Ways to keep your home are available - Coeur d'Alene Press: Local News

Ways to keep your home are available

Free foreclosure presentations start on Oct. 22

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Posted: Wednesday, October 3, 2012 12:00 am

The Idaho Attorney General's Office scheduled free public presentations for later this month to share information on foreclosure prevention, and to explain how a national mortgage settlement will affect Idaho homeowners.

Ramon Hobdey-Sanchez, a housing specialist in the Attorney General's consumer protection division, said there are many resources, tools and tips that can assist individuals through the foreclosure process, or help avoid it.

"If people are more aware of how foreclosure works, they'll be better prepared to avoid it or help a friend or family member avoid it," he said.

Idaho Attorney General Lawrence Wasden said in a news release, "I hope that these presentations will be helpful to the many Idahoans who have been through or are currently facing foreclosure."

Sanchez said he hopes the presentations he makes will motivate borrowers to tackle their problems head-on.

"A lot of times, (borrowers) have another crisis in their lives, and foreclosure gets put on the back burner," he said. "We're also seeing individuals becoming overwhelmed by the process just deciding to put it off."

The presentations will be interactive with questions from the audience. Sanchez won't be providing legal advice.

The Attorney General's Office has received many calls from Idaho borrowers complaining about their mortgages and the foreclosure process.

In North Idaho, the presentations will be in Coeur d'Alene, Post Falls, St. Maries, Sandpoint and Bonners Ferry.

One of the first things Sanchez will tell borrowers is they should put together a personal file, and include information about their current bills, expenses, assets and income, because they will need the information organized and accessible during conversations with counselors and lenders.

And, he said, borrowers should "contact their lender and try and open up a line of communication immediately."

Earlier this year, Wasden joined a state and federal settlement with the nation's five largest mortgage servicers, Bank of America, Citi, JP Morgan Chase, Ally, and Wells Fargo.

The settlement provides nearly $100 million in direct relief to Idaho homeowners whose mortgages are owned and serviced by one of the five, and to individuals whose mortgages were serviced by one of the banks and who lost their home in foreclosure.

From that total, eligible Idaho borrowers will receive an estimated $75 million in benefits from loan modifications and other direct relief.

Approximately 12,000 Idaho borrowers who lost their home to foreclosure from the beginning of 2008 through the end of 2011 - because of substandard servicing practices - will receive nearly $10 million in cash payments averaging at least $840.

Those borrowers have been identified by their servicers and currently are being contacted by the settlement administrator.

Also, the banks will pay more than $15 million to fund a program that allows underwater borrowers to refinance their loans.

The settlement preserves the rights of individual borrowers and investors to pursue lawsuits against the banks and the ability of governments to pursue civil or criminal legal remedies on other issues related to the financial and housing crises.

Foreclosure presentations

• Bonners Ferry, at 6 p.m. Oct. 22, at International Gateway Visitors Center, 6373 Bonner St.

• Sandpoint, at 5:30 p.m. Oct. 23, East Bonner County Library, 1407 Cedar St.

• Post Falls, at 5:45 p.m. Oct. 24, Post Falls Library, 821 N. Spokane St.

• St. Maries, at 6:30 p.m. Oct. 25, St. Maries Fire Protection District, conference room, 308 W. Jefferson Ave.

• Coeur d'Alene, at 5:30 p.m. Oct. 26, Coeur d'Alene Public Library, community room, 702 E. Front Ave.

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  • merlgerl posted at 1:49 pm on Wed, Oct 3, 2012.

    merlgerl Posts: 238

    I agree with dasher to a certain extent. I remember my parents having to work hard to build credit. (it wasn't handed to them) They also had to come up with a substantial down payment. They purchased a modest home with payments they could afford. You weren't allowed to over extend yourself like folks today have been encouraged to do.

  • Sheeken Hunter posted at 12:59 pm on Wed, Oct 3, 2012.

    Sheeken Hunter Posts: 183

    Fluff and PR. Nothing more, nothing less. Wasden did not do anything. He signed on to a lawsuit brought completely by U.S. Attorneys. The mortgage companies literally preyed on borrowers. Instead of working with borrowers when the inevitable defaults occurred, they foreclosed. Why? Because as part of the 'bargain' the borrowers had to purchase mortage insurance. Mortgage companies recovered 100% of the loan even though the home value had tanked. When it came time to hold them accountable Wasden agreed to settle and let them off the hook. Do the math. Idahoans lose several thousands of dollars in equity each, not to mention a home, due to inappropriate and illegal actions of the mortgage companies. Idahoans then receive roughly $800 each...depending upon how many apply to receive it. Good job Lawrence? No. But it makes a nice 'story' and good PR.

  • dasher posted at 7:01 am on Wed, Oct 3, 2012.

    dasher Posts: 205

    How about not buying a home above your means, and less toys that are over priced and unnecessary. That's usually a good start.

    It isn't fun to thing really hard about what could happen if someone loses a job or suffers a debilitating injury or illness, but more people should really consider those thoughts and plan accordingly. We wouldn't have this crisis to the scale it is if we weren't so focused as a nation on keeping up with the Jone's and living well above our means.

    Stop blaming everyone else and take some responsibility. Geezzz

  • Paterfamilias posted at 6:54 am on Wed, Oct 3, 2012.

    Paterfamilias Posts: 13

    the problem is the mortgage administrators. The loans are split up and sold and no one investor is in charge of the mortgage. What happens is the loan administrating company takes out reInsurance in case of default then solicits the homeowner into a loan mod then gives them false hope all the while delaying delaying and doing whatever they can to force the foreclosure, deny short sale offers, etc. So what happens is the homeowner is tricked into foreclosure and the loan administrator then collects revenue from its reinsurance that it fraudulently obtained. These houses are being stolen from good families. If you don't believe me and your home is administered by PHH or one of these other big mortgage administrating companies- apply for one of those loan mods they keep trying to talk you into and see what happens next. This is theft of Americans' homes and fraud of the highest order occurring to a great number of families that are in foreclosure.

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