Real Estate Latino

The following press release went over the wires yesterday. The event seems to be focused on CA customers. However, I am sharing this information with you because IndyMac, while a CA-based lender, was one of the top subprime lenders in VA, especially in Northern VA. Those of you in other areas of the country with high foreclosures rates should share this information with your networks. Here is how the data breaks down:

IndyMac Lending pattern in Virginia:

More than four thousand families, a disproportionate share of them Black and Latino, were recipients of IndyMac's high cost loans. These are among the loans that are failing now and will continue to fail over the next 14 months.

In July, IndyMac closed its branches and was taken over by the FDIC. By the end of July, it had filed chapter 7 bankruptcy. The FDIC's takeover has proven to be positive for consumers as Chairwoman Sheila Bair began to aggressively modify mortgage loans that could be sustainable and affordable for consumers upon modification.

While not everyone may qualify for a modification, I encourage everyone who has a loan with IndyMac to contact them by phone and email to explore options. I have highlighted contact information below.

A House is meant to be a Home and not a Harm!



From MarketWatch.com
PRESS RELEASE

IndyMac Federal Bank, FDIC, Mayor Antonio Villaraigosa and Los Angeles Neighborhood Housing Services Announce First "Home Preservation Day" for IndyMac Customers

Last update: 7:23 p.m. EST Nov. 17, 2008 PASADENA, Calif., Nov 17, 2008 (BUSINESS WIRE) -- IndyMac Federal Bank (IMFB), the Federal Deposit Insurance Corporation (FDIC), the City of Los Angeles and the Los Angeles Neighborhood Housing Services (LA NHS) are proud to announce the first in a series of free Home Preservation Days for customers of IMFB. The first such event will occur on Saturday, November 22, 2008 from 10:00 a.m. to 3:00 p.m. at the Marvin Braude Constituent Services Center at 6262 Van Nuys Blvd. in Van Nuys, California. At the event, homeowners at risk of foreclosure will have the opportunity to speak with loan counselors and discuss their options, including whether they may qualify for a loan modification. To receive counseling, customers should bring with them documents that show their income (such as recent paycheck amounts and other sources of income), expenses and assets, and their IMFB loan number. Spanish-speaking counselors will also be on hand.
Further information will be available at a joint press conference to be held Wednesday, November 19 at 10:00 A.M. at the Marvin Braude Constituent Services Center, 6262 Van Nuys Blvd, in Van Nuys, California. Los Angeles Mayor Antonio Villaraigosa will be in attendance. In addition, IMFB CEO John Bovenzi and LA NHS President & CEO Lori Gay will be on hand.

As conservator of IMFB, the FDIC has piloted a series of innovative, proactive tools at the bank to reduce the number of unnecessary foreclosures nationwide. Chief among these is an ambitious loan modification program to avoid unnecessary foreclosures by modifying loans, and create long-term affordable payments by reducing monthly housing payments (principal, interest, taxes and insurance) to a maximum of 38% of the borrowers' gross monthly income. While not every IMFB borrower will qualify for a modification, IMFB wants to assist borrowers that do qualify. The program was announced on August 20, 2008 and thousands of IMFB borrowers have already received modified loan terms. The bank estimates that as many as 46,000 of its 650,000 residential mortgage customers nationwide are at least 60 days behind in their payments and may be eligible for a loan modification. To be eligible for the program, the borrower must be living in the home, at least 60 days past due, and be able to demonstrate by providing financial records that they cannot afford their current payment, but could afford a modified payment. All modifications require verification of the borrower's income, consent to a Modification Agreement, and the first payment of the new modified monthly payments. Customers unable to attend the event may seek assistance by calling 877-908-HELP.
In the coming weeks, IMFB and the FDIC plan to hold additional Home Preservation Days in other communities experiencing high home foreclosure rates. SOURCE: IndyMac Federal Bank

IndyMac Federal / FDIC 

            
            
            Evan Wagner, 626-535-6637 
evan.wagner@imb.com 

            
            
            or
 
City of Los Angeles 

            
            
            Jonathan Powell, 213-978-0741 
jonathan.powell@lacity.org 

            
            
            
LA NHS 
Ester Cadavid, 213-305-0029 

            
            
            ecadavid@lanhs.org
            or 

Copyright Business Wire 2008

Debido a que tú trabajas con la comunidad hispana, puedes desempeñar un papel muy importante en difundir la guía ¡Entérate! Cómo ser un consumidor informado entre los consumidores. Para ayudar a los líderes de la comunidad hispana y a las organizaciones que trabajan con los hispanos a desarrollar programas para hablar sobre los temas de consumidores cubiertos por ¡Entérate! Cómo ser un consumidor informado, la Comisión Federal de Comercio (Federal Trade Commission, FTC) también elaboró Entérate y enseña: Una guía para la educación y asistencia de los consumidores.

By Bill Arce (RealEstateLatino.com)

The tip I just going to share with you in just a few seconds (feel free to reprint) can be use in a few different ways, as an after closing advice to a new homeowner, as a way to follow up with an old client and ask for referral or simple a give away tip for FSBOs.

The Insurance Information Institute (I.I.I) has provided for more than 40 years insurance information and resources to consumer. Today, the I.I.I. is recognized by the media, governments, regulatory organizations, universities, and the public as a primary source of information, analysis, and referral concerning insurance.

The Insurance Information Institute is offering their new home inventory software for free (Know Your Stuff)! This software makes creating a home inventory fun and easy. Your home inventory is stored on your computer but we encourage you to keep a back-up copy (for example, on CD, memory stick, or even a printed copy). Some times, we are extent from claim all our personal property because we do not take the time and create a complete inventory with our personal valuables.

You can find the same service online, but why would you paid any fees for this service when you can get it for free. I.I.I. will also provide you with the option to sign-up with Vault 24 - a secure online storage facility - at a nominal fee. You are under no obligation to use Vault 24.

Versión En ESPAñOL

El Instituto Informativo de Seguros (I.I.I por sus siglas en Ingles) tiene más de 40 años ofreciendo información al consumidor sobre diferentes tipos de seguros. Hoy en día esta organización es reconocida por agencias gubernamentales, reguladores, universidades y el público en general como la primera fuente de información, recursos concernientes a la industria de seguros.

El I.I.I esta ofreciendo un nuevo software que le facilita a los dueños de casa crear un inventario completo con todas sus cosas de valor en caso de que ocurra una catástrofe y deban reclamarle a la aseguradora. Este programa innovador hace que los dueños de casa puedan establecer un inventario de sus cosas persales de más valor en una forma fácil y divertida. Usted tendrá que almacenar la información una vez terminado el proceso en su computador, en un CD o DVD o en una se esas memorias portátiles.

Seguramente usted podrá recibir un servicio similar en línea que le costara abonar algún pago en forma de membresía, pero para que va ha hacer eso si puede aprovechar este programa gratuitamente. En caso de que le interese tomar más precaución para proteger sus pertenencias, I.I.I también ofrece otro servicio (Vault 24) donde usted podría archivar la información online por un pago nominal. Usted no esta bajo ninguna obligación de tener que pagar por el servicio de Vault 24 para poder descarga el software en su computador.

Fannie: First-time buyers need counseling

Real estate brief

By Inman News, Wednesday, October 29, 2008.

Fannie Mae is reinstating required homeownership counseling for first-time buyers who don't have a solid credit history or are seeking loans tailored for low- and moderate-income buyers. Beginning Jan. 1, Fannie Mae will require counseling for home buyers relying on nontraditional credit or obtaining a MyCommunityMortgage loan to purchase a single-family home. Fannie Mae already requires pre-purchase counseling, including landlord education for borrowers purchasing a two- to four-unit property using a MyCommunityMortgage loan.

Counseling must be provided prior to closing by an independent and certified third-party agency or counselor, Fannie Mae said, and cover topics including budgeting and credit, selecting a home, and obtaining a mortgage. Homebuyers will receive a personalized assessment of their financial position and readiness for homeownership, and an analysis of their credit history and current financial situation.

More reading here:http://www.inman.com/news/2008/10/29/fannie-first-time-buyers-need-counseling

With so many families losing their home arround us, I am sure this year it will be sad to see our kids Trick-or-treating.

Bill Arce

www.realestatelatino.com