Posts Tagged ‘Foreclosure Victims’

Oakdale Neighbours is a group working in tandem with Macatawa Bank. It has organized a twelve week course for those who are facing foreclosures. The Oakdale area is losing houses and house owners to foreclosures much faster than any other city A recent survey conducted by Community Research Institute of Grand Valley State University show that Oakdale together with two adjacent regions in Grand Rapids had foreclosure rates hovering around 16.2% during the years 2004 to 2007. To tackle the menace the group is joining up with Macatawa Bank to initiate a 12 week course dealing with finance. It has been termed The Money Map. The free sessions scheduled to operate from 20th February will include in its curriculum many facets of personal money matters like budgeting, borrowing, banking, purchasing money to buy a house, dangers of predatory lending and the like. Macatawa Bank is sending out invitations to the participants to open savings account by offering to match savings by 50% - going up to $150. Tom Bulten is the executive director of Oakdale Neighbours. He explains that by joining the course the participants will get first hand knowledge about how to budget income with expenses as well as get to know about the financial system. This will be their armour in times of financial crisis.

One strong view about the causes of the foreclosure crisis is that the borrowers who took the risky sub-prime loans did not know and were not aware of the implications of such deals. The lenders took advantage of this ignorance and peddled the loans to these gullible borrowers. Now that foreclosures are knocking at their door it is ignorance that is again letting them down. They do not know how to face the foreclosure tornado and plug the leaks. Organizations like Oakdale Neighbours are trying to fill the gap and make the people more aware – more financially literate. Statistics say that the foreclosures are most rampant in localities where the residents have modest income and are not fluent in English. Senior citizens and the handicapped too have been easy victims. Foreclosures are vitiating neighbourhoods by spreading crime and disease. Taxes too are falling crippling the power of the state to enforce law and order as well as fight fires. Vagrants are having a field day to the horror of all. The general economy is beginning to creak with ominous pointers towards recession.

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In September 2007 50,000 or more residents of Maryland were lagging behind in mortgage payments. Experts opine that this year the numbers will increase with adjustable mortgage rates ready to reset to higher levels. However there is no point in negative worry. Help is available.
The first thing is to contact the lender. Today lenders are more amenable to a rapprochement than before considering how badly they are themselves affected by the rising tide of foreclosures. Adverse criticism too has played its role in making the lenders softer in their approach. Foreclosures are affecting collection of revenue and taxes. Law and order problems are antagonizing communities facing health problems and criminal activities stemming from abandoned houses. Thus the lenders might freeze for the time being the interest rate or forgive payments for a certain period. So borrowers are advised to contact immediately the loss-mitigation department of the lenders. The best option would be contact a housing counselor belonging to any non-profit organization. They will broker the agreement between the lender and the borrower. In Maryland there are many HUD approved help agencies having their own websites and hot line numbers. HOPE is another port of call. The borrower could suggest short sale. If the loan amount and house value are at par the lender will readily agree to it as both the parties gain by avoiding foreclosures. While going about the work the borrower should be on the alert for foreclosure scam artists who come forward with unsolicited help. They will cause further damage. The basic point is that borrowers must not sit idle simply fretting and worrying. By it nothing will be done. If immediate action is taken there is hope of help.

The government, mortgage giants and the local help agencies are working together to save the country from recession. As yet no positive results can be seen. The number of foreclosures continues to rise. The intensity varies from one locality to another. Many analyze that the modest income groups and the minorities are the worst sufferers. Another view is that places like Florida and California are the worst affected because these places were happy hunting grounds for construction activity during the zooming period of house building. Here speculators made hay. Now they have just walked off. Another view is that the sluggish economy combining with rising medical bills and divorces are responsible for the foreclosure scenario being witnessed today.

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In the lonely neighbourhood two large turtles were rescued from an abandoned foreclosed house in Discovery Bay. The turtles were lucky to be adopted by some school children. But one pit bull puppy was unlucky – it died tied to a fence in a backyard of Pittsburg. If people cannot survive the foreclosure attack what of the fate of the animals who are their pets?

Cecily Tippery specializes in foreclosed units is now busy rescuing abandoned pets from deserted houses. Right now they have their hands full taking care of a generous number of pets – all hit by the foreclosure wave. In a house in Antioch the group found a dachshund, beagle and Chihuahua huddled together with a dead turtle. In an Oakley house the only occupant was a Calico cat. Another house was crawling with a litter of kittens.

Abandoned pets are another grim aspect of the foreclosure crisis. More stories pet and foreclosure related stories are coming up from across the country.

In Ohio the animal welfare groups are in a huddle trying to find space for an increasing number of abandoned pets. In Arizona concerned pet lovers have set up an e-mail network to find homes for the foreclosed-pets. Stockton is at the centre of the foreclosure and Michael Parker an officer in animal services is a worried man. Thousands of evicted families have temporarily forgotten their pets.

So far there has been no detailing of the abandoned pets – unfortunate victims of the foreclosure fiasco. Stray news are pouring in but the problem is beginning to get attention says Paul Bruce of Humane Society of US. The problem can be understood. New landlords taking in tenants are often averse to pets. Many of the pets left behind by the foreclosure wave are too old or sick. They do not have veterinary records. Tippery falls within a ‘no-kill’ zone that makes the problem difficult to solve.

Contra Costa and Antioch do not have no-kill pet shelters. Agents are not happy about sending them there. The local rescue bodies do not have the funds to finance vet care for the abandoned pets. But work is underway by animal lovers. Individuals have paid for health checks of these foreclosure victims and they are hunting for adopters in an organized manner. It is heart wrenching to see not just toys left behind but living animals in houses that were once homes.

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The foreclosure crisis has been slipping from bad to worse. It started off with the laudable aims of helping those who wanted to own a house but could not qualify for the prime loans. The sub-prime mortgage was tailor made for them. Unfortunately the scheme went awry with predatory lending and reckless borrowing. The borrowers were unaware of what they were walking into.

Only when interest rates began to rise that they woke up with a shudder to succumb to foreclosures. The sheer number of foreclosures raging across the country has made sociologists, economists, legal fraternities and even the politicians sit up. All were affected. Bush made an announcement on Thursday regarding help for foreclosure victims.

On an average day the number of calls was 1,500. But since the foreclosure crisis the number has shot up to 5,800 said Tracy Morgan, vice president of communications and business development for the Homeownership Preservation Foundation. This is the story ever since Bush announced plans to soften the foreclosure crisis. Borrowers were asked to call 888-995-HOPE. The calls on Thursday were three to five times higher than those received on Monday. There was a sense of high alert following the President’s declaration.

The Homeownership Preservation Foundation works in tandem wit six other credit counseling bodies across the country. One in Greater Atlanta, Consumer Credit Counseling Service took 920 calls within four hours. The average is 75 to 80. The pressure is compelling them to engage extra personnel to attend to the calls. Many are working overtime. Whatever the odds they have been able to manage the workload. Calls are kept on hold to talk to counselors.

In New Jersey Novadebt handles hotlines. They received 1,600 calls on Thursday. Through the year the number of calls have been steadily rising corresponding to the rise in foreclosures. It is also due to the publicity these hotlines are being given. The calls have increased by 100% from the first to the second quarter and 94% from the second to the third quarter.

Homeownership Preservation Foundation has increased its strength of counselors receiving the hotline calls. By the end of the year 70 more will be added to their team bringing the total to 250. It is a non-profit organization funded by the US Department of Housing and Urban Development in partnership with mortgage lenders and servicers as well as charitable bodies.

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In the raw the jackals and vultures move in when the big predators have had their fill. It seems to be the same today in human society – and that too in America. Victims facing foreclosures are in a traumatized state – ready to clutch at any straw of hope. They cannot think rationally and calmly. This is the ideal scene for the scammers to enter the stage and pick the bones. With foreclosures on the rise it is a party out there for those who have a taste for rotten carcass. The foreclosure scammers are gorging and belching. Beware!

The wolf in sheep’s clothing comes knocking with sweet words of help. They promise the sky. But instead of succour the foreclosure victims find themselves not only without their foreclosed homes but also with slimmer purses – notes and coins they could have ill afforded to have lost during this severe weather.

Reports about sham rescue schemes from about all the 50 states have been pouring it – reports BBB. The number of foreclosure scams complaints rises in proportion to the number of foreclosures. Thus the maximum number is reported in the worst affected places like Georgia, Colorado and Ohio.

The line of action follows the route of email and posting of printed offers. It seems to be the same story repeated everywhere. There are even eye-catching web sites to trap the unwary. Treat personal approach with extreme caution. Usually hand written notes are pushed inside mailboxes overflowing with messages of concern for the foreclosure victim’s plight. No documents should be signed that writes away the title deed. Get the documents scrutinized by someone who knows and can be trusted – preferably a legal advisor. The helpers offer to negotiate satisfactory terms to stop foreclosures. The assurance is that if the process fails then the fees will be refunded. Some have been desperate enough to pay $1,300. Neither was action taken nor was the money returned – only precious time was lost.

The general advice to mortgage victims, from all responsible quarters, is to contact BBB – which is available on the web. A reliability-report is available for free. It is also relevant to remember that those who offer help should have a license from the state’s Department of Finance. A license from Real Estate Commission is required for those trading in property. The bottom line however is – contact the lender directly and immediately.

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Foreclosures are hitting the headlines leading to a feeling of panic everywhere. Will I be the next victim? At this juncture it is vital to know what it is all about. By focusing on one region it is possible to gauge the general trend.
In New Hampshire foreclosures are on the rise. A lender uses the process of foreclosure to repossess the house that has been kept as security for the advancing of a loan, when the borrower fails to meet monthly commitments. The borrower can now sell the house and realize dues inclusive of costs.
The most important thing is to never get trapped into such a situation. As soon as warning signals blink immediately without delay contact the lender. Do not fall too far behind. Then the situation cannot be salvaged. The typical lender is also averse to the foreclosure process. It spells loss to the lender as well. Secondly seek professional advice from registered counselors.
Forbearance is one of the alternatives that may be negotiated. The lender will excuse a payment or agree to a special repayment schedule. The forbearance agreement must be in writing and the borrower must understand all that is contained in the terms.
Another escaper route is loan modification. The lender may modify the terms by lowering interest and extending the period.
In partial claim the lender may stake a partial claim on any insurance that the borrower may have taken out on the loan.
If all the above avenues are blocked then the borrower might opt for a pre-foreclosure sale. In doing so some equity might be saved and also the tag of foreclosure will not be attached to the borrower’s credit history.
Sometimes the bankruptcy clause of chapter 13 might prevent foreclosure. It requires legal expertise.
The last resort is deed-in-lieu wherein the lender may be agreeable to accept the property in lieu of foreclosure. The process stains the borrower’s credit but it is not quite so bad as a foreclosure.
The main thing is to forearmed against scammers. Beware of too-good-to-be-true stories. Do not be trapped into becoming a tenant. Be shy of unethical consulting teams who do not have any license to ply their trade. They will just pocket fees and disappear. Apart from the money precious time will be lost also. New Hampshire has recently passed legislation to protect foreclosure victims and penalize offenders.

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Ted Strickland, the Governor of Ohio has strongly appealed to non-profit community organizations to sort out the muddle in the foreclosure crisis. His speech was the focus in the annual conference of Ohio’s Community Development Corporation held in Quaker Square at Crown Plaza Hotel at the end of the week. The organization has always been working at the grass roots level in the entire locality. It is their experience and knowledge that is best suited to chalk out a plan of action, said Strickland. Right now the community desperately needs help. These bodies committed to the development of the community are non-profit groups have their base in the locality. They reach out to the low and medium income group.

The conference started on Tuesday and included in its programme workshops on affordable housing projects, lending on payday, rapacious lending practices, prevention of foreclosure and also safety measures for the entire neighbourhood and locality. Strickland underlined the fact that the present crisis has never before happened and therefore SOS teams at all levels of the administration must immediately gear up for prompt and effective action. The exploits must filter down to each blade of grass that has been pressed under by the foreclosure steamroller. It must start from the federal level and then climb down to all the lower branches and points.

Earlier in September the Ohio Foreclosure Prevention Task Force made 27 suggestions meant for borrowers, lenders and consumer counseling groups. The call was given to government self-help teams and local bodies asking them for their intervention. The lenders and loan service providers were told to find out viable avenues of escape without harming anybody.

Governor Strickland’s administration has set up an office for urban development and its related infrastructure. The purpose is to directly link the state government with mayors, members of the city council and city planners. This would lead to more cohesive action. The office would be able to point out to the state government the specific gray areas relating to promoting jobs and improvement in the overall infrastructure. Strickland was very categorical and forthright in his speech saying the revitalizing is not just pushing on the old to chug along but is about creating an atmosphere where the people will want to stay and continue to live lighting the fires of their homes and hearts.

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It is hard logical reality that in some way or the other foreclosures are affecting all of us. For instance let us first take the case of the elderly lady Jones who suddenly finds that she has to lose the house she has lived in for many years because of failure to meet enhanced mortgage dues for quite some months. Despite tears on her part and efforts on the part of rescue teams nothing could be done. She was evicted.

But where did she or many other Jones like her go? Nine times out of ten the only alternative is a public house or a federally subsidized rental unit. It is the ordinary citizen who pays for the subsidy and the upkeep of these shelters. It comes from the taxes – from the pockets of Tom, Dick, Mary and Jane.

Jones could leave nothing behind for her heirs despite years of hard work. Her heirs being her kith and kin are also low-income folks who further fall into the quagmire of poverty. This intensifies the polarization of wealth and divides society dangerously.

The sub-prime market with sharp rises in rates is the prime accused for this situation. It is not just the mortgage industry but the entire financial zone has become sore and infected. It is a scene out of a horror movie. There is no ready quick surgical solution for the gangrene that has set in. It does not mean however that one should sit back. Immediately clear and effective legal steps must be taken to stop once and for all such infamous mortgage deals. But it should not victimize the mortgage industry as a whole and throw away the baby with the bathtub in its zeal. Well thought out legal and official action is the call of the hour.

The next step is making the public financially literate so as to prevent them ahead from taking false steps. Here three questions arise. Who will advice? Is it compulsory? Who will pay for it?

Whatever the answer, the ball that has been set rolling regarding internal policing within the mortgage world and interacting with the borrowers must not be allowed to stop but rather it should be kicked to pick up more speed. Other venues of approach and suggestions should be tapped. The welfare of Jones and our interests are identical.

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