Foreclosure Counselors: What They Can and Can’t Do Posted by Realty Executives
By: G. M. Filisko
Published: August 4, 2010
Foreclosure counselors can make the difference between losing your home and keeping it. Here’s how they work and how to choose one.
If you’re facing foreclosure, your foreclosure counselor will be a key part of your foreclosure team. As you start looking for one, however, you need to know what exactly they do, what they don’t do, and how to choose one who’s legitimate and qualified.
What a foreclosure counselor does
• Reviews your finances
• Helps you establish a budget
• Explains your non-foreclosure options, such as loan modification, short sale or deed in lieu of foreclosure; helps you navigate the process with any chosen option
• Advocates on your behalf with lenders and loan servicers
Counselors should also be upfront about discussing their own track records as well as the track records of the agency they work for. Expect to spend two to 24 hours with a counselor, depending on the complexity of your foreclosure situation, including how many lenders you have to provide documentation to and negotiate with. “Be sure the counselor is looking at your entire situation,” and not just your foreclosure, adds Martha Viramontes, director of housing at ClearPoint Credit Counseling Solutions in Los Angeles. “When counselors focus only on your mortgage, they’re fixing only one aspect of your financial situation.” They should give you an action plan containing the tasks you are going to perform to change your financial situation.
What a foreclosure counselor doesn’t do
• Give tax advice
• Give legal advice
• Give guarantees regarding a particular outcome
• Create miracles
For additional advice, add a tax adviser and attorney to your team. Finally, “don’t expect a counselor to be a genie,” says Douglas Robinson, a spokesperson for NeighborWorks America, a nonprofit community development corporation in Washington, D.C., that provides foreclosure counseling. “If you’re in a home that under the most aggressive scenario you can’t afford, but maybe you got into it because of some toxic loan that should never have been available in the first place, you’re probably going to have to move. It’s best you get out smoothly.”
How to choose an agency
Seek only HUD-approved agencies. HUD makes it easy:
Type in your state or ZIP code at www.findaforeclosurecounselor.org or call HUD’s foreclosure counseling hotline at 800-569-4287 or its foreclosure prevention hotline at 888-995-HOPE (4673). HUD-approved agencies are all nonprofit, community-based organizations that have administered a housing counseling program for at least a year.
HUD-approved agencies also are required to:
• Employ counselors who are knowledgeable about federal housing programs
• Have a staff of counselors of which at least half must have two or more years of counseling experience. At least half must also have received housing counseling training in the past two years
• Provide you with certain documents, such as a privacy agreement explaining how your personal information will be handled
In addition, at the agency you work with, see if you can find a foreclosure counselor who has certification through the NeighborWorks Center for Homeownership Education and Counseling Look (NCHEC), which has a Foreclosure Intervention and Default Certification Program. Certified counselors must follow NeighborWorks counseling standards and code of ethics and conduct.
They also are required to:
• Have at least one year of experience in foreclosure counseling
• Attend three foreclosure prevention courses
Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!
The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com
Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com
Realty Executives Suburban
Posted in Chicago Home Values, Forecclosures & Short Sales, Home Buying, Home Selling, Loans & Financing, Short Sale Question
Tagged 60005, 60610, 60625, Chciago Real Estate Incentives, Chicago & Suburban Housing Prices, Chicago Illinois Properties and Values, Chicago Suburban Home values, home market statistics, Home Refinance Loans, Hyblhometeam, Hyblhometeam real estate plans, Illinois Homes for sale, John Hybl, Realty Executives, Realty Executives Suburban, Short Sale Help, Short Sales
In the Northwest suburbs of Chicago, communities like Arlington Heights, Schaumburhg, Palatine, Northbrook etc there are 350 properties for rent that ahve at least 2 bedrooms and a garage. The average rent is $1900… The average market time is around 60 days.
Click Here for available Single Family Homes for rent as of 11/12/2010
Click here for available condos, town homes, etc. for rent
For more details on any of these properties or to set up a viewing, please contact us at HyblHomeTeam@gmail.com or direct at 630-975-9000.
The links below will take you to a good article with information on investment property.
John & Dana Hybl SFR, ABR, SRES
Broker Owners
REALTY EXECUTIVES SUBURBAN Group
Arlington Heights * Barrington * Bloomingdale
Direct: 630-975-9000 Email: HyblHomeTeam@gmail.com
Search 70,000 properties for sale in Northern Illinois at www.HyblHomeTeam.com . Also Nationwide Foreclosures…
Want to know what kind of mortgage you quailify for? Call Terry Majicih with Guaranteed Rate today! 630-310-9848
Where have all the dollars gone?
An interesting video at: http://www.thinkbigworksmall.com/mypage/archive/1/52943/
HAMP is helping some property owers… want nmore information on short sales process, remodifications, refinance for your property, or buying foreclosures and short sales? email us at hyblhometeam@gmail.com
The Hybl Hometeam are certified Short Sale, Foreclsure Resources (SFR). If you have questions, concernes, or need advice on the foreclsoure, short sale process we can help. We have qualified Attorneys, Lenders and other professionals that can help nationwide… more information at www.HyblHometeam.com
Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!
The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com
Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com
Realty Executives Suburban
Posted in Forecclosures & Short Sales, Market Discussions, Short Sale Help, Short Sale Question, Stimulus Plans & Housing
Tagged 60005, 60610, 60625, Chciago Real Estate Incentives, chicago suburban real estate, Community Notices, FHA Loans, HAMP, Home Refinance Loans, Hyblhometeam, John Hybl, Loan Modifications, mortgage assistance, Realty Executives, Realty Executives Suburban, Short Sales, tax dollar waste
It becomes very busy for parents and students alike as they prepare to head back to school.
Click here for our monthly newsletter on reducing “Back to School Stress”.
School Links: Click Here
Back to School Safety Tips from FOX News:
The Palmetto Health Children’s Hospital has named August Back to School Safety Month, and with summer ending and the start of school just around the corner, everyone needs to do their part to help children learn and practice the “Back to School Safety Rules” for walking, bicycling, and or riding in a School Bus or passenger car.
Back to School Safety Tips
Walking:
• Choose the safest route between home and school and practice walking it with children until they can demonstrate traffic safety awareness.
• Use the same route every day and avoid shortcuts.
• Walk to school with other students. Strength in numbers.
• Teach children to recognize and obey traffic signals and pavement markings.
• Always look both ways before crossing the street at the corner and never enter streets from between parked cars or from behind shrubbery.
• Avoid talking to strangers and keep distance between themselves any stranger attempting to approach or make contact with them. If a stranger approaches, tell a trusted adult such as a parent or teacher.
• Never get into a vehicle with a person even if you know them without your parents permission.
Riding Bicycles:
Bicycles are associated with more childhood injuries than any other consumer product except the car. To make sure children are safe when riding bicycles to school:
• Check with your school principal to make sure bicycles are allowed. Some schools do not allow students to ride bicycles until a specific grade.
• Make sure the student is wearing a helmet! Helmets can reduce the risk of head injury by as much as 85 percent.
• Obey rules of the road; the rules are the same for all vehicles, including bicycles.
• Stay on the right-hand side of the road and ride in the same direction as traffic.
• Know and use appropriate hand signals.
• Choose the safest route between home and school and practice it with children until they can demonstrate traffic safety awareness.
Bus Stop/Riding the Bus:
Although bus travel is one of the safest ways to get to and from school, injuries can still occur, and most of them take place when children are getting on or off the bus. Some safety tips for riding the bus are:
• Students should not attempt to ride a school bus, unless assigned by their school.
• Arrive at the assigned bus stop ten minutes before bus pickup.
• An adult should wait with children until the bus arrives.
• Wait quietly and orderly and be respectful and watchful of traffic.
• Stand on the sidewalk or curb and stay out of the street.
• Allow the bus to come to a complete stop.
• Board the bus in a quiet and orderly manner.
• Remain seated and keep head and arms inside the bus at all times.
• Cross the street in front of the bus so that the Bus Driver can see you.
• Do not shout or distract the driver.
Driving (Parents or Guardians):
Motor vehicle accidents are the leading cause of unintentional injury-related deaths among children age 14 and under. To reduce the risk of injury:
• Always use child safety seats and safety belts correctly when driving or riding in a car.
• Arrive early- especially the first few weeks of school- and use the school’s designated student drop- off and pick- up zone.
• Follow the designated procedures for Student Drop-Off or Pickup . This will assist in maintaining a timely flow of traffic.
• Maintain calmness and patience during the Dismissal or Drop-Off process. The normal procedures can be completed in a 30 minute window if there is patience and cooperation exhibited by all. Be a positive role model during this short period.
• Do not double park or make u-turns in front of the school or park in places that can obstruct the traffic flow and create hazardous conditions for pedestrians on campus.
• Students should enter and leave the car on the curbside designated for Student Drop-Off and Pickup.
• Pick your child up on time so they are not left waiting near or out front of the school unattended.
In School / On Campus Rules:
Make sure students are aware of all school rules governing their behavior while in school.
• Children may be embarrassed about being targeted by bullies, let them know it’s OK to report a bully to a teacher, principal or resource officer. Stop Bullying Before it Starts!
• Never be afraid to tell a teacher or administrator if you see something happening that you know is wrong.
• Teach children proper playground behavior: No pushing, shoving, or crowding.
• Do not share Locker combinations with other students.
• Do not bring illegal items to school: I.E.: Guns, Knives, Matches, Lighters, etc.
• Think about your actions before you react to a situation.
• Stay around positive people… Don’t try to fit in….BE YOURSELF!
• Set goals for the school year & achieve them!
• Students who drive to school should check their automobile daily for contraband before entering campus.
• Avoid being robbed; encourage students to leave the iPods, iPads and other electronic toys at home. Use Cell Phones only when appropriate.
• Go to orientation and meet your teachers! It’s good for them to know you before you arrive on the first day, and even better if your parents can meet them as well!
The Hybl Hometeam are certified Short Sale, Foreclsure Resources (SFR). If you have questions, concernes, or need advice on the foreclsoure, short sale process we can help. We have qualified Attorneys, Lenders and other professionals that can help nationwide… more information at www.HyblHometeam.com
Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!
The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com
Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com
Realty Executives Suburban
About a quarter of U.S. homeowners with a mortgage owe more on the loan than their home is worth, and home prices are threatening to decline further and send even more borrowers underwater. The FHA ( Federal Housing Administration) though is trying to help again.
On September 7, FHA will offer new FHA-insured mortgages to certain underwater, non-FHA borrowers who are current on their mortgage payments and whose lenders agree to write off at least 10 percent of the unpaid principal balance. This last part could prove to be the difficult partat that causes this program to fail or have sub par results… leading to more criticism of what our banks, lenders and government are doing to help out struggling home owners.
Over Under on complered loans is 1000 :<
Video on topic from Think Big, Work Small
Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!
The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com
Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com
Realty Executives Suburban
Posted in FHA loans, Forecclosures & Short Sales, Loans & Financing, Market Discussions, Short Sale Help, Short Sale Question
Tagged 60005, 60610, 60625, Chicago Illinois Properties and Values, Chicago Suburban Home values, FHA Loans, FHA refinancing, Home Refinance Loans, Hyblhometeam, Hyblhometeam real estate plans, John Hybl, Loan Modifications, Realty Executives, Short Sale Help, Short Sales
Many property owners are struggling with their mortgage payments… for help go to www.KnowYourOptions.com This site is not a scam rip off mortgage modification company, but a government site.
If you want more information on the short sale/ foreclsoure process call us anytime. we are certified Short Sale Foreclsoure Resources through National Association of Realtors. More information at www.JohnHybl.com Or call direct at 630-975-9000. John@JohnHybl.com
Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!
The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com
Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com
Realty Executives Suburban 398 W Army Trail Bloomingdale
Posted in Forecclosures & Short Sales, Home Pricing Tips, Home Selling, Loans & Financing, Short Sale Help, Short Sale Question
Tagged 60005, 60119, 60610, 60625, Chicago & Suburban Housing Prices, Chicago Suburban Home values, chicago suburban real estate, Home Prices, Hyblhometeam, Hyblhometeam real estate plans, John Hybl, Loan Modifications, mortgage assistance, Realty Executives, Realty Executives Suburban, Short Sales
New single-family home sales fell to a record low in May, sinking an estimated 32.7 percent from April’s upwardly revised rate of 446,000 and dropping 18.3 percent from the May 2009 rate, according to a report by the U.S. Census Bureau and the Department of Housing and Urban Development.
That record low, a seasonally adjusted annual rate of 300,000 sales, comes after new-home sales jumped 30.8 percent year-over-year in April. The previous record low occurred in September 1981, when the seasonally adjusted home sales rate dropped to 338,000. The bureau’s historical sales records date back to January 1963.
Looking to buy a new home or existing? Let the Hybl Hometeam guide you through the process… Benfits include buying a home that goes up in value vs. down! More info at www.JohnHybl.com
Some useful tips when buying or selling.
Call us or email for a FREE list of New Constuction and Newer properties in Dupage County.
John & Dana Hybl SFR, ABR, SRES
Broker Owners
REALTY EXECUTIVES SUBURBAN Group
Arlington Heights * Barrington * Bloomingdale
Direct: 630-975-9000 Email: HyblHomeTeam@gmail.com
Search 70,000 properties for sale in Northern Illinois at www.HyblHomeTeam.com . Also Nationwide Foreclosures…
Want to know what kind of mortgage you quailify for? Call Terry Majicih with Guaranteed Rate today! 630-310-9848
Posted in 1st Time Buyer, Home Buying, Market Discussions, Market Reports, New Construction
Tagged 60108, 60187, 60516, 60540, Chicago & Suburban Housing Prices, Chicago Suburban Home values, home market statistics, Home Prices, Hyblhometeam real estate plans, Illinois Homes for sale, John Hybl, naperville, new construction chicago, new construction chicago suburbs, new construction darien, New Construction Dupage County, new construction glen ellyn, new homes naperville, new homes wheaton, Realty Executives, Realty Executives Suburban, wheaton
Directions: Meecham to Texas East to Arizona Pass
This “Dogwood”model home would be listed at $359K plus (like last one under contract) but needs some TLC. Now for sale at $305K.
* 4 bedrooms
* 3 full baths
* Sun room
* Expanded & updated kitchen
* 2.5 car garage
* fenced yard
John & Dana Hybl SFR, ABR, SRES
Broker Owners
REALTY EXECUTIVES SUBURBAN Group
Arlington Heights * Barrington * Bloomingdale
Direct: 630-975-9000 Email: HyblHomeTeam@gmail.com
Search 70,000 properties for sale in Northern Illinois at www.HyblHomeTeam.com . Also Nationwide Foreclosures…
Want to know what kind of mortgage you quailify for? Call Terry Majicih with Guaranteed Rate today! 630-310-9848
Posted in Elk Grove Village, New Listings, Open Houses
Tagged 60007, 725 Arizona Pass, chicago suburban real estate, homes for sale 60007, homes for sale elk grove village, Hyblhometeam, Hyblhometeam real estate plans, John Hybl, new listings 60007, Open Houses, Open Houses 60007, Realty Executives, Realty Executives Suburban
Short Video explaing it from “Think Big, Work Small”
| Today, as part of the Obama Administration’s commitment to continuously improve housing relief efforts, we announced adjustments to FHA programs to provide additional refinancing options to homeowners who owe more than their home is worth. These adjustments will provide an option for qualifying homeowners to be refinanced into a FHA loan as long as they are current on their mortgage and their lender reduces their total mortgage debt by at least 10% of the loan amount. The new FHA loan will have a balance closer to the current value of the home–giving homeowners a path to regain equity in their homes and an affordable monthly payment. FHA Refinance Option for Underwater Homeowners–Encouraging Responsible Refinancings
Total mortgage debt for the borrower after the refinancing cannot be greater than 115% of the current value of the home–including both first and any other mortgages. Moving beyond many previous efforts focused exclusively on affordability, this will secure affordability and focus on bringing the value of underwater borrowers’ loans closer to the current value of their homes through principal writedowns. Detailed guidelines will be announced by an FHA Mortgagee Letter in the near future. We will move to implement this as quickly as possible and expect it to be available within the next few months. Let me provide an overview for you of the key features of this refinancing option. Voluntary option for lenders and borrowers with mortgages not currently insured by FHA. Encourages lenders and borrowers to work together, when appropriate, to restructure debts.
oEligible underwater loans are refinanced into new FHA-insured loans on standard FHA refinance terms for documentation, income ratios and complete underwriting. Terms of FHA refinancing:
Those loans that have a minimum writedown of at least 10% and a total mortgage loan to value of less than 115%. o
FHA loan will be equal to no more than 97.75% of the value of the home. o
Combined mortgage debt must be written down to a maximum of 115% of the current value of the home. o Standard mortgage insurance premium structure will apply. Mandatory principal writedown as part of refinance. Minimum writedown by lender of at least 10% of the unpaid balance of the original loan. |
For more details email us at HyblHometeam@gmail.com
John & Dana Hybl SFR, ABR, SRES
Broker Owners
REALTY EXECUTIVES SUBURBAN Group
Arlington Heights * Barrington * Bloomingdale
Direct: 630-975-9000 Email: HyblHomeTeam@gmail.com
Search 70,000 properties for sale in Northern Illinois at www.HyblHomeTeam.com . Also Nationwide Foreclosures…
Want to know what kind of mortgage you quailify for? Call Terry Majicih with Guaranteed Rate today! 630-310-9848
Posted in 5584
Tagged 60005, 60610, 60625, Chciago Real Estate Incentives, Chicago Real Estate, chicago suburban real estate, Chicago Suburban Stimulus Plan, housing stimulus incentives, Hyblhometeam real estate plans, John Hybl, Loan Modifications, mortgage assistance, Realty Executives, Realty Executives Suburban, Short Sale Help, Short Sales, Stimulus Plan Helps Housing, Upside Donw sellers
John & Dana Hybl are the Hybl Hometeam. Servicing Chicago's North & West side as well as surrounding suburban communities. Since 1991 we have been helping clients with a smooth move!
