Keys to preserving home ownership in Bushnell, Central Florida foreclosure avoidance workshop. Open to the public.

When: December 20, 2008
Time: 10:00 am to Noon

Where: Bushnell Library
402 N Florida St
Bushnell, FL 33513

RSVP

Free Foreclosure Workshop Open to the Public

Saturday: December 13, 2008
Time: 1:00 pm

Location: Sunrise Dan Pearl Library
10500 W. Oakland Park Blvd.
Sunrise, FL 33351.

The Helpful Hands Foundation is conducting a “STOP FORECLOSURE” Seminar

Date: Thursday, December 4, 2008

Location: Casselberry Library
215 North Oxford Rd.
Casselberry, FL 32707

Time: 6:30 pm – 7:30 pm

The Helpful Hands Foundation is a Fannie Mae Approved non-profit housing counseling agency.

I look forward to seeing you there.

http://www.thhf.org/blog/?p=1327 December 13, 20082:00 PMto3:00 PM

Foreclosure Prevention Workshop for Homeowners in Orlando, Florida

Saturday: December 13, 2008

Time: 2:00 pm – 3:00 pm

Location:
534 S. Chickasaw
Orlando, Fl 32825
in front of Rio Pinar Plaza

Contact Regional Director: Erika Echevestre (407) 908-8125

Foreclosure Prevention Workshop for Homeowners Daytona Beach, Florida

Are you late on your mortgage?
Fight For Your Home!!

Workshop: Tuesday, December 9th, 2008
Time: 5:00 pm – 6:45 pm

Where: City Island Library
105 E. Magnolia Ave
Daytona Beach, FL

Open to the Public, Come and Learn how to Save Your Home and Avoid Foreclosure!

Tuesday December 16, 2008

7:00 pm – 8:30pm
The Learning Center of South Park

7350 Futures Drive Ste 6
Orlando , Fl. 32819

By RICHARD BURNETT
SENTINEL STAFF WRITER
October 7, 2008

More than 57,000 Floridians caught in the subprime-mortgage mess may be eligible for nearly $1billion in help under a deal made by Countrywide Financial to settle claims that it used deceptive practices to sell financially shaky mortgages.

Details about the settlement came Monday, about three months after Florida, California and nine other states accused Countrywide of luring borrowers into inappropriate, unaffordable loans with high fees and predatory terms.

Across the country, more than 400,000 Countrywide customers may qualify for up to $8.4billion in mortgage relief, according to the company, which plans to launch the program Dec.1.

Customers may see reductions in their interest rates or principal, late-fee waivers, and in some cases, cash payments for 5,000 customers who have already lost their homes, the nation’s largest mortgage lender said.

Countrywide, now a unit of Bank of America, also made the unprecedented move of suspending foreclosure actions against all customers of subprime and other risky mortgages until the company can see whether they qualify for the relief.

Some consumer advocates welcomed the initiative as a big step forward in helping the nation recover from its mortgage and credit crisis. “In principle, this is a good approach,” said Kathleen Day, spokeswoman for the Center for Responsible Lending, a nonprofit advocacy group based in Durham, N.C. “It is a clear example of the mass loan-modification effort that we need to deal with this meltdown.”

Florida officials credited Bank of America for helping resolve the allegations. “This agreement will bring much-needed relief to countless homeowners,” said Florida Attorney General Bill McCollum. “We appreciate Bank of America’s commitment to rectify the situations created by Countrywide’s loan practices.”

In several lawsuits filed against Countrywide, state authorities said they found widespread abuses by the company in selling subprime mortgages — the higher-cost loans made to people with troubled credit records. Bank of America took over negotiations in the dispute after it acquired Countrywide in July in a stock deal valued at more than $3 billion.

“We are confident that together with the Attorneys General we have developed a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership,” said Barbara Desoer, president of Bank of America Mortgage.

Countrywide has lost billions in the subprime-mortgage meltdown as defaults and delinquencies skyrocketed since mid-2007.

Since the foreclosure crisis erupted, Bank of America, Countrywide and other mortgage lenders have voluntarily worked with troubled homeowners to reach new affordable mortgage terms. The industry-sponsored Hope Now Alliance claims that lenders have helped more than 2.3million people avoid foreclosure since mid-2007. But consumer advocates are skeptical of such numbers. What the industry generally calls “loan modifications” are too often temporary fixes that set up the homeowner for failure later, they say.

“It’s like a Band-Aid on a really bad wound,” said Rosalyn Dorfman, a field counselor for The Helpful Hands Foundation, a HUD-certified nonprofit housing-counseling agency in Orlando. “In many cases, they’re putting people in interest-only payments for several years and calling that a loan modification. Yes, the people are still in their homes for now, but then they’ll be in the same bad situation again.”

Mary Duckett is one homeowner who worries about that.

The 55-year-old Orlando nursing assistant approached Countrywide for relief last year after her husband was diagnosed with multiple sclerosis; they were financially strapped with medical bills and became delinquent on their mortgage.

After lengthy talks — and with the help of the ACORN Housing counseling agency — Countrywide agreed to rework the Ducketts’ loan. Now they have interest-only payments for five years; then it reverts to the original terms. That’s not going to be enough for them to survive, she said. “It’s hard even now to make the payment, but we’re doing it, and at least we’re still in our house,” Duckett said. “But it’s not the good fixed rate that we need. … This is not a permanent solution.”

Richard Burnett can be reached at rburnett@orlandosentinel.com or 407-420-5256.
LINK TO STORY: http://www.orlandosentinel.com/business/custom/thrifty/orl-asecmortgages07100708oct07,0,6335375.story

· National Foreclosure Information

· Promissory Note Discovery

· Rescind Your Mortgage

· Truth In Lending Act – PDF

· Mortgage Forgiveness Debt Relief

· Foreclosure Dismissal

· RESPA ACT – Loan Regulations

· Foreclosure Counseling Assistance

· Foreclosure Prevention Act of 2008

• 501.1377 Florida Mortgage Foreclosure Protection Law
• Florida Statues for Mortgage Brokerage & Lending
• Florida Foreclosure Process

· Promissory Note Discovery

· Rescind Your Mortgage

· Truth In Lending Act – PDF

· Mortgage Forgiveness Debt Relief

· Foreclosure Dismissal

· RESPA ACT – Loan Regulations

· Foreclosure Counseling Assistance

· Foreclosure Prevention Act of 2008

501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

(1) LEGISLATIVE FINDINGS AND INTENT.–The Legislature finds that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers. The intent of this section is to provide a homeowner with information necessary to make an informed decision regarding the sale or transfer of his or her home to an equity purchaser. It is the further intent of this section to require that foreclosure-related rescue services agreements be expressed in writing in order to safeguard homeowners against deceit and financial hardship; to ensure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure or default; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to provide a cooling-off period for homeowners who enter into contracts for services related to saving their homes from foreclosure or preserving their rights to possession of their homes; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equity for the homeowners of this state.

(2) DEFINITIONS.–As used in this section, the term:

(a) “Equity purchaser” means any person who acquires a legal, equitable, or beneficial ownership interest in any residential real property as a result of a foreclosure-rescue transaction. The term does not apply to a person who acquires the legal, equitable, or beneficial interest in such property:

1. By a certificate of title from a foreclosure sale conducted under chapter 45;

2. At a sale of property authorized by statute;

3. By order or judgment of any court;

4. From a spouse, parent, grandparent, child, grandchild, or sibling of the person or the person’s spouse; or

5. As a deed in lieu of foreclosure, a workout agreement, a bankruptcy plan, or any other agreement between a foreclosing lender and a homeowner.

(b) “Foreclosure-rescue consultant” means a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. The term does not apply to:

1. A person excluded under s. 501.212.

2. A person acting under the express authority or written approval of the United States Department of Housing and Urban Development or other department or agency of the United States or this state to provide foreclosure-related rescue services.

3. A charitable, not-for-profit agency or organization, as determined by the United States Internal Revenue Service under s. 501(c)(3) of the Internal Revenue Code, which offers counseling or advice to an owner of residential real property in foreclosure or loan default if the agency or organization does not contract for foreclosure-related rescue services with a for-profit lender or person facilitating or engaging in foreclosure-rescue transactions.

4. A person who holds or is owed an obligation secured by a lien on any residential real property in foreclosure if the person performs foreclosure-related rescue services in connection with this obligation or lien and the obligation or lien was not the result of or part of a proposed foreclosure reconveyance or foreclosure-rescue transaction.

5. A financial institution as defined in s. 655.005 and any parent or subsidiary of the financial institution or of the parent or subsidiary.

6. A licensed mortgage broker, mortgage lender, or correspondent mortgage lender that provides mortgage counseling or advice regarding residential real property in foreclosure, which counseling or advice is within the scope of services set forth in chapter 494 and is provided without payment of money or other consideration other than a mortgage brokerage fee as defined in s. 494.001.

(c) “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with:

1. Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property; or

2. Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

(d) “Foreclosure-rescue transaction” means a transaction:

1. By which residential real property in foreclosure is conveyed to an equity purchaser and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed; and

2. That is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner’s residential real property.

(e) “Homeowner” means any record title owner of residential real property that is the subject of foreclosure proceedings.

(f) “Residential real property” means real property consisting of one-family to four-family dwelling units, one of which is occupied by the owner as his or her principal place of residence.

(g) “Residential real property in foreclosure” means residential real property against which there is an outstanding notice of the pendency of foreclosure proceedings recorded pursuant to s. 48.23.

(3) PROHIBITED ACTS.–In the course of offering or providing foreclosure-related rescue services, a foreclosure-rescue consultant may not:

(a) Engage in or initiate foreclosure-related rescue services without first executing a written agreement with the homeowner for foreclosure-related rescue services; or

(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services.

(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN AGREEMENT.–

(a) The written agreement for foreclosure-related rescue services must be printed in at least 12-point uppercase type and signed by both parties. The agreement must include the name and address of the person providing foreclosure-related rescue services, the exact nature and specific detail of each service to be provided, the total amount and terms of charges to be paid by the homeowner for the services, and the date of the agreement. The date of the agreement may not be earlier than the date the homeowner signed the agreement. The foreclosure-rescue consultant must give the homeowner a copy of the agreement to review not less than 1 business day before the homeowner is to sign the agreement.

(b) The homeowner has the right to cancel the written agreement without any penalty or obligation if the homeowner cancels the agreement within 3 business days after signing the written agreement. The right to cancel may not be waived by the homeowner or limited in any manner by the foreclosure-rescue consultant. If the homeowner cancels the agreement, any payments that have been given to the foreclosure-rescue consultant must be returned to the homeowner within 10 business days after receipt of the notice of cancellation.

(c) An agreement for foreclosure-related rescue services must contain, immediately above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

HOMEOWNER’S RIGHT OF CANCELLATION

YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.

THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU UNTIL ALL PROMISED SERVICES ARE COMPLETE. IF FOR ANY REASON YOU HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.

TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A STATEMENT THAT YOU ARE CANCELING THE AGREEMENT SHOULD BE MAILED (POSTMARKED) OR DELIVERED TO (NAME) AT (ADDRESS) NO LATER THAN MIDNIGHT OF (DATE) .

IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT. YOUR LENDER OR MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A RESTRUCTURING WITH YOU FREE OF CHARGE.

(d) The inclusion of the statement does not prohibit the foreclosure-rescue consultant from giving the homeowner more time in which to cancel the agreement than is set forth in the statement, provided all other requirements of this subsection are met.

(e) The foreclosure-rescue consultant must give the homeowner a copy of the signed agreement within 3 hours after the homeowner signs the agreement.

(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.–

(a)1. A foreclosure-rescue transaction must include a written agreement prepared in at least 12-point uppercase type that is completed, signed, and dated by the homeowner and the equity purchaser before executing any instrument from the homeowner to the equity purchaser quitclaiming, assigning, transferring, conveying, or encumbering an interest in the residential real property in foreclosure. The equity purchaser must give the homeowner a copy of the completed agreement within 3 hours after the homeowner signs the agreement. The agreement must contain the entire understanding of the parties and must include:

a. The name, business address, and telephone number of the equity purchaser.

b. The street address and full legal description of the property.

c. Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser.

d. The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition of the property by the equity purchaser.

e. The terms of payment or other consideration, including, but not limited to, any services that the equity purchaser represents will be performed for the homeowner before or after the sale.

f. The date and time when possession of the property is to be transferred to the equity purchaser.

2. A foreclosure-rescue transaction agreement must contain, above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME TO THE OTHER UNDERSIGNED PARTY.

3. A foreclosure-rescue transaction agreement must state the specifications of any option or right to repurchase the residential real property in foreclosure, including the specific amounts of any escrow payments or deposit, down payment, purchase price, closing costs, commissions, or other fees or costs.

4. A foreclosure-rescue transaction agreement must comply with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and related regulations.

(b) The homeowner may cancel the foreclosure-rescue transaction agreement without penalty if the homeowner notifies the equity purchaser of such cancellation no later than 5 p.m. on the 3rd business day after signing the written agreement. Any moneys paid by the equity purchaser to the homeowner or by the homeowner to the equity purchaser must be returned at cancellation. The right to cancel does not limit or otherwise affect the homeowner’s right to cancel the transaction under any other law. The right to cancel may not be waived by the homeowner or limited in any way by the equity purchaser. The equity purchaser must give the homeowner, at the time the written agreement is signed, a notice of the homeowner’s right to cancel the foreclosure-rescue transaction as set forth in this subsection. The notice, which must be set forth on a separate cover sheet to the written agreement that contains no other written or pictorial material, must be in at least 12-point uppercase type, double-spaced, and read as follows:

NOTICE TO THE HOMEOWNER/SELLER

PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.

BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.

THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY YOU OR BY THE PURCHASER.

ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.

TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY 5:00 P.M. ON (DATE) AT (ADDRESS) . IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.

I (we) hereby cancel this transaction.

Seller’s Signature

Printed Name of Seller

Seller’s Signature

Printed Name of Seller

Date

(c) In any foreclosure-rescue transaction in which the homeowner is provided the right to repurchase the residential real property, the homeowner has a 30-day right to cure any default of the terms of the contract with the equity purchaser, and this right to cure may be exercised on up to three separate occasions. The homeowner’s right to cure must be included in any written agreement required by this subsection.

(d) In any foreclosure-rescue transaction, before or at the time of conveyance, the equity purchaser must fully assume or discharge any lien in foreclosure as well as any prior liens that will not be extinguished by the foreclosure.

(e) If the homeowner has the right to repurchase the residential real property, the equity purchaser must verify and be able to demonstrate that the homeowner has or will have a reasonable ability to make the required payments to exercise the option to repurchase under the written agreement. For purposes of this subsection, there is a rebuttable presumption that the homeowner has a reasonable ability to make the payments required to repurchase the property if the homeowner’s monthly payments for primary housing expenses and regular monthly principal and interest payments on other personal debt do not exceed 60 percent of the homeowner’s monthly gross income.

(f) If the homeowner has the right to repurchase the residential real property, the price the homeowner pays may not be unconscionable, unfair, or commercially unreasonable. A rebuttable presumption, solely between the equity purchaser and the homeowner, arises that the foreclosure-rescue transaction was unconscionable if the homeowner’s repurchase price is greater than 17 percent per annum more than the total amount paid by the equity purchaser to acquire, improve, maintain, and hold the property. Unless the repurchase agreement or a memorandum of the repurchase agreement is recorded in accordance with s. 695.01, the presumption arising under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(6) REBUTTABLE PRESUMPTION.–Any foreclosure-rescue transaction involving a lease option or other repurchase agreement creates a rebuttable presumption, solely between the equity purchaser and the homeowner, that the transaction is a loan transaction and the conveyance from the homeowner to the equity purchaser is a mortgage under s. 697.01. Unless the lease option or other repurchase agreement, or a memorandum of the lease option or other repurchase agreement, is recorded in accordance with s. 695.01, the presumption created under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(7) VIOLATIONS.–A person who violates any provision of this section commits an unfair and deceptive trade practice as defined in part II of this chapter. Violators are subject to the penalties and remedies provided in part II of this chapter, including a monetary penalty not to exceed $15,000 per violation.

· Promissory Note Discovery

· Rescind Your Mortgage

· Truth In Lending Act – PDF

· Mortgage Forgiveness Debt Relief

· Foreclosure Dismissal

· RESPA ACT – Loan Regulations

· Foreclosure Counseling Assistance

· Foreclosure Prevention Act of 2008

When you purchased your home you signed a lot of documents at closing. Two of those documents were the mortgage and the note. The mortgage pledges the property as security for the debt which is owed. The note is basically your promise to pay.

The Notice of Default
You have promised to make your mortgage payments, pay your taxes and insurance, and pay your homeowner association fees. If you fail to do so, the lender may deem you in default of your mortgage. Declaring that you are in default is the beginning of the foreclosure process.

The Filing of the Lis Pendens
The first legal action taken by the lender is to file a Lis Pendens at the county courthouse. The term “Lis Pendens” means “suit pending” and puts the public on notice that a law suit has been filed against you. Your lender has declared you in default and is demanding that the note be paid in full immediately.
The Clerk of Court records the Lis Pendens in the Public Records and you are served.

The Answer (20 days)
In response to the Lis Pendens you have 20 days to file and answer with the court. An answer isn’t “I’ve been laid off from work and cannot make my payments.” In the lender’s eyes that is an excuse, because you promised to pay. An answer might be, “I never had a mortgage with this lender. They have confused me with someone else.” It is an opportunity to show why you shouldn’t be foreclosed upon.
If you file an answer, and it is usually a good idea to do so, a hearing date is set. At the hearing the lender’s attorney will be present and you may tell the judge the reason for your default.

The Hearing
You may present your case at the hearing and the judge will decide what to do next. If you have a valid answer, the judge may require the lender to give you a reasonable amount of time to work things out. However, if you simply haven’t made your payments the judge will rule in favor of the lender and the foreclosure will go forward.
The good thing about the hearing is that it sometimes takes some extra time to be scheduled. And, let’s say you are trying to use a short sale to save your credit, this extra time may be important.
If you do not file an answer within the 20 day period or if the judge rules against you at the hearing and doesn’t allow you more time, the lender’s attorney will file a motion for a Summary Judgment Hearing. This is another hearing which will be scheduled before the judge. It could take place in a few days or weeks depending on how busy the judge is and how aggressively the Lender’s attorney acts.
The Plaintiff (Lender) is required to give notice to all of the defendants as to the time and place of the Summary Judgment Hearing. If it is difficult to find and serve the defendants it slows the process.

The Summary Judgment Hearing (45 days)
At this hearing the Lender’s attorney will present the case against you. You may give testimony if you are present. The judge will most likely rule against you and find you in default of the mortgage. The Summary Final Judgment will show the amount you owe the lender including principal, interest, attorney fees, expense, and court costs.

Foreclosure Sale Date (75 days)
The next step is that the Judge sets a foreclosure sale date which is usually 30-45 days after the hearing. This is when the property will be sold on the Courthouse steps. This date is sometimes extended due to legal holidays or by agreement of your lender.

Equitable Right of Redemption
The foreclosure sale is final and your right to “redeem” the property is over. You cannot suddenly pay off the mortgage and save your house. There is a period of time after the sale that the court reviews the sale to ensure that everything is in order. During this time someone could object to the sale on the basis that proper procedures were not followed. This period is usually 10 days, after which the Certificate of Sale is filed and title passes to the new owner.

Sheriff’s Set Out (85 days)
At this time if you have not moved out of the house, the Sheriff may show up to put you and your belongings into the street. If you go back into the house you would be trespassing.

Information Links

Promissory Note Discovery

Rescind Your Mortgage

Truth In Lending Act – PDF

Mortgage Forgiveness Debt Relief

Foreclosure Dismissal

RESPA ACT – Loan Regulations

Foreclosure Counseling Assistance

Foreclosure Prevention Act of 2008