Rental Basics in Sacramento>Question Details

Julie, Home Seller in Sacramento, CA

My elderly parents are losing their Sacramento home soon. They gave the last of their savings to a loan

Asked by Julie, Sacramento, CA Mon Jul 6, 2009

modification specialist who was not able to offer any help.

Does anyone know of senior housing options that they may qualify for? They are on a very limited SSI income.

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16
good morning......what is the home worth and what do they owe?......if they are both over 62 yrs old and there is enough equity....they can do a reverse and save it that way.....reverse mortgages are not credit driven......best of luck.....bob mcclure- success mortgage partners- plymouth, michigan....
1 vote Thank Flag Link Tue Jul 7, 2009
Julie, I am so very sorry for your parents! This is appalling! Have you reported this to the DRE (Department of Real Estate?) I think I would try to get someone in the local news media involved as well - maybe someone can stop them from losing their home and offer them some real help!
Web Reference: http://www.DotChance.com
1 vote Thank Flag Link Mon Jul 6, 2009
Why is everyone so dependant on the D%^& government. Take some responsibility and make a choice. Here comes the part that going to hurt. Yes your parents made a bad decision and went with a stupid loan mod and a stupid loan mod company. It sounds to me like they are running out of time. We can only make decisions based on our current circumstances. Pull the trigger, have them find a place they can afford, if they can't find a place then Julie as a caring daughter then you need to help them find a place and maybe help them with the deposit as well. That's what wrong with society today, people want hand outs from the government. Take some personal responsibility and get things handled.
0 votes Thank Flag Link Mon Jul 20, 2009
Julie,

If there is some equity in the house, they might qualify for a reverse mortgage. Have you looked into that option? Here are a couple of links

http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm

http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
0 votes Thank Flag Link Mon Jul 20, 2009
There is another way to look at this and that's to work with a realtor certified as a senior real estate specialist. Many of us are familiar with the short sale process to short sale the home, but it sounds like the larger stress factor is where they will be able to move to after they leave the home.

I think there are some good resources listed here for senior assistance. I also know of a couple that stayed in their home for over two years. It had actually gone to court because of the fraud issue involved.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Jul 20, 2009
Julie,
I am making more assumptions on the situation, but here is the easiest solution that I can come up with. Figure out what your parents can afford, find them a place to rent, and put this home behind them. The sooner that they find a place to rent, the sooner that all this stress will be relieved. Once they are moved out it won’t matter what happens to the house and its easier to sell a vacant home than an occupied one.

If you have questions about specifics, feel free to contact me any time, email is great!

Thanks
John A Cooper
0 votes Thank Flag Link Mon Jul 20, 2009
Julie: I just postponed 2 pending auctions this week alone. I do this all the time. It is possible that if your parents spoke with a sacramento short sale agent, that auction could be postponed, which would buy your parents a bit more time.
0 votes Thank Flag Link Sun Jul 19, 2009
Julie
You and your parents should sit down with a Realtor NOW, and review their financial documents, the housing market for their area and see what can be done ( short sale, possibly ) they should also call the Senior Legal Hotline I referenced previously. I know they probably are feeling embarassed by the whole situation but with your help maybe a solution can be found.

Without all the specifics it is hard to give you a good answer.

Please feel free to contact me if you wish 530-798-0215
0 votes Thank Flag Link Sun Jul 19, 2009
to get the answer about when they will lose the house is to work with a realtor. Even if they decide not to control the situation by trying a short sale, and let it go to foreclosure, contact a realtor who can look up the title records and determine the time frames for you. (I would suggest an attorney who might explain it all but they won't change the outcome so that would be spending money they don't have). In addition, check out all services available to them through the government. There's the department of aging, and one for social services that come to mind first. I think getting all the facts will help develop your plan for them.

Good luck!
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Sat Jul 18, 2009
Thank you everyone for trying to help. They owe far more than the house is worth. They are going to loose it but we do not know when.

My question now is what is going to happen to them? Will they really go homeless? They have no saving, a truck worth about $1000, and crappy credit.
0 votes Thank Flag Link Sat Jul 18, 2009
The honest truth is that if their payment is more than rent then they need to sell. Just get out of the debt and find a nice place to rent. These loan mod companies are not getting principle reductions and there is NO point in staying in a home that is 20% to 50% upside down.

But of course I am making a lot of assumptions here. Most agents are going to try to candy coat the situation, and there is no time to waste when you’re dealing with a foreclosure.

Oh and one more thing. Don’t let agents fool you. Lenders DO NOT stop the foreclosure process while doing a loan mod or short sale. The best you can hope for is if you have to buy time, is to get your lender to agree to a short sale and you can get one maybe two postponements. When dealing with a foreclosure there is no time waste.

John A Cooper
The Cooper Group
Roseville CA
Your #1 Short Sale Experts
jacooper@kw.com
0 votes Thank Flag Link Tue Jul 14, 2009
I am very sorry to hear about your parents situation. Here is a website with some senior housing information,
http://www.newlifestyles.com

Here is the Sacramento City Senior Legal Hotline # 916-551-2140 also an article they have about fraud with more resources: http://www.caringneighborhoods.org/pdf/fraudscams.pdf
0 votes Thank Flag Link Wed Jul 8, 2009
I hope it wasn't these guys who took advantage of your parents. Attorney General Jerry Brown is suing this company: http://ag.ca.gov/newsalerts/release.php?id=1763

That comes directly from the office of the California Attorney General, which also contains more information about how to protect yourself from so-called loan modification companies.
0 votes Thank Flag Link Tue Jul 7, 2009
You might want to contact the CA Dept. Of Real Estate about the performance of the loan modification company. If they still want to try to save their homes I suggest that the contact their lender directly.

Some of us work as home retention consultants for the banks. Banks are actively hiring us to encourage their homeowners to contact them and work through alternatives with them to try to work out a loan that is affordable to them. If that doesn't work, and they are forced to short sale their home then having control over the process is much less stressful that watching your home go to foreclosure.

But if you feel that this is all too much for your parents, and they really ought to consider senior housing anyway, you might want to start to investigate some of the alternatives for them. One source is a website that has all kinds of assistance for seniors, including in home care, or independent living centers, adult communities,...etc. Go to http://www.snap4seniors.com and you can see resources available all over the country.
There are also some very nice low income facilities, like at Madison Ave near Illinois in Fair Oaks. It's just beautiful, independent living apartments requiring a maximum income per month in order to qualify.

This is just a tip of the iceberg in hitting on various aspects of your question. Just call, or write here if you need more specifics on any one particular idea.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Jul 6, 2009
Julie....

You know many of us in the business have been warning others that these Loan Mod companies are basically a scam... I personally do not know of anyone who has benefited from them.

While I know that this doesn't help your folks.... in doing some research for some clients of mine, I discovered that Loan Modifications are also a "multi-level marketing" business... One such company is Certified Financial Protection Group LLC. http://pffsi.certifiedfinancialprotectiongroup.com/index.html

Here’s a copy of the Associate Program in a PDF format...

http://www.997dailyclub.com/filemanager/CFPG/CFPG%20-%20Asso…

They charged my client $3,500 each for two properties.. They tell their "associates" to charge what ever they want.. but they do have a "minimum"... So what happens is you get folks who are looking for a way to make a buck in a time of a lot of hurt for many people and we get rip offs like this.

I've written about this on my own blog to let people in my circle know that you don't need a loan modification company to do this work for you. The banks don't really want to talk to anyone but you... the person who took out the loan..!

You see....Loan companies want to keep you in your home if at all possible, so have your folks contact the lender directly... beause it may not be too late..... and yea... it will be a hassle but talk to them and maybe it will work out for them. Give it a shot and let us know what happens...


I hope this helps....

Make it a great day...
0 votes Thank Flag Link Mon Jul 6, 2009
I'm so sorry to hear that, Julie. If it's any comfort, I hear the same story over and over from people victimized by those loan modification specialists. Those people can't do anything for a home owner that a home owner can't do for themselves and, unfortunately, loan modifications don't always work out.

Have your parents considered doing a short sale? At least that would postpone the trustee's sale for a while, assuming the Notice of Default has already been filed. If you need help with short sales, they have become my specialty.

As for senior housing in Sacramento, I really don't know off the top of my head. I know there is senior housing downtown. Perhaps you could check with the Sacramento Housing Redevelopment (SHRA) to find out if there is a waiting list.
0 votes Thank Flag Link Mon Jul 6, 2009
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