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Bruce Clark from the Clark Group and Coldwell Banker: Northpark Irvine: 949.285.1207: NorthparkAgent.com

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 »  FORECLOSURE ASSISTANCE: Clark Group: 949-285-1207

In Foreclosure: there is help:

More than 55% of all homes for sale in Orange County, California as of June 2010 are in a distressed situation: most are in the process of being foreclosed on and have receieved a Notice Of Default (NOD) and, for those that have been in a NOD status for over 90 days, have also had a Notice Of Sale (Trustee Sale Notice) filed against them.

If you, or anyone you know, have questions about the real estate or mortgage markets, or are experiencing issues with regard to your mortgage, the Clark Group can help. Call us at 949-285-1207. All information is held in the strictest of confidence. If you are in foreclosure, we suggest your first call should be to your lender to inquire as to the availability of any loan workout programs. This could involve a modification of the loan, a loan forbearance, or even a reduction in the principal amount owed. If your lender does not any of those programs in place, or you don't qualify, we suggest your second call should be to the Homeownership Preservation Foundation at l-888-995-HOPE. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. Their services are free of charge.

To find out more about avoiding foreclosure, the U.S. Department of Housing and Urban Development (HUD), offers some very good advice. One will also find information about The HOPE for Homeowners program that will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). Call 1-800-225-5342 for more information. There are many programs being introduced by the government to help those in distress. On November 30, 2009, the U.S. Treasury Department released forms and guidelines for the Home Affordable Foreclosure Alternatives Program (HAFA), which is part of the Home Affordable Modification Program (HAMP). For a list of servicers participating in HAMP, visit MakingHomeAffordable.gov.. Please note that HAFA does not take effect until April 5, 2010 and that HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will be issuing their own versions of HAFA.

For Orange County residents, there are three other resources we recommend:

Fair Housing Council of Orange County

If you are facing foreclosure and need assistance, you may contact the Fair Housing Council of Orange County at (800) 698-FAIR. The Fair Housing Council of Orange County, an OCAR Community Partner, offers free foreclosure prevention counseling to families in need of guidance. To visit their website, click here.

Neighborhood Housing Services of Orange County (NHS OC)

Foreclosure Workshops and Counseling:

If you or someone you know is having trouble making house payments or if your home is in foreclosure and you need help, you may call NHS OC at 714-490-1250. NHS OC has developed and implemented a homeownership preservation program to assist families preserve homeownership. The ultimate goal is to keep the homeowners in their homes and NHS OC will work with lenders and the customer in finding a solution to avoid a foreclosure.

Neighborhood Housing Services of Orange County (NHS OC) Foreclosure Education Workshops Calendar: View the Foreclosure Education Workshops Calendar

Consumer Credit Counseling Service of Orange County (CCCS-OC)

CCCS-OC offers Foreclosure Default and Loss Mitigation Counseling at no cost to the borrower. Counseling is offered at four Orange County locations. First Time Homebuyers and other educational programs are offered for free or for a nominal fee. Click here to see a list of classes offered and dates and times.

CCCS-OC has been offering Credit Counseling and Educational programs to Orange County residents for more than 40 years. For more information or for an appointment call 714 547-2227 or visit them online

If you would like to speak with us about your situation, please call 949-285-1207. All correspondence will be held in the strictest of confidence.

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We are adding content daily to keep up with the ever-changing economic, mortgage and real estate markets. From offering a large number of free downloadable articles, to providing free informational printed material, our goal is to provide the best in accurante and timely information. We offer many free newsletters, and encourage you to sign up so you can be made aware when something you find of interest occurs.

THE ORANGE COUNTY REAL ESTATE MARKET:

Orange County homeowner options: Clark Group: Coldwell Banker: Preventing Foreclosure

As of November, 2011, over 40% of Orange County homeowners are 'underwater' on their home: their loan balance(s) are greater than the value of their home. The Clark Group works with many homeowners on reviewing their options: with so many Orange County homeowners owing more on their home than it is currently valued at, we find that timely, accurate information is most important so that one can make an informed decision. Unfortuneately, for many, their choices become limited by the banks' lack of progress of a loan modification or principal reduction request - and the banks have begun foreclosure proceedings.
(Click here for a chart showing the California Foreclosure Process.)

There are many options available - over a dozen - but not every option may be right for you. We are very experienced at working with Orange County homeowners in distress. If you have missed, or anticipate missing, mortgage payments, the Clark Group can help. Call us at 949-285-1207: all information will be held in the strictest of confidence.

More Free Orange County Homeowner Solution Workshops Being Planned:

Not able to attend one of our workshops? Call Bruce Clark at 949-285-1207, email us, or sign-up for our mailing list for notification of all upcoming events, to reserve a seat at one of our free homeowner workshops, or to set-up a private consultation. Always seek legal counsel and a tax opinion before attempting to pursue a short sale, or modify a home loan. A real estate agent cannot give you legal or tax advice.

Reasons to Avoid Foreclosure:

  • Many current and prospective employers run credit checks: a foreclosure can put a current position in jeopardy. Also, foreclosure is one of the top items that will put a potential new hire in jeopardy.
  • Security clearances, government positions, military and law enforcement, banking, financial services: many employers reconsider security clearances and jobs positions should one be foreclosed on.
  • You could end up with a much higher tax liability in a foreclosure than could result in a properly negotiated short sale since, in most cases, cancelled debt will be higher.
  • Credit: it will be much tougher - and take much longer - to buy a home with a foreclosure on ones record.
  • You may end up with a Deficiency Judgment (the bank may pursue you for the amount you owe less what they received at auction).

Articles of Note:

Here are articles and websites dealing with short sales, mortgage fraud, loan modification, and deficiency judgment that we found very informative:

NEW from the Clark Group:

We have put together a brochure that explains the foreclosure process. Items addressed include timelines in a foreclosure, explanations of what a Notice of Default (NOD) and Notice of Trustee Sale (NOT) are, and much more. Click here to download this FREE report in PDF format. We also offer a FREE 13-page brochure that provides much-needed resources in both the selling of ones home when in a distressed situation and what questions need to be addressed before making an offer on a home in short sale status (Four R's of Short Sales). Included is a a checklist for homeowners about what to consider before pursuing a short sale, tax ramifications of a short sale, what is entailed in purchasing a short sale and much more. (For basic information about selling a home in a short sale, click here.) To request your FREE copy, call us at 949-285-1207. If you would like to speak with us about your situation, please call us at 949-285-1207. All correspondence will be held in the strictest of confidence.

 

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