I was just reading some other foreclosure blogs and websites out on the www and was struck by one blog that gave home owners the advice to do a deed in lieu (also known as a friendly foreclosure) with their lender instead of a short sale. I would have to disagree. If you are going to loose your house, don't just go down quietly! Whether you do a deed in lieu or have your home foreclosed on, I hate to break it to people, but the resulting damage to your credit will be the same. You will have a FORECLOSURE on your credit report, and every time you try to apply for a loan you will have to check that box that says "yes" next to the question "Have you ever been foreclosed on?" You are also saving the bank the time and expense of having to go through the legal steps they must take to foreclose on your home. In a deed in lieu situation, you fore go all of your legal rights and just hand the bank your home. They other thing that is happening now is that banks do not want your home, they want MONEY! They are so over loaded with unwanted homes that they will not even take a deed in lieu, they would rather you attempt to sell the home. If you attempt a short sale, and are successful, you may be able to save yourself from the foreclosure on your record. You will still have the late payments, but not the foreclosure, so really if you are going to lose the home anyway why not go down fighting for your rights?
If you have questions or would like more info please comment here or send me a fast response form on my website http://www.easyhouseinfo.com/
Showing posts with label foreclosure assistance. Show all posts
Showing posts with label foreclosure assistance. Show all posts
Wednesday, June 4, 2008
Wednesday, May 28, 2008
Homeownership Preservation Initiative Program Chicago
If you are struggling and need help this is the program I wrote about earlier that you can contact through the city's non-emergency 311 program.
Homeownership Preservation Initiative Partnership
For more information, contact: Michael van Zalingen
(773) 329-4010
Launched in 2003, Chicago’s Homeownership Preservation Initiative (HOPI) program, under the city’s Neighborhood Housing Services department, is a partnership working to help homeowners avoid foreclosure.
Chicago homeowners at risk of foreclosure can contact HOPI through a 311 hotline, through community-based partner organizations, or be referred by their lenders.
HOPI utilizes several strategies to assist homeowners: face-to-face counseling along with loans to bring borrowers current or help with property repairs; phone-based foreclosure services through the 311 hotline; and partnerships with loan servicers to hold neighborhood-based mortgage workshops.
More information is available online at www.nhschicago.org.
Homeownership Preservation Initiative Partnership
For more information, contact: Michael van Zalingen
(773) 329-4010
Launched in 2003, Chicago’s Homeownership Preservation Initiative (HOPI) program, under the city’s Neighborhood Housing Services department, is a partnership working to help homeowners avoid foreclosure.
Chicago homeowners at risk of foreclosure can contact HOPI through a 311 hotline, through community-based partner organizations, or be referred by their lenders.
HOPI utilizes several strategies to assist homeowners: face-to-face counseling along with loans to bring borrowers current or help with property repairs; phone-based foreclosure services through the 311 hotline; and partnerships with loan servicers to hold neighborhood-based mortgage workshops.
More information is available online at www.nhschicago.org.
Monday, May 19, 2008
Home Ownership Preservation - Foreclosure Prevention
The following information was taken from the City og Chicago's website. It gives some information on a program the city is funding to help homeowners. All the homeowner need do is call 311 and ask to speak to a counselor about avoiding foreclosure.
BackgroundThe Homeownership Preservation Initiative (HOPI) is a partnership between the City of Chicago, Neighborhood Housing Services of Chicago, and key lending, investment and servicing institutions doing business in Chicago. The partnership seeks to preserve homeownership whenever possible and keep families in their homes through counseling, loss mitigation and loan workouts. When foreclosure is unavoidable, the partners seek to preserve the vacant properties as neighborhood assets.
Three-Year Goals:
Homeownership Preservation: Help 1,500 homeowners avoid foreclosure Help 500 homeowners per year avoid foreclosure through loss mitigation efforts, including loan workouts, refinancing, loan modifications, repayment plans and small loans to bring homeowners current on mortgage payments.
Property Preservation: Reclaim 300 vacant, foreclosed propertiesNHS, through cooperation with lender partners and the Department of Housing, will acquire 100 foreclosed single family buildings per year over three years, rehab them to safe and habitable condition, and sell the homes to low and moderate income families.
311 Homeownership Preservation CampaignTo expand efforts to reach homeowners at risk of foreclosure, the City of Chicago has developed the 311 Homeownership Preservation Campaign. The 311 Campaign will encourage homeowners to call 311 at the first sign of mortgage delinquency. Callers will be connected with one of three credit counseling agencies affiliated with the Credit Counseling Resource Center for a free one-hour counseling session.
The counseling agency will:
Provide an in-depth assessment of the homeowner's financial situation and an individual action plan.
Serve as a liaison between the homeowner and the mortgage company, where appropriate, to advocate for a repayment plan, loan modification or other loss mitigation strategy that will help the homeowner avoid foreclosure.
Provide referrals to local resources, where appropriate, for job training, tax assistance, emergency grants, and foreclosure prevention classes.
Questions about the Program:
How does the counseling session work? The 311 Operator will connect you with a not-for-profit, accredited housing counselor. The counseling session will take place over the phone and is completely confidential. The counselor will gather information from you about your financial obligations and work through your options for avoiding foreclosure. If appropriate, the counselor will help you contact your mortgage lender and negotiate a repayment plan.
How long does the counseling session take? You should be prepared to spend at least 45 minutes on the phone with the counselor. If you are not able to participate in a counseling session right now, you should call back as soon as you have time available. I'm not in foreclosure now, but I lost my job and am afraid I won't be able to make my mortgage payment.
Can I participate? Yes! The counselor can help you establish a budget to get through the next few months.
Are there grants available? Depending on your particular financial and family situation, there may be low interest loans or emergency funds available. The only way you can determine the best options available to you is by speaking with a housing counselor. Is there a cost for this counseling? The counseling is being provided free of charge to callers. The City of Chicago and participating lenders are funding the program.
BackgroundThe Homeownership Preservation Initiative (HOPI) is a partnership between the City of Chicago, Neighborhood Housing Services of Chicago, and key lending, investment and servicing institutions doing business in Chicago. The partnership seeks to preserve homeownership whenever possible and keep families in their homes through counseling, loss mitigation and loan workouts. When foreclosure is unavoidable, the partners seek to preserve the vacant properties as neighborhood assets.
Three-Year Goals:
Homeownership Preservation: Help 1,500 homeowners avoid foreclosure Help 500 homeowners per year avoid foreclosure through loss mitigation efforts, including loan workouts, refinancing, loan modifications, repayment plans and small loans to bring homeowners current on mortgage payments.
Property Preservation: Reclaim 300 vacant, foreclosed propertiesNHS, through cooperation with lender partners and the Department of Housing, will acquire 100 foreclosed single family buildings per year over three years, rehab them to safe and habitable condition, and sell the homes to low and moderate income families.
311 Homeownership Preservation CampaignTo expand efforts to reach homeowners at risk of foreclosure, the City of Chicago has developed the 311 Homeownership Preservation Campaign. The 311 Campaign will encourage homeowners to call 311 at the first sign of mortgage delinquency. Callers will be connected with one of three credit counseling agencies affiliated with the Credit Counseling Resource Center for a free one-hour counseling session.
The counseling agency will:
Provide an in-depth assessment of the homeowner's financial situation and an individual action plan.
Serve as a liaison between the homeowner and the mortgage company, where appropriate, to advocate for a repayment plan, loan modification or other loss mitigation strategy that will help the homeowner avoid foreclosure.
Provide referrals to local resources, where appropriate, for job training, tax assistance, emergency grants, and foreclosure prevention classes.
Questions about the Program:
How does the counseling session work? The 311 Operator will connect you with a not-for-profit, accredited housing counselor. The counseling session will take place over the phone and is completely confidential. The counselor will gather information from you about your financial obligations and work through your options for avoiding foreclosure. If appropriate, the counselor will help you contact your mortgage lender and negotiate a repayment plan.
How long does the counseling session take? You should be prepared to spend at least 45 minutes on the phone with the counselor. If you are not able to participate in a counseling session right now, you should call back as soon as you have time available. I'm not in foreclosure now, but I lost my job and am afraid I won't be able to make my mortgage payment.
Can I participate? Yes! The counselor can help you establish a budget to get through the next few months.
Are there grants available? Depending on your particular financial and family situation, there may be low interest loans or emergency funds available. The only way you can determine the best options available to you is by speaking with a housing counselor. Is there a cost for this counseling? The counseling is being provided free of charge to callers. The City of Chicago and participating lenders are funding the program.
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