Foreclosure Victims to Get Help In San Jose

Posted on August 25, 2008
Filed Under Foreclosure Homes |

There is the possibility that foreclosure victims will get help. Their mortgages will be reconsidered by representatives of banks at a fair to be hold in San Jose. There is every probability that the loans will be modified there and then. This will make it possible for them to avoid foreclosure and continue to stay in the houses that are their homes. Robert Lopez of San Jose Housing Department said that this has been their main target from the very start. The Housing Department is co-sponsoring the event.

Borrowers facing foreclosure have had the sad experience of finding it difficult to contact the banks over the telephone. It took up a lot of time. This frustration can be overcome at this free event when the borrowers can come directly in contact with their mortgage lenders and or their servicers. The workshop has been organized by the city partnering with Don’t Borrow Trouble Silicon Valley (non-profit group) and California Department of Real Estate.

On the lender’s side would be representatives of Countrywide, GMAC, Washington Mutual as well as Wells Fargo. The documents of those under threat of foreclosure will be reviewed to find out if they fulfill the basic conditions required for qualifying for modification. These modifications include reduction of interest that will make the mortgage affordable for them. This is the first time that such a workshop is being held in South Bay targeting individual borrowers boiling in the foreclosure soup.

The participants can also seek assistance from HUD (Housing and Urban Development of USA) for counseling in foreclosure related matters. Local counseling bodies like ACORN, Asian Inc, Consumer Credit Counseling Services, Neighborhood Housing Services Silicon Valley as well as Project Sentinel would also be present.

Among other groups to be present mention may be made of Bay Area Legal Aid, California Association of Mortgage Brokers – Silicon Valley, California Department of Real Estate, Fair Housing Law Project, Santa Clara County Association of Realtors as well as Council on Aging Silicon Valley.

Those borrowers who are anxious to have their loans reviewed seeking modification it is mandatory for them to bring certain documents – latest mortgage statement, original mortgage papers, bank statements and income proof as well as tax returns of the past two years. Those who have tenants in their house must also bring copies of the lease contract or particulars of agreements with roommates.