With the support of Bank of America, National CAPACD has partnered with the National Council of La Raza (NCLR), and the National Urban League to conduct a series of education and outreach event for communities of color who are facing foreclosure. The Alliance for Stabilizing our Communities, as the partnership is formally named, will hold a multi-lingual Foreclosure Rescue Fair in the San Gabriel Valley in Southern California this weekend. The fair is one of the 40 rescue fairs in 27 communities nationwide. HUD-approved housing counseling agencies and attorneys will be on site to provide one-on-one foreclosure counseling sessions and foreclosure prevention workshops. Services will available in Chinese, Korean, Tagolog, Thai, English and Spanish.
Date: December 5, 2009
Time: 10AM – 2PM
Location: South El Monte High School in El Monte, CA
For more information, please contact Jane Duong, National AAPI Housing Program Manager at firstname.lastname@example.org.
Treasury Announces New Efforts to Increase Permanent Loan Modifications for Homeowners
On November 30, 2009, the U.S. Department of Treasury and Department of Housing and Urban Development announced new efforts to increase borrower conversion into permanent loan modifications through the Home Affordable Modification Program. Since the beginning of the announcement of the program in February 2009, many borrowers have been approved for 3-month trial modifications, but few borrowers have been able to convert their trial modifications into permanent, sustainable loan modifications. The new announcement from the Treasury Department reflects new efforts to encourage and improve permanent modifications. A few notable changes announcement include Treasury imposing monetary penalties and sanctions on servicers that fail to meet their performance obligations. Performance reports on all participating banks will now include rates of permanent modifications in addition to trial modifications which will allow counselors and advocates to determine how well servicers are assisting borrowers.
Also important for counselors are guidelines that require that borrowers submit timely documentation to be considered for a permanent modification. Borrowers that received a trial modification prior to October 1, 2009 have until December 31, 2009 to sign a permanent modification agreement including submitting all required documentation. Trial modifications received after October 1, 2009 will also have timelines associated. To streamline this process, Treasury has detailed a documentation submission process on their website and included information describing the trial modification period and how to convert to a permanent modification. http://makinghomeaffordable.gov/understandtp.html
National CAPACD is interested in hearing and tracking your experiences with the Home Affordable Modification Program (HAMP) and the new procedures for assisting borrowers into permanent modifications. Please feel free to share your thoughts at National CAPACD’s social network: http://nationalcapacd.ning.com/forum/topics/obama-administration-kicks-off.
For outreach materials on the Making Home Affordable and Home Affordable Modification Program in Korean, Chinese and Vietnamese, contact National CAPACD at email@example.com. Requests may also be faxed to 202-223-4144. There are additional fact sheets available in Chinese, Korean, Vietnamese and Tagalog online at http://www.makinghomeaffordable.gov/ads.html