New Analysis of 2009-2011 Census Data: For Wealthiest 7%, Assets Increased 28%, but for Remaining 93%, Assets Decreased 4%

By Sean Coffey, MPA, Program Manager at ForeclosureHelp

A new analysis of Census Data by the Pew Research Center reveals that the wealth gap in the United States continues to grow, and that the “economic recovery” is mostly benefiting wealthy people.

For example, the mean net worth of the eight million households in the upper 7% increased by an estimated 28%, from $2.4 million in 2009 to $3.1 million in 2011.  In comparison, people in the lower 93% (111 million households) saw their mean net worth decrease 4%, from $139,896 in 2009 down to $133,817 in 2011.

This large difference is due mostly to the differences in assets.  For example, for households with a net worth of more than $500,000, 65% of their wealth is from financial holdings like stocks, bonds, and retirement accounts, while only 17% of their wealth is based on their home value.

In contrast, for household with a net worth of less than $500,000, half of their net worth is from their home, and only 33% is from financial holdings like retirement accounts.

The analysis also examined the time period from 2005 to 2009 (when the housing market crashed), and found that mean net worth declined by 12% for “households as a whole but remained unchanged for households with a net worth of $500,000 and over.”   For the over $500,000 group, they had a mean net worth of $1,590,075 in 2005; $1,585,441 in 2009, and $1,920,956 in 2011.

This data was interesting in light of the work we do at ForeclosureHelp- for many homeowners who live here in San Jose and Sunnyvale and who contact our program, they have already attempted at least once to ask their bank to modify their mortgages.  Unfortunately, modification requests don’t always go smoothly the first time (paperwork gets lost, etc), and many homeowners cite a list of reasons they don’t want to apply again (it’s been referred to as “modification fatigue”).

However, the analysis above clearly demonstrates that a house is the largest asset for most Americans, and that’s why we encourage homeowners to meet with one of our housing counselors who is certified in foreclosure prevention counseling.

The counselors know the programs like HAMP, HARP, or Keep Your Home California, and can work with you to understand your eligibility for these programs and to submit a modification request- even if you’ve asked for a modification before and were unsuccessful.

For more reasons working with a housing counselor makes sense, visit our earlier blog post:  Five Reasons Working With A Housing Counselor is Better Than “Going Alone”

En Espanol: ¿Por Qué Trabajar Con Un Consejero de Casa?

This post has also been popular with our blog visitors: Helpful Resources if You’re Facing Foreclosure By Foreclosure Help SCC

To read the full Pew analysis, visit: A Rise in Wealth for the Wealthy; Declines for the Lower 93%

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.

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.

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.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.

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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 to request this accommodation.

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101 Banks and Servicers are now participating in Keep Your Home California. Learn more about how these 4 programs can help:

1) Catch up your late mortgage payments;
2) Pay your mortgage while you’re unemployed;
3) Have your principal reduced;
4) Receive money to help with your transition out of your home:

http://keepyourhomecalifornia.org/

Keep Your Home California

Keep Your Home California has reached the century mark, well, actually, the 101 mark.ID-10075420

Keep Your Home California now has 101 mortgage servicers participating in the federally funded, state-run program.

The big-name banks – Bank of America, Chase Home Finance, CitiMortgage, GMAC and Wells Fargo – are on board. So are many midsize and small banks as well as credit unions. These mortgage servicers handle more than 90% of the mortgages in the state.

The participation of servicers – the companies that handle your mortgage – is critical to helping homeowners with their payments and to the success of the $2 billion Keep Your Home California program. Basically, we need all servicers to participate in the program, since they have to be participating so we can help homeowners with their mortgages. (You can check the complete list of servicers at www.KeepYourHomeCalifornia.org/participating.htm.)

Keep Your Home California has four programs –…

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

New Laws in 2013 for California Homeowners

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 31st 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”

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.

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 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.

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.

What is a Credit Report and Why is it Important to You?

Why is a credit report important?Editor’s note: If you haven’t applied for the Independent Foreclosure Review yet, there is still time, but the deadline is December 31, 2012.  For more information, visit our blog: Independent Foreclosure Review Deadline is December 31, 2012. Learn How to Apply Here.  Spanish: La fecha límite para La Revisión Independiente de la Ejecución Hipotecaria es el 31 de diciembre 2012. Aprender a aplicar aquí!  Or visit the website: www.independentforeclosurereview.com, or call the program: 1-888-952-9105

By JoAnn Parrott, Housing Counselor at Project Sentinel, one of the members of ForeclosureHelpSCC.

A credit report is more than a collection of financial information and statistics. A credit report displays and represents your financial picture.   A credit report is an accounting of how you have handled your past finances and debt and is a gauge of how you will continue to do so in the future. The credit report determines if you are credit worthy or may be a credit risk to those who offer credit (also known as creditors).  The credit report helps creditors decide who gets credit or who does not.

If you have been financially responsible in the past and have good credit, you probably don’t think twice about credit.  It is just there for you whenever needed.    However, if you have no credit or poor credit, managing your daily financial life may be difficult.

WHAT IS IN A CREDIT REPORT?

If you have never applied for personal credit, you probably don’t have a credit report history.  But, if you have applied for and used credit in the past, a basic credit report consists of your name, current and recent addresses, Social Security Number, date of birth and current and previous employers.  The report also displays each credit account registered in your name,  the date the account was opened, the credit limit on a credit card or loan, the payment terms, the balance owed, the monthly payment amount, and a record of your payment history (i.e., how many times you paid on time or were late).  This information is contained in your credit report even if you personally have not applied for credit but have agreed to be a co-signer or authorized user on someone else’s credit account.

TIP:   If you are a co-signer on a credit card or loan account, you are responsible for the debt if the other party fails to keep the monthly payments current.  If you are an authorized user, you are not responsible for the monthly payments or the balance due if the account is not kept current.  So, be VERY careful about agreeing to be a co-signer on an application for credit.

A credit report also lists each time you have applied for credit – these are known as ‘inquiries.’  By viewing the ‘inquiries’, creditors can determine if you have applied for too much credit or have been recently approved for additional credit. If the number of applications or approvals is too high, creditors may deny you if it appears you are trying to acquire too much credit too quickly.

TIP:  This can happen to new homeowners or young adults when they want to decorate a new home or apartment.  If you apply for and are denied credit, this may have a negative impact on your credit report and credit score.

WHAT IS NOT IN A CREDIT REPORT?

Information NOT contained in a credit report consists of checking and saving account balances, bankruptcies that are more than 10 years old, charged-off debts or debts placed for collection that are more than seven years old, gender, ethnicity, religion, political affiliation, medical history or criminal records.  Judgments generally remain on a credit report for 7 years from the date filed, whether the debt was paid or not.  If paid, the judgment entry changes from UNSATISFIED to SATISFIED but still remains for the required length of time.  Unpaid tax liens remain indefinitely.

NO CREDIT?  WHAT SHOULD YOU DO?

In the everyday world of credit, there are two types of credit cards and loans – Secured and Unsecured.

SECURED CREDIT CARD If you have poor credit or no credit and know you will have a need, you may want to apply for a secured credit card.   A secured credit card is an account in which you deposit your own money (generally a minimum amount) to be used for future credit transactions.   A secured credit card gives you the ability to use the money (up to a certain amount) as a credit card – i.e. charge movie tickets or order a pizza – until you can apply for a less restrictive unsecured credit card.  Most secured credit cards do not allow the total amount of money deposited into the account to be consumed by charge transactions.

The creditor retains a portion of the money as a ‘cushion’ to cover unexpected events, such as non-payment.  If your charges exceed the allowed amount, there can be substantial fees and penalties applied.  If you don’t keep the account in good standing, the creditor can deny future credit transactions you attempt to do.  Not a happy thought if you want to treat a friend to lunch and your card is denied!  In some cases, if the past due amount becomes too high; the account may be closed or suspended.  The account will continue to accrue interest charges, fees and may even be subject to collection action.  Most secured credit cards also carry annual expense fees.

TIP:   Secured credit cards physically look the same as unsecured credit cards.  There is no way of telling that your card is a secured card.  After a period of time if you have established a positive payment history and adhered to the secured credit card terms, you may apply for an unsecured credit card or loan.  There is no specific time period to do this.  Just be cautious about applying for too many cards.

SECURED CREDIT LOAN: This type of loan is used for high dollar purchases that cannot be paid in full each month – i.e. the purchase of a car or house.  This type of loan is for a specific dollar amount and time period.  If the loan payments are not kept current, the owner of the loan can repossess or take back the item – i.e. the car.  In this case, the car is security for the debt.   Generally without exception, a mortgage loan is secured by the property.  If the mortgage payments are not made, the mortgage holder will take the property in a foreclosure sale.

UNSECURED CREDIT CARD:   An unsecured credit card is a line of credit that is available to you with no restrictions (up to the credit limit), as long as the account is in good standing.   For example, if you charge the purchase of clothing on your unsecured credit card and you don’t pay the full or minimum amount by the Due Date,  the creditor will not repossess or take back the clothes.  However, the account could still be assessed fees and penalties and may be closed or suspended if the matter is not resolved.  Any past due payments will be recorded on your credit report.

UNSECURED CREDIT LOAN:    This type of loan can be for any amount and time period, but is generally not a standard product offered by creditors for large loan amounts.   Creditors want their loans secured by an item of value if there is a default on the account.  The best use of this loan type would be for personal loans among family members or friends where, if payments are not made, no property is attached to the loan and therefore there is no repossession.

TIP:  For most secure and unsecured credit card accounts, it is recommended that the full amount charged be paid in full each month to avoid interest charges and to assist in building a good credit history.  Keeping  any loan in good standing is a good idea.

HOW TO GET A COPY OF YOUR CREDIT REPORT?

On November 22, 2003, through the Fair and Accurate Transaction (FACT) Act, consumers were given the right to obtain a free copy of their credit report every 12 months from each of the 3 major credit bureaus.  These credit bureaus collect and analyze credit transactions for their clients (AKA creditors) i.e., banks, credit unions, and retail establishments for example.    The 3 major bureaus are:  Experian (www.experian.com, 1-888-397-3742), TransUnion (www.transunion.com, 1-800-916-8800), and Equifax (www.equifax.com, 1-800-685-1111).

To obtain a copy of your credit report or reports, you can contact the credit bureaus directly, visit their websites, or use the website:  www.annualcreditreport.com .  This website provides access to each credit bureau report.  A consumer can apply online for a single report or for all 3 reports at the same time.  There are companies who will help you track the contact and accuracy of your credit report for a fee.

TIP:  It is recommended that a consumer stagger their credit report requests every 4 months between each bureau.  In most cases, the same credit information is on each bureau’s report, but sometimes in a slightly different format.  By staggering the reports, a consumer can track activity over the time period as well as the contact of each report.

TIP:  Each time YOU look at your own credit report, there is no ‘inquiry’ activity recorded. However, each time you apply for credit through a third party, there is an ‘inquiry’ recorded.  So, if you apply for too much credit, the next third party you apply to will see the ‘inquiry’ activity and possibly may deny the application for credit due to excessive applications.  Also, there is a chance that the volume of applications may affect your FICO score.  BE CREDIT SMART!

WHAT IS A FICO CREDIT SCORE AND WHY IS IT IMPORTANT TO YOU?

Attached to each report is a credit score known as a FICO (Fair Issac Corporation) score.  The FICO score can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s.  Your goal is to have the highest number possible based on your use of credit and the history contained in your credit report.  Each one of the credit bureaus has their own FICO score criteria.  A FICO score may differ between the 3 credit bureaus because not all creditors submit to each bureau.

A FICO score is a combination of many credit associated items.  Based on the type of credit, a FICO score is made up of the following percentages:

  • 35% for history;
  • 15% for length of credit;
  • 10% for newly acquired credit;
  • 10% for types of credit; and
  • 30% for amount of debt owned on credit cards and loans.   A few examples of what can lower a FICO score are:  late payments, too high of credit used against credit limit, past due payments, too many credit cards, judgments, collections, or too many applications for credit.

It is possible to obtain your FICO score by contacting each credit bureau for their process or at the www.annualcreditreportcom website, but there is a fee.  However, if you pay a credit reporting and tracking agency, you may be able to obtain the FICO score free of charge.

If you discover errors within your credit report, you should contact the providing bureau directly.  If they don’t correct the errors, you can contact the Consumer Financial Protection Bureau (CFPB) at 1-855-411-2372 or TTY/TDD 1-855-729-2372 and/or file a complaint with the CFPB at  http://www.consumerfinance.gov/blog/headline-now-accepting-credit-reporting-complaints/ ; or send a letter to Consumer Financial Protection Bureau, P. O. Box 4503, Iowa City, Iowa 52244.

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.

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 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.

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.

¿Por Qué Trabajar Con Un Consejero de Casa?

Consejero En el programa de Foreclosure Help frecuentementenos pregunta por qué un propietario debe reunirse con un consejero de casa.  Usted puede ver una entrevista (en español) en Univisión sobre el programa ForeclosureHelp aquí.

Aquí están nuestras 5 razones principales para trabajar con un consejero de vivienda en una agencia aprobada por HUD:


1. Consejos Honesto: Un consejero de casa le ayudará a evaluar su situación. Vamos a hablar con usted acerca de lo bueno y lo malo con una opinión imparcial. También tenemos el conocimientos básicos de las mejores prácticas y los estándares de la industria nacional para la consejería para los propietario de vivienda. Además, hemos trabajado con muchos propietarios de viviendas, bancos y administradores, y esta experiencia significa que sabemos cómo mantener el proceso en marcha, y sabemos que los programas que pueden ayudar a su situación.

2. Explicación de la correspondencia de su prestamista: Un consejero de casa certificado puede ayudarle a entender la terminología utilizada en la correspondencia de su prestamista y en la documentación que se usa durante el proceso para modificación el préstamo. Mientras su prestamista le puede decir que su préstamo se va “ir a la ejecución hipotecaria”, nosotros le podemos ayudar a entender lo que el tiempo real es de la ejecución hipotecaria y la forma de estar al tanto para cosas importantes como una Notificación de Incumplimiento.

3. Su presupuesto: Si usted está solicitando una modificación de préstamo, el banco va a pedir su presupuesto. Un consejero trabajará con usted para revisar su presupuesto. Los consejeros puede darle consejería acerca de su presupuesto y calcular sus relación de deuda de la vivienda-al-ingreso familiar para que entienda su capacidad de pagar su hipoteca y explicar cómo esas mismas relaciones podría afectar su elegibilidad para recibir asistencia. Por ejemplo, un consejero puede revisar sus ingresos contra a los gastos de su vivienda y le explicará cómo afectará su elegibilidad para Making Home Affordable.

4. La comunicación con su banco o Prestamista: ¿Ha presentado documentación a su banco o prestamista múltiples veces, o llama su representante designado, pero no pudieron hablar con ellos? Este tipo de problemas no se pueden eliminar por completo, un consejero certificado puede tener un contacto fiable con su prestamista o tener un método eficaz de presentar los documentos que pueden ayudar a solucionar algunos de los obstáculos en el camino durante la revisión del prestamista.

5. Recursos: Debido a que trabajamos en esta industria, sabemos cuáles son los programas, los recursos y las opciones que están disponibles para ayudarle en su situación. También sabemos si un banco o prestamista no está siguiendo las pautas del programa y puede ayudar a resolver ese problema. Somos locales, al igual que usted, y podemos decir acerca de los programas locales y estatales que pueden ser útiles.

La oficina Foreclosure Help está compuesto por los consejeros de Asian Inc; Neighborhood Housing Services of Silicon Valley; Project Sentinel; and SurePath Financial Solutions.  Las cuatro agencias son aprobados por HUD.

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 a 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.

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.

Para hacer una cita con un consejero casa, llámenos: (408) 293-6000

5 Programas importante para los propietarios de California

Programs to help with foreclosure

Para los duenos de vivienda en el estado de California que están preocupados de su hipoteca, hay 5 programas que debe conocer.

1. Acuerdo del Fiscal General (Attorney General Settlement)
Visita: Sitio del Fiscal General que vigila el cumplimiento: www.californiamonitor.org. Email: CAMonitor@doj.ca.gov.
Visita: www.nationalmortgagesettlement.com
Expiración: La expiración del reembolso de la ejecución hipotecaria es 18 de enero 2013

El acuerdo con Chase, Ally / GMAC, Bank of America, Citibank y Wells Fargo incluye 3 partes:

A)
$ 3 billones en refinanciamiento para los propietarios de viviendas que tienen una propiedad que vale menos del balance que se debe en la casa

B) $ 17 billones en modificaciones de hipoteca, reducciones principales, y las ventas cortas

C) $ 1.5 billones en reembolsos de exclusión para las personas que perdieron sus viviendas inapropiadamente entre 1 de enero de 2008 y el 31 de diciembre 2012 .  Para el programa de reembolso para la ejecución hipotecaria, puede recibir un formulario de solicitud por correo (se enviaron por correo a principios de este mes). Si usted no recibe una carta antes del 31 de octubre de 2012, o si usted tiene una dirección diferente ahora, póngase en contacto con el Administrador del Acuerdo Nacional (National Settlement Administrator ) al1-866-430-8358 o enviar un correo electrónico con su dirección postal actual para administrator@nationalmortgagesettlement.com . Una vez que reciba la carta en el correo, usted tendrá que completar el formulario y enviarlo por correo, o también se puede llenar en línea (pero necesitará el número de reclamo de la carta que recibió, así que no lo vaya a descartar). Más instrucciones: https://nationalmortgagesettlementclaim.com/. Para las otras dos partes de la solución (modificaciones de refinanciación y préstamos), usted puede contactar a su prestamista directamente para preguntar sobre su elegibilidad y preguntar sobre cuando el banco  a implementar estas opciones. Es un proceso de 3 años, y tendrá que ser paciente.

2. Bill de los Derechos de Propietarios (Homeowner’s Bill of Rights)
Visita: www.oag.ca.gov/hbor
Esta nueva ley restringe la doble vía ejecuciones hipotecarias, donde una ejecución hipotecaria ocurre al mismo tiempo que la solicitud de modificación está pendiente. Esta ley también garantiza a los propietarios un único punto de contacto con su prestamista, así como otras protecciones.  El Proyecto de Ley de los Derechos Propietarios entra en vigor el 1 de enero de 2013.

3. Revisión Independiente ejecución de una hipoteca (Independent Foreclosure Review)
Visita: www.independentforeclosurereview.com
Llame al: 1-888-952-9105
Fecha límite: 31 de diciembre 2012
La Revisión Independiente Ejecución de una hipoteca es un acuerdo entre las autoridades federales y 14 bancos e incluye una investigación sobre los modos que  procesaron las modificaciones y las ejecuciones hipotecarias en 2009 y 2010. Si un dueño de casa (casa principal) estaba en algún tipo de “acción de ejecución hipotecaria” con uno de los 14 bancos / administradores entre las fechas  del 1 de enero, 2009 a diciembre 31,  2010, y siente que fue indebidamente procesada, favor de completar la aplicación.  Si las revisiones encontrar el procesamiento indebido, un propietario podría recibir una compensación de entre $1,000 a $125, 000. Una acción de ejecución hipotecaria no significa necesariamente que la casa fue vendida, el propietario podría seguir viviendo en el hogar.

4. Conserva Tu Casa California (Keep Your Home California)
Visita: www.conservatucasacalifornia.org y www.keepyourhomecalifornia.org
Llame al: 1-888-954-5337
California recibió casi $2 mil millones en fondos para ayudar a los propietarios de California elegibles evitar ejecuciones hipotecarias evitables. El programa Keep Your Home California se compone de 4 opciones que ayudan a los propietarios de ingresos bajos y moderados conservar sus hogares si han sufrido una dificultad financiera, como el desempleo,  enfermedad, o están en riesgo de incumplimiento debido a una economía dificultades, junto con una disminución severa en el valor de su casa.

5. Haciendo Tu Casa Asequible (Making Home Affordable HAMP and HARP programs)
Visita: www.makinghomeaffordable.gov (Spanish)  or www.makinghomeaffordable.gov (English)   Llame al: 888-995-4673
Propietarios de hogar pueden reducir sus pagos mensuales de la hipoteca y modificar sus préstamos a más bajas tasas estables de hoy. Para los propietarios para los que la propiedad de vivienda ya no es asequible o deseable, el programa puede proporcionar una salida que evite una ejecución hipotecaria.

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 a 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.

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 a 6000, o visite nuestro sitio: www.foreclosurehelpscc.org o envíenos un correo electrónico: help@foreclosurehelpscc.org.

Free Foreclosure Resource Fair: October 20th at Overfelt High School

By Sean Coffey, MPA, Program Manager at ForeclosureHelpSCC

Do you live in Santa Clara County?  Are you struggling to make your mortgage payments?  Has your income gone down?  Would you like to speak with somebody who knows about the mortgage programs and settlements and can give you honest advice?

If you would like to get all of this information in one place, then you should come to a free Foreclosure Resource Fair here in San Jose on October 20th, from 9am to 3pm at Overfelt High School.

At the fair, you can meet one-on-one with a HUD certified Foreclosure Counselor who knows the system.  They can help you find solutions and develop a plan forward.  You will learn about which programs can help you, and scams that can hurt you.

Tax and legal experts at the event will give presentations and we’ll also have a free shredding truck for you to safely shred your old documents.

Assemblymember Jim Beall, who represents the 24th District for California, will also speak about recent legislation to address the foreclosure crisis here in California.  His office is helping to organize the event, and Assemblymember Beall explains, “In this tough economy, many families are living from paycheck to paycheck, struggling to meet their mortgage. Homeowners facing default who attend the foreclosure prevention fair can get effective counseling and learn how new laws passed by the Legislature can protect them.’’

Jeffrey F. Rosen,the District Attorney for Santa Clara County states “Real estate fraud, and particularly foreclosure rescue scams have a devastating impact in our communities.  We are proud to partner with ForeclosureHelpSCC and other non-profits to protect homeowners from real estate fraud, and hold con artists accountable for their misdeeds.”

Dr. John Porter, the Superintendent of Franklin McKinley School District and its Children’s Initiative,explained the impact of foreclosures on children and neighborhoods:  “I have seen how the stress and disruption of foreclosure hinders a child’s performance in school and affects their classmates.  And foreclosures take their toll on the whole neighborhood with the lack of income and resource that make children feel less safe and secure.”

Time and space with a housing counselor is limited, so if you would like to meet with a counselor, please call ahead of time to RSVP.  You can call (408) 293-6000 to reserve your space.

WHEN: Saturday October 20, from 9 a.m. to 3 p.m.

WHERE: Overfelt High School, 1835 Cunningham Ave., San Jose, CA.

WHO:  ForeclosureHelpSCC is a consortium of non-profits serving the community and led by the Housing Trust of Santa Clara County with Asian, Inc., Law Foundation of Silicon Valley, Neighborhood Housing Services, Project Sentinel, SurePath, and volunteers from Santa Clara County Association of Realtors, funded by the cities of San Jose and Sunnyvale. Other non-profits and banks will be there to offer information

WHY:    In July more than 1,000 families in Santa Clara County were impacted by a foreclosure proceeding, per Realty Trac. The foreclosure crisis may have passed its peak but a statewide study by the Center for Responsible Lending found, “Over 50% of existing single-family homes sold in California in 2011 were short sales or bank-owned foreclosures. ‘Lost Ground, 2011‘ found we are only about halfway through the foreclosure crisis.”

MORE INFORMATION: Please call the ForeclosureHelpSCC office: 408-293-6000, visit our website for the foreclosure resource fair, or email us: sean@housingtrustscc.org.