Homeowners Say Customer Service is Still a Problem when They Contact Their Bank or Servicer

Posted on May 27, 2013 by CustomerBullHorn

Lost documents, robo-signing, getting different messages from different bank departments, broken verbal promises for modifications, loan servicing being transferred, and unexplained modification denials- are these all things of the past with settlements like the Independent Foreclosure Review, Attorney General Settlement, and here in California, the new Homeowner Bill of Rights?

Not exactly.

At the national level, the Consumer Financial Protection Bureau recently made its complaint database public and complaints about mortgage loan servicing issues represent 55% of the 90,000 complaints. The Bureau is making the data public and asking for people’s ideas on how to use the data. As an example, the Bureau created a sort-able spreadsheet that allows users to sort by the type of complaint, company, etc.

HousingWire recently touched on some of these issues in their April 23^rd article, “Loan mods, inaccessible websites irritate servicing customers the most.” The article describes Craig Martin’s recent presentation where he said that loan modification and inaccessible/difficult to maneuver websites are two top complaints of homeowners. Martin is with J.D. Power and Associates, which publishes an annual rating on mortgage loan servicers.

In J.D. Power and Associates’ most recent survey of 5,623 homeowners , BB&T, Regions Mortgage, SunTrust Mortgage, Chase, and PNC Mortgage were ranked the highest quality. In comparison, the five lowest rated banks/servicers were Aurora Loan Services, OneWest Bank (formerly Indymac), Homeward Residential, Nationstar Mortgage, and Ocwen Loan Servicing. You can see the full chart of all the banks on page 4: J.D. Power and Associates Reports: Amid Record-Low Interest Rates and Improved Loan Modification Programs, Customer Satisfaction Increases

If you live in San Jose or Sunnyvale and you’re struggling with your mortgage, you may want to sit down and meet with a housing counselor from ForeclosureHelp. At your appointment, they’ll review your mortgage, your income/monthly budget, and then help you understand your eligibility for programs like HAMP, HARP, in-house modifications, and Keep Your Home California– a program that over 600 Santa Clara County residents have already accessed and used.

The services at ForeclosureHelp are paid for through a federal Community Development Block Grant from the City of San Jose and from a grant from the City of Sunnyvale- so there is no charge to the homeowner.

Other resources to review:

Consumer Financial Protection Bureau warns mortgage servicers about legal protections for consumers when transferring loans

The CFPB takes action against mortgage insurers to end kickbacks to lenders

Maggie’s Five Rules for Working with Your Bank or Servicer

California Monitor (for Attorney General Settlement with 5 largest banks) Website

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Foreclosure Help is a coalition program funded by the city of San Jose through a HUD Community Development Block Grant and the city of Sunnyvale, and we can directly assist homeowners and tenants in San Jose and Sunnyvale who are facing foreclosure. However, we are unable to assist homeowners/former homeowners in other cities and states. If you need housing counseling, we suggest using the interactive map on HUD’s website.

ForeclosureHelp partners include the Housing Trust Silicon Valley (lead agency), the Fair Housing Law Project at the Law Foundation of Silicon Valley, SurePath Financial Solutions, Project Sentinel, Asian Inc, Neighborhood Housing Services of Silicon Valley, and the Santa Clara County Association of Realtors.

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Jose through a HUD Community Development Block Grant and the City of Sunnyvale at (408)-293-6000 or visit us: www.foreclosurehelpscc.org

Our housing counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Please note: All content included in the ForeclosureHelpSCC blog is provided for information only and should NOT be considered legal or tax advice. If you have any questions, please feel free to contact us on our hotline: (408)-293-6000, or visit our website: www.foreclosurehelpscc.org or send us an email: help@foreclosurehelpscc.org.

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org.Nuestros consejeros puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Por favor, tenga en cuenta: Todos los contenidos incluidos en el blog ForeclosureHelpSCC se proporciona únicamente a título informativo y no debe ser considerada como consejo legal o fiscal. Si usted tiene alguna pregunta, por favor no dude en contactarnos a nuestra línea directa: (408) -293-6000, o visite nuestro sitio:www.foreclosurehelpscc.org o envíenos un correo electrónico: help@foreclosurehelpscc.org.

Nhân viên tư vấn của chúng tôi đã được HUD chấp thuận có thể giúp bạn đánh giá các lựa chọn của bạn, tìm hiểu thêm về các chương trình của liên bang và tiểu bang có thể giúp bạn với các vấn đề thế chấp của bạn, và sẽ giúp bạn tạo ra một kế hoạch phía trước.Xin lưu ý: Tất cả các nội dung trên Blog ForeclosureHelpSCC được cung cấp thông tin duy nhất và không nên coi là hợp pháp hoặc tư vấn thuế. Nếu bạn có bất cứ câu hỏi , xin vui lòng liên hệ với chúng tôi qua đường dây nóng: (408) -293-6000, hoặc truy cập vào trang của chúng tôi: http://www.foreclosurehelpscc.org hoặc gửi email cho chúng tôi:help@foreclosurehelpscc.org.

FAIR HOUSING AND ANTI-DISCRIMINATION POLICY

It is the policy of ForeclosureHelp not to discriminate against any person because of that person’s race, color, religious creed, sex (gender), sexual orientation, marital status, national origin, ancestry, familial status (households with children under the age of 18), source of income, disability, medical condition or age. Color or “ethnic group identification” means the possession of the racial, cultural or linguistic characteristics common to a racial, cultural or ethnic group, or the country or ethnic group from which a person or his or her forebears originated. As required by law, we agree to take the affirmative steps needed to further fair housing.

ForeclosureHelp will consider any and all requests for reasonable accommodation in the application of its rules, policies, practices, and services, and in the use of its physical structures, in accordance with the requirements of state and federal laws. You can ask ForeclosureHelp to consider any reasonable accommodation you may have. Please consult with the Program Manager (408-293-6000 or via email: help@foreclosurehelpscc.org) to request this accommodation.

ForeclosureHelp Update: CitiGroup and Wells Pause Foreclosures; MN Passes Homeowner Bill of Rights; NY AG Updates Complaint Against BOA and Wells for Violating AG Settlement (foreclosurehelpscc.wordpress.com)
Do Student Loans Contribute to Foreclosure Crisis? What We’ve Seen from Homeowners in San Jose and Sunnyvale, CA (foreclosurehelpscc.wordpress.com)
HARP Refinance Option for Homeowners in San Jose and Sunnyvale (foreclosurehelpscc.wordpress.com)

New Federal Bill Introduced to Create Independent Monitor to Oversee Independent Foreclosure Review

Posted on April 25, 2013 by CustomerBullHorn

On April 25, 2013, Representative Elijah E. Cummings, the Ranking Member of the House Committee on Oversight and Government Reform, introduced HR 1706, “The Mortgage Settlement Monitoring Act of 2013” that would oversee the distribution of funds from the Independent Foreclosure Review.

Our blog readers know that ForeclosureHelp has followed the Independent Foreclosure Review closely and we think some additional sunshine into how decisions were made to end the program would benefit Congress and the hundreds of thousands of Americans who have either lost their homes to foreclosure or who have experienced the mortgage modification process with their bank or servicer. (To see our concerns with the Independent Foreclosure Review, visit our earlier post: “Seven Reasons to Postpone the Independent Foreclosure Review“)

As Senator Elizabeth Warren (D-MA) commented at a congressional hearing earlier this month, it seems contradictory to pay consultants hundreds of millions of dollars to review errors the bank made, then not use that information, and instead, have the banks and servicers decide which category of error the homeowners should be placed into. The majority of homeowners have already received or will receive a payment of $300 under the revised settlement.

The bill is being co-sponsored by Ranking Members Maxine Waters, George Miller, John Conyers, and Henry Waxman, and Representatives John F. Tierney, Zoe Lofgren, and Jan Schakowsky.

National supporters include the Center for Responsible Lending, the National Consumer Law Center, the National Fair Housing Alliance, the National Association of Consumer Advocates, Americans for Financial Reform, National People’s Action, The Connecticut Fair Housing Center and Consumer Action.

In a press release, Representative Cummings explained: “Mortgage servicers have now admitted that they broke the law by illegally foreclosing on American families and committing numerous other abuses, but regulators refuse to provide even the most basic information about the extent of the abuses that were uncovered,” said Cummings. “Since federal regulators now plan to rely on these same banks to determine payouts and deliver settlement funds to borrowers, we need an Independent Monitor to bring transparency and accountability to this process.”

According to the same press release, the Act would create a Monitor (appointed by President Obama) to review compliance by all parties, including not only the banks and servicers, but also the Federal Reserve and the OCC. As a reminder, both the Federal Reserve and the OCC have rebuffed earlier requests from Representative Cummings and Senator Elizabeth Warren (D-MA) to release information about illegal procedures at the bank (like robosigning), suggesting that they are “trade secrets.”

The Monitor would also issue quarterly reports with the following information:

A description of the criteria and methodology used to determine eligibility for direct and indirect relief, as well as a description of due process protections for recipients;

Information on borrowers who receive relief, broken down by mortgage servicer and including demographic information, the level of direct compensation for similarly situated borrowers, and the number and amounts of principal reduction loan modifications and other types of borrower assistance;

Information on the credit given to mortgage servicers for direct and indirect compensation provided to borrowers; and

A list of instances in which mortgage servicers or regulators fail to comply with the terms of the settlement, and a list of actions taken by the Federal Reserve or the OCC to compel compliance.

If it’s not in the bill, we imagine that homeowners across the U.S. would also like this new monitor to ask a few questions of the Federal Reserve and the Office of the Comptroller Currency, such as:

1) Was there any thought during 2012 about possibly ending the program sooner? Who ultimately made the decision to end the program in January?

2) What are the financial differences for banks and servicers if the Independent Foreclosure Review had continued as planned and the consultants had decided which category the borrowers should go in? In other words, was it cheaper for the banks and servicers to discontinue the Independent Foreclosure Review? If so, how much money did they save?

3) Is there any thought given to clawing back some of the hundreds of millions of dollars spent on consultants, considering most of their work isn’t being used, there were conflicts of interest between the consultants and the banks, there were media reports of some consultants not doing any real work while they were on the clock, and the results of their reviews are apparently “trade secrets” that can’t be made public?

4) What was the rational to only use the 2009-2010 time period for the eligibility qualifications? Do federal regulators have proof that there was no robo-signing or illegal foreclosures before 2009 or after 2010?

5) Given the evidence that is already public about robo-signing issues and the disorganization at many servicers and banks, why isn’t there a built-in appeal process with the current program, especially for homeowners who have documented the errors that their bank committed against them?

6) Can you explain the exact process for assigning homeowners to a “category of harm?” On what grounds are banks and servicers confident that they are assigning a homeowner to the correct category?

7) Have there been any conversations about the damage done to credit reports and scores because of improper foreclosures, and what this means for those people and their increased costs for borrowing money?

8) Were any homeowners, housing counselors, or housing advocates asked to join the conversations about this settlement when it was originally designed? If not, why weren’t they involved in the process since they have the most direct first-hand knowledge of the issues the settlement was designed to address?

We’d love to hear other questions our readers may have for federal regulators, and if readers have experience with the Independent Foreclosure Review, they may want to call their Representative and ask them about this new legislation.

Foreclosure Help is a program funded by the city of San Jose through a HUD Community Development Block Grant and the city of Sunnyvale, and we can directly assist homeowners and tenants in San Jose and Sunnyvale who are facing foreclosure. However, we are unable to assist homeowners/former homeowners in other cities and states. If you need housing counseling, we suggest using the interactive map on HUD’s website.

Our housing counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

FAIR HOUSING AND ANTI-DISCRIMINATION POLICY

Cash Payments for Independent Foreclosure Review Will Begin Being Mailed April 12, Senate Banking Committee Will Hold Hearing about the Independent Foreclosure Reviews (foreclosurehelpscc.wordpress.com)
Foreclosure Help’s Update on the Independent Foreclosure Review, Debt Collectors, Making Home Affordable, Hispanic Homeownership,and “Zombie Foreclosures” (foreclosurehelpscc.wordpress.com)
Second Wave of Independent Foreclosure Review Checks Mailed Out on April 19, 2013 (foreclosurehelpscc.wordpress.com)

California Homeowners have Received $16.8 Billion in Relief from National Attorney General Settlement

Posted on February 21, 2013 by CustomerBullHorn

By Sean Coffey, Program Manager of ForeclosureHelp

Joseph Smith, the Monitor for the national Attorney General settlement, released a report (Ongoing Implementation: February 21, 2013) today about the amount of relief the five banks (Chase, Wells Fargo, Bank of America, Citi, and Ally) have granted to homeowners as part of the AG settlement.

According to the report, from March 1, 2012, through December 31, 2012, $45.8 billion in relief has been provided to homeowners. This includes: (national figures)

$6 billion in first lien modification forgiveness
$1.3 billion in relief for pre 3/1/2012 forbearance
$2.2 billion in “estimated consumer relief of refinances”
$3.4 billion in active trials in process
$11.5 billion in second lien modifications and extinguishments
$19 billion in short sales completed/deficiencies forgiven,
$1.6 billion in “other programs”

154,243 borrowers in California have been assisted, with an average amount of $109,527 of relief/benefit to the borrower. The amount of relief offered to homeowners, varies widely by bank especially as measured by the category “Completed 1^st lien modification forgiveness” (defined as “finalized first lien principal reduction permanent modifications [including trial modification).

Ally Bank: 231 borrower assisted, average amount: $152,904

Bank of America: 7,509 borrowers assisted, average amount: $214,748

Citi: 408 borrowers assisted, average amount: $122,833

Chase: 3,375 borrowers assisted, average amount: $167,828

Wells Fargo: 4,383 borrowers assisted, average amount: $114,006

To see the detailed analysis of relief offered to California homeowners, click here: Appendix IV State Consumer Relief Information California, Program to Date

Are you a homeowner here in San Jose or Sunnyvale, California, and are you struggling to pay your mortgage, or worried about foreclosure? Has somebody contacted you about doing a short-sale and you want to make sure you are examining all of your possible options? If so, give us a call and we can set up an appointment with a certified foreclosure prevention counselor from a HUD-approved agency. We have an office in downtown San Jose (across the street from St. Joseph’s Cathedral) and we also offer Saturday hours at our satellite office, located across the street from Most Holy Trinity Catholic Church. Pick up the phone and give us a call: 408-293-6000, or send us an email: help@foreclosurehelpscc.org.

If you are struggling with foreclosure in San Jose or Sunnyvale, please give us a call. The sooner you pick up the phone, the sooner we can help, and the earlier you start in the process, the more options you will have to create a plan forward.

Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Xin lưu ý: Tất cả các nội dung trên Blog ForeclosureHelpSCC được cung cấp thông tin duy nhất và không nên coi là hợp pháp hoặc tư vấn thuế. Nếu bạn có bất cứ câu hỏi , xin vui lòng liên hệ với chúng tôi qua đường dây nóng: (408) -293-6000, hoặc truy cập vào trang của chúng tôi: http://www.foreclosurehelpscc.org hoặc gửi email cho chúng tôi:help@foreclosurehelpscc.org.

Six Reasons to Deal with Your Foreclosure Problem Today, not Tomorrow (foreclosurehelpscc.wordpress.com)
Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC (foreclosurehelpscc.wordpress.com)
Five Important Policy Updates For California Homeowners and Tenants in 2013 Related to Foreclosures, Short Sales, and the Homeowner’s Bill of Rights (foreclosurehelpscc.wordpress.com)
Another Possible Loan Modification Scam: They’re Alive and Well in California in January 2013 (foreclosurehelpscc.wordpress.com)

Thông tin chi tiết về Đánh giá Tịch thu nhà độc lập: Những ngân hàng được bao gồm, các ngân hàng không bao gồm (New Details on Independent Foreclosure Review)

Posted on January 24, 2013 by CustomerBullHorn

Thông tin chi tiết về Đánh giá Tịch thu nhà độc lập: Những ngân hàng được bao gồm, các ngân hàng không bao gồm

(New Details on Independent Foreclosure Review: What Banks Are Included, What banks are not)

Thông tin chi tiết đang xuất hiện về việc thay thế giai đoạn kiểm định Tịch thu nhà độc lập, và chúng tôi sẽ tiếp tục cập nhật được phát hành thông tin từ Cục Dự trữ Liên bang và Văn phòng Kiểm soát tiền tệ. Chúng tôi nghi ngờ rằng nó sẽ là vài tuần trước khi xuất hiện thêm chi tiết chương trình thực tế, và đã có ý kiến cho rằng các khoản thanh toán cho các chủ nhà sẽ không bắt đầu cho đến tháng 3 năm 2013 là sớm nhất. Chủ nhà phải giữ mắt của họ trên trang web Duyệt xét độc lập Tịch thu nhà và chúng tôi nghi ngờ rằng có thêm thông tin sẽ được đăng tải vào cuối tháng Giêng năm 2013.

1. Là việc giải quyết mới này là bao nhiêu? $3.3 tỷ USD sẽ được phân phối trong thanh toán trực tiếp đến người vay tiền đủ điều kiện, trong khi đó thêm $5.2 tỷ trong cứu trợ sẽ được cấp thông qua các sửa đổi khoản vay và sự tha thứ của bản án thiếu hụt.

2. Tiền bồi thường sẽ được xác định như thế nào? Huffington Post (Tịch thu nhà Đánh giá trong việc giải quyết mới sẽ Giữ chủ nhà Trong tay của các ngân hàng từ ngày 07 tháng một năm 2013) các báo từ các ngân hàng và dich vụ sẽ xem xét khoảng 4.4 triệu người chủ nhà bị tịch thu trong vòng từ năm 2009 đến 2010:

Một cách rộng rãi phân loại chúng thành 11 “thể loại” tương ứng với mức độ gian lận trong quá trình tịch thu nhà. Khách hàng vay với các khoản vay bị tịch thu rơi vào thể loại ưu tiên cao nhất, chẳng hạn như nhà bị tịch thu bất hợp pháp được tiến hành trong khi họ đang chiến đấu trong quân đội Mỹ ở nước ngoài, sẽ hội đủ điều kiện cho một thanh toán có thể lên đến $125,000. Những người trong nhóm mức thấp nhất, chẳng hạn như các khoản vay với một lỗi văn thư, sẽ hội đủ điều kiện cho ít nhất là $250.

3.Các ngân hàng được bao gồm? Theo việc phát hành báo chí Dự trữ Liên bang, tham gia vào thỏa thuận mới này sẽ đáp ứng các yêu cầu của các hành động thực thi pháp luật bắt buộc rằng các dịch vụgiữ lại các chuyên gia tư vấn độc lập thực hiện một xét độc lập Tịch thu nhà. “(Nói cách khác, điều này là thay thế các xét độc lập Tịch thu nhà cho các ngân hàng này và dịch vụ)

Aurora Loan Servicing

Bank of America

Citibank

HSBC

JPMorgan Chase

Litton

MetLife Bank

PNC

Saxon

Sovereign

Sun Trust

U.S. Bank

Wells Fargo

4. các ngân hàng không bao gồm? Theo HuffingtonPost bài viết được trích dẫn trước, các ngân hàng này không được bao gồm và đánh giá sẽ tiếp tục cho các chủ nhà có các khoản vay phục vụ bởi các công ty:

Ally Financial,

EverBank,

OneWest Bank (formerly IndyMac bank)

Cục Dự trữ Liên bang thông cáo báo rằng: “Các cơ quan tiếp tục làm việc để đạt được các thoả thuận tương tự về nguyên tắc với nhung dich vu khác mà không phải là các bên tham gia thỏa thuận công bố hôm nay, nhưng điều đó cũng tùy thuộc vào hành động thực thi thực hành thiếu phục vụ khoản cho vay thế chấp và xử lý tịch thu nhà”.

Nếu bạn là một sinh hoạt chủ sở hữu nhà ở San Jose hoặc Sunnyvale và đang đấu tranh với nợ nhà, xin vui lòng liên ForeclosureHelpSCC, một chương trình được tài trợ bởi thành phố San Jose và thành phố của Sunnyvale ở (408) -293-6000 hoặc truy cập trang web của chúng tôi: www. foreclosurehelpscc.org. Nhân viên tư vấn của chúng tôi đã được HUD chấp thuận có thể giúp bạn đánh giá các lựa chọn của bạn, tìm hiểu thêm về các chương trình của liên bang và tiểu bang có thể giúp bạn với các vấn đề thế chấp của bạn, và sẽ giúp bạn tạo ra một kế hoạch phía trước.

Luật Dân Quyền cho Chủ Nhà ở trong Tiểu Bang California (California Homeowner Bill of Rights)

Posted on January 17, 2013 by CustomerBullHorn

Luật Dân Quyền cho Chủ Nhà ở trong Tiểu Bang California

(California Homeowner Bill of Rights)

Luật Dân Quyền cho Chủ Nhà ở trong tiểu bang California này trở thành luật vào ngày ngày 1 Tháng 1 năm 2013 để đảm bảo cho vay công bằng và thực hành vay cho các chủ nhà ở trong tiểu bang California.

Luật pháp được thiết kế để đảm bảo sự công bằng cơ bản và minh bạch cho chủ nhà trong quá trình tịch thu nhà. Các điều khoản chủ yếu bao gồm:

1. Hạn chế về nhà bị tịch thu theo dõi kép: dich vụ thế chấp được hạn chế thúc đẩy quá trình tịch thu nhà Nếu chủ nhà đang làm việc về bảo đảm sửa đổi khoản vay. Khi chủ nhà hoàn tất đơn xin cho một sửa đổi khoản vay, quá trình tịch thu nhà chủ yếu là tạm dừng lại cho đến khi các ứng dụng hoàn chỉnh đã được xem xét đầy đủ.

2. Đảm bảo người liên lạc duy nhất: Chủ nhà được đảm bảo một điểm của liên lạc duy nhất khi họ hiểu biết về quá trình và cố gắng để giữ ngôi nhà của mình – một người hoặc một nhóm nghiên cứu tại ngân hàng phải là những người hiểu biết về các sự kiện và trường hợp của họ, có giấy tờ của họ và có thể nhận được một quyết định về ứng dụng của họ cho một khoản vay sửa đổi.

3. Xác nhận các văn bản: Công ty cho vay tiền khi có nhiều tài liệu chưa được xác minh trong hồ sơ tập tin sẽ phải chịu một hình phạt dân sự lên đến $ 7,500 cho mỗi khoản vay cho mỗi một hành động được đưa ra bởi một công tố viên dân sự. Công ty cho vay tiền là những người vi phạm cũng bị cưỡng chế bằng biện pháp cơ quan cấp giấy phép, bao gồm Bộ Tổng công ty, Sở Bất động sản và Vụ trưởng Vụ các tổ chức tài chính.

4. Thực thi: Khách hàng vay sẽ có quyền để tìm kiếm sự bồi thường của “vật chất” hành vi vi phạm bảo vệ quá trình tịch thu nhà mới này. Bắt buộc cứu trợ sẽ có sẵn trước khi bán nhà bị tịch thu và phục hồi thiệt hại sẽ có sẵn sau khi một vụ mua bán. (AB 278, SB 900)

5. Quyền người thuê nhà: Người mua nhà bị tịch thu được yêu cầu để cung cấp cho người thuê ít nhất 90 ngày trước khi bắt đầu thủ tục trục xuất.Nếu người thuê nhà có một hợp đồng thuê dài hạn cố định vào trước khi chuyển quyền sở hữu tại bán nhà bị tịch thu, chủ sở hữu phải tôn trọng hợp đồng cho thuê, trừ khi chủ sở hữu có thể chứng minh rằng trường hợp ngoại lệ nhằm ngăn chặn các hợp đồng cho thuê gian lận áp dụng. (AB 2610)

6. Công cụ để truy tố gian lận thế chấp: Quy chế Cơ hạn chế để truy tố các tội phạm liên quan đến tài sản thế chấp được kéo dài 1-3 năm, cho phép Văn phòng Bộ Trưởng Tư Pháp để điều tra và truy tố tội phạm gian lận vay thế chấp phức tạp. Ngoài ra, Văn phòng Bộ Trưởng Tư Pháp có thể sử dụng bồi thẩm đoàn toàn tiểu bang lớn để điều tra và truy tố các thủ phạm của tội phạm tài chính liên quan đến nạn nhân nhiều tại các quận. (AB 1950, SB 1474)

7. Công cụ để kiềm chế tàn rụi: Chính quyền địa phương và người nhận có công cụ bổ sung để chống lại tàn rụi gây ra bởi nhiều nhà bỏ trống trong các khu phố của họ, từ có thêm thời gian để cho phép chủ nhà để khắc phục vi phạm luật một phương tiện để buộc các chủ sở hữu của tài sản bị tịch thu để trả cho bảo trì. (AB 2314)

Nếu bạn là một sinh hoạt chủ sở hữu nhà ở San Jose hoặc Sunnyvale và đang đấu tranh với nợ nhà, xin vui lòng liên ForeclosureHelpSCC, một chương trình được tài trợ bởi thành phố San Jose và thành phố của Sunnyvale ở (408) -293-6000 hoặc truy cập trang web của chúng tôi: www.foreclosurehelpscc.org. Nhân viên tư vấn của chúng tôi đã được HUD chấp thuận có thể giúp bạn đánh giá các lựa chọn của bạn, tìm hiểu thêm về các chương trình của liên bang và tiểu bang có thể giúp bạn với các vấn đề thế chấp của bạn, và sẽ giúp bạn tạo ra một kế hoạch phía trước.

New Details on Independent Foreclosure Review: What Banks Are Included, What banks are not

Posted on January 8, 2013 by CustomerBullHorn

More details are emerging about the replacement of the Independent Foreclosure Review, and we will continue to update as more information is released from the Federal Reserve and the Office of the Comptroller Currency. We suspect that it will be several weeks before actual program details emerge, and there have been suggestions that payments to homeowners would not start until March 2013 at the earliest. Homeowners should keep their eye on the Independent Foreclosure Review website and we suspect that more information will be posted by the end of January 2013.

1. How much is the new settlement? $3.3 billion will be distributed in direct payments to eligible borrowers, while an additional $5.2 billion in relief will be granted through loan modifications and forgiveness of deficiency judgments.

2. How will compensation be determined? Huffington Post (Foreclosure Review In New Settlement Leaves Homeowners In Banks’ Hands January 7, 2013) reports that banks and servicers will now look at the 4.4 million homeowners who were foreclosed on from 2009-2010 and:

broadly classify them into 11 “buckets” corresponding to the level of fraud during the foreclosure process. Borrowers with foreclosed loans that fall into the highest-priority bucket, such as foreclosures illegally conducted on U.S. troops while they were fighting overseas, will qualify for a payout of as much as $125,000. Those in the lowest-level group, such as loans with a clerical error, will qualify for at least $250.

3. What banks are included? According to the Federal Reserve press release, participating in this new agreement “would meet the requirements of the enforcement actions that mandated that the servicers retain independent consultants to conduct an Independent Foreclosure Review.” (In other words, this is replacing the Independent Foreclosure Review for these banks and servicers)

Aurora Loan Servicing

Bank of America

Citibank

HSBC (added January 18th)

JPMorgan Chase

MetLife Bank

PNC

Sovereign

SunTrust,

U.S. Bank

Wells Fargo

4. What banks are not included? According to the HuffingtonPost article cited earlier, these banks are not included and reviews will continue for homeowners whose loans were serviced by these companies:

Ally Financial,

EverBank,

OneWest Bank (formerly IndyMac bank)

The Federal Reserve press release states: “The agencies continue to work to reach similar agreements in principle with other servicers that are not parties to the agreement announced today, but that are also subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.”

5. What about Litton and Saxon customers? Jan. 16th, 2013 Update: Litton and Saxon have both agreed to conduct a process similar to the 10 banks/servicers mentioned earlier in this post, you can see a press release about their settlements here: Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to pay $557 million in cash payments and other assistance to help mortgage borrowers.

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Jose and the City of Sunnyvale at (408)-293-6000 or visit our website: www.foreclosurehelpscc.org. Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org. Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Independent Foreclosure Review Program is Replaced With New Settlement

Posted on January 7, 2013 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager of ForeclosureHelpSCC

It is now official, the Independent Foreclosure Review program is being replaced with a program that will provide direct cash payments to homeowners that were foreclosed on inappropriately between 2009-2010.

According to a Federal Reserve press release: “A payment agent will be appointed to administer payments to borrowers on behalf of the servicers. Eligible borrowers are expected to be contacted by the payment agent by the end of March with payment details. Borrowers will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment. In addition, the servicers’ internal complaint process will remain available to borrowers. “

Is this a success? It’s difficult to say. The administration of the Independent Foreclosure Review, and the outreach to eligible borrowers was roundly criticized, so this may be a better way to actually get the money to people who dealt with robo-signing issues. For example, our program was still receiving phone calls from people after the December 31 deadline, asking how they could apply for the Independent Foreclosure Review.

Comments on our petition also highlighted the weaknesses in the outreach of the program, with one homeowner explaining that the letter she received looked like a scam letter, so she had tossed it aside until she saw a news program about the Independent Foreclosure Review the night before the deadline.

On the other hand, there is also a question about the actual amount of compensation that homeowners will receive. Gretchen Morgenson at the New York Times (“Surprise, Surprise, the Banks Win” January 5, 2013) suggests that depending on the number of people who receive the compensation, this may not be as beneficial to individual homeowners as the money they could have received from the Independent Foreclosure Review:

Some back-of-the-envelope arithmetic on this deal is your first clue that it is another gift to the banks. It’s not clear which borrowers will receive what money, but divvying up $3.75 billion among millions of people doesn’t amount to much per person. If, say, half of the 4.4 million borrowers were subject to foreclosure abuses, they would each receive less than $2,000, on average. If 10 percent of the 4.4 million were harmed, each would get roughly $8,500.

This is a far cry from the possible penalties outlined last year by the federal regulators requiring these reviews. For instance, regulators said that if a bank had foreclosed while a borrower was making payments under a loan modification, it might have to pay $15,000 and rescind the foreclosure. And if it couldn’t be rescinded because the house had been sold, the bank could have had to pay the borrower $125,000 and any accrued equity.

As a reminder, a study released in November 2012, found that 800,000 more homeowners should have qualified for the HAMP program, except that a few large banks and servicers were not modifying mortgages at the same rate as their more efficient peers.

ForeclosureHelp will continue to post information on our blog as we receive updates, but as of right now, it looks like March 2013 will be one of the big dates with this new settlement, when a payment agent will be appointed.

We are also hopeful that information for homeowners who had their loans serviced by Litton Loan Servicing and Saxon Mortgage will soon be posted to the Independent Foreclosure Review website.

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Joseand the City of Sunnyvale at (408)-293-6000 or visit our website: www.foreclosurehelpscc.org. Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org. Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Five Important Policy Updates For California Homeowners and Tenants in 2013 Related to Foreclosures, Short Sales, and the Homeowner’s Bill of Rights

Posted on January 3, 2013 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager of ForeclosureHelpSCC

1) Independent Foreclosure Review: The New York Times broke the news on December 31 that the Independent Foreclosure Review may be replaced. The article explains that regulators and banking officials have been meeting in hopes of designing a less cumbersome, less expensive way of compensating homeowners who were improperly foreclosed on by their banks or servicers. During the few weeks leading up to the December 31^st deadline for the Independent Foreclosure Review, we received an increase in phone calls and google searches which went to our blog pages explaining how to apply for the Independent Foreclosure Review.

However, we were also very concerned about the many shortcomings of the review (read our compilation of media reports at a previous blog posting: “7 Reasons to Postpone the Independent Foreclosure Review”), and so we created a petition on Change.org asking regulators to postpone the deadline until after they had released the results of at least 215,000 cases. The regulators in charge of the program have not yet released any information about their plans, and we suggest that homeowners and former homeowners continue watching the news, checking our blog, and checking the website for the Independent Foreclosure Review for any updates.

2) Mortgage Debt Forgiveness: Housing Wire reports that the Mortgage Debt Forgiveness Act was extended for another year. This is an important policy win for homeowners who are struggling with their mortgages because without this extension, debt forgiveness from a modification, short sale, or foreclosure would have been taxed in 2013. For more information, visit our previous blog: Foreclosures in San Jose and Sunnyvale: Three Reasons Time is Not on Your Side

3) Unemployment benefits were also extended as part of the Fiscal Cliff negotiations. Homeowners in California who are struggling to pay their mortgage should consider applying for the Keep Your Home California Unemployment Mortgage Assistance Program. More information at our previous blog here: “Unemployment Mortgage Assistance Program, Part of Keep Your Home California: How Does It Work?”

4) The California Foreclosure Refund deadline is fast approaching- it’s January 18, 2013. As part of the Attorney General Settlement, there is a foreclosure refund for homeowners who were improperly foreclosed on by one of the large five banks (Ally/GMAC (800-766-4622), Bank of America/Countrywide (877-488-7814), Citibank (866-272-4749), JPMorgan Chase (866-372-6901) and Wells Fargo/Wachovia (800-288-3212). For more information, see our previous blog: “California Foreclosure Refund Program, Part of the Attorney General Settlement”

5) Homeowner’s Bill of Rights: This set of laws went into effect on January 1, 2013, and are designed to address the many loan servicing abuses that homeowners have experienced since the foreclosure crisis began. These include “dual-tracking” (processing a foreclosure while a modification request is also being considered), having to speak with multiple people at their bank or servicer (banks and servicers are now supposed to provide a single point of contact), and other provisions. In addition, when a person purchases a foreclosed home in California, if there are existing tenants, the new owner must give them a 90 day eviction notice. This is an additional 30 days more than the previous 60 day requirement. For more information, visit the Attorney General’s website: California Homeowner Bill of Rights.

I wrote my master’s thesis on similar legislation enacted in North Carolina, and one of the big “take-aways” from my research is that these types of laws are only effective to the extent that homeowners know about their rights under the law, and have the knowledge to complain to regulators when the law isn’t being followed or the ability to hire an attorney and sue their bank or servicer. So, ForeclosureHelp will be making strong efforts to educate homeowners about their rights under this new legislation.

California Homeowners should also know that the Consumer Financial Protection Bureau is also proposing mortgage servicing regulations, nicknamed the “no run-around” rules. Homeowners can also file a RESPA request if they are seeking information from their bank or servicer, or if there is a dispute about payments being credited, etc. For more information, see our previous post: “New Mortgage Servicing Rules Proposed- What Does it Mean for You? Part 2 of 2”

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org. Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Posted on January 2, 2013 by CustomerBullHorn

Great summary by the California Department of Housing and Community Development

HCD Blog

The California Homeowner Bill of Rights takes effect on January 1, 2013 to ensure fair lending and borrowing practices for California homeowners. The legislation was signed into law by California Governor Jerry Brown in 2012.

The laws are designed to guarantee basic fairness and transparency for homeowners in the foreclosure process. Key provisions include:

Restriction on dual track foreclosure: Mortgage servicers are restricted from advancing the foreclosure process if the homeowner is working on securing a loan modification. When a homeowner completes an application for a loan modification, the foreclosure process is essentially paused until the complete application has been fully reviewed.

Guaranteed single point of contact: Homeowners are guaranteed a single point of contact as they navigate the system and try to keep their homes – a person or team at the bank who knows the facts of their case, has their paperwork and can get them a decision…

View original post 277 more words

Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC

Posted on December 21, 2012 by CustomerBullHorn

By Sean Coffey, MPA, Program Manager of ForeclosureHelpSCC

As 2012 draws to a close, it’s worth taking a quick snap-shot of the past year. Pete Carey wrote earlier this week in the San Jose Mercury News about the reduction in foreclosures during the month of November, and we hope that this trend continues.

We also want to highlight a few blog postings written for homeowners by the certified housing counselors who staff the ForeclosureHelpSCC program:

Time Sensitive issues for homeowners:

Independent Foreclosure Review: The deadline for this program is December 31, 2012. To learn more about this program (eligible homeowners could receive $500 to $125,000 plus lost equity), visit our earlier blog postings:

California Foreclosure Refund: Also designed for homeowners who dealt with an improper foreclosure, but this program is limited to the big five banks. The deadline for this program is January 18, 2013. For more information, read our blog on it: California Foreclosure Refund Program, Part of the Attorney General Settlement

Keep Your Home California: Unemployment Assistance Program. Aurora Olivares, one of the housing counselors who staffs the Foreclosure Help program, wrote an excellent overview of this program: “Unemployment Mortgage Assistance Program, Part of Keep Your Home California: How Does It Work?” With recent estimates that 400,000 Californians could lose their unemployment benefits unless Congress extends them, it is particularly important for homeowners who are unemployed to get their applications in NOW while they are still receiving unemployment. A homeowner WILL NOT qualify for Keep Your Home California Unemployment Assistance program unless they are receiving or are approved for unemployment benefits.

Mortgage Debt Forgiveness Act: This has not yet been extended, but we are hopeful that it will be tied into the current negotiations about the fiscal cliff. For more information about why this is so important, visit: “Foreclosures in San Jose and Sunnyvale: Three Reasons Time is Not on Your Side”

General Resources for Homeowners from our blog this year (A big THANK YOU to the certified housing counselors from Asian Inc, Neighborhood Housing Services of Silicon Valley, Project Sentinel, and SurePath Financial Solutions for writing these posts).

1) Credit Repair, Credit Issues, Rebuilding Your Credit, Pulling Your Credit Report:

2) How to work with your bank when you are seeking a modification:

3. Advantages of Working with a certified housing counselor from a HUD-approved agency:

4) Renting after a foreclosure or short sale: Help with rental assistance after a foreclosure – What’s out there?

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org. Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

The Customer Bullhorn

Amplifying your customer service experience

Tag Archives: attorney general settlement

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