Showing posts with label Federal Housing Administration. Show all posts

Friday, July 15, 2011

GOODBYE ALREADY, FANNIE AND FREDDIE.

Farewell To Fannie and Freddie?

14JUL

While it may be just talk, the conversation to eliminate Fannie Mae and Freddie Mac is enough to get middle-income home buyers worried.

The two huge, government-run corporations that have kept costs low for middle-class homeowners by guaranteeing home loans paved the way for many; but the massive defaults by homeowners, along with plenty of accounting scandals at Fannie and Freddie, are costing us hundreds of billions of dollars.

While changes will probably be put in place, plans for Freddie and Fannie would almost certainly be phased in slowly.

However, the bigger picture is what happens to the low-cost path to owning your own home?

Today, 80% of all mortgages are fixed-rate, “conventional” loans. The government guarantees conventional mortgages and many are subsidized. So without the government guarantee, long-term, fixed-rate mortgages will still be around, but they’ll be higher priced, and there’d be less of them.

Best Time to get a Mortgage is Now

Some potential homebuyers are still waiting for the best deal but how much better could it get? Back in the 1920s potential homebuyers had to put 40% down on a home and mortgages had worse terms.

The typical mortgage loan of the 1920′s had a term of five years or less with no payments toward the principal until the loan matured and then a large balloon payment was due. However, instead of making the balloon payment, many of these loans were just rolled over and refinanced.

Look Familiar? Unemployed Workers, Foreclosures and Inept Programs to save the industry

When the FHA and Fannie Mae were created, the housing industry was in severe crisis:

• Two million construction workers had lost their jobs.

• Approximately one-half of urban houses with an outstanding mortgage were in default

• Terms were very difficult to meet for homebuyers seeking mortgages.

So, if Freddie Mac and Fannie Mae do bid adieu what will this all mean for Homebuyers?

These changes will decrease the supply of mortgage loans. Every credit rating will have to be stellar, fees will increase and a higher down-payment will be required from the borrower.

The bottom line is – anyone with dreams to become a homeowner should be forging a plan now because it’s going to get harder to land a mortgage, unless you can meet strict requirements including a big down payment.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real EstateGroup, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net

Servicing: Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,Hutchinson Island, Fort Pierce, Palm Beach, Jacksonville, Jacksonville Beach,Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach,Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Islandand New York real estate.

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Tuesday, July 12, 2011

HOMEOWNERS, I HOPE THIS PURPORTED NEW MORTGAGE ASSISTANCE IS FOR REAL

IF THE POST BELOW IS DIFFICULT TO READ, CLICK ON THE ORANGE COLORED TITLE LINK ABOVE TO BE TAKEN DIRECTLY TO THE ARTICLE IN PRWEB.COM.

Homeowners in 50 States Now Have a One-Stop Website and Phone Number to Find Out if They Qualify for Federal Mortgage Assistance

Struggling Homeowners Have 16 Days to Apply for $50,000 in Forgivable Mortgage Assistance. HomeOwnership.org and HOPE™ Hotline Offer Easy Application Process for Eligible Homeowners to Beat July 22 Deadline

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We want to provide struggling homeowners a simple way to find out if they qualify for these programs.

(PRWEB) July 07, 2011

With a limited time to apply, HomeOwnership.org announced a fast and easy way to apply for the U.S. Department of Housing and Urban Development’s (HUD) Emergency Homeowners’ Loan Program (EHLP). Rather than faxing or mailing in an application, troubled homeowners can easily apply for $50,000 in forgivable mortgage assistance by visiting the website
http://www.HomeOwnership.org
or by calling the Homeownership Preservation Foundation’s (HPF) Hotline at 888-995 HOPE(tm) to see if they qualify for this new Federal program. In order to ensure that program funds are made available in a fair and impartial manner, homeowners interested in applying must first complete a Pre-Applicant Screening Worksheet. The deadline for applications is July 22, 2011.

With the launch of the EHLP program, federal mortgage assistance is now available in all 50 states. Underemployed or underemployed homeowners can find out if they qualify for any of these programs by visiting HomeOwnership.org or calling the HOPE(tm) Hotline at 888-995 HOPE.

"We want to provide struggling homeowners a simple way to find out if they qualify for these programs," said Aaron Horvath, president of HomeOwnership.org. "We’re optimistic that EHLP will provide another option for distressed homeowners," said Horvath.

Under EHLP, borrowers in Puerto Rico and the 27 states otherwise not funded by the U.S. Treasury's Innovation Fund for Hardest Hit Housing Markets program are eligible for assistance. The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to HUD to implement EHLP. States and jurisdictions that will be directly assisted under the EHLP include:

Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, Puerto Rico, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming

The EHLP is designed to provide forgivable mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical condition.

Approved borrowers will receive assistance under the EHLP to pay for the following expenses, and under the following terms and conditions of the loan program:

Arrearages: EHLP loan assistance will help bring homeowners current by paying 100% of eligible arrearages.
Monthly Mortgage Payments and Borrower Contributions: Under EHLP, the assisted homeowner's contribution to the monthly payment on their first mortgage will be set at 31 percent of their monthly income at the time of application, but in no instance will it be less than $150 per month. EHLP funds will be used to pay for the remaining balance.
Duration of Assistance/Maximum Assistance Amount: Approved homeowners may receive EHLP assistance with monthly mortgage payments for a maximum duration of 24 months, or up to a maximum loan amount of $50,000 in total assistance, whichever occurs first.
Loan Repayment Terms: No payment is due on the EHLP Note during the 5-year term so long as the assisted borrower remains current in their monthly mortgage payments, and meets other program requirements. If the homeowner meets these conditions, the principal balance due on their EHLP loan shall decline in equal portions of twenty percent (20%) annually, until the note is extinguished and the junior lien is terminated.

Troubled homeowners are encouraged to apply as soon as possible to beat the July 22 deadline. HomeOwnership.org assists clients nationwide needing foreclosure prevention assistance and other housing and financial counseling. Working in partnership with HPF, HomeOwnership.org has helped hundreds of thousands of distressed homeowners avoid foreclosure.

"Our goal is always to help homeowners find a workable solution to their housing needs," said Horvath. "We’re here to help distressed homeowners navigate the lingering foreclosure crisis," said Horvath.

About HomeOwnership.org
HomeOwnership.org is a division of SPRINGBOARD® Nonprofit Consumer Credit Management, a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974. Springboard is a HUD-approved housing counseling agency and a member of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies, and a member of the Association of Independent Credit Counseling Agencies. The agency offers personal financial education and assistance with credit counseling, housing counseling, debt and money management through educational programs and confidential counseling. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor education as mandated by the bankruptcy reform law. The agency offers nationwide phone counseling services and has locations in California, Arizona, Nevada, New Mexico and Texas for in-person counseling sessions. Not all types of counseling are available in-person at all locations, please call for details. For more information on Springboard, call 800-449-9818 or visit their web site at http://www.homeownership.org.

About the Homeownership Preservation Foundation
The Homeownership Preservation Foundation (HPF) is an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure. HPF guides consumers onto the path of sustainable homeownership and develops innovative solutions to preserve and expand homeownership. Through its Homeowner’s HOPE(tm) Hotline, 888-995-HOPE(tm), HPF provides comprehensive financial education and confidential foreclosure prevention counseling for free, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages. Since 2007, HPF has served more than four million distressed homeowners, an average of 5,500 each weekday, who depend upon HPF as a trusted, neutral source of information and assistance. For more information about the Homeownership Preservation Foundation or the Homeowner’s HOPE(tm) Hotline, please visit http://www.995hope.org.

Tuesday, June 28, 2011

HOMEOWNER MAY NOT RAISE A NEW THEORY OF RELIEF FOR THE FIRST TIME ON APPEAL

REEVES v. WELLS FARGO HOME MORTGAGE

CAROL L. REEVES, Plaintiff-Appellant,
v.
WELLS FARGO HOME MORTGAGE, also known as Kimberly Biery; WELLS FARGO BANK NATIONAL ASSOCIATION, also known as Scott Holzemiester, Defendants-Appellees.

No. 10-50698. Summary Calendar.

United States Court of Appeals, Fifth Circuit.

Filed: June 27, 2011.

Before: WIENER, PRADO and OWEN, Circuit Judges.

PER CURIAM.^*

Carol L. Reeves appeals the denial of a temporary restraining order seeking to stop Wells Fargo Home Mortgage and Wells Fargo Bank National Association (hereinafter collectively referred to as Wells Fargo) from foreclosing on her home. Wells Fargo contends that we lack jurisdiction to review the district court's interlocutory order denying the motion for a temporary restraining order. In response, Reeves contends that the pro se motion should have been liberally construed as a motion for preliminary injunctive relief.

The district court's order denying Reeves's motion for a temporary restraining order is not a final order, nor does it come within any of the other categories that would make it immediately appealable. See In re Lieb, 915 F.2d 180, 183 (5th Cir. 1990). Therefore, we lack jurisdiction to review the district court's denial of the motion for a temporary restraining order, and Reeves's appeal of that ruling is dismissed for lack of jurisdiction. See Faulder v. Johnson, 178 F.3d 741, 742 (5th Cir. 1999).

The denial of a preliminary injunction, however, is immediately appealable if it is related to the substantive issues of the litigation. 28 U.S.C. § 1292(a)(1);Lakedreams v. Taylor, 932 F.2d 1103, 1107 (5th Cir. 1991). Although the district court construed the pro se motion as seeking only a temporary restraining order, Reeves sought relief that, if granted, would have extended beyond the 14-day limit of a temporary restraining order. See FED. R. CIV. P. 65(b). Thus, the pro se motion, liberally construed, was also a request for a preliminary injunction, the denial of which is immediately appealable because it is related to the substantive issues in the case.

A movant for a preliminary injunction must demonstrate "(1) a substantial likelihood of success on the merits, (2) a substantial threat that failure to grant the injunction will result in irreparable injury, (3) the threatened injury outweighs any damage that the injunction may cause the opposing party, and (4) the injunction will not disserve the public interest." Lakedreams, 932 F.2d at 1107. The decision to deny a preliminary injunction is reviewed for an abuse of discretion and will be reversed "only under extraordinary circumstances." White v. Carlucci, 862 F.2d 1209, 1211 (5th Cir. 1989).

Reeves alleged that absent any proof that Wells Fargo was a holder in due course of the promissory note and deed of trust, it had no legal standing to foreclose on the property in question. She also alleged that foreclosure was improper because the note had been rescinded and rendered void by its separation from the deed of trust. In denying the motion, the district court concluded that Reeves had failed to show a substantial likelihood of success on the merits.

To the extent that the district court denied Reeves preliminary injunctive relief, she has failed to show that it was an abuse of discretion. See id. Reeves does not reassert her claim that the note had been rescinded, nor does she dispute the district court's finding that she had not made a payment on the note since November 2009. The district court reasoned that Reeves's suspicion that Wells Fargo was not the true holder in due course of the note, in light of documentary evidence to the contrary, was insufficient to relieve her of her obligation to pay that note. Reeves has failed to provide any law to the contrary. Further, Reeves acknowledges that she did not cogently articulate her claims before the district court but argues that "based on the facts as now more clearly understood and articulated," she has established a high likelihood of success on the merits. However, because her contentions that the foreclosure notice was flawed, that the assignment and transfer of the note and deed of trust to Wells Fargo was defective, that the undated endorsements were ineffective, and that there is no proof of a nominee agreement between the original lender and Mortgage Electronic Registration Systems, Inc. (MERS) were not presented to the district court, we may not consider them on appeal.See Leverette v. Louisville Ladder Co., 183 F.3d 339, 342 (5th Cir. 1999) (noting that a party may not raise a new theory of relief for the first time on appeal). Likewise, to the extent Reeves relies on documentary evidence that was not before the district court, such evidence may not be considered on appeal. See Theriot v. Parish of Jefferson, 185 F.3d 477, 491 n.26 (5th Cir. 1999) ("An appellate court may not consider new evidence furnished for the first time on appeal and may not consider facts which were not before the district court at the time of the challenged ruling.").

APPEAL DISMISSED IN PART FOR LACK OF JURISDICTION; AFFIRMED IN PART.

Footnotes

* Pursuant to 5TH CIR. R. 47.5, the court has determined that this opinion should not be published and is not precedent except under the limited circumstances set forth in 5TH CIR. R. 47.5.4.

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Sunday, June 26, 2011

WELLS FARGO TRIES TO CONTROL EVERYBODY AND EVERYTHING

Wells Fargo keeps employees in a Blackberry world

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By IB Times Staff Reports | June 24, 2011 5:15 PM EDT

A joke circulates through employees of Wells Fargo Advisors that's been told so many times few people are laughing anymore that Research in Motion, the struggling maker of the Blackberry smartphone, would already be dead and gone if not for them.

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(Photo: REUTERS)
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Blackberrys, said one Wells Fargo Advisors regional vice president who wanted to remain anonymous for fear of retribution from the company for speaking out on the issue, are what the company provides those who work for the brokerage firm side of the bank. He also said IT employees don't like being asked about the iPhone for company use.

"It scares them," he said of the iPhone.

So he is not unlike thousands of other employees who work for Wells Fargo Advisors. Talk with him for long and see that he's juggling two different phones at once, since not only does the company not let him tie his personal device into the system, it also won't distribute him an iPhone for work. The problem, he said, is that the Blackberry isn't as useful for work as his iPhone would be.

"It's the 21st century," he said, pointing to his work-issued Blackberry. "This thing is a dinosaur."

Employees of Wells Fargo Advisors are particularly disgruntled about the situation because, like many red-tape issues faced when one big financial firm merges with another, they were in a different situation before the company merged with the bank. Previously as Wachovia employees, they could connect personal devices to the bank's IT system as long as they were willing to sign a release allowing the bank to wipe it clean should they lose it.

So far, though, Wells Fargo has been unrelenting in protection of its IT system, forcing Wells Fargo Advisors employees and many employees of the bank itself to use Blackberry's for business and another phone for personal. The problem, he said, is that the busy world of today does not allow the two to be separated very easily. But, he said just getting rid of the Blackberry would help.

"If they would just issue iPhones instead of Blackberrys it would be better," the Wells Fargo Advisors employee said.

Victims of Mortgage Fraud