Federal Housing Counseling Grants

Well, today we get a quick look at some new federal money to help first time buyers avoid financial and unaffordable borrowing pitfalls. Previously established, housing counseling had been cut back last year with various budget cuts by Congress. However, after some strong prodding, some funds for the program have been restored to HUD's budget.
Basically, these funds, totalling $42 Million, will be used mainly for counseling to first time buyers so that they intelligently can analyze and proceed on the mortgage part of their purchase.
If you have any questions about the program, contact HUD directly. Good Luck!

Oklahoma Settlement Info

Well, if you're in Oklahoma, the following is of interest to you regarding the recent huge settlement made with the five largest mortgage firms/servicers. In order to benefit from funds under the settlement to be disbursed in Oklahoma, you must file claims not later than September 13, 2012. As Oklahoma originally was the lone state rejecting participation in the settlement that the other 49 states agreed to, the state atty. general worked out a settlement that ended up providing more cash to Oklahoma homeowners, and in real Dollars, than what was originally envisioned. Under the terms reached, Bank of America will pay the state $8.4 million, Citigroup will pay $1.5 million, GMAC pays $935,000, JPMorgan ante's up $4.0 million, and Wells Fargo’s share is $3.8 million. This is a grand total of almost $18.6 million, quite a bit more than the state would have received, $10 million, under the terms of the original deal. The atty general says that payments to individual homeowners will be based on a showing of actual harm to the homeowner. He says that applications should include any and all documentary or other proof of the harm suffered. A simple claim without supporting evidence, apparently, will not cut it. File claims with the state attorney general's office; applications are available through the office or on line at: www.oag.state.ok.us .
As always, Good Luck.

BofA Principal Reductions

Well, some of the first evidence of benefits from the recent $25 Billion settlement has surfaced. BofA has announced that, in some cases, reductions of loan principal may reach as high as $100,000.About 200,000 owners fit this group, and this is to bring things in line with current market values. So who's most likely to get this size reduction? According to the securities rating firm, Fitch, those loans originated between 2005 and 2007 are most likely to receive this type and size reduction. Suggestion from here: if you have a BofA loan and you're underwater, call BofA and ask if you're getting a reduction of principal, and, if so, how much.
Good Luck.

Another Source of Help

For homeowners who are under water on their mortgages or having difficulty making their payments on time, there is a national nonprofit that will provide free counseling. The organization is called CredAbility, and in February alone they counseled 6433 homeowners, a 16% jump from the January figure.
You can find them online at credAbility.org or call: (800)251-2227.
Good Luck!

Help for Wells Clients in SF Bay Area

Wells has announced a free 2 day workshop for borrowers in the San Francisco Bay Area having trouble making payments. Located in Richmond, the workshop will have 100 Wells staff members, including people who can speak Spanish, Mandarin,Cantonese, Tagalog, Arabic and Farsi. Additionally, there will be a multi-lingual phone line there. Subjects covered will be loan mods, forbearance, refinance, repayment plans, short sales, and deeds in lieu.
The Home Preservation Workshop will be held Wednesday and Thursday (March 7-8) from 9 a.m. to 7 p.m. at the Craneway Pavilion. It's located at 1414 Harbour Way South in Richmond, CA. While walk-ins are welcome to attend, Wells recommends pre-registration to guarantee a one-on-one meeting with a representative. Signups can be done no later than today at: sfg.ly/AeYoIS. You can also call: (800) 405-8067. If you're a Wells client and having trouble with your mortgage, you can also call (800) 678-7986. Sounds like a good opportunity!
Good Luck!

Foreclosure Errors in San Francisco

According to an audit of foreclosure cases by the San Francisco assessor, errors were found in 84% of all foreclosures from January 2009 to October 2011. This was of 382 homes foreclosed upon in San Francisco county. Errors ranged from failure to notify the homeowner of the fact that they were in default, usually the first step in the process leading to foreclosure,to transfers of loans from one holding or servicing entity to another, to errors in the MERS process now commonly used by lenders.
Think you were wrongly foreclosed during this period in the San Francisco county area? Call the SF county assessor and ask for info on your property's foreclosure history.
Good luck.

Homes For Military Personnel/Vets

In a move to help current and former active military personnel and their families, Chase Bank has partnered with Operation Homefront to provide homes for at least 100 Wounded Warriors, military and veterans' families into permanent housing. Acting through the Homes on the Home Front program, Chase provides the homes from its foreclosed inventory, and Operation Homefront handles all of the detail work prior to actual deed transfer to the service member. Eligibility is based on one being on active duty, Reserves or Guard, or having been honorably discharged. The individual also cannot already own a home, and must demonstrate the ability to handle the financial responsibility of home ownership.
Check with Chase or Operation Homefront. Online application is possible: go to www.OH.net . Good Luck!