Real Estate

Foreclosure melt down: how you can navigate the confussion (challange to improper documentation/procedures by lenders)

admin — Sun, 17 Oct 2010 12:08:00 GMT

HEY-OYE staff is attempting to explain to individuals it serves (mostly Latino immigrants in the Columbia Heights neighboorhood of Washington DC) what are their options if they are facing a foreclosure action. There is a lot of "misinformation" (some of it prompted by self-servicing mortgage "agents") that many times stands in the way of facilitating a sensible outcome for the parties (borrower, lender, community).

Many families are anquishing as to continue to pay their mortgage on their seriously "underwater" (negative value) home. All the publicity as to courts handling foreclosure cases (challenging the processes used by the lenders), investigations by goverment agencies, and private lawsuits, is adding to the level of confussion, in particular for low income individuals lacking the educaton or experience in these rather sophistated legal/financial issues).

Attempts at meaningful Loan Modifications (reducing the principal of the loan to correspond to the value of the home) is not an option (lenders are not interested), a viable "short sale" (lender to accept a reduction of the principal to match the market value of the house) is also not in the cards for these home owners. The process of hiring legal representation to challenge the loan documents is even less of an option. This leaves many families simply refusing to pay their mortgage and ridying out the "free rent term" until they are evicted.

As this drama between investors in these mortgages, loan servicing agents, regulatory bodies, and a number of other "players" (from the Federal Reserve at the macro level, to local municipalities and agencies) plays itself out, HEY-OYE's mission is to offer reliable assistance and information to the community members most vulnerable to abuses (uneducated, unrepresented, poor families with scant resources). The negative impact of a poor credit score for failure to pay the mortgage, might be outweigted with the ability to save over a perioid of many months (as long as 2 years in some cases) the mortgage payment (or rent equivelant). There could even be members of the "extended family" that might be able to qualify for a new mortgage (using savings from the absence of rent/mortgage for the defaulting period), and purchase a house an attractive current price, with the added bonus of historically low interest rates. HEY-OYE is not advocating this course of action, it is simply in good faith trying to explain to the affected families options that are within their reach, and their potential outcomes. When you are serving individuals at this level of the socio economic food chair, "moral hazzard" concerns to the rest of the economy are rather hard to advance.

The new Alba: a response to all those who try to manipulate us

admin — Tue, 25 Aug 2009 21:17:00 GMT

"The Roman state survived for twelve hundred years (western), another one thousand years in the east..because they had little sense of racial exclusiveness. They gave away Roman citizenship to deserving foreigners - by deserving, they would mean those who had something to offer them in return, if only grateful collaboration...it was even possible for slaves to make the leap from being non-persons to being citizens, simply by a formal ceremony before a magistrate, or by provision in their owner's wills" (Goodman, Rome and Jerusalem, London 2006)

HEY-OYE recently helped Alba Gonzalez with her legal (her file for divorce), financial, tax, health and related "lifestyle" issues. Alba lives in the Columbia Heights neighborhood (site of 68 DC riots now a fun conglomeration of hipsters who can be African-American, Latinos, Vietnamese) and her "story" is what HEY-OYE is all about. Husband incurred tax liabilities (Alba having, unawares, signed joint-returns also became also responsible); husband also defaulted in a mortgage (after foreclosure Alba was being sued by the Lender for a deficiency judgement), her credit was shot as a result. HEY-OYE negotiated with the IRS "Inocent Spouse Relief" for Alba, and with the Lender for removal of her name from the default collection proceedings, and a reinstatement of her credit. HEY-OYE has also counseled Alba in navigating the health system, and is co-partnering with her an "Alba's Kitchen" (health food events and nutrition clases) that hopefully with expand so that she can quit her $9 per hr waitress job at a fast food joint and be a "social entreprener". HEY-OYE considers her story worthy of a response to the ALBA (Alianza LatinoAmericana Boliviana) initiative of the likes of Chaves in Venezuela. She owns her house (was able to kick husband out of the place and title), and "thank you very much" she is well on her way to becoming an self-reliant individual (machista and dictators of the world beware!). HEY-OYE counsels individuals to achieve independence (resisting manipulative ads for health and consumer products, avoiding predatory lending, avoiding misleading counseling for mortgage modifications, foreclosures, immigration, family law, and related issues) and to take control of their own lives.

La otra Alba: una respuesta a quienes pretenden manipularnos.

admin — Tue, 25 Aug 2009 13:29:00 GMT

Hey-Oye, que desde el 2004 se ha convertido en el portal a traves del cual los hispanos residentes en Columbia Heights, D.C., interactuan y se enteran de la informacion que necesitan para vivir mejor y para conocer mejor y ejercer a plenitud sus derechos, tiene una experiencia mas que relatar. Se trata del caso de Alba, una ciudadana americana de origen salvadoreno, que a fuerza de mucho trabajo y sacrificio, ha conseguido un buen pasar en Columbia Heights -en donde reside desde 1993.

Su historia es un ejemplo vivo de las multiples oportunidades que brinda este pais para quienes las buscan y las saben aprovechar, pero tambien de las muchas visicitudes que viven muchos inmigrantes por su desconocimiento de las reglas del juego y su desinformacion en general. Hey-Oye ha ayudado a Alba a sobreponerse a dificultades en cuestiones relacionadas con el Derecho, el Fisco, la Salud, y el Trabajo.

Por exceso de confianza y desconocimento de sus obligaciones y derechos, Alba estuvo a punto de ser penalizada por el IRS y de perder su bien mas preciado, su casa, frente a un acreedor hipotecario. Hey-Oye la rescato de ambas situaciones, y tambien del consumo de medicamentos daninos (que muchos de nuestros conciudadanos menos informados consumen bajo la presion e influencia de quienes buscan manipularlos). Hey-Oye esta ayudando a Alba a mejorar su situacion laboral, que es hoy la de una asalariada que gana $9.00 por hora, para que de los primeros pasos como empresaria a traves de su proyecto, "Alba's Kitchen", eonfocado a la preparacion de comidas sanas con sabor latino.

En momentos en que muchos -en nuestro propio "beltway", y en nuestro hemisferio en general- parecen hipnotizados y obsesos (gracias a una manipulacion muy parecida a la que ha padecido Alba, porque tambien se nutre del miedo) con el significado y la importancia de otra ALBA (la llamada Alternativa Bolivariana), parece oportuno recalcar el caso de nuestra amiga en Columbia Heights..

Foreclosure mess: what can be done?

admin — Thu, 01 May 2008 14:50:00 GMT

Now that several mortgage lenders are facing with high levels of "nonperforming loans" (immigrant families are particularly vulnerable having entered late in the housing bubble cycle) Federal and State Regulators and Congress are reviewing remedial actions.

For its part, HEY/OYE wants to intermediate between Lenders and Latino immigrant families in the DC Metro Area "workout" plans, so that both parties can find a suitable outcome. Specifically, HEY/OYE staff is prepared to undergo the following: 1) assist Latino family in renegotiating with the Lender the terms of the loan to avoid foreclosure; 2) offer Lender plan of repayment that might include additional collateral or other forms of inducements to induce Lender to accommodate the interest and payment schedule to needs of Latino family; 3) in general offer financial, legal and real estate counseling to the Latino family to resolve foreclosure of their home by using the above and related strategies.

HEY/OYE staff have in depth knowledge of the issues and opportunities for practical "hands on" solutions between borrowers (Latino immigrant families) and their Lenders. HEY/OYE is prepared to take a very "proactive" role in these negotiations and finding workable solutions (new loan terms, equity participation agreements, tailored financial restructuring) to prevent lost of home (immigrant family), while at the same time addressing Lenders' objectives.

HEY/OYE will be discussing the above with Lenders that have been exposed to high incidence of defaulting loans from Latino families in the DC Metropolitan area. Outreach programs to Latino communities has also been launched.

For more information email: info@hey-oye.com or call (202) 342-6369.