Citigroup continues progress in its efforts to help distressed homeowners avoid potential foreclosure

As a homeowner facing hard financial times you need to be aware that you have other choices other than foreclosure or short selling your home. For example Citigroup recently announced that they were able to help homeowners avoid foreclosure through their loss mitigation services nearly 15-1 during the recent quarter. According to the report options offered by Citi that homeowners made use of included:

• Modifications
• Extensions
• Forbearances
• Reinstatements

Sanjiv Das, President and Chief Executive Officer of CitiMortgage, "We recognize the difficulties that homeowners face in the current economic environment and our number one priority is to help keep homeownership a reality for our customers who find themselves in financial distress."

Are you behind on your Citi mortgage? You should contact Citi immediately and talk to them about your options. Visit Citi's homeowner assistance information page for more information.

Related blog posts on avoiding foreclosure

The majority of Wells Fargo customers current on mortgage payments

The head of Wells Fargo Home Mortgage Servicing, Mary Coffin testified before the Subcommittee on Housing Financial Services Committee that the majority of Wells Fargo customers are current on their mortgage payments. 92 % of their mortgage customers are current according to the testimony.

If you are a Wells Fargo customer facing the possibility of foreclosure, please visit their Company web page which provides information on taking steps to avoid foreclosure. They even have it set up where you can go online to request payment help or you can call them at 800-678-7986.

If you are facing or feel like you are about to face a hardship in keeping current on your house payment, give them a call or contact them. Don't wait until it is to late.


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Deed in lieu of foreclosure

Is short sale a better alternative to foreclosure?

How do you know if a short sale is a better alternative to foreclosure?

Is there a difference in how they impact your credit scores? In qualifying to buy a home in the future is one better than the other to have on your record? Do you know what a short sale is? You should check on the difference between a short sale and a foreclosure while you still have time. Contact me.


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Orlando foreclosure help

There are counselors in Orlando approved by HUD that may help you avoid foreclosure and provide help. These counseling services are provided free and address foreclosure prevention, loan modification and refinancing. Don’t give up without making a call to one of these organizations. You do not have to pay for this help, these are nonprofit organizations.

Orlando agencies listed on HUD’s site as of 7-1-2009:

• Acorn Housing - 407-254-5974
• CCCS - 800-741-7040
• H.A.N.D.S. Inc. - 407-447-5686
• Metropolitan Orlando Urban League - 407-841-7654 X-334
• Reliable Business Solutions Inc. - 407-482-2908

HUD

Lawyers and lenders working together should keep more Floridians in their homes

The goal is to keep Florida's homeowners from losing their homes in foreclosure and to that end Florida's Chief Financial Officer Alex Sink has scheduled a roundtable, to be held April 20, 2009 in Tampa, will give lenders and pro bono lawyers the chance to discuss how to improve their communication and interaction, as they work together to help Floridians facing the threat of foreclosure. Press Release


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Wells Fargo to delay foreclosures

Wells Fargo announced in a press release this week that it will not be proceeding with foreclosures on loans they own until at least March 13, 2009. The delay is intended to give their customers a chance to find solutions through the President's Homeowner Affordability and Stability Plan.

News release


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HUD campaign promotes free housing counseling

Search for homes

A HUD campaign will be starting that promotes free housing counseling in an effort to prevent foreclosure.

The campaign will kick off in Chicago, Detroit, Los Angeles, Miami, New York and Phoenix.

News release

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Hope for Homeowners program changes will help Florida residents

New law may save your house

Governor Crist announces an agreement that will allow many Floridians to be home for the holidays.

Press Release:

"Governor Charlie Crist joined representatives of the banking and mortgage lending industry to announce a voluntary agreement to provide foreclosure relief to Florida homestead property owners for the next 45 days. Governor Crist encouraged lenders to continue their efforts to actively negotiate with struggling homeowners during the coming months to help people stay in their homes."

This act may temporarily ease the stress of some homeowners who were facing the possibility of losing their home during the holiday season. Any long term benefit might only be realized if the lenders involved follow Governor Crist's encouragement to negotiate with distressed homeowners in an effort to keep them in their homes.

If he keeps one child in their home for Christmas, can that be bad?


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New law may save your house

New law may save your house

A new law signed by President Bush that will go into effect on October 1, 2008 was created to assist homeowners struggling to pay their mortgage.

According to HUD's website, homeowners having trouble paying their house payments should contact the appropriate counseling agency. The contact information is:

• HUD.gov
• HOPE NOW Alliance at (888) 995-HOPE
• FHA 800-CALL-FHA

The program is designed to slow the rate of foreclosures in hopes of stabilizing the country's housing market.

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- Greg Staker - Watson Realty Corp. 407-304-0255

Florida attorneys offering free help to homeowners facing foreclosure

In a recent news release from The Florida Bar News, Attorneys in Florida have announced the formation of, FLASH - Florida Attorneys Saving Homes. The Florida Bar, The Florida Bar Foundation, Florida Legal Services, and the Real Property Probate and Trust Law Section all are taking part in this effort.

If you are one of the thousands of Floridians who have fallen behind on payments or are about to fall behind, you can contact FLASH by using their toll free number, (866) 607-2187. The phones are answered during the week from 8 a.m. to 4 p.m.

This pro bono project is the first to place homeowners and volunteer attorneys together before the foreclosure starts according to Kent Spuhler, executive director of Florida Legal Services, Inc.


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Mr. Postman look and see if there is a letter from FHA for me.


- Greg Staker, Watson Realty Corp., 407-304-0255

Washington Mutual helps more than 7500 homeowners avoid foreclosure

WaMu plans to assist additional homeowners avoid foreclosure. The company has placed another $1 billion, that's billion with a B, towards their borrowers' assistance program.

According to WaMu's press release, under the program, eligible WaMu subprime borrowers who remain current on their existing loans and anticipate pending payment increases may apply for new discounted fixed-rate loans or other mortgage products available to them.

WaMu customers should call 1-800-881-7099 to ask about available programs.

Complete press release

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Mr. Postman look and see if there is a letter from FHA for me.


- Greg Staker - Watson Realty Corp. - 407-304-0255

Mr. Postman look and see if there is a letter from FHA for me.

FHA is sending letters to homeowners faced with the serious issue of foreclosure according to this recent news release.

The letters will be mailed out through September to more than 800,000 households. "This letter might be the most important piece of mail many of these families will receive all year," said HUD Secretary Steve Preston.

The threat of foreclosure is a serious issue in Florida. Many home owners who are unable to pay their mortgage payment, are unable to sell the home for what they owe and cannot negotiate a short sale are seemingly left with few choices. The purpose of the FHA letter is to informed distressed home owners that there may be a possible solution in obtaining an FHA loan and offers the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.

Here is the letter:

Dear Homeowner,
Do you need help with your mortgage?
Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of "sub prime loans" as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.
Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1 (800) CALL-FHA or to visit http://www.fha.gov/. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.
Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to http://www.hud.gov/utilities/intercept.cfm?http://www.hopenow.com/.
Again, please contact us at 1 (800) CALL-FHA (800-225-5342) or go to http://www.fha.gov/. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.
Sincerely,

Brian D. Montgomery
Assistant Secretary for Housing
Federal Housing Commissioner


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Foreclosure affects families

Foreclosures are more than sub prime "blah blah blah" and stalled real estate markets. An impact of a foreclosure affects the most innocent as depicted in this video for Neighborworks. Call 1-800-995 HOPE for counseling.

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Impact of foreclosure on families

A homes real value

Failing to rent to individuals with children will cost you.

- Greg Staker Watson Realty Corp. 407-304-0255

Bill introduced to help with foreclosure and low-income housing

Representative Waters of California introduced the Neighborhood Stabilization Act. This bill would create a $15 billion loan and grant program designed to assist in the purchasing and rehabilitating of vacated and foreclosed homes for low income rentals and owner occupants.

Additional information can be found here.


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- Greg Staker - Watson Realty Corp. - 407-304-0255

Administration is seeking to help homeowners

In a response from the U.S. Treasury Department to testimony from Under Secretary Robert Steel, the Treasury stated in part:

"The Administration’s goal is to prevent foreclosures for homeowners. It is not about assisting lenders or bailing out investors.
Our response is based upon a three-point plan: (1) to better identify, reach and connect with counselors those at-risk homeowners who can be helped, (2) to assist in developing additional products for homeowners, and (3) to increase the speed and efficiency of moving these at-risk borrowers into affordable solutions."

The full testimony and response can be read here.

HUD program offers hope to Floridians facing foreclosure

HUD’s Secretary Alphonso Jackson announced today that thousands of Florida homeowners are benefiting for the government’s new refinancing service. Secretary Jackson stated:

"HUD's central goal remains promoting sustainable homeownership. We are eager to introduce more Americans to the safety and security of HUD'S Federal Housing Administration (FHA) loans…”

Today’s announcement is keeping with the theme Secretary Jackson’s comments in Chicago where he stated, “You don't have to suffer in silence. You don't have to lose your home."

One of the goals is to educate delinquent homeowners to the FHASecure. He is touring Florida counties hoping to educate those who are not aware of the help available.

Secretary Jackson commented, “"A survey this week found that more than half of delinquent homeowners didn't know that free counseling exists…”

Here is the complete press release.

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- Greg Staker - Watson Realty Corp. - 407-304-0255