Bankruptcy and Foreclosure Threat
Posted on May 7th, 2012
William Quintana, a plumber, attempting to avail of a scheme of the federal government to modify his mortgage loan never thought that this move would cause him to end up in bankruptcy and poised to lose his home to foreclosure.
Quintana and his wife, residents of Antioch submitted an application to modify their housing loan through HAMP. He had surmised that the process would be straight. He urgently needed the lowering of the mortgage since he became disabled following an accident while working. But the application led to an unexplained maze of payments lost, repeated pressure for unjustified late fees and inordinate delay in processing the application.
PNC Mortgage did acknowledge in their letters sent to Quintana that the letter was eligible for modification of loan but even then to save his house from being sold at a foreclosure auction he sought bankruptcy protection.
A “No Solicitors” notice was hung before the door to discourage realtors and potential buyers. Quintana said, “They say owning a home is the American dream, but it’s become the American nightmare. I’m not a failure or a loser. I’m a complete victim”.
Many housing advocates have shown interest in this case together with Rep. John Garamendi (Democrat/Walnut Grove). Garamendi said that this is indicative of the general malaise in the mortgage world and with HAMP. Although about 950,000 have sought assistance through this programme, critics contend that it is failing to help the victims substantially.
Cinna Green of Center for Responsible Lending said, “The banking industry had a machine that could crank out these bad loans, but it doesn’t have anything that can fix them”.
Dennis Wilhite-Thomas of REACH based in San Ramon said this case is nothing new – one among innumerable ones that she handles where the homeowners are hapless victims facing bullying banks. Quintana is a simple person who knows how to labour with his two hands but this is beyond his understanding. How to handle it? They neither enjoy costly holidays nor foray into expensive improvements on their ordinary home.
Initially Quintana failed to qualify for the modification even after being disabled because he had not lagged behind in his monthly payments. On the advice of National City Mortgage, his lender he decided to skip payments for two months. This trick made the road clear for the bank to foreclose while duping him with expectations of modifications.
Photo by Jscreationzs.
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Bankruptcy and Foreclosure Threat
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Unforeseen Employment Loss Might Qualify A Homeowner For California UMAP Assitance Or Short Sale
Posted on April 4th, 2012
Hello everybody my name is Mike Rigley and I’m your distressed property expert & short sale specialist within the Sacramento area, thanks for checking out my blog today. I use my blog to provide valuable info to distressed property homeowners on their choices for avoiding foreclosures on their Sacramento property. If you are behind on your mortgage or already contemplating a short sale please take a minute to browse my web site for more data or contact me directly to discuss your options.
For my blog matter in the present day I wanted to discuss the UMAP program and the advantages it could present to Sacramento homeowners who qualify. UMAP stands for Unemployment Mortgage Assitance Program and might present as much as three thousand {dollars} for people who have lost their job unexpectedly. If you are receiving unemployment throught the state of California you may qualify for this program to help keep you current on your property. UMAP can provide assistane for as much as nine months and may not exceed twenty seven thousand dollars. This great program does require a home-owner to qualify and each county has their very own guidelines. In Sacramento county you will want a hardship affidavit and have a household income ofless than ninety one thousand {dollars} a year so as to qualify. Similar to with a short sale you will need to be behind on your mortgage in order to qualify. Additionally, the homeowner can’t be presently going through bankruptcy or have a recorded deliquency on the property in the event that they intend to qualify for UMAP.
So in the event you live in Sacramento county and have questions about UMAP assistance or the short sale process please contact me as we speak to arrange a free consultation. As your Sacramento distressed property expert I want to be sure to are aware of each real estate possibility available. Thank you for your time today and I look forward to hearing from soon.
For more information on short sales and how to avoid foreclosure, visit the Rigley Realty Group blog or you can also try out their short sale decision calculator and get started today.
Filed under Amp, Deliquency, Employment Loss, Free Consultation, Household Income, Nine Months, Present Day, Property Expert, Sacramento Area, Sacramento County, Sacramento Property, State Of California, Thousand Dollars, Time Today, Umap, affidavit, bankruptcy, distressed property, foreclosure, foreclosures, short sale, unemployment | No Comments »