Foreclosure in Orange County>Question Details

Bob Phillips…, Real Estate Pro in Coto de Caza, CA

Are you in trouble with your mortgage? The program announced yesterday may provide solutions.

Asked by Bob Phillips - (949) 887-5305, Coto de Caza, CA Thu Feb 19, 2009

Yesterday, President Obama announced his new "Homeowner Affordability and Stability" program, designed to ease the Nation's foreclosure crisis. If you are a homeowner with a problem mortgage, you should take a look at the outline of the program on the "White House Blog", or ( I'm not sure if this will cut&paste.) this is a copy of the Q & A, from my blog: http://southorangecounty.wordpress.com/2009/02/18/the-new-ho…

As you look at the proposed program ( it isn't set to be up and running until March 4th.) one item stands out - you should NOT have to pay to participate in this program - the lenders who cooperate will be receiving compensation from the Government, as part of the program.

There seems to be a gigantic number of scam artists out there, telling you they can "modify" your mortgage - for a hefty fee - paid in advance. Interestingly, some of these people are the same guys who were out pushing the troublesome lousy, liar loans.

Help the community by answering this question:

Answers

2
I understand that people, who are being hounded by their lenders, may feel a LOT of pressure, and might prefer to withdraw and hide, but that is the very worst thing someone can do. If you are in jeopardy or being foreclosed out of your house over the next month or two, you should be contacting the lender first, to see what they are prepared to do, that will assist BOTH of you. Yes, they want to work things out, as well.

Remember. One of the features of this new program will likely be a 90 day moratorium on foreclosures, by almost ALL lenders. That time period is designed to give troubled homeowners more than sufficient time to work out the best alternative for themselves. That might mean preparing your property for a short sale, which might make some Realtors happy, OR, it might mean restructuring your loan(s) to being palatable enough to stay in your property, which should make YOU happy.

Be very careful out there, in getting, and believing the advice you receive. Bare in mind that there are both Realtors and lenders out there who only want to make that next buck. Don't fall prey to one of them. Explore as many scenarios as you can, taking advantage of the new programs that are coming out almost daily. They are improving, and should improve your chances to emerge from today's troubles as unscathed as possible.

I have over 32 years of local - South Orange County - experience, as a Realtor who has his client's best interests, at heart. I would be honored if you would consider me as a source for your particular real estate solutions. Call me at 949-643-2100, or email me at Bob@BobPhillips.net to discuss the possibilities.
Web Reference: http://BobPhillips.net
0 votes Thank Flag Link Fri Feb 20, 2009
I would agree there is a lot of money be addressed with the plan, but not sure how the work is going to get done. There are a lot of incentives, but little work on process and nothing that comes out 3/4/09 is going to address process.. I have delt with a lot of people and helped them but it has taken a lot of work and dificulty in reaching the right person. The case loads and decisions of some people seem to have issues in the past and not sure how the new plan addresses them. I have seen a number of companies building in the antisipation of this plan so time will see and people should look around for people that will help without charging.
0 votes Thank Flag Link Thu Feb 19, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer