Updates on Foreclosure Moratorium




 

I received an email today from Chrissy Neumann of Keller Williams Real Estate.  She found some interesting information on Bank of America’s website, the Washington Post and the Atlanta Business Chronicles regarding the moratorium on foreclosures.  As we all know, this is changing literally by the day, but Chrissy has done a pretty good job of assembling a Q & A here that I thought folks might find helpful.  Thanks Chrissy!

 

Chrissy Neumann  www.CastlesByChrissy.com

There has definitely been a lot of "late breaking news" this week and last in regards to major mortgage holders STOPPING the foreclosure process.  We have been inundated with questions and comments as to how this will effect us.   As your real estate consultant, we wanted to share with you what we know to date.  This is changing daily right now, so we will keep you informed as we learn more.

Bank of America, the nation’s largest bank, said it was halting all foreclosure sales nationwide, and industry sources said J.P. Morgan Chase, the nation’s second largest bank, will expand its freeze in 23 states to a handful of others. PNC Financial Services has stopped some foreclosure proceedings, according to an industry lobbyist and a title insurance company. A PNC spokesman, Frederick Solomon, declined to comment on whether the lender was halting foreclosures. He said the bank was reviewing its procedures.

The Obama administration rejected calls for a nationwide moratorium on housing foreclosures amid fears that such a move could cripple an already slow recovery of the U.S. housing market.

Banks are expected to take over a record 1.2 million homes this year, up from about 1 million last year, according to real estate data company RealtyTrac Inc.

Foreclosures made up nearly one in four U.S. homes sold in the second quarter.

Questions and Answers:

Does this mean that Bank of America has announced a moratorium on all foreclosures?

No, this is not moratorium.  We will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time.

What is a foreclosure sale?

After a severely delinquent customer goes through the foreclosure proceedings, their home becomes property of the investor or bank.  At that time, the home is sold at public auction. It is only after that time that a customer may be evicted from their home.

How long will Bank of America stop foreclosure sales?

We will stop all foreclosure sales until our assessment has been completed.  After that time, foreclosure sales will be rescheduled.  It is estimated that we will begin the process of rescheduling foreclosure sales on Nov. 1 or earlier.

What does this mean for customers currently in the foreclosure process?

We will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time.  Foreclosure sales scheduled for Sat., Oct. 9 or later will be stopped and rescheduled, as appropriate, at a later date.

What should customers do as a result of the announcement?

Customers do not need to take any specific action as a result of the announcement.  Foreclosure attorneys have been informed of the postponement of all foreclosure sales as of Oct. 9. We will continue to follow our existing process of informing customers who are in the foreclosure process of the status of their loan.  Should a customer have any questions, they can contact customer service at 1.800.669.6607.

Why is the bank taking this action?

Due to questions raised about the foreclosure affidavit signing process, we are taking these steps as a precaution as we review our process for handling foreclosure documents.   Our ongoing assessment shows the basis for foreclosure decisions are accurate.

Does this mean Bank of America has been wrongfully foreclosing on customers?

No. Our ongoing assessment shows the basis for foreclosure decisions are accurate.

What does this mean for Bank of America’s previous announcement about delaying foreclosures in 23 states where courts have jurisdiction over foreclosures?

We have now extended our review of foreclosure documents to all fifty states.

What is a foreclosure affidavit?

A foreclosure affidavit is a legal document filed with the Court that provides a summary of information about the foreclosure, the property and the amount that is owed on the note.  In 23 states where the courts have jurisdiction over foreclosures, an affidavit of indebtedness must be submitted before proceeding with the foreclosure.

In which of the states do the courts have jurisdiction over foreclosures?

There are 23 states: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

Will listing be pulled from the REO brokers based on the announcement today?

The announcement does not impact the selling of homes that have previously gone through the foreclosure process and are currently being marketed by Bank of America as an REO property, or are currently under contract with a buyer. We are proceeding as we normally would with marketing and closing those properties. Only properties currently in a foreclosure or eviction status are affected by the announcement.

What does this mean for borrowers currently in the foreclosure process and who have been assigned a foreclosure sale date of Sat., Oct. 9 or later?

These foreclosure sales will be stopped.  Foreclosure attorneys have been informed of this stoppage and a new foreclosure sale date will be scheduled after the completion of our assessment.  It is estimated that we will begin the process of rescheduling foreclosure sales on Nov. 1 or earlier.

What does this mean for borrowers who previously went through foreclosure and had their property sold in a foreclosure sale before Sat., Oct. 9?

The foreclosure sale will stand and the process will continue as scheduled.

Will borrowers who have gone through a foreclosure sale – and are still in their home – be evicted?

Impacts to post foreclosure sale activities will be determined based on property ownership.

•             If Bank of America takes ownership of the property after foreclosure sale (REO), Bank of America will not evict the occupants.

•             If the loan is property of a third-party investor, Fannie Mae or Freddie Mac, they will take ownership of the property through their own REO process and will make a determination whether or not to evict occupants.

If a borrower has gone through foreclosure sale and their loan/property is now owned by a third-party investor or Fannie Mae or Freddie Mac, how can they determine if they will be evicted?

Eviction proceedings on properties owned by third-party investors, Fannie Mae or Freddie Mac are governed by those parties.  Borrowers or their foreclosure attorneys will be informed of those decisions.

Hopefully we were able to answer most of you questions with this email. However, if you have a question left unanswered please email us at chrissy@CastlesByChrissy.com

 

 

 

 

 



Divorce Recovery – Getting off the Emotional Roller Coaster




We know that divorce is an emotional train wreck for most people.  According to the Holmes & Rahe Social Readjustment Rating Scale, divorce and marital separation are 2nd and 3rd respectively on this list (death of a child or spouse rank 1st) as the most stressful events that someone can experience in life.

So many of my clients ask when they will begin to feel “normal” again.  Know that some people take longer to recover from the effects of divorce than others.  Recognize that what you are experiencing is normal as you go through the grieving process in what can be considered the death of a marriage and define a new "normal" for yourself to reclaim your life.  

I strongly believe in surrounding yourself with a good support system for whatever challenges happen in one’s life.  There is no reason to go it alone when there are many support systems out there to avail yourself to, on and offline.  I recommend folks look for a therapist or a divorce coach to help guide them to recovery from their experiences.  Like other life challenges, divorce can lead you to grow and become who you really are.

I hope you’ll join me tonight for this month’s Divorce Speak teleseminar - Divorce Recovery: How to Regain Your Balance After Getting Off the Emotional Roller Coaster of Divorce when I interview Joanie Winberg from the National Association of Divorce for Women and Children for more great tips on divorce recovery.

 



“Prosperity is a great teacher; adversity is greater.” ~ Patricia Neal




I received an email today from somone who had been so touched by Patricia Neal many years ago, that he still had a copy of a WSJ article written about her 20 years ago!  After reading the article they forwarded, I understand why.  Here it is for your review as well. 

By the way, I was blessed to have breakfast with this wonderful woman when I was just 12 years old after winning a contest at a local radio station.   What a magical day that was!  May her spirit continue to shine down on all who face challenges in life. ~ Lisa

 

This is the exact text of the WSJ profile as it appeared over twenty years ago.  

 

++++++++++++++++++++++++++++++++

 

On Staying Power

 

Patricia Neal has become a symbol of triumph over tragedy. Born in a Kentucky coal mining camp, she went on to Broadway and Hollywood stardom, but found herself losing a daughter to measles while struggling to rehabilitate a son hit by a car. She later returned to films and won an Oscar for Best Actress. Then while pregnant again, she suffered a series of three massive strokes that left her in a comma for weeks. When she awoke, she was partially paralyzed, unable to speak or walk, and seeing double. 

One again, she fought her way back. Today, she acts, lectures around the world, and devotes much of her time to the recently opened Patricia Neal Rehabilitation Center in Knoxville, Tennessee.


“Life has no smooth road for any of us. As we go down it, we need to remember that happiness is a talent we develop, not an object we seek. It’s the ability to bounce back from life’s inevitable setbacks. Some people are crushed by misfortune. Others grow because of it. Everything worthwhile is at first difficult.  

After my stroke, I was like a ship at sea in a dense fog; a white darkness shutting me out. I was paralyzed, speechless, and had double vision. The doctor told my husband, ‘I saved her life, but I’m not sure I have done you any favors.’ The doctor also said I could hope for virtually no further improvement after two years. I, and the friends who helped me proved him wrong.  

We should all be proud of our accomplishments but never disheartened by our setbacks. I’ve been struck by tragedy. But each time I’ve struggled back to continue life’s voyage.  I like the way Carlyle put it. ‘In idleness alone is there perpetual despair. There is always hope in a person who earnestly works.’ We only fail if we fail to try.

The number of lucky breaks we get in life is not as important as what we do with them. My professional debut was as an understudy filling in for another actress. I walked onto that stage and gave the performance of my life. Or so I thought. I was actually too young for the part and was replaced two and a half weeks later.  But it was a start. And I set even higher goals. 

The trick is to never get comfortable, to constantly put ourselves to the test. People don’t wear out. But they often rust out.  

Acting is the most marvelous and exciting and enjoyable thing that I know. It is my life. I am constantly reading scripts, always looking for those wonderful character roles I want to play. Watching people battle back from despair and helping them cope with their problems is an even greater joy, though. Much of my time now is devoted to speaking to stroke and accident victims and raising funds for the Patricia Neal Rehabilitation Center. 

These struggling people have taught me a great lesson. Never close your door on a setting sun.

The greater the difficulty, the more glory in surmounting it.

I know one young man who spent a month at the Center coming back from an accident that’s left him paralyzed from the waist down. Since his release, he has married and opened a successful business. From his example, and many more like him, I find new meaning in the old seaman’s saying, ‘Skillful pilots gain their reputation from storms and tempests.’ What is easy is never valued. Constant success shows us only one side of life. We’re never forced to stretch and grow.  

We should never forget that the strongest souls, the most massive characters are covered with scars.  

Prosperity is a great teacher; adversity is greater. One pampers the mind, the other trains and strengthens it. Adversity brings out talents which in prosperous circumstances would have lain dormant. As Byron said, ‘A man can see farther through a tear than a telescope.’ Misfortune forces us to focus on our strengths and develop them more fully. And that makes us better people.

 

++++++++++++++++++++++++++++++++++++

 

May your adversity be your teacher and may you never close your door on a setting sun. Patricia Neal was 84.

Sent by Nathan Clakley – Raymond James.



Allowing the gifts within…




This is a beautiful video that I hope you will enjoy.  Lessons on love and letting go, letting be and finding the true gifts within.



Is it time to Declare Your Own Independence?




Happy 4th of July!  This all American holiday brings lots of happy memories for many of us…small town parades, picnics, watermelon seed spittin’ and of course, fireworks!  I was born in Philadelphia, the place where our nations Independence began.  The Liberty Bell has always held a special significance for me.  Here’s a great resource to learn more about this icon of American independence. http://www.ushistory.org/libertybell/  

So today, I encourage you to look within and see if there are there any parts of your life that need a Declaration of Your Own Independence?  Here’s some ideas for you…..Are you ready to fight for a faltering marriage?  Is it time to step out of a bad situation and move on to divorce?  Are you ready to stand up and fight for what is rightfully yours?  Have you looked at your finances lately and declared independence from debt woes?  Is it time to divorce your debt?!

Our country’s forefather’s fought for our freedom so that we could make our own choices, declare our own destiny and then live freely with "life, liberty and the pursuit of happiness."  Are you living the life that they wished for you?  Are you living the life that you wish for yourself?  Is it time to Declare Your Independence?!

Wishing you a safe and happy holiday!



Help for a divorcing parent of a teen!




 

Hi Lisa,
 
I’m trying hard to get through this divorce mess in the best way possible. My teenage son on the other hand is really acting out. My soon-to-be ex-husband seems to be non-existent right now so I feel the weight of all of this coming down on me and don’t know where to turn. Can you offer any ideas?
 
 
P.R., Philadelphia, Pa.
 
 
P.R.,
 
 
As you know, divorce is difficult enough for adults who are supposed to have the maturity to act maturely, even though some do not. It can be even tougher on children and teens who are already dealing with the tumultuous time of adolescence.
 
I encourage you to find yourself and your son, a therapist for each or both of you who you feel comfortable working with. A therapist or counselor can offer guidance and suggestions on how to deal with the emotions of divorce and offer positive coping mechanisms. Many places in the country offer support groups online and off as well. Avail yourself of whatever resources you need to bring you comfort and strength right now. 
 
We all know that the teen years can be trying for any parent, divorcing or not. Be the example that you want him to see. You cannot change what his father is doing or not doing, but you can control how you react and the things that you say. Remember that you may be divorcing your husband, but he will always be his son’s father and so avoid the temptation to say negative things in front of your son as hard as that may be.
 
 
Best regards,
 
~ Lisa ~
 
 
 
©2008-2010 Lisa C. Decker, CDFA™ All Rights Reserved.

 



Identity theft feeding frenzy!




 

This is an alarming story.  It pertains to commercial copy machines that have hard drives which retain information and are susceptible to identify theft.  Everyone needs to know this problem exists and demand the problem be addressed immediately!  If you work in a facility with commercial copiers this should be passed along. 
 
Here are the two CBS pieces on the copy machine problem-

First report

http://www.cbsnews.com/video/watch/?id=6412572n&tag=mg;mostpopvideo

follow up report

http://www.cbsnews.com/video/watch/?id=6493270n&tag=embedFD

 
 
I have resources that can help with identity theft issues if you have interest or need.  Contact me directly through my website if you need more information.

 



New Date for FREE Teleseminar – “Keeping the Peace When it Comes to the Kids” with Mike Mastracci.




 

Monday, May 24, 2010
7:00 pm EST
 

Mike Mastracci is a nationally recognized family law attorney, mediator and collaborative divorce practitioner with over 20 years of professional experience. He is the author of the award winning book: Stop Fighting Over the Kids: Resolving Day-to-Day Custody Conflict in Divorce Situations. Mike lives and practices law in Baltimore Maryland and he knows that having the right lawyer can make all the difference. I hope you will take full advantage of Mike Mastracci’s expertise, and make note of any questions you want answered. You will have an opportunity to ask any and all questions during the Q and A segment of this FREE Teleseminar. Lines are limited, so claim your spot today. 

 
Sign up here –
 

 



Don’t Miss these Final Financial Details in Divorce




 

By Lisa C. Decker, CDFA™
 
 
Moving into the next chapter of your life means wrapping up old business so that you can stay focused on the future. Here are a few helpful tips to make sure that you don’t leave open any doors that really should be closed for good.
 
Some parting items that you and / or your attorney may need to deal with when your divorce decree is handed down.
 
Assets: 
·         Remember to separate all accounts and change titles where applicable.
·         For investment accounts it is most important to change your beneficiary designations as these will override what is written in a will. If this step is missed your ex could end up with assets you did not intend for them to have.
·         Don’t forget to have your attorney file QDRO’s if you have qualified funds to split as a part of your divorce settlement agreement.
 
Debts:
·         Remember to separate all accounts and change titles where allowed.
·         If you are still liable for joint debts that could not be separated before the divorce was final, then make it a top priority to get your name removed from as many joint debt accounts as possible now and when able in the future (such as when the primary residence can be refinanced).
·         Make sure to review your credit reports from all three agencies in 3-6 months after the divorce is finalized and correct any errors you may find.
 
Liabilities:
·         Make sure that your divorce decree handles what will be done with any joint taxes that may be owed or refunded. This includes federal, state, local, property and potentially others.
 
Protection:
·         Be sure to visit an estate planning attorney and have your wills changed.
·         Change beneficiaries on all life insurance policies. As with investments, these beneficiary designations override a will.
·         Change and remove spouse from other insurance policies – Health, Homeowners, Auto, Umbrella, etc.
 
 
Support:
·         If you are receiving spousal and child support and need to go back to court to ask for modifications in the future, please beware of the IRS child contingency rules that could put you in a potential tax trap if you are the one paying support. Make sure to check with your CDFA or CPA if you do ask for a modification around either of these items so you don’t inadvertently end up with a hefty tax bill.
 
These are items that are frequently forgotten amid the turmoil of divorce. It is vitally important that you follow-up on these things as soon as possible to avoid unintended consequences that can come back to haunt you years later.

 



Divorce and Custody Dispute Study




 Courtesy of DivorceSaloon.com

Divorce Saloon:  GEORGIA: University professor Dr. Julie Ancis seeks participants for a divorce and custody dispute study

 We received a request by Dr. Julie Ancis’ research assistant, Kiranmayi Neelarambam to post this notice about a study they are conducting on the issues of divorce and custody. Dr. Ancis is searching for people to participate in the study. Here is the notice we received. If you would like to participate, please contact Kiranmayi at kiranmayi.n@gmail.com. Here is the flyer:

Dr. Julie Ancis, a professor of Counseling Psychology at Georgia State

University, is studying women’s experiences with divorce and custody

disputes. The purpose of this research is to gain an understanding of

women’s experiences within the legal system. Individual interviews are

being conducted with participants, and will cover topics such as

interactions with attorneys, judges, and guardian ad litems; coping; and

parenting issues. Interviews are confidential and tend to last between 1

½ to 2 1/2 hours. With the knowledge gained through this study, we would

like to educate those in the court systems and health professionals

about the unique challenges that women may face in divorce and custody

disputes. We may pursue a study about men’s experiences at a future

date. Thank you for your consideration!

Dr. Julie Ancis can be contacted at cpsjra@langate.gsu.edu

 



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