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You Could Reduce Your Loan by $100,000!

The California Housing Finance Agency finally convinced Bank of America to join in it’s Keep Your Home California Principal Reduction Program. This program is funded through the Federal government and can reduce the loan balance on your first mortgage by up to $50,000 with B of A matching that with up to another $50,000.

Of course you have to qualify and the property has to be your principal residence, but if you owe B of A on your home, (other lenders are also participating, but not Fannie Mae or Freddie Mac unfortunately) it is certainly worth your time to check out the programs available to you, just follow the “Learn More” link below.

CalHFA also has payment assistance programs of up to $3,000 a month to help unemployed homeowners as well as up to $15,000 to help catch up back mortgage payments.

Many homeowners owe more than their home is worth and are still making every effort to remain in their homes and pay the mortgage. When circumstances beyond their control make it impossible to make the payments, there is at least some help available.

It only makes sense to see if anything CalHFA has can benefit you or someone you know.

On Saturday, July 30th 2011, Ameer J. Elahee of The Global Wealth Group and Keller Williams will be hosting an amazing workshop for Homebuyers. Invited guest include Richmond American Homebuilders, City of Rancho Cucamonga Redevelopment Agency, Neighborhood Housing Services of the Inland Empire. This workshop will be of special interest and benefit to those who are need of down payment assistance (up to $80k), Credit Repair and special purchase/rehab financing through FHA. In addition, we will have a special presentation by a Short Sale Negotiator from a national lender. As an appreciation gift, each attendee will receive a free Foreclosure List* and access to potential down payment assistance programs throughout Southern California. To register you can call 909-944-4757 or online at www.1globalwealth.com and put your information in the contact form.

Unemployment Mortgage Assistance (UMA) – Intended to assist homeowners who have experienced involuntary job loss. CalHFA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds could provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.

Mortgage Reinstatement Assistance Program (MRAP) – Intended to assist homeowners who have fallen behind on their mortgage payments. CalHFA will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds will provide benefits of up to $15,000 per household. (Lenders that contribute through matching funds increase the benefit for homeowners).

Principal Reduction Program (PRP) – Intended to assist homeowners who have severe negative equity. CalHFA will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced to market levels needed to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program should most likely be a prelude to loan modification. (Lenders that contribute through matching funds increase the benefit for homeowners).

Transition Assistance Program (TAP) – Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. CalHFA’s transition assistance will be used in conjunction with servicer/investor short sale and deed-in-lieu of foreclosure programs in order to help borrowers transition into stable and affordable housing. Borrowers will be responsible to occupy and maintain the property until the home is sold or returned to the lender as negotiated. Funds will be available on a one-time only basis.

THE GREAT FORECLOSURE FREEZE

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Amid escalating foreclosures and fresh questions about how they’re being conducted, a coalition of consumer and civil rights groups has called for a national freeze on all bank seizures of homes.

The action came as President Obama declined to sign foreclosure-related legislation because of the “unintended impact of this bill on consumer protections, including those for mortgages,” White House communications director Dan Pfeiffer said Thursday.

The call for a freeze follows growing disclosures of alleged irregularities, including mishandling of records in the foreclosure process, by lenders. Three major banks have already suspended foreclosures, but only in the 23 states that process foreclosures through courts. (California is not among them.) In calling for a national freeze, the advocacy groups said that foreclosures unfairly target minority communities and tear apart neighborhoods.

“This information about inaccurate records compounds an already existing problem,” said Hilary O. Shelton, director of the National Assn. for the Advancement of Colored People’s Washington Bureau. “There needs to be an opportunity for people to find other options to save their homes, and the beginning of that is to stop the foreclosures.”

Two advocacy groups — the Los Angeles-based Alliance of Californians for Community Empowerment and the Greenlining Institute of Berkeley — this week called for a foreclosure moratorium.

The L.A. group said it was forming a separate organization, the Home Defenders League, to help homeowners fight foreclosures. Both groups called on Atty. Gen. Jerry Brown to support a moratorium.

Brown has ordered Chase and Ally to suspend California foreclosures until they prove to his office that they are complying with state law. His staff is in discussions with the lenders.

Several hundred potential home buyer’s gathered at Cal State LA on Saturday, September 18th to hear about the fundamentals of the Home-buying Process.  They were issued an 8 hour HUD Approved Education Certificate and also received market updates and key insight on working with a realtor, qualifying for a loan and basic budgeting tips. 

The highlight of the day may have been the presentation on the Los Angeles County Community Development Commission’s down payment assistance program that offers soft 2nd mortgages for up to $60k at 0% interest for qualified families.  Of course funds are limited and you do have to qualify for a traditional first mortgage.  As was stated by facilitator Ameer J. Elahee of 1GlobalWealth.com “The best time to buy is when it is absolutely right for you, and this program could help make it the right time”.

For more information, please go to www.lacdc.org and to www.1globalwealth.com for additional information.

By Stephanie Armour, USA TODAY

The Obama Administration will direct an additional $3 billion in assistance to homeowners facing foreclosure due to lost income, an effort it announced Wednesday to help some of the more than 14 million Americans counted as unemployed. The assistance plan has two components:

• $2 billion more for existing programs. Money under the government’s Hardest Hit Fund will go to Housing Finance Agency programs in 17 states and the District of Columbia that aid homeowners struggling to pay their mortgage because of unemployment. Those states and the district all had unemployment rates at or above the national average the past 12 months.

Each state will use the funds to provide temporary assistance to homeowners to help them pay their mortgage while they seek re-employment, additional employment or receive job training.

MORE INFORMATION: See which states are receiving funds HOME BUYING: Feds rethink policies that encourage home ownership

States may provide various kinds of help, including mortgage modifications, assistance with short sales (where a home is sold for less than is owed on the mortgage) or pay financial institutions incentives to write down a portion of a borrower’s principal balance.

The Hardest Hit Fund has previously provided $2.1 billion to these programs in two earlier rounds of funding.

• $1 billion for a new federal emergency loan program. The Department of Housing and Urban Development will provide assistance — for up to 24 months — to homeowners who are at risk of foreclosure and whose income has been substantially reduced due to involuntary unemployment, underemployment, or a medical condition.

The loans would be directed to states or cities that have high unemployment, but those are still being determined. Eligible borrowers could receive up to $50,000 in emergency loans. Funds would be distributed through state agencies and non-profit groups.

To qualify, homeowners would have to be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years.

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