Cordova Towne Neighborhood Association

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	Foreclosure Resources: In light of the current downtrend in market values within the Sacramento Region, we thought it would benefit residents and the neighborhood to post resources below to help owners avoid foreclosure. We want to see our residents hold on tight during this market by keeping their homes, limiting the amount of vacant properties within the neighborhood, and doing our best to help our properties be desirable in the market place. The Cordova Towne Neighborhood Association does not endorse any of the resources below and is not liable for the outcome of use. We are simple making a list of possibilities for residents.


	1. NeighborWorks National Housing Hotline

	Phone: 888-995-HOPE (888-995-4673)
	Website: www.995HOPE.org
	Information: This is an extremely helpful tool for residents. The website explains the process of foreclosure, myths of foreclosure, and how home owners still have options, even in light of having missed payments, lost a job, not being able to afford a mortgage any longer, or even with foreclosure proceedings already beginning. If you are a resident worried about foreclosure or you cannot afford your payments any longer, the Housing Hotline is open 24 hours a day 7 days a week. Per website, "Through our 888-995-HOPE hotline, the Homeownership Preservation Foundation has a single mission: to help homeowners avoid foreclosure. We are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. The help we offer is free. Our counselors are experts in foreclosure prevention and trained to set up a plan of action designed just for you and your situation. When you talk to us, you won't be judged and you won't pay a dime. That's because we don't just offer general advice - we help you take action. Counselors will arm you with education and support that assists you in overcoming immediate financial issues...at no cost to you."


	2. Foreclosure Resources from Council Member Ken Cooley

	Information: The information in this category was provided compliments of Council Member Ken Cooley. Council Member Cooley has also provided a document containing information regarding the current housing crisis, very practical tips on what to do, how to communicate with your Lender, scams to be cautious of, as well as pertinent resources. DOWNLOAD document (PDF file)

	If your lender is listed here, you can help protect your home by contacting them immediately!

	Bank of America (800) 846-2222 California Housing Finance Agency (800) 669-1079 (CalHFA) Cendant Mortgage Corporation (800) 257-0460 Chase Home Finance (800) 848-9136 or (800) 527-3040 Citimortgage (800) 374-8814 Countrywide (800) 669-4576 HSBC Mortgage Corporation (800) 338-6441 Irwin Mortgage Corporation (800) 284-4462 James B. Nutter & Company (800) 315-7334 Midland Mortgage (800) 654-4566 National City Mortgage (800) 523-8654 Wells Fargo Mortgage (800) 766-0987 Wendover Financial Services Corporation (888) 934-1081 Washington Mutual Home Loans, Inc. (866) 926-8937

	Other Resources:
	www.HUD.gov : Website of the United States Department of Housing and Urban Development: Find a certified financial counselor and get advice on how to avoid foreclosure.

	www.hud.gov/foreclosure : HUD Tips for Avoiding Foreclosure and Other Resources

	www.fha.gov/foreclosure : Website of the United States Federal Housing Administration: offering tips on how to keep your family home.

	http://www.cacities.org/subprime : League of California Cities website may have pertinent links or press releases from time to time regarding foreclosure.

	www.nw.org : NeighborWorks is a highly respected not-for-profit organization that specializes in assisting people in improving their housing and options for home ownership. Visit NeighborWorks for online resources, including the “Center for Foreclosure Solutions”.

	IMPORTANT NOTE: The legitimate NeighborWorks’ website is simply www.nw.org. Neither www.neighborworks.com or www.neighborworks.org are bona fide websites of the NeighborWorks organization. Do not direct your people to these sites.


	3. "Foreclosure Scams" - from Council Member Ken Cooley

	Watch out for phony “Foreclosure Scams”
	Solutions that sound too good to be true usually are. Do not be a victim of these scams:

	Equity skimming. A buyer promises to pay your mortgage or sell your home if you sign over the deed and move out. The “buyer” ends up not making any payments and the property is foreclosed.

	Phony counseling agencies. They offer counseling for a fee when it is often given free of charge. Contact 1-800-569-4287 or TDD 1-800-877-8339 for a HUD-approved housing counseling agency.

	Watch Out for Lenders Seeking to Take Advantage of You
	While most mortgage lenders are reputable, a few unscrupulous lenders engage in predatory lending practices that can increase the likelihood that you will lose your home to foreclosure. These practices include making a mortgage loan to an individual who does not have the income to repay it, charging excessive interest, points and fees or repeatedly refinancing a loan without providing any real value to you.

	If you are facing foreclosure, you may also receive refinance offers in the mail telling you that you have been "pre-approved" for credit based on the equity in your home. But consider this, if you cannot make your current payments, increasing your debt, even if you get some temporary cash, will make it harder to keep your home.

	Here are several precautions that should help you avoid falling prey to scam artists and predatory lenders:
	● Don’t sign any papers you don’t fully understand.
	● Make sure you get all “promises” in writing.
	● Beware of any contract of sale or loan assumption where you are not formally released from liability for your mortgage debt
	● Check with a lawyer or your mortgage company before entering into any deal involving your home.

	Foreclosure Scam Alert
	Here’s how foreclosure “rescue” scam artists work: They will ask you to surrender your deed and say they’ll rent your house to you. In a few years, they say, they’ll let you buy it back. Or, they promise to negotiate for you with your lender. But first, they’ll need an up-front fee that can range from $750 to thousands of dollars. Typically, these self-proclaimed “Rescue Consultants” will do nothing other than cash your check. If they get their hands on your deed, they will evict you and sell your house for all the equity they can extract.

	Foreclosure Scam Red Flags:
	● The “Rescuers” want you to sign a Quit Claim Deed or other paperwork you do not understand.
	● They advertise their services as “Fast Cash,” “Equity Funding,” or “a Foreclosure Service.”
	● They are not listed with the Better Business Bureau, the California Department or Corporations, or the Department of Real Estate.
	● They ask for money without presenting you with written details about the services they will perform.

	Remember: Never sign anything you do not completely understand. Never do business with someone who cannot provide legitimate references such as a major bank or trusted professional organization, such as the Better Business Bureau or AARP, or a Federal or State government agency. If references are provided, check them out. Expect scammers because your current financial status and credit information can be purchased by anyone from any number of sources.


	4. Tips for Helping our Neighborhood Real Estate Market

	Here are some simple tips toward helping our local real estate market in the midst of foreclosures.

	1. Mow a neighbor's lawn if it is a bank-owned property and the bank is dropping by the ball on taking care of the property (unfortunately that is too common). Help keep it clean.

	2. Keep an eye on vacant properties and report any suspicious activity to the Police.

	3. If the property has issues continually, call and complain to not only the Police, but the Listing Agent also. The bank/Agent needs to take care of their property. This goes for debris on the premises or anything unkempt about the property. The Listing Agent should be working with the Bank to maintain cleanliness.

	4. Contact Code Enforcement if you know of a rental that is not being taken care of. We want to see the City come down very hard on slumlords (and it is the job of Code Enforcement to do so).

	5. Do what you can for your own household in helping your house be well-kept on the exterior.

	6. Get FREE trees from SMUD through their tree program.

	7. Talk to your Lender if your mortgage is going up. They really do not want your house to go into foreclosure, so they will sometimes get creative and work with you when you have a ballooning mortgage payment. Communication is worth a shot.

	8. Welcome new owners and residents to the neighborhood. Let them know about our Association also.

	9. Report code violations and graffiti immediately. If you do not do it, who will?

	10. Be deliberate about being involved in the neighborhood in terms of events and walking out a daily vision of learning to be a neighborhood that takes care of each other and is a positive and dynamic place to live. Find out how you can apply your own abilities and gifts for the sake of the neighborhood.... and then do it!!! Believe it or not, this may help our property values rise because our neighborhood over time will come to be know as a very desirable place to live.

	11. Find ways to look out for your neighbors and also to open up communication between neighbors on your street (BBQs, dinner together, talking, etc...). Building community is the key to success.

	12. If your house is heading toward foreclosure, talk with your Lender and the resources listed above.


	5. Consumer Home Mortgage Information (State of CA)

	Website: http://www.yourhome.ca.gov/
	Information: This is State of California website on consumer home mortgage information and is a resource for potential owners and current owners. They also have resources for owners who may be having difficulty making their mortgage payments.

	Links in English:
	http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm (Help for Homeowners Facing the Loss of Their Home)
	http://www.hud.gov/foreclosure/index.cfm?&lang=en (Tips for Avoiding Foreclosure)
	http://www.freddiemac.com/corporate/buyown/english/owning/avoid_foreclosure.html

	Links in Spanish:
	http://espanol.hud.gov/foreclosure/index.cfm?&lang=es (Cómo evitar la ejecución hipotecaria)
	http://espanol.hud.gov/offices/hsg/sfh/econ/econ.cfm?&lang=es (Ayuda para propietarios que enfrentan la pérdida de sus viviendas)
	http://www.freddiemac.com/corporate/buyown/spanish/owning/avoid_foreclosure.html (Cómo Evitar la Ejecución Hipotecaria)


	6. Short Sales

	Information: Residents ought to exhaust all possible means of avoiding foreclosure by talking with their Lenders and utilizing all of the above resources. Hopefully a Lender will budge in listening to your needs and maybe re-structure your current loan to a more desirable fixed rate, but if not, then residents can always investigate short sales. Whatever the case, make sure you do your homework because you don't want to sell your house and damage your credit when you may have been able to keep it. There is much talk about short sales these days, so here are a few links to look into:

	http://www.ehow.com/how_8132_short-sale.html
	http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm
	http://homebuying.about.com/od/4closureshortsales/qt/060807SellShort.htm
	http://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm
	http://www.inmanwiki.com/Real-Estate/Short_Sales


	7. Resource Guide

	The Cordova Towne Neighborhood Association has an on-line Resource Guide of over 150 organizations which serve Rancho Cordova. Categories such as "Housing" or "Neighborhood Services" might have relevant resources for you to consider.




	© all rights reserved www.cordovatowne.com 2007
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