foreclosures

FHA EXPANDS HELP TO ALL ELIGIBLE BORROWERS TO AVOID FORECLOSURES

By Miriam Raftery

Photo: CC-NC-SA via Bing

February 16, 2023 (Washington D.C.) - To help homeowners during this time of rising interest rates, the FHA has announced that its programs to help homeowners impacted by COVID-19 has been extended to help ALL eligible borrowers who are struggling to avoid foreclosure, regardless of the reason for their hardship. These tools will be available for at least the next 18 months.

During the COVID-19 pandemic, over 2 million homeowners were able to stay in their homes thanks to programs that allowed them to obtain loan modications or forbearances.

“Although the pandemic has ended, the economic effects will remain a challenge for the foreseeable future,” said HUD Secretary Marcia L. Fudge. “These impactful and effective foreclosure prevention tools will help struggling borrowers find the right option to help them get back on their feet and keep them in their homes. These tools have been so successful already, which is why FHA worked to enhance them further and include more borrowers.”


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WILL BILLS TO PROTECT AGAINST FORECLOSURE WIN PASSAGE IN TIME TO SAVE HOMES AND BUSINESSES? WHAT YOU NEED TO KNOW TO PROTECT YOUR PROPERTY

By Miriam Raftery

August 4, 2020 (San Diego) – Five months into the COVID-19 crisis, many Americans still remain jobless, with millions of businesses shut down or operating at reduced revenues.  Unemployment benefits and stimulus check funds are running out for many who are struggling to pay their mortgages. Bills to provide long-term protection against foreclosure due to the pandemic have thus far stalled in Congress and the California Legislature, though a revised bill in Sacramento still offers hope for some. 

A measure to protect some commercial property holders is also in the works, such as hotels, retail, apartments/condominiums, industrial and commercial offices.

But will these measures win passage in time to prevent mass foreclosures, if they are enacted at all?  The federal CARES ACT in March temporarily halted foreclosures for nonpayment due to COVID-19 on federally backed home loans, an action Congress extended short term until August 31. Many other property owners have had no protections at all. On July 31, the $600 a week extra unemployment benefit also ended, putting more Americans in dire straits.

Advocates say impacted consumers and business owners should let their legislators know of their needs. Among our local legislators, some have been supportive and one is a coauthor of Congressional legislation. But others have been tone deaf, including an East County legislative representative who voted against mortgage relief for homeowners.


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GOVERNOR GAVIN NEWSOM ANNOUNCES MAJOR FINANCIAL RELIEF PACKAGE: 90-DAY MORTGAGE PAYMENT RELIEF DURING COVID-19 CRISIS

Newsom announces financial institutions will provide relief for vast majority of Californians; financial institutions agree not to negatively impact credit reports as a result of accepting payment relief

By Miriam Raftery

File photo during rally in Ramona to stop foreclosures during prior mortgage foreclosure crisis

March 29, 2020 (Sacramento) -- Governor Gavin Newsom announced on March 25 that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak.

Newsom secured support from Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners. (The order does not apply to commercial mortgages, however some cities have adopted broader protections.)

“Millions of California families will be able to take a sigh of relief,” said Governor Newsom. “These new financial protections will provide relief to California families and serve as a model for the rest of the nation. I thank each of the financial institutions that will provide this relief to millions of Californians who have been hurt financially from COVID-19.”

Under the Governor’s proposal, Californians who are struggling with the COVID-19 crisis may be eligible for the following relief upon contacting their financial institution:


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FORECLOSURES DROP NEARLY 40% IN CALIFORNIA DUE TO NEW LAW PROTECTING HOMEOWNERS

 

By Miriam Raftery

February 14, 2013 (San Diego) – Just in time for Valentine’s Day, here’s some news homeowners will love.  In California, foreclosure filings plunged 39.5% from December to January – the first time since early 2007 that California did not have the highest foreclosure rates in the nation. Nationally, foreclosures have fallen too, though far less steeply: 11% from December to January, and 28.5% from a year ago.

What’s fueling the sudden change?  According to Mortgage Daily News, the state and national shifts are due to California’s new Homeowners Bill of Rights, passed by the Legislature at the request of California Attorney General Kamala Harris (in photo, left, with Governor Jerry Brown).


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HOMEOWNER'S GURU: IS IT A GOOD TIME TO BUY OR SELL A HOME?

 

 

By E.V. Small

February 5, 2013 (San Diego County)--For the past two years this question was extremely easy to answer. The combination of historically low interest rates and abundant inventory due to the record number of foreclosures has resulted in the lowest housing cost in decades.


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SOUTHERN CALIFORNIA REAL ESTATE MARKET FINISHES STRONG AT END OF 2012

Foreclosures down 41% in California and 19% nationwide

By Kurt Wannebo

January 5, 2013 (San Diego)--The year 2012 has become the critical turning point in this downward market that began many years ago. Analysts will say that the real estate market started its downward trend in 2008, however, through my work I was able to see indicators and pockets of areas starting to decline as early as 2006. 


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EAST COUNTY ROUNDUP: TOP LOCAL AND STATE NEWS

October 18, 2012  --  (San Diego’s East County)--East County Roundup highlights top stories of interest to East County and San Diego’s inland regions, published in other media. This week’s top “Roundup” headlines include:

STATE

  • Foreclosures drop dramatically statewide (Sacramento Bee)
  • Cal-Pers approves 85% rate hike for long-term care (Sacramento Bee)

LOCAL

  • State denies SDG&E bailout (10 News)
  • Judge delays SDG&E trial amid noose talk (UT San Diego)
  • San Diego Supervisors vote to charge poor for their Sixth Amendment rights (Citybeat)
  • Lawsuit says police shouldn’t decide who is a reporter (UT San Diego)
  • Unplugging wind subsidies: Looming end of wind (UT San Diego)
  • Bilbray, Peters spar in first debate (UT San Diego)
  • The race for La Mesa (La Mesa Today)
  • State Treasurer: Fire Poway bond staff (Voice of San Diego)
  • CPUC launches  probe of San Onofre, its costs (UT San Diego)
  • Charter school in La Mesa ranked eighth in state in API scores
  • Real DeMaio doesn’t live up to ‘taxpayer watchdog’ name (Voice of San Diego)
  • SDGLN won’t accept pro-Filner ads (CityBeat)
  • Trailer Parks in La Mesa? One Council Candidate Welcomes the Idea 

Read more for excerpts and links to full stories.


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EAST COUNTY ROUNDUP: TOP LOCAL AND STATE NEWS

 
July 26, 2012 --  (San Diego’s East County)--East County Roundup highlights top stories of interest to East County and San Diego’s inland regions, published in other media. This week’s top “Roundup” headlines include: 
 
 
 
 
 
 
STATE
  • Health insurance rebates due next week across California  (Sacramento Bee)
  • California Parks Director resigns amid scandal (Sacramento Bee)
  • Prop 32 opponents blast measure as flawed, unfair (Sacramento Bee)
  • 4th night of unrest in Anaheim as protesters confront police (San Diego Free Press)
  • Will California’s controversial desalination plant get off the ground?  Here’s the last hurdle it faces (Alternet)
LOCAL
  • Foreclosures plummet in San Diego County (UT San Diego)
  • Council won’t sign PBID yet (La Mesa Today)
  • San Diego: America’s Olympic capital (UT San Diego)
  • Lakeside’s Long new face of Olympics (UT San Diego)
  • Abuse of power allegations levied against Border Patrol (10 News)
  • Video shows border agent destroying water for migrants (10 News)
 
Read more for excerpts and links to full stories.

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FROM THE REAL ESTATE TRENCHES: THE BIG PICTURE, PLUS LOCAL REAL ESTATE NEWS

 
By Charlotte Reed, REALTOR, SRES CRS
Windermere SoCal Real Estate La Mesa Branch
 
July 13, 2012 (San Diego’s East County) –This week in the real estate trenches, we bring you some “big picture” news of landmark state legislation and a major federal court case settlement, both of which have major ramifications for our local real estate market, lenders and consumers. We also include some local news highlights of interest to the East County real estate community. 

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GOVERNOR SIGNS HOMEOWNERS BILL OF RIGHTS INTO LAW


July 11, 2012 -- Marking a major milestone for Californians and all Americans, the Homeowners Bill of Rights, a package of bills sponsored by Attorney General Kamala D. Harris that gives homeowners important new protections and places restrictions on how aggressively banks can foreclose, was signed into law today by Governor Brown.


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SAN DIEGO COUNTY LIBRARIES OFFER HOME CLINICS THROUGHOUT THE COUNTY

 

March 13, 2012 (San Diego) – Foreclosures and notices of default remain a problem for many in the county.  The San Diego County Library is sponsoring HOME Clinics at branches throughout the county during 2012 to help homeowners get the information they need.  The clinics provide homeowners in distress with the opportunity to speak with professionals regarding their options as well as educational sessions on how to keep their home.  


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THE WOMAN WHO STOOD ALONE AGAINST THE “THIEVING BANKS”

How Kamala Harris played hardball and won $18 billion to help California homeowners 

Story by Miriam Raftery, photos by Ron Logan

February 13, 2012 (San Diego) – Last September, the U.S. Department of Justice and attorney generals from other states were ready to sign a multi-state settlement of misconduct by banks that resulted in foreclosures.  The deal on the table? An estimated $4 billion or less for California, the state hardest hit by the foreclosure crisis. Moreover, no wrongdoers would be prosecuted.

So California’s Attorney General Kamala Harris stood up—and walked out. 

Her actions led to a dramatically different settlement reached last week that is expected to ultimately reach $40 billion—including an estimated $18 billion for California and $1.5 billion for San Diego homeowners.


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FROM THE REAL ESTATE TRENCHES

By  Charlotte Reed,  Realtor, SRES, CRS
 
Real Estate is my business…my only business
 
A weekly column that focuses on Real Estate news that will have an impact on buyers and sellers of real estate in San Diego East County.
 
February 13, 2012 (San Diego’s East County) -- This week’s top real estate stories are:
 
  •         Big Bank/Feds settlement
  •         Free Homeowners counseling
  •        Weekly ESDCAR meeting 

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SUSAN DAVIS URGES PRESIDENT TO APPOINT HOUSING AGENCY DIRECTOR, BYPASS SENATE STONEWALLING


February 1, 2012 (Washington D.C.)--
Congresswoman Susan Davis (D-San Diego), along with 27 other members of Congress, called upon President Obama to make an immediate appointment for the Director of the Federal Housing Financial Agency (FHFA).


“Reigniting the American Dream and expanding on our nation's economic recovery is contingent on restoring the housing market to the pillar of economic strength it once was," said Rep. Davis.  “We need a director in place at FHFA who can guide that effort and help middle class families avoid foreclosures and keep them in their homes.”

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PROTESTS MOUNT AGAINST BIG BANKS STATEWIDE AND LOCALLY


HOMEOWNERS & COMMUNITY MEMBERS ASK PUBLIC TO SUPPORT LEGISLATION TO SLOW FORECLOSURES; RAMONA CITIZENS LAUNCH NATIONAL REFORM CAMPAIGN

 


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SENATOR BOXER ANNOUNCES RESOURCES FOR STRUGGLING HOMEOWNERS AS FORECLOSURE RATES IN SAN DIEGO SOAR

 

March 7, 2011 (San Diego) – Foreclosure rates in San Diego County are five times higher than normal, the real estate data firm Foreclosure Radar reports, according to a March 3rd article in the North County Times.

 


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READER'S EDITORIAL: RAMONA FORUM ANNOUNCES FRIDAY RALLIES AT BANK TO STOP FORECLOSURES

"Don't wait for your town to be devastated. Take action Now! Here's an example of what you can do.  Pass this on." -- Dave Patterson


By Dave Patterson
 


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DOLLAR-WISE DIVAS: ARE YOU IN DANGER OF LOSING YOUR HOME? FREE LOAN MODIFICATION ASSISTANCE

 

Share creative ideas to assist people of all ages with tips to save money and improve their lifestyle!

 

By Nancy and Dawn Clement


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BIG BANK BACKS DOWN--FOR NOW; HALTS FORECLOSURE ON CANCER PATIENT'S HOME AS CONGRESSMAN LEADS VIGIL

 

By Miriam Raftery
“I hope this will spread across America.” - Congressman Bob Filner at a pre-dawn rally, where he announced that Union Bank called off plans to have the Sheriff issue a foreclosure notice today to evict a woman and her child with cancer


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CONGRESSMAN FILNER TO LEAD COMMUNITY RALLY TO SAVE CHILD WITH CANCER FROM LOSING FAMILY HOME TO FORECLOSURE IN BONITA


East County News Service

September 13, 2010 (Bonita) – Congressman Bob Filner (D-San Diego) is urging  the public to join him in a massive demonstration against foreclosures.


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ANDERSON BILL TO PROTECT HOMEOWNERS FROM FORECLOSURE AWAITS GOVERNOR’S SIGNATURE

October 8, 2009 (San Diego’s East County)—AB 1046, authored by Assemblyman Joel Anderson (R-Alpine) has passed both houses of the Legislature unanimously and is now on the Governor’s desk. If enacted, would protect homeowners from having their home seized by creditors as payment for debt that is unrelated to their mortgage.

 

“Hard times can fall on anyone and it is important to have basic legal protections for their greatest investment - their life savings,” Anderson said.


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REPORT: FORECLOSURE MEDIATION PROGRAMS’ POTENTIAL TO HELP HOMEOWNERS NOW IN JEOPARDY DUE TO LACK OF INDUSTRY ACCOUNTABILITY

 

National Consumer Law Center Looks at 25 Programs in 14 States Including California: Mediation Programs Seen as Faltering

 

October 7, 2009 (Washington D.C.)--A spate of new state and local programs that have emerged over the last year requiring mediations or conferences before foreclosures sales take place have great potential to help homeowners, but are suffering from the same lack of industry accountability that has plagued voluntary federal mortgage modification programs, according to a major new study from the nonprofit National Consumer Law Center (NCLC).


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GOOD MONEY: SEIZE THE OPPORTUNITY! UNDERSTAND THE INCENTIVES FOR FIRST-TIME HOME PURCHASERS


Editor's  Note:  Our columnist, Judith Seid, has been a featured guest on NBC and San Diego News Network recently, for those who want more of her "Good Money" advice.


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ASSEMBLYMEMBER BLOCK TO HOST 2 PUBLIC EVENTS THIS WEEK: OPEN HOUSE & FREE CLINIC FOR DISTRESSED HOMEOWNERS

July 5, 2009 (Lemon Grove)-- Assemblymember Marty Block (D-78) will host an open house at his DistOffice in Lemon Grove on Friday, plus a free clinic in Bonita on Saturday for homeowners facing foreclosure.

 


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EL CAJON LAUNCHES PROGRAM TO PREVENT HOME FORECLOSURES

June 1, 2009 (El Cajon) If you're a homeowner in need of help to avoid foreclosure, take heart! Starting today, the City of El Cajon is offering help through a new Homeownership Foreclosure Program (HFP). The HFP Program provides a toolbox of alternatives for low and moderate-income homeowners of properties within the incorporated City of El Cajon who are in jeopardy of losing their homes.


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