Community Development Banking List
04-29-2008, 04:23 PM
Original message from: margie_nilson@hotmail.com
By law, foreclosure notifications must be published in local papers.
Websites like the one below take this "free" information, re-format it, and
sell it. While there may be some value to the re-formatting, the
information is still available for free with a little effort (e.g., checking
your local papers online everyday).
As a Realtor (and a former manager at the CDFI Fund), I am dismayed by the
number of people (especially low income and first time homebuyers) looking
to purchase that have been drawn in by this type of website. Not only are
the fees a bit of a rip off, purchasing a property through a foreclosure is
fraught with complications, time consuming, and potentially expensive (if
the foreclosure is not processed correctly, the potential buyer can end up
loosing the property and any deposit money). These problems have been
exacerbated by inexperience new staff brought on to handle the back logs at
many lenders. I am working with several low income, first time home buyers
right now who came to me asking about foreclosure properties - several of
whom had already paid the $50 fee at foreclosure.com to see properties that
weren't even for sale yet! I steer them away from foreclosures as quickly
as possible - and toward short sales.
CDFIs are in an excellent position to educate homeowners in danger of
foreclosure about the sort sale option. It can be difficult to get to the
right person at the lender - and even then not all borrowers get approved
for a short sale - but it is a better option than going into foreclosure. I
just attended an excellent training at my local realtor association about
the short sale process. It was conducted by an attorney who works for a
title insurance company. She mentioned that her company would do this
training for free because they feel so strongly about the importance of
short sale versus foreclosure.
Margaret Nilson
REALTOR*
www.CapeBuyerBroker.com
_____
From: bounce-2582009-8077689@list.cornell.edu
[mailto:bounce-2582009-8077689@list.cornell.edu] On Behalf Of SDUEC
Sent: Saturday, April 12, 2008 12:30 PM
To: 'Hannah McKinney'
Cc: communitydevelopmentbanking-l@cornell.edu
Subject: RE: a question about identifying homeowners in default
Yes, a community coalition or individual can do the same thing. You can go
to http://www.countyrecordsresearch.com/ ('http://www.countyrecordsresearch.com/') and get a listing of defaults and
foreclosures in a specified geographical area.
We (San Diego Urban Economic Corporation) have been using it to not only
identify those how need expeditious assistance, but which also identifies
the lender to target for chastising:-).
We've been able to target market to specific homeowners whom we KNOW to be
in danger and have been able to assist approx 35 homeowners with KEEPING
their homes. (That may seem like a small number, but we are a small
organization). In addition we've been able to educate those whom are not in
danger so that they may become stronger advocates for the assistance SDUEC
provides.
Conversely, we are also looking for capital to fund a land bank or trust in
targeted areas to combat capitalistic speculators who are buying properties
to rent out, with no
regard to the fabric of the communities. There is the possibility for
community based organizations to increase and broaden their social
portfolios and goodwill work by owning more of their respective communities,
as opposed to speculators whose only concern is profit.
Eddie Price, President
San Diego Urban Economic Corporation
_____
From: bounce-2581697-5317872@list.cornell.edu
[mailto:bounce-2581697-5317872@list.cornell.edu] On Behalf Of Hannah
McKinney
Sent: Saturday, April 12, 2008 7:14 AM
To:
Subject: a question about identifying homeowners in default
Michigan has recently enacted "Save the Dream" legislation that creates a
mechanism to refinance ARMs and also has a rescue fund component. We have a
local coalition that has been working on foreclosure issues and have come to
realize that predatory lenders can identify individual =3D
homeowners who are in default and in danger of foreclosure. If we could do
the same, we could help homeowners access the Save the Dream programs which
are targeted to pre-foreclosure homeowners. So my question is this: how
does an entity identify target homeowners? Could a community coalition do
the same thing? Where do we get the information? Thanks!!!
Hannah McKinney
Professor of Economics and Business
Kalamazoo College
__________ NOD32 3020 (20080411) Information __________
This message was checked by NOD32 antivirus system.
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__________ NOD32 3020 (20080411) Information __________
This message was checked by NOD32 antivirus system.
http://www.eset.com ('http://www.eset.com')
By law, foreclosure notifications must be published in local papers.
Websites like the one below take this "free" information, re-format it, and
sell it. While there may be some value to the re-formatting, the
information is still available for free with a little effort (e.g., checking
your local papers online everyday).
As a Realtor (and a former manager at the CDFI Fund), I am dismayed by the
number of people (especially low income and first time homebuyers) looking
to purchase that have been drawn in by this type of website. Not only are
the fees a bit of a rip off, purchasing a property through a foreclosure is
fraught with complications, time consuming, and potentially expensive (if
the foreclosure is not processed correctly, the potential buyer can end up
loosing the property and any deposit money). These problems have been
exacerbated by inexperience new staff brought on to handle the back logs at
many lenders. I am working with several low income, first time home buyers
right now who came to me asking about foreclosure properties - several of
whom had already paid the $50 fee at foreclosure.com to see properties that
weren't even for sale yet! I steer them away from foreclosures as quickly
as possible - and toward short sales.
CDFIs are in an excellent position to educate homeowners in danger of
foreclosure about the sort sale option. It can be difficult to get to the
right person at the lender - and even then not all borrowers get approved
for a short sale - but it is a better option than going into foreclosure. I
just attended an excellent training at my local realtor association about
the short sale process. It was conducted by an attorney who works for a
title insurance company. She mentioned that her company would do this
training for free because they feel so strongly about the importance of
short sale versus foreclosure.
Margaret Nilson
REALTOR*
www.CapeBuyerBroker.com
_____
From: bounce-2582009-8077689@list.cornell.edu
[mailto:bounce-2582009-8077689@list.cornell.edu] On Behalf Of SDUEC
Sent: Saturday, April 12, 2008 12:30 PM
To: 'Hannah McKinney'
Cc: communitydevelopmentbanking-l@cornell.edu
Subject: RE: a question about identifying homeowners in default
Yes, a community coalition or individual can do the same thing. You can go
to http://www.countyrecordsresearch.com/ ('http://www.countyrecordsresearch.com/') and get a listing of defaults and
foreclosures in a specified geographical area.
We (San Diego Urban Economic Corporation) have been using it to not only
identify those how need expeditious assistance, but which also identifies
the lender to target for chastising:-).
We've been able to target market to specific homeowners whom we KNOW to be
in danger and have been able to assist approx 35 homeowners with KEEPING
their homes. (That may seem like a small number, but we are a small
organization). In addition we've been able to educate those whom are not in
danger so that they may become stronger advocates for the assistance SDUEC
provides.
Conversely, we are also looking for capital to fund a land bank or trust in
targeted areas to combat capitalistic speculators who are buying properties
to rent out, with no
regard to the fabric of the communities. There is the possibility for
community based organizations to increase and broaden their social
portfolios and goodwill work by owning more of their respective communities,
as opposed to speculators whose only concern is profit.
Eddie Price, President
San Diego Urban Economic Corporation
_____
From: bounce-2581697-5317872@list.cornell.edu
[mailto:bounce-2581697-5317872@list.cornell.edu] On Behalf Of Hannah
McKinney
Sent: Saturday, April 12, 2008 7:14 AM
To:
Subject: a question about identifying homeowners in default
Michigan has recently enacted "Save the Dream" legislation that creates a
mechanism to refinance ARMs and also has a rescue fund component. We have a
local coalition that has been working on foreclosure issues and have come to
realize that predatory lenders can identify individual =3D
homeowners who are in default and in danger of foreclosure. If we could do
the same, we could help homeowners access the Save the Dream programs which
are targeted to pre-foreclosure homeowners. So my question is this: how
does an entity identify target homeowners? Could a community coalition do
the same thing? Where do we get the information? Thanks!!!
Hannah McKinney
Professor of Economics and Business
Kalamazoo College
__________ NOD32 3020 (20080411) Information __________
This message was checked by NOD32 antivirus system.
http://www.eset.com ('http://www.eset.com')
__________ NOD32 3020 (20080411) Information __________
This message was checked by NOD32 antivirus system.
http://www.eset.com ('http://www.eset.com')