Loan Modification and Foreclosure Help at San Jose Community Event

As I mentioned it on the previous post, there will be a big community event held at Independence High school in San Jose on August 20, 2008 aimed to help homeowners struggling with their mortgage payments and much more.

Following is more detailed information about the services that will be provided at this community event.

As people looking to do a loan modification come in, they will be greeted by REALTORS®, including myself, who decided to donate time and effort to help the community. We will make sure that you have filled out the “Intake Form” and direct you to your lender or to a HUD approved counselor. Because this is a community event, DRE staff will be there making sure nobody is soliciting for business at the event.

When you are directed to your participating lender, you will have the opportunity to meet face to face and negotiate a loan modification on the spot. The caveat here is that you have to come prepared and bring all the required documents listed on this “Intake Form.” In addition to those documents you may also use this “Financial Worksheet” to give yourself and the lender an overview of your financial situation in order to qualify for the loan modification. Use the form I am providing you, only as a guideline to show your monthly income and expenses.

Because the main goal at this event is to do loan modifications, family members that are helping with the mortgage payments must also bring their pay stubs even if they are not in the original loan documents. Loan modifications are based on your total combined net income (take home income) not your gross income.

The lender representatives that will be attending this event are absolutely the right people if you are looking to do a loan modification. They are coming prepared for this event and they will be doing loan modifications on the spot for qualifying homeowners.

If you are not directed to your lender, it is probably not participating at this event. However, you will receive help even if your lender is not present.

HUD approved counselor will look over you documentation and the details of your situation. They will help you decide which course of action you should be taking. The HUD approved counselors available at this event are from Project Sentinel, Neighborhood Housing Services Silicon Valley and Asian Incorporated. HUD approved counselors from Acorn Housing may be available at the event as well but this has not been verified yet. CAMB approved counselors will be present also to help manage the large amount of people needing counseling at the event. They also are not allowed to solicit business.

If presently you don have the documents listed on the “Intake Form,” you should contact the title company where you signed the documents or your previous mortgage broker and ask them for a copy of those documents. If you for any reason you cannot gather all the documents, you should still attend this event because you will receive the much needed counseling you are seeking. Loan modification may be done if your lender is present and you don’t have the required documents but the response may not be as fast so come prepared.

For those who require legal advice, participating non-profit legal aid organization like Bay Area Legal Aid and Counsel on Aging will be present to review your situation. DRE enforcement staff also will be available if you believe there was fraud committed in the purchase, sale or refinance of your home. You may present a formal complaint by bringing the necessary documentation and completed form to this event.

Santa Clara County Assessor’s office staff will also attend this event to help homeowners re-assess their property taxes and lower their property tax bill.

So to summarize this event, everyone with an ARM loan coming due for an adjustment or with a loan that has already adjusted; everyone that is late with their mortgage even if you already have the “Notice of Default;” everyone struggling to make their mortgage payments on their primary residence or investment home; everyone looking to do a loan modification; everyone seeking legal counseling; everyone wanting to present a formal complaint to the DRE, everyone looking to reduce their property tax bill is welcomed at this event from 4pm to 8pm on August 20, 2008 at Independence High school in San Jose.

Although the City of San Jose is only communicating San Jose residents about this event, I want you to use this information and invite everyone that needs a loan modification or counseling in cities and counties nearby because NOBODY seeking help will be turned away.

Last but not least, there will be no charge for the services provided at the event.

[Update] News Article on the San Jose Mercury News about this event: Session to aid homeowners facing foreclosure

Visit my YouTube Channel

Comments

4 Responses to “Loan Modification and Foreclosure Help at San Jose Community Event”

Loan Modification, Foreclosure Prevention and HUD Counseling Event in San Jose : San Jose-Santa Clara County Real Estate UNCENSORED on September 3rd, 2008 9:12 AM

[...] have been invited, along with some SCCAOR members, to help in the “Foreclosure Prevention and Rescue Fair” in San Jose on August 20, [...]
Joe Aldeguer on February 12th, 2009 1:20 AM

Make sure to know the state of your finances before contacting your lender. Determine how much income you’re bringing in each month, how much you’re paying in bills and where you can cut costs. Just a tip! J
Ney on February 12th, 2009 6:47 PM

Joseph Aldeguer,

Thanks for the tip.

I notice you left a link for a 2005 NYTimes news article. This article names you and your ex-wife, Jill Moore, as co-owner of the Mortgage Exchange company. However, records show that the Department of Financial and Professional Regulation Division of Banking in the State of Illinois has revoked your the license for your business located in Chicago.

One reason for the revocation is documented violations of the Residential Mortgage License Act and failure to allow the Department to conduct a special examination of your business and/or records.

In the NYTimes article, it is mentioned that you instructed a borrower to use a risky Option Arm loan to pay off credit cards and get out of debt. Did you seriously think that was good advice? Don’t you think that was a scheme to “rob from Peter to pay Paul“?
Foreclosure Help - Preserving Our Community : San Jose-Santa Clara County Real Estate UNCENSORED on April 16th, 2009 10:31 PM

[...] you may remember, towards the end of last year, the first “Foreclosure Prevention Fair” was held in San Jose and it was a success with homeowners receiving loan modification at the event. This year, we expect [...]