Tag Archives: assistance

Mortgage aid open to more Calif. borrowers

A state-run program that helps homeowners struggling to pay their mortgages now has broader eligibility guidelines, opening up help to borrowers who did “cash-out” refinances and own multiple properties, said California Housing Finance Agency officials on Monday.

The mortgage-aid effort, called Keep Your Home California, so far has helped close to 8,000 low- and moderate-income households that are behind on loan payments or close to default, according to agency leaders.

Keep Your Home California“This expanded eligibility will allow more families to qualify and receive greater assistance,” said California Housing Finance Agency Executive Director Claudia Cappio, in a statement. “We are continuously evaluating our experience so far and making adjustments like these based on the initial results of the Keep Your Home California program.”

Keep Your Home California has four parts that include: mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal. The programs, paid for by the U.S. Treasury Department’s Hardest Hit Fund, is costing taxpayers $2 billion.

Monday’s announced changes include:

–Allowing homeowners who completed “cash-out” mortgage refinancing to take part in the four programs. Such borrowers were excluded before.

–Allowing borrowers who own more than one property to apply. Program officials said this will be particularly helpful to those who co-signed on properties for family members.

–Offering mortgage aid to unemployed borrowers for nine months, instead of six. Such homeowners can get up to $3,000 a month. To qualify, you must receive unemployment benefits.

–Reinstating up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

To qualify, your mortgage servicer must take part in Keep Your Home California. Click here for the list of servicers.

Info: Call 888-954-KEEP(5337) between 7 a.m. and 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. on Saturdays. Visit: www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

This article is from SignOnSanDiego: “Mortgage Aid Open to More Calif. Borrowers.”

Successful Short Sale Closing Testimonial of a Current Mortgage

Here is a rare closing of a short sale that recently closed that 99% of all real estate agents can not accomplish.  The owners stayed current on their payments and the lender granted an approved short sale on a property that was an investment property.

While this is rare due to the reality that all short sales are only done if the borrower is behind in payments or, if the borrower is current, the mortgage company requires the borrower to stop payments in order for them to look at a short sale for the borrower, there are valid qualified situations that the banks will process the short sale. I have the knowledge and experience for accomplishing this task.

Since I have been doing short sales for 20 years and in two down cycle markets, you or someone you know will benefit dramatically from this result.  The benefits are that the homeowners credit rating will have little to no effect based on the credit reporting agencies guidelines.

testimonial letter

 
“Dear John,

We appreciate very much your assistance–and your crucial role–in both finding and selling the condo property at 4415, 38th in San Diego.  The latter was especially difficult in the current housing market.

We have found you to be hard-working, honest and reliable, alert as to what is going on in the area, and responsive to any of our concerns.  We would certainly recommentd you to prospective buyers and/or sellers.

Please accept the enclosed as a token of our gratitude.
Sincerely, 

Barbara S. K. and John B. K.

P.S. –And thanks for working with Katie.”

For more information and to schedule a private, no-obligation consultation right away, call me now!

 
Talk to me, an agent who has the experience that is helping people beyond what they ever thought was possible.

Mortgage Modifications are a Mess

You have probably heard about the robo-signing fiasco and the fact that mortgage modifications are grinding to a standstill. We’re also seeing foreclosures occur after a modification has been approved–even occasionally when borrowers have the ability to make the payments. The whole process is a mess, and according to a top federal regulator, major U.S. banks are about to be penalized for “critical deficiencies” and shortcomings in their handlings of foreclosures.

One of the problems is that it is in loan servicers’ best interest to stall a foreclosure or modification.  This is because they can continue to charge fees while they’re servicing the loans. They charge fees for paying taxes, sending payments to the investors after receipt from borrower, maintaining records, etc.–and those “nickels and dimes” add up.

Having gone through the modification process firsthand, I can confirm that the process is daunting at best. The most painful part was when I had to pay 11% interest on my $400,000-first mortgage when the loan was adjusting at one point; only to have the bank tell me (on multiple occasions over a three-year period) that I either made too much money…or not enough. I went to court to stop a threatened foreclosure, but I still had to pay the ridiculous interest until my modification was approved.

While I won the victory of a modification, every situation is different. Like probably many of you, I’m still upside-down on the property, but at least I’ve lowered my payments while I await the market’s recovery.

In the interim, the Controller of the Currency and Federal Deposit Insurance Corp. has put sanctions on the banks, as I mentioned above, but the sanctions barely amount to a slap on the wrist. The reality is that the regulating agencies have a history of negatively impacting borrower’s rights rather than protecting them. So where does this leave you if you are fighting to keep your homes?

My personal experience has inspired me to grow my expertise in this area so that I can help others. No American should be subject to the whims of the system, and no American family should lose their home because of the negligent practices of a third party. If you need help fighting through the process, give me a call. I’ll stand by your side.

John A Silva
www.johnasilva.com
619-890-3648