Mortgage Help
North Carolina has several programs in place to protect homeowners from foreclosure. If you are a North Carolina resident and are facing foreclosure you can find the aid you need. However, you need to act soon. Although North Carolina is a proactive state with good programs in place, it is also a “fast-track” state for foreclosures. The timeline from delinquency to foreclosure can be as short as 60 days.
North Carolina has a judicial and non-judicial route for foreclosures. The non-judicial route is for mortgages that include a power of sale clause pre-authorizing the lender to sell the property to pay off the balance of the mortgage. In both cases a hearing must be held with the county’s clerk of the court to determine if a foreclosure sale can legally take place.
North Carolina state laws passed in 2008 require lenders to provide borrowers with at least 45 days warning before starting foreclosure proceedings. This is longer than most states, California for instance, only requires 30 days before a notice of default is sent. You can use those 45 days to negotiate with your lender and stop the foreclosure from ever starting.
Foreclosures in North Carolina have spiked by 10.6 percent, and 60 percent of all foreclosures had borrowers with good credit that should have been able to avoid foreclosure. According to official reports, North Carolina’s State Home Foreclosure Prevention Project has helped over 2,000 homeowners avoid foreclosure and provided housing counseling to over 6,000 struggling homeowners. These programs don’t not only help homeowners facing foreclosure, they also helps the economy at large, including the neighbors of struggling borrowers that would see the market value of their homes decrease if the sale prices of homes in their neighborhood dropped. According to one estimate, foreclosure avoidance work carried out by North Carolina’s Home Foreclosure Prevention Project has avoided losses in the realm of $175 million.
One of the leading projects in the Fight NC Foreclosure program is the provision of free housing counseling advice to borrowers. There are 34 housing agencies in the state low- to medium-income borrowers can approach for free for advice and help when negotiating with lenders. To take advantage of this help you can either call 1-866-234-4857 or visit the Housing and Urban Development Department’s website for an up-to-date list of housing agencies in your area.
This is just one of the many programs you can apply for in North Carolina. Our next post will look into how North Carolina’s Housing Finance Agency and NC Foreclosure Help can give you the aid you need to save your home.
The Mississippi Home Corporation began as a direct result of the Mississippi Home Corporation act of 1989. Its main purpose? Provide affordable and sustainable housing for the residents of Mississippi. The Mississippi Home Corporation acts a liaison agency between the Mississippi Governor, the Mississippi Legislature, the U.S. Congress and agencies throughout the U.S. to increase awareness of the serious plight Mississippi residents are facing.
To carry out this agenda the Mississippi Home Corporation has launched various programs to help homeowners and residents that wish to buy a home. These include the Mortgage Revenue Bond Program, the Mortgage Credit Certificate Program, the Down Payment Assistance Program and the Mississippi Home of Your Own Program among others. Let us look at each program individually.
Mortgage Revenue Bond Program and the Down Payment Assistance Program.
This program offers borrowers under the Federal Housing Administration (FHA) and the Department of Veterans Affairs with assistance on the 3 percent down payment required for a home purchase. This aid comes in the form of a second mortgage. The interest rate for this added loan is set at or below the going interest rate. The main benefit of this program is that it opens the housing market for borrowers who could otherwise not afford the down payment they needed to qualify for a mortgage.
Mortgage Credit Certificate Program.
The Mortgage Credit Certificate program helps homeowners qualify for a mortgage by reducing the Federal Income Tax they must pay.
Mississippi Home of Your Own (HOYO) Project.
The HOYO project focuses on residents with disabilities and their families. It aims to provide the financial counseling and financial support they need to qualify and keep their own homes.
These are only a few of the many programs under the Mississippi Home Corporation. Visit their official website for more information on these and other programs.
As you can see, there is not a lack of programs struggling homeowners and potential homeowners can apply for in Mississippi. We just looked at small selection of programs available. The key is to take matters into your own hands and find the help you need to either save your home or get the financing you need to buy one.
Finding a loan is a challenge for many Mississippi residents. Lenders, scared by the recent housing and debt crisis, have tightened their loan eligibility requirements. This means low and very low-income workers often find it impossible to find the finances to buy their own home. Federal and state programs are available for Mississippi residents and businesspeople.
The United States Department of Agriculture provides mortgage help for residents in rural areas. Rural areas are generally defined (although there is some flexibility) as municipalities with 10,000 residents and less. Besides the general programs applicable to all rural residents the USDA provides (section 502 Direct Loan) special help for residents affected by Hurricane Katrina. This help applies to residents affected by Katrina in Mississippi, Alabama, Texas and Louisiana– $17.8 million go for Mississippi while another $178 million will be allocated to 49 counties in the affected area. The USDA also guarantees loans for single family housing, whether to build or purchase.
Homeowners with properties in need of repair can apply for the Section 504 Repair Loan and Grant. This program provides loans to low and very low income families. Senior citizens 62 and over are eligible for added programs with a total of $50 million dollars set aside for financing.
For more information on USDA housing programs visit the USDA’s official website.
The Small Business Association also has special programs for residents in disaster areas in the State of Mississippi. These programs, although not as heavily funded as other larger programs, seek to fill the gap between larger federal programs and insurance compensation in the most affected areas. The programs offer subsidized loans for homeowners with rates as low as 2.687% and terms of up to 30-years. These loans are designed to help towards the repair of real estate not covered by insurance. This includes the deductibles paid toward insurance claims. For more information on these and other programs call the Federal Emergency Management Agency at 1-800-621-3362 and ask for information on the SBA loans program or visit SBA’s official website.
Continue reading our next article for information on two mortgage aid programs providing help in the state of Mississippi: the Mississippi Home Corporation and the Housing and Urban Development Department.
Few states have been hit in the last years like the state of Mississippi. The housing and credit crisis has only been the latest financial crisis to hit the area; the final straw of an already battered community. If you are a homeowner with a mortgage or would like to buy a home, read on. In this series of articles, we are going to take a close look at the mortgage aid programs in Mississippi.
Our analysis will include programs offered by the United States Department of Agriculture (USDA), the Small Business Administration, The Mississippi Home Corporation and the Housing and Urban Development Department. These programs are specific to the state of Mississippi and consider the special needs of Mississippi residents.
Foreclosure Avoidance.
Before we take an in-depth view of available programs, let us look at the basic steps Mississippi residents can take to avoid foreclosure. Your first step should be to hire professional help to get the advice you need to save your home. This advice does not have to be expensive; in fact, it can be free.
Contact a housing counselor in the state of Mississippi approved by the Housing and Urban Development Department and you can get the help you need for free. These counselors are trained to assess your financial situation and create a plan to rearrange your finances and avoid foreclosure. They have contact information for the major lenders in your area and can help you to negotiate a loan modification, short sale, mortgage refinance and other foreclosure avoidance methods with your lender.
If foreclosure is a real possibility, it may be time to hire a lawyer experienced in foreclosure law. A foreclosure is, after all, a lawsuit filed by your lender to claim the security of your mortgage—your home. Foreclosure can be a complicated process. The specific procedures change from state to state, so it is smart to hire a local lawyer with years of experience in foreclosure avoidance. Again, these services don’t have to be expensive. Contact the Mississippi’s Legal Services Resource Center and find out if you qualify for free or low-cost legal aid.
Foreclosure in Mississippi can follow a judicial (lawsuit filed at a court of law) or a non-judicial route. Non-judicial foreclosures are handled by a trustee—a person who manages and processes a foreclosure. In Mississippi foreclosures are fast; they usually take 90 days or less, and do not come with a redemption period after the foreclosure sale. This means the foreclosure sale is final and previous owners cannot recover their home once it is sold.
Find out more about mortgage aid programs in Mississippi in our next article.
South Carolina has a comprehensive network of agencies and organizations created to help borrowers avoid foreclosure and save their homes. The key is to know what these agencies are, where to find them and how to make the most of the programs they offer. It isn’t rocket science, but it does take time and energy. There is nothing that can substitute personal involvement when trying to save your mortgage, or finding one for that matter. Don’t let others do your homework for you. We can, however, give you a head start and point you in the right direction.
First, our typical, but nevertheless valuable advice: find an approved housing counselor. They are professionals, they are experts. Did I say they were free? They can help you find the mortgage aid program you need and help you fill the requirements. Find an approved housing counselor near you at the Housing and Urban Development Department’s official website. Use these professionals to find all the information you need to make an educated decision. They will ask about your income, your budget, and other personal questions. This will help you sort out your financial life and make the hard decisions that can save your home. They will then spell out the mortgage aid programs you can apply for, and even help your negotiate with your lender to either modify your mortgage, or buy a new one.
Two agencies to look out for in South Caroline are the South Carolina State Housing & Development Authority and the United States Department of Agriculture. They both provide mortgage aid and housing programs.
The South Carolina State House Finance & Development Authority provides is a non-profit agency that focuses on homebuyers and homeowners. It provides a wide variety of services for homeowners: from help buying a mortgage, to servicing it, avoiding foreclosure to refinancing a new mortgage. They provide some of the lowest rates in the South Carolina market, and stay with you all the way once you sign the mortgage.
If you have a mortgage with them and are struggling to make payments, fill in a request for loan review form and apply for work out options that can save your mortgage. If your mortgage is with another lender contact the South Carolina Foreclosure Task Force at:
4925 Lacross Road, Suite 215
North Charleston, SC 29406
Toll Free: 800-232-6489 ext. 7862
Locally: 843-735-7862
Fax: 843-744-2886
Email: info@fsisc.org
Here is a map to help you find it.
Provide the agency with accurate information. Be honest with yourself and them. Ignoring a difficult situation will not help, on the contrary it dooms you to a quick foreclosure.
Fifty million Americans live in rural areas around the United States, around 19% of the total population. Rural areas often suffer from lower incomes, lower standards of health care, and less chances of finding a decent home and the mortgage that generally goes with it. In South Carolina the percentage of residents living in rural areas is higher than average: around 24.5% of the total population.
If you are living in a rural area, that is a location attached to a town with a population of around 10,000, you can qualify for help from the United States Department of Agriculture (USDA). The United States Department of Agriculture is a large organization that provides programs in areas ranging from agricultural marketing to risk management, as well as rural housing.
The main program offered to people looking for housing under the USDA is Guaranteed Rural Housing loan program. However, there are many more programs you should look into if you own a home, or are planning to. For example, check out the Water & Waste Disposal Loans, Rural Broadband Loans & Grants, or Distance Learning & Telemedicine Loans & Grants.
The USDA has loaned over $600 million as part of the Guaranteed Rural Housing program since it began in 1991. The USDA offers loans to borrowers without cash reserves, do not require down payments and offer 30-year fixed rate mortgages. To qualify it is crucial you home is within a designated rural area. Check if your property is eligible here. Your household income must also be within program limits. The income limit depends on the number of people in your household, how many are under age, disabled, or if you are over 62 years of age. Find out what the income limits are in your case here.
Loans under this program are provided by private lenders; the USDA works as an insurer to lenders to guarantee preferential rates and terms. The rates offered under the GRH are amazing: 2% for homebuyer’s loans and 0.5% for refinances! Under the USDA you can borrow up to 102% of the market value of your property. These loans DO NOT require mortgage insurance premiums. You can use them to buy an existing house, or build a new one. However, some restrictions do apply: it cannot be manufactured housing (i.e. trailers, prefabricated houses), and cannot have an in-ground pool. This is for low-income borrowers.
Find out more information about the USDA in South Carolina here.
South Carolina currently ranks 20th in total number of foreclosures, and 15th in the rate of foreclosures. The rate of foreclosures compares the number of housing units in the state by the number of foreclosures. In South Carolina one in every 506 houses was in some stage of the foreclosure process in May 2010. Charleston and Dorchester counties lead South Carolina’s league of total foreclosures and rate of foreclosure respectively. Dorchester is especially worrying; one in every 190 house has received a foreclosure filing.
This series of articles on South Carolina will provide help on how to avoid foreclosure and delinquency. An important step in foreclosure avoidance is to understand the foreclosure laws of your state. Each State has different foreclosure laws and procedures. Understanding South Carolina’s specific foreclosure laws can help you decide what steps to take, and use the system to your advantage.
South Carolina has a judicial foreclosure process. This means all foreclosures must be heard in court and decided upon by a Judge. The lender must file a complaint or lawsuit against the borrower to get a decree of sale from the court where the property is located. A decree of sale allows the lender to repossess the property and sell it in auction.
Once a foreclosure complaint is filed the court will study the case. If the court confirms the borrower is in default he or she is given a period of time to cover the late payments plus any reasonable fees incurred in the foreclosure process. Once the set period of time ends and the borrower is still in default the court will approve a foreclosure sale.
The procedure for a foreclosure sale is very specific. First the lender must post a notice of sale at the courthouse door and two other places for a minimum of three weeks before the sale. The notice must also be printed in a general circulation newspaper where the house is located for the same period of time. Second, the sale will be carried out at the local courthouse where the house is located. Foreclosure sales must be conducted on the first Monday of the month, and postponed to the next Tuesday if Monday falls on a holiday. The auction sale must be scheduled between eleven in the morning to five in the afternoon; although the Sheriff can close the bidding before if necessary. This does not mean the auction has closed. In South Carolina the auction remains open for thirty days after the foreclosure’s public sale. After this period the highest bidder is granted ownership on the property if the court has no objection on the price of the sale.
Unfortunately the problems don’t always stop here for borrowers. South Carolina allows for deficiency judgments against borrowers whose mortgage balances are higher than the price obtained at a foreclosure auction. A deficiency judgment holds borrowers liable for the difference between the mortgage balance and the property’s sale price. However, state laws allow a borrower to ask the court for a market appraisal (i.e. value) of the foreclosure. The court will then consider the appraisal price, not the sale price the amount from which to calculate a deficiency judgment.
What can borrowers in South Carolina do to avoid getting to this stage? The following post in this series will look at steps South Carolina borrowers can take to protect their home from foreclosure.
Our last post looked into Florida’s foreclosure process and what you should do if you are served court papers for a foreclosure. This post looks at what to do once you have answered your lender’s summons and complaint.
Florida is at the top of the list of states by percentage of homes foreclosing, only behind Nevada. Nearly one in every 148 houses is going through one stage or another of foreclosure. If you live in Florida it is likely you are either worried about foreclosure, suffering its effects, or know someone close to you that is.
So what should you do after you have filed your reply to a foreclosure summons and complaint form. You should contact your lender or the lawyer that is handling the foreclosure and negotiate terms to avoid foreclosure. This can include a loan modification, a short sale, a deed-in-lieu of foreclosure or simply a few months forbearance to get your finances together. Lenders cannot ignore your efforts to look for help. Since May 1, 2009 the 11th Judicial Court (covering Miami-Dade County) and other courts in Florida, passed an administrative order requiring mediation in foreclosure cases. This mediation program is called CHAMP, and could be your last chance to avoid losing your home. This is how it works.
Once a foreclosure lawsuit is filed the lender must contact the Collins Center and provide contact details for the borrower facing foreclosure. The Collins Center contacts will then call you and put you in touch with a Housing and Urban Development approved housing counselor. You can find a housing counselor near you at HUD’s website. The housing counselor will assist you in filling some financial forms and set a date for a mediation meeting with your mortgage lender.
Attend the mediation meeting and work with your lender and housing counselor to avoid the foreclosure. If you do not attend or no settlement is reached the lender will file a Motion for Summary Judgment. This document informs the Judge there are no facts in dispute between you and the lender. You will receive a copy of the motion; read it carefully, and check everything is correct. If you disagree with what the motion says file an affidavit with your version of the facts. Your housing counselor can help writing the affidavit. Remember the affidavit must be signed in front of a notary.
If you disagree on the facts the trial will be postponed to a further date. If there are no facts in dispute the Judge will schedule a foreclosure sale. If there are you will receive a notice of hearing. Attend that hearing, and take with you all the documentation to do with the foreclosure. Prepare yourself as a lawyer would. Be ready to explain clearly and logically what you disagree about with the lender, and what evidence backs your arguments. If you do not convince the Judge your house will be scheduled for a foreclosure sale. If you do convince him, or the lender failed to follow procedure correctly, your foreclosure could be postponed or even canceled.
Rhode Island Housing HelpCenter has recently been making it simpler for people to make Rhode Island their residence.
Rhode Island Housing offer reduced interest financial loans, grants , knowledge , advocacy as well as buyer direction to aid their clients lease, buy as well as retain their properties. Rhode Island Housing offer special plans to ensure that these types of homes are secure as well as healthful. Using their rental help, Homebuyer Training and secure, inexpensive house loans, to their partnerships with developers and their work with non-profit neighborhood organizations, Rhode Island Housing is the state’s major useful resource for housing needs.
Working with each other — using locals, local community partners, companies and city, town and state leaders — Rhode Island Housing have aided a lot more than 60,000 households purchase homes and now have financed the creation of greater than 14,thousand properties in order to lease that low- and moderate-income Rhode Islanders now call residence. In the last three decades, Rhode Island Housing have invested $3.2 billion in the purchase, building or renovation of houses and apartments in Rhode Island to create these people safe and healthy.
Rhode Island Housing is a self-sustaining public firm, which creates its working income, without having state money. Everything Rhode Island Housing acquire is reinvested to deliver safe, healthy real estate for Rhode Islanders. Rhode Island Housing had been created by the State Legislature to correct Rhode Island’s frequent, critical property problems, but Rhode Island Housing implement it as a private business, bringing about four hundred million in investor bucks into the state each year, by promoting tax-exempt bonds. Rhode Island Housing reinvest their net valued at into their vision, which is to make certain that all people who stay or are employed in Rhode Island may find the money for a safe, proper home.
Rhode Island Housing has received 13 nationwide real estate accolades for their revolutionary and efficient programs. Rhode Island Housing is one of a small number of state real estate finance organizations nationwide to have received Standard & Poor’s “Top Tier” designation, a homage to their management ability and budgetary responsibility.
Rhode Island Housing comprehend the challenges that come with proudly owning your own house and exactly how the nation’s foreclosure crisis has impacted Rhode Islanders. Rhode Island Housing also
know just how difficult it is to know who to trust and where to turn when you find yourself in trouble or at risk of losing your house.
That’s why Rhode Island Housing opened the Rhode Island Housing HelpCenter – a safe place for guidance and education when it comes to protecting yourself from foreclosure or coping with the loss of your house.
A safe Place for Residence Help
For over 30 years, Rhode Island Housing has been making it simpler for Rhode Islanders to have safe, affordable houses and keep these individuals for as long as they want. The Rhode Island Housing HelpCenter is dedicated to providing professional support and education to help more Rhode Islanders protect themselves from losing their properties and to make safe, informed decisions for their futures.
The Rhode Island Housing HelpCenter’s trustworthy, trained counselors could assess your position and gives advice, education or recommendations to help you:
• Prevent the loss of your house or cope with the loss of your residence
• Understand of your existing house loan
• Make safe, informed decisions about discovering an affordable rent or mortgage loan
• Plan homeownership
Rhode Island Housing can assist you to understand your alternatives, and gives resources and referrals to help. Rhode Island Housing know that every situation is different. That is why Rhode Island Housing take a customized approach to each individual’s needs.
The Rhode Island Housing HelpCenter is an independent, HUD-approved counseling agency.
Call Rhode Island Housing now at 401 457-1130. Rhode Island Housing could help. The quicker you call, the more options you’ll have.
This site also provides useful information including:
• Tips for Avoiding Foreclosure
• Suggestions for Prioritizing Debt
• Suggestions for Improving Your Credit
• Frequently Asked Foreclosure Queries
Help for Rhode Islanders Facing Foreclosure
Working collectively, Rhode Island Housing and its partners bring free foreclosure workshops to communities throughout Rhode Island. their HelpCenter’s trusted and trained counselors can be on hand to assess your position and provide advice, education, resources and testimonials to help you prevent giving up your residence or cope with the loss of your residence.
For information about these workshops or to register, contact the Rhode Island Housing HelpCenter at 401 457-1130.
Individualized counseling is just a phone call away. Call the Rhode Island Housing HelpCenter at 401 457-1130 or e-mail helpcenter@rhodeislandhousing.org
rhode island house loan finance assistance corporation
As you no doubt know a foreclosure is a lawsuit filed by your lender because you haven’t paid your mortgage. In Florida foreclosures are a judicial process which is why your lender had to go to court to try to get his money back. Once your lender filed for foreclosure the sheriff or a process server gave you your copy of the Summons and Complaint forms.
Yes I know all that, what do I do now?
Lawyers – The Necessary Evil
Your first step if you are going through a foreclosure is to call a lawyer. If this is the first you hear about problems with your mortgage you probably missed a default notice on your mortgage, which might provide you with ammunition for a counterclaim. In any case you should get a lawyer to have a look at your situation. Get the best lawyer you can afford. Contact the National Association of Consumer Advocates they can recommend a foreclosure law specialist. Alternatively, if you can’t afford a lawyer they can also recommend a program or charity that provides low-cost or free legal aid. Another option is to call the Florida Bar Lawyer Referral Service (1-800-342-8011) and ask for the low-cost panel. Expect personal questions on your income. If you qualify they will assign you a private lawyer which will work for a reduced fee. If you do not qualify the referral service will give you the name of a regular attorney; the first consultation will cost $25.
Forensic Audits
Talk to your lawyer and ask for advice. This is especially important if you feel your lender has not been honest with you. Foreclosure lawyers can carry out a forensic audit on your mortgage and look for any illegal methods or terms used in the mortgage agreement or in the sale process. Most audits don’t show problems, but if your lawyer finds serious mistakes a judge could declare your mortgage void. Unfortunately many companies that offer foreclosure audits are scam artists preying on vulnerable borrowers. Make sure you use a trustworthy and experienced lawyer.
Reply to the Summons and Complaint
You now must reply to the Summons and Complaint form. First, read the documents carefully. They will tell you what your lender’s complaint is, and instructs you on what to do next. Include in your answer a reply to any statements you think are not true or wrong. You should also explain why you think the court should not allow the foreclosure to continue. These are called “affirmative defenses”. For instance you could claim the lender did not follow Florida foreclosure procedure, or refused to work with you when you were trying to avoid foreclosure.
Check the amount the lender claims you owe. If you think there is a mistake or they are claiming excessive foreclosure costs, include this in your reply. Don’t forget to write your full name and contact details. You should also mention you have mailed a copy to your lender’s attorney. Make sure you do send a copy to the mortgage company’s lawyer. You should find the contact details in the Summons and Complaint documents.
Finally, make several copies of your answer and take the original to Clerk’s office. Filing your answer is free. Ask the clerk to give you a stamped copy for your own records.