Behind on your Mortgage?
CCCS of Southern Oregon is a HUD approved Housing Counseling Agency. We provide a variety of housing counseling services but DO NOT offer counseling to people who’s main concern is that they are facing foreclosure. If you are falling behind on your mortgage, or are concerned that you will fall behind, an excellent website to check out is http://foreclosurehelp.oregon.gov/ |
Oregon homeowners facing foreclosure have new rights
Lenders required to meet with borrowers about loan modifications
(Salem) — Today a new law takes effect that strengthens the rights of Oregon homeowners who face foreclosure to help more families stay in their home during this difficult economic climate. To read more, follow the link below.
Oregon homeowners facing foreclosure have new rights - 09/28/09 |
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The Homeowner Affordability and Stability Plan
There is a program that has received a lot of recent news coverage. Consumers are being directed to www.financialstability.gov where information about the program and a list of frequently-asked questions will be posted. It is our understanding that this site will be updated frequently, as additional details are determined.
First, the borrower needs to review the information available on the Financial Stability website listed above. If this seems like something that would work, then the borrowers would contact their servicer / lender . The servicer / lender are the ones who know if this is something that they offer and/or if the borrower would qualify for this program.
Unfortunately, we do not offer mortgage delinquency counseling. On HUD’s website, www.hud.gov, look under “ talk to a housing counselor”. Click on “search now” (there is also an excellent link at that section regarding foreclosure). Then select your state and look for “- Loss Mitigation “ or “- Mortgage Delinquency and Default Resolution Counseling”. That is the type of counseling you will need.
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Foreclosure or Bankruptcy: What to do?
If you find yourself behind on your mortgage, either route may seem like the wrong direction. But your choice will have a big impact. Here's how to make the right one.
By Liz Pulliam Weston for MSN Money
You can't afford the payments on your home. Your efforts to get your mortgage modified are going nowhere. You may even have tried to sell the home for less than what you owe, but the short sale fell through. Now you face some grim options. You can let the home slide into foreclosure, or you can try to prevent or at least delay the foreclosure with a bankruptcy filing. (To read more, Follow this link.)
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From the Medford Mail Tribune, April 12th edition, John Darling writes an excellent article "Default dilemma." The article features Consumer Credit Counseling's Housing Director Linda Cade.
Default Dilemma-"Subprime loans largely are to blame, experts say, as homeowner troubles skyrocket in Jackson County." To read more, follow this link |
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Top Three Foreclosure Scams To Avoid
Unfortunately scammers have no problem taking advantage of homeowners who are facing foreclosure. The Federal Trade Commission lists the top three foreclosure scams to be aware of as the housing crisis deepens.
- The foreclosure prevention specialist: The “specialist” really is a phony counselor who charges outrageous fees in exchange for making a few phone calls or completing some paperwork that a homeowner could easily do for himself. None of the actions results in saving the home. This scam gives homeowners a false sense of hope, delays them from seeking qualified help, and exposes their personal financial information to a fraudster.
- The lease/buy back: Homeowners are deceived into signing over the deed to their home to a scam artist who tells them they will be able to remain in the house as a renter and eventually buy it back. Usually, the terms of this scheme are so demanding that the buy-back becomes impossible, the homeowner gets evicted, and the “rescuer” walks off with most or all of the equity.
- The bait-and-switch: Homeowners think they are signing documents to bring the mortgage current. Instead, they are signing over the deed to their home. Homeowners usually don’t know they’ve been scammed until they get an eviction notice.
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