Another campaign has been launched to help homeowners save their properties from repo home listings. This campaign, dubbed “Bringing hope home,” is spearheaded by NeighborWorks America , HOPE NOW Alliance and Neighborhood Housing Services of South Florida (NHSSF).

The campaign features Fernando Arau, Latino television host, and NBA All-Stars players Dwyane Wade and Alonzo Mourning. NHSSF counselors and clients, together with Wade, Mourning and Arau, will visit local businesses situated in Miami Gardens neighborhood in Florida.

The foreclosure prevention campaign aims to raise awareness of the repossession problem and available resources that could help distressed homeowners avoid foreclosure, including the Making Home Affordable Program of the federal government.

A bus tour, which is part of the campaign, will start at NHSSF. Marietta Rodriguez, deputy director for homeownership and lending at NeighborWorks America, said that the organization recognizes the growing number of distressed families whose properties are in danger of being placed on repo home listings and their difficulties in finding a reliable, reputable and certified resource that could help them deal with the problem.

She claimed that the organization wants to help homeowners find assistance easily and immediately and to inform those who are facing the danger of foreclosure that they could ask for help from skilled nonprofit housing counselors for free.

She added that these nonprofit housing counselors can help distressed homeowners understand their options and make informed decisions on how to save their properties from foreclosure.

An informal round table discussion will feature Arden Shank, executive director of NHSSF, counselors and clients, representatives from the Homeownership Preservation Foundation, HOPE NOW Alliance and Federal National Mortgage Association, Arau, Mourning and Wade.

The NHSSF is a local organization that aims to empower communities, revitalize neighborhoods and establish affordable housing opportunities for everyone in South Florida.

Meanwhile, the NeighborWorks America provides opportunities for people to strengthen their communities and improve their lives by providing access to affordable homeownership and rental housing. It also helps distressed homeowners across the United States to save their properties from being placed on repo home listings.

Campaign to Contain the Rapid Growth of Repo Home Listings is a post from: News of Foreclosures - Read more about how does foreclosure work.

Many distressed homeowners are complaining that lenders have given them inaccurate information, their telephone calls remained unreturned and some said that their requests for help were denied without any clear reason.

The goal of the government program is to prevent as many as 4 million bank REO properties by encouraging banks to modify delinquent loans by reducing monthly payments to make them affordable.

According to the U.S. Treasury Department, since the program was launched, it resulted to offers of over 190,000 loan modifications with reduce monthly payments. During that time, lending institutions and banks have either filed or advanced foreclosure actions against over 1 million properties while 20 percent of those distressed homes were repossessed.

According to the Center for Responsible Lending, an estimated 2.4 million homeowners are at risk of losing their homes to foreclosures this year and about 8.1 million are expected to go into foreclosures for the next four years.

A report by NeighborWorks America stated that it takes about one and a half to two months for lenders to respond to inquiries made by distressed homeowners who want to apply for loan modifications. In fact, homeowners who applied for loan modifications early this year have still not receive any answer on whether they are eligible to avail of small monthly payments or not.

Joel Naroff of Naroff Economic Advisors said that some lenders find it easier to delay the modification process and let homeowners be the one to back off rather than turn them down right away which they feel is politically incorrect.

He also said that banks are dealing with large volume of refinancing mortgages and backlogs are getting worse as more homeowners find themselves with no jobs. He noted that the rate of mortgage delinquencies is highest in areas where unemployment is on the rise.

Realogy Chief Executive Officer Richard A. Smith said that the program to reduce the number of bank REO properties is suffering, adding that banks are not prepared to deal with the deluge of requests for loan modifications.

Several senators have sent a letter to Housing and Urban Development Secretary Shaun Donovan requesting for a new strategy to force lenders to respond immediately to homeowners’ request for help to save their homes from bank REO properties.

Backlogs, Delays Hamper Program to Reduce Bank REO Properties is a post from: News of Foreclosures - Read more about how does foreclosure work.

Housing advocates in New York who worked with troubled homeowners who are in some kind of foreclosure proceedings or in foreclosure, said that the mortgage modification program has the potential to help thousands of troubled borrowers but was slow in achieving its goal. They claimed that many homeowners who applied for the program have yet to know whether they qualified or not.

And most homeowners who were lucky enough to avail of the program were supported by housing counselors approved by the Department of Housing and Urban Development (HUD). Those who tried to apply on their own are more likely still waiting for an answer whether they can avoid repo home listings or not.

According to housing counselors, they have a better understanding of the modification program?s guidelines than people who answer telephones for lending institutions. Because of this, they know how to deal with the case and how to work out a solution.

The public-private agency Center for New York City Neighborhoods helps distressed homeowners connect with HUD-certified counselors at nearly 70 neighborhood organizations. So far, it has handled about 400 applications for the Making Home Affordable program of the Obama Administraion.

However, only 100 of those who applied have their mortgages modified to allow them to avoid repo homes listings. The remaining applicants are still waiting for a response from lenders.

According to housing counselors, many lenders have yet to train their staff to process loan modification applications. Some of the participating lenders are CitiMortage, Bank of America, Wells Fargo and Co. and Chase.

New York City?s Department of Housing Preservation and Development commissioner Rafael Cestero said that the potential of the loan modification program is enormous. However, he pointed out that the program has been moving too slow because of the complicated process.

Under the program, some of the costs for banks and lenders that agree to modify loans will be offset.

According to Federal Reserve economists, an estimated half a million people in New York City meet the basic criteria for qualifying in the loan modification program to avoid repo homes listings.

Relief Program to Avoid Repo Homes Listings Slow to Get Off is a post from: News of Foreclosures - Read more about how does foreclosure work.

The Abreus made over $200,000 annually in the housing sector during the boom times. Mr. Abreu was a repair contractor who fixed houses in Yonkers, Ossining and nearby areas and then sold them at a profit.

Mrs. Abreu supplemented her husband’s income with the nearly $40,000 she receives as real estate manager for Armonk’s IBM Learning Center.

In August 2006, they purchased a four-bedroom house in New Rochelle for $1 million, thinking that the nearby Trump Plaza condo project would later significantly increase the price of their house.

The Abreus were not the only ones who were speculating and dreaming of sizable profits from increases in the value of houses in the area. Many of their neighbors purchased houses as investments.

Others even bought a second house by refinancing their first house and then collecting rent from the second house to pay the monthly mortgage payments. They never expected that a market collapse would happen and put houses in a foreclosed homes auction.

But the housing market did collapse and the economy worsened. At least four couples in the neighborhood began to fear their houses would be sold by their lenders in a foreclosed homes auction.

As the Abreus struggle to accept the collapse of their dreams of making profits from their house, their income drastically declined as Mr. Abreu could no longer sell the houses he has fixed. Soon the Abreus are finding it hard to pay their monthly mortgage payment of $9,700.

Mrs. Abreu said they are already behind by several months on their mortgage payments. The reality of seeing their house repossessed by their lender to be sold in a foreclosed homes auction is getting nearer and nearer.

She related she is also behind in her car loan payments because she has to prioritize her three children’s tuition fees. To supplement whatever they still receive as income, they have taken government loans and grants.

Mr. Abreu has also made trips to his home country, the Dominican Republic, in an effort to expand his contracting business and increase his income.

The couple said they are trying everything they can to save their house from being taken and sold in a foreclosed homes auction and to save their ability to dream again.

Real Estate Pair Saves Home from Foreclosed Homes Auction is a post from: News of Foreclosures - Read more about how does foreclosure work.

1.Attend a credit counseling class. This class should be approved and under the United States Trustee’s Office. This is the first, and probably most important step you need to do to avoid foreclosure.
2.File the necessary documents. Make sure that you file with court the following documents. You have to make sure that you get everything dones, so that you can secure your house and avoid foreclosure:

• federal tax return from last year
• certificate for attending the credit counseling class
• income and expenses
• assets and liabilities
• statement of financial affairs
• unexpired leases contracts
• debt repayment plan
• monthly net income
• evidence of payment from employer

3.Give the following information to the case trustee of Chapter 13:

• tax return of the most recent tax year
• tax returns filed
• tax returns of previous years that had not yet been filed
• list of creditors and details of their claims
• income details
• properties
• monthly living expenses

4.Wait for you to be appointed to a trustee which would administer your case.
5.After 40 to 50 days, your trustee will meet with creditors. This is also where you would meet all your creditors. They can ask you questions, so you have to be prepared for it.
6.After the meeting, within 90 days, unsecured creditors would then file claims with the court.
7.The trustee and the creditors would go to court for the hearing of your repayment plan.

Avoid Foreclosure by Filing Chapter 13 Bankruptcy is a post from: News of Foreclosures - Read more about how does foreclosure work.

Here are tips on how you can save on house maintenance expenses, and as a result, avoid foreclosure:

• Prioritize. To avoid foreclosure, decide on the things that need to be done. Make a list of the things to do, and rank them according to propriety. Also include how much you have to spend on these costs. it is even recommended that you separate the needs from the wants. There might be repairs and other construction items that you do not really need at the moment. On the other hand, there are immediate concerns. You may choose to set aside the wants in the mean time, for you to be able to allocate your finances well.
• Pay in cash. If you hired other people for repair, you can offer to give your payment in cash. With this, you can ask for a discount. This way, you would be able to save and in return, avoid foreclosure. A lot of people actually agree to this. Also, never pay the whole amount before the job is finished. You may choose to pay 50 percent before, as a down payment, and pay the next 50 percent after the repair is finished.
• Buy second hand items. Another way to avoid foreclosure is to buy items that are cheaper than usual items. You can check your local thrift shop for second hand items that are really affordable, but are equally good in quality.
• Choose wisely your contractor. If you are currently working with a licensed contractor, it is recommended that you get one with a bid that has a fixed price. This way, you would not be a victim of scams. When you are trying to avoid foreclosure, paying for unnecessary costs is one thing that you really want to avoid.

Avoid Foreclosure by Reducing House Maintenance Costs is a post from: News of Foreclosures - Read more about how does foreclosure work.

Oregon foreclosures rate was ranked among the top 10 in the country in February. Data released by RealtyTrac showed that Oregon got the ninth place in terms of the highest number of homes in foreclosure listings.

On the bright side, the 3,600 homes in February’s Oregon foreclosure listings were lower by 20 percent over the 4,500 recorded in January.

And distressed homeowners have also found a way to delay their properties’ inclusion on foreclosure listings. They learned that by asking banks and lenders to produce a note proving their ownership of home mortgage, they could delay the foreclosure process.

Some banks and lenders can show proof that they own the mortgage loans on repo homes. However, most of the time, banks and lenders are unable to produce the necessary documents that will show their ownership of the mortgage.

This strategy has become popular among homeowners who want to save their properties from foreclosure listings. But experts pointed out that this strategy is not unfailing and could be costly to pursue.

Some homeowners may find that banks and lenders have learned to counter this strategy by filing a lost instruments motion.

University of Iowa associate professor Katherine Porter cited results of a study which showed that many banks and lenders are losing documents necessary for foreclosure.

She said that 40 percent of cases involved banks and lenders that failed to attach copies of promissory notes. These promissory notes are evidence that consumers own the debt to banks and lenders.

However, Oregon is different from other states when it comes to the foreclosure process. Foreclosures in the state are usually between the bank and homeowner and do not involve courts.

Portland lawyer Rich Parker said that under Oregon law, if the homeowner wants to require banks and lenders to produce proof of mortgage ownership, he has to bring the case to the court.

And suing a bank or lender can be expensive for someone who is also struggling to pay his mortgage.

Parker said that in one of the cases he handled, the judge rejected the request of a homeowner for the bank to produce the necessary documents to prove that it owns the mortgage.

If this happens, the foreclosure process continues.

Homeowners Find Way to Avoid Oregon Foreclosure Listings is a post from: News of Foreclosures - Read more about how does foreclosure work.

U.S. Treasury Secretary Henry Paulson said that the public-private collaboration is intended for troubled homeowners who are more than 90 days delinquent in their monthly mortgage payments.

Paulson hoped that the initiative will provide the much needed respite from bank and government foreclosures.

He explained that the outreach project is different from other initiatives because it targets troubled homeowners who are on the edge of bank and government foreclosures, but have not made any action to address the problem.

According to industry experts, delaying the sale of bank and government foreclosures homes is a standard procedure provided that the distressed borrower has voluntarily discussed options to save his property from foreclosures.

To sum it up, the outreach project is encouraging delinquent homeowners to pay attention to letters and telephone calls from mortgage companies and to seek assistance as early as possible to prevent losing their properties to government and bank foreclosures.

According to mortgage lenders, their main problem is how to communicate with troubled homeowners. They pointed out that in about 50 percent of foreclosures, the homeowner does not communicate with mortgage lenders despite the latter’s efforts.

Real estate lawyer Lisa Breier Urban said that borrowers who are delinquent for 90 days have probably received several demand letters from lenders and numerous calls from banks.

She hoped that the outreach project will motivate borrowers to respond to letters and calls by mortgage lenders to enable to find ways to avoid bank and government foreclosures.

She pointed out that a grace period of 30 days are not enough time to come up with workable terms that could help distressed borrowers avoid bank and government foreclosures.

Meanwhile, the National Community Reinvestment Coalition (NCRC) is proposing that the U.S. government purchase troubled loans from mortgage lenders at a discount. NCRC Chief Operating Officer Jim Carr is suggesting that after buying delinquent loans, the federal government should make the bargained loans available to mortgage servicers and allow them to work out a deal to try to save the troubled loans from bank and government foreclosures.

The outreach project is an offspring of Hope Now Alliance, an initiative that focused on helping delinquent homeowners with subprime mortgages avoid foreclosures.

Bank and Government Foreclosures Prevention Efforts is a post from: News of Foreclosures - Read more about how does foreclosure work.

The measure is expected to be an integral part of the Homeowner Affordability and Stability Plan of President Barack Obama.

The Bishop-supported bill will focus on providing ways to address foreclosure homes problem and boost the availability of mortgage credit by allowing bankruptcy judges to modify loans for distressed homeowners who filed for bankruptcy protection.

The measure is expected to boost mortgage refinancing to stop foreclosure homes increase by giving flexibility on loan modifications, reducing fees and providing incentives to mortgage lenders who choose to refinance instead of adding to the growing list of foreclosure homes.

According to the Mortgage Bankers Association’s (MBA) National Delinquency Report, mortgage delinquencies and filings for foreclosure homes posted an 11 percent increase during the fourth quarter of 2008.

The number of mortgage loans at least one month behind in payments but not yet in the foreclosure process jumped by 8 percent, representing a 13 percent increase from the previous quarter.

The MBA data also showed that the number of foreclosure homes increased by 3.3 percent during the fourth quarter of 2008, representing a 1.26 percent jump from the previous year.

Meanwhile, data from Bishop’s office showed that housing prices declined 18 percent during the fourth quarter of 2008 and over 14 million troubled homeowners owe more mortgages than the fair market value of their distressed properties.

Bishop said that stabilizing and strengthening the housing industry is crucial to the recovery of the U.S. economy. He pointed out that homes in foreclosure reduced the value of neighboring properties by almost 9 percent and every American will suffer if house prices will continue its rapid decline.

He added that the bill does not require spending federal money to be able to help thousands of distressed homeowners who are facing the threat of losing their homes to foreclosure.

The Homeowner Affordability and Stability Plan includes measures to reduce mortgage payments for an estimated 9 million struggling homeowners and expand the role of Federal Home Loan Mortgage Corp. and Federal National Mortgage Association in stopping foreclosures.

Another Stopgap for Flood of Foreclosure Homes is a post from: News of Foreclosures - Read more about how does foreclosure work.

The program will provide emergency assistance of $53 million to non-profit organizations, developers and the local government to acquire, rehabilitate or resell abandoned and vacant foreclosure homes that become eyesores within communities.

IDHS has partnered with the Illinois Department of Commerce and Economic Opportunity (DCEO), Illinois Housing Development Authority (IHDA) and affordable housing advocacy groups to rehabilitate neighborhoods and assist in the housing needs to reduce the number of bank owned homes that have caused communities to deteriorate.

Illinois is the sole state that will use as much as 40 percent of the allocated HUD grant for neighborhood developments to provide affordable housing for low-income families and accessible homes to persons with disabilities.

Under the program, IDHS will allocate funds to neighborhoods with high number of foreclosure homes, provide rental housing units that are affordable and opportunity for low-income families and those with disabilities to own properties.

The program is part of a federal campaign to rehabilitate communities showing signs of deterioration due to the surge of foreclosure homes by providing opportunities to rent or own affordable homes.

The IHDA is tasked to provide mortgage finance and housing development expertise and will work with IDHS to start rehabilitating foreclosure homes to be used by low-income families and people with disabilities.

According to Carol L. AdamsSta, IDHS secretary, foreclosure has a way of wreaking havoc to homeowners and communities and caused the rapid deterioration of areas affected.

She added that IDHS and other state agencies will start taking measures to address the problems brought about by foreclosure properties by providing the needed resources to help neighborhoods recover from the foreclosure crisis.

The program, made possible by the Housing and Economic Recovery Act of 2008, will also allow grant recipients to develop financing products to assist homebuyers in low and moderate income levels to acquire foreclosed homes. Qualified homebuyers are those with 120 percent area median income established by HUD.

Illinois is currently accepting proposals for the federal program. It will also host several workshops to promote awareness of the program and assist potential applicants.

Aid for Illinois Neighborhoods to Address Foreclosure Homes is a post from: News of Foreclosures - Read more about how does foreclosure work.