 81 percent in 2008, with 3.2 million foreclosure filings reported, and Americans are past due on $25 billion in auto loans.

<...snip...>

Together we can beat this thing a lot sooner... if only more republiCONS would realize that! :grr:

[ProgrezivIndie]

26. PA to provide relief as well...

ref: http://www.forbes.com/feeds/ap/2009/03/10/ap6146256.html

10 March 2009
Health care and mortgages in Pa. gov's relief plan

A roughly $31 million emergency relief package will help more families get state-subsidized health insurance, home heating aid and mortgage assistance as the recession continues to push people out of work, Gov. Ed Rendell said Monday.

Rendell said the state's declining employment numbers and the growing list of factory and store closings convinced him that a relief package was necessary.

<...snip...>

[Mr. Ected]

28. Many, If Not Most, Lenders Are NOT Willing To Help

There is very little compassion, very little urgency, and very little willingness to settle with the majority of mortgage lenders.

I am a real estate attorney and my firm represents a number of these lenders. They are slow, plodding, understaffed, and unresponsive.

There are no magic bullets, folks. The media should relate honest news, and not a pie-in-the-sky wish list. Lenders are not accepting deeds in lieu of foreclosure, they are stifling many short sale offers, they are not permitting assumptions, their loan modifications are sporadically applied.

Not trying to be cynical, but I deal with it every day.

[webDude]

29. financialstability.gov check it out!! Gives you a list of stuff to send...

...your Fannie Mae(and possibly more) backed mortgage holder to get them set up for doing the Obama mortgage-help program(real name? I forget).

Homepage: http://financialstability.gov/

FAQ's: http://financialstability.gov/docs/borrower_qa.pdf

[ProgrezivIndie]

30. thanks dude!

The financialstability.gov website finally has links to Obama's initiative to mitigate foreclosures (and other economic initiatives as well). I won't stop them all, mind you, but it likely will greatly assist the ones which can/should be saved (which is an arguable point, I realize). It was a compromise... not everyone is happy with the program. But STATES have also begun moving against predatory LENDERS (I've cited three earlier in this thread).

Anyway... the website cited by you outlines such things as:

NEW: Making Home Affordable

Borrower Information: Making Home Affordable Refinance and Modification Options

Fact Sheet Icon: PDF Document

Summary of Guidelines Icon: PDF Document

Modification Program Guidelines Icon: PDF Document

Counselor Q&A Icon: PDF Document

* Additional Resources:
o www.WhiteHouse.gov
o www.HUD.gov
+ Contact your mortgage company
+ Contact a HUD-approved housing counselor

Consumer and Business Lending Initiative (TALF)

* Program Guidelines Icon: PDF Document
* Term Sheet
* White Paper Icon: PDF Document
* FAQ

...as well as other initiatives to get the economy turned around.

Nice find... I'll be adding it to my web page. Thanks! :fistbump: