Is Obama legislation being ignored by mortgage lenders?

As the number of foreclosure filings continue to rise to unprecedented levels it is hard to believe that President Obama’s recent legislation is being heeded by lenders. The Helping Families Save Their Homes Act of 2009 signed into law in June this year was seen as a lifeline for homeowners who face foreclosure or who have seen mortgage payments rise dramatically as Option ARM’s kick in. YouBeAware.com, a consumer advocacy and assistance group based in Florida believes that it’s just “business as usual” for the banks who have a history of flouting the law.

According to statistics just published, in Florida alone a total of 62,401 properties received foreclosure filings in August, which represents an increase of more than 10 percent from the previous month and an historic high. Initial default notices in Florida also increased by 12 percent from the previous month, and scheduled auctions increased 13 percent.

The new act requires lenders to engage in loss mitigation actions as an alternative to foreclosure including special forbearance and loan modification but by their own admission only about 9 percent of eligible homeowners have had their loan modified on a temporary basis and virtually none of the modifications have been made permanent. As for Mortgage forbearance, it simply never happens.

According to You Be Aware, critics of the act who believe that homeowners are responsible for their own predicament and shouldn’t be bailed out would be advised to consider all the facts.

Experts agree that most of the blame for the mortgage crisis is pointed at lenders for creating the problems for it was the lenders who ultimately loaned money to people. It was the lenders who fuelled the booming real estate market. It was also the lenders who found creative ways of making the most of riskier opportunities to bolster their investment returns when there was an increased demand for mortgages and a sharp rise in housing prices. Subprime mortgage originations grew from $173 billion in 2001 to a record level of $665 billion in 2005, which represented an increase of nearly 300%.

The Helping Families Save Their Homes Act makes comprehensive provisions to compensate lenders for reduced interest rates, forbearance and other modifications which means that they are not out of pocket for helping distressed homeowners. The banks have already taken their taxpayer bail out money which did nothing to help borrowers but seem unwilling to help taxpayers benefit from their own money.

A spokesperson for YouBeAware.com said; “As usual where the banks are concerned there seems to be a double standard. They have already benefited from government bailout money and yet they deny their borrowers the same relief even when they were the cause of the problem. The act signed by President Obama in June is a good piece of legislation but lenders will have to be forced to comply with it. Without enforcement the banks will continue to do what they want to do.”

You Be Aware, LLC is a consumer advocacy, information and assistance body that currently has more than 42,000 members. Florida based, they have a track record of addressing the issues of the day affecting consumers, their families, finances and homes.

Their spokesman continues; “As this foreclosure crisis has escalated it has become clear that many lenders took advantage of borrowers during the housing boom and even broke the law when writing loans. Unfortunately most homeowners are not aware of this and don’t understand the law or their rights.”

“There are millions of families across the nation struggling to make their mortgage payments and many more that are upside down in their home where the mortgage is more than their home is worth. Homeowners need to understand that they have rights, that there is legislation in place to offer relief and that there is even legal recourse for those who may have been victim of predatory lending.”

“Our company provides members with information and practical assistance concerning foreclosure, legislation and other critical issues. In October we are holding our first free workshops in Orlando, Tampa, Broward County and Brevard County to educate homeowners about the foreclosure process, their rights and the legal recourse they may have if they are upside down in their home or a victim of predatory lending. The guest speaker at the workshop will be a Florida attorney who has extensive experience in defending foreclosure and protecting the rights of the homeowner.”

Attorney Rick Torpy gives this warning to mortgage lenders;

“We are putting lenders on notice now. Millions of homeowners who are either facing foreclosure or upside down in their homes are unhappy with the way their lender has treated them and are ready to do something about it. Through Youbeaware we intend to assist these defrauded homeowners by educating them about their rights and what legal recourse they may have.”

Rick Torpy is a Florida attorney who defends foreclosure and other financial issues and has been retained by You Be Aware to represent its members.

It would appear that there may at last be some light at the end of the tunnel for desperate homeowners, at least for members of You Be Aware, as they begin to educate consumers and offer effective assistance to those that need it. Remember that the legislation is already in place to help borrowers but getting the banks to comply with it may be another story!

You Be Aware, LLC

Contact Information:

Program Director Name Robert Sullivan, V.P. Marketing
E-mail robert@youbeaware.com
Website www.youbeaware.com
FOR IMMEDIATE RELEASE: September 1, 2009

New Business Services Program For Businesses Subject To Loss Of Property Due To Natural Disasters Such As Hurricane, Tornadoes Fire Or Theft. If You Are A Victim Of Business Loss, Could You Provide An Accurate List Of Your Loss?

Cocoa Beach, Florida – You Be Aware, LLC announces a new business services program to assist businesses who are at risk for business disruption.

Any business that has been a victim of a hurricane, tornado or other disaster can tell you there are very few things that compare to losing all your business records and equipment. Business disruption not only affects your business, but your customers and employees who rely on your services. Even if you have business insurance coverage, you are required to tell the Insurance Company what you lost! Poor record keeping can cost you thousands of dollars and may even cost you your business.

You may remember the major pieces of equipment, but can you identify all the little things you use everyday to run your business? When did you buy it? What did you pay for it? Do you know the model number? How many of each item do you have in stock? What about your documents? If they were lost in a fire or a storm, do you have copies or video off-site? NOW YOU CAN!

As soon as you become a YBA Business member you will receive a username and a password which allows you to get in to the back end of our web site known as the members section. This is where you will be able to upload all of your personal files in complete confidence that they are safe on our highly - sophisticated secure servers with the most up to date anti-viral technologies and security.

You will have access 24/7 to you personal files, regardless of where you are at the moment; all you need is an Internet connection. If you do have a disaster and need to give the insurance company a list of all your business items you have it. You will have everything you need saved and protected at You Be Aware, and you will get friendly reminders each quarter to update your files so you always have a new inventory list.

ADDITIONAL BENEFITS:

The You Be Aware business package provides business owners with a simple and effective archive of important documents, inventory, equipment and other digital storage capabilities that will simplify and expedite any insurance claim as well as ensure that your claim covers all that you are entitled to. The business package also includes unlimited use of high quality promotional certificates allowing you to offer your clients cruises, gas certificates and vacations at no cost to you. For your employees we offer a first class benefits package which includes discount prescription, dental, vision and chiropractic services.

For more information, see their website at www.youbeaware.com.

Storm Warning Alerts

Their warning systems and disaster recovery plans are based on historical examples of neighbors watching out for each other. Robert Sullivan, a spokesman for the company explains how the warning system works: “We begin to provide our members with information about a storm 72 hours prior to it making landfall and update them of any change in its track or projected path as they are announced by the National Hurricane Center. In addition to information about the track and strength of a storm, we also provide them with precautionary advice such as how to prepare for the storm, what to take with them if they are evacuated, and reiterate advice being given by local emergency management agencies. The frequency of contact increases as the storm approaches and continues until after it has passed so that they are aware of the damage in their area and have the information they might need like, Red Cross stations, emergency centers, and FEMA office.”

Credit Clean Up

Whether you have great credit or bad credit, this information is extremely valuable. So many of us do not realize what companies add to our credit reports without our knowing until it affects us.

Over the years that You Be Aware has been in operation it is has had the opportunity to work with many different vendors to help clean up the consumer's credit. However, there are many programs that really do not work and attorneys can charge large fees to do the work that you can really do yourself. They decided to help their members by providing a detailed DVD which can be downloaded directly to your computer and immediately used to start cleaning up your credit. The DVD was prepared by individuals who have been through their own credit problems in conjunction with attorneys to make sure the information was correct and accurate. It is approximately 30 minutes long and teaches you how credit reporting agencies use information and how your credit score makes a difference in your future. It explains how credit scores work in your day to day life and how, if you don't repair your credit, adverse information can stay on your credit file for years.

Discounted Products & Services

The discounted and/or free products and services are provided as a means of elevating all of their member’s standard of living.

Our benefits are not just about" cheap stuff" since they also provide discount access for their wealthy members as well as their “average Joes”. After all, saving 30% is good whether it's a $100 item or a $100,000 item.

Just like in a real town whether you can shop at Wal-Mart and eat at McDonald's, or shop at Saks Fifth Avenue and eat at a five-star restaurant, You Be Aware gives you choices. We are all from different backgrounds and upbringings, and our lifestyles reflect different needs and desires. The important thing is as Americans we can band together and use the power of numbers to work in our favor. You Be Aware expands boundaries through this virtual homeowners association while not interfering with a single aspect of our daily lives. Although it is still a young organization, they have become a force to be reckoned with and through the Power of Numbers your voices will be heard and their member’s lives will be improved.

YOU BE AWARE, LLC

You Be Aware, LLC is the premier provider of information enabling you to protect your home, family and assets. We keep you fully informed about the things that are most important to you especially when it affects your family, home and personal finances.

The company was originally established in 2005 to provide emergency warning and ongoing information to the public about hurricanes, acts of terrorism and other disasters. Since that time we have gained more than 42,000 members and have expanded our services to create a valuable hub of information about a range of issues that concern you, your business, your employees and the community you live in.

Take advantage of our September special membership deal TODAY!

www.youbeaware.com

Main Office: 1-321-622-3092

Toll Free: 1- 800 -594-2125

Foreclosures rise in Florida, fall in Tampa Bay area in August

By James Thorner, Times Staff Writer

In Print: Thursday, September 10, 2009

It wasn't supposed to be this way in the summer of embryonic economic recovery and housing market stabilization: Increasing numbers of Florida homeowners are defaulting on mortgage payments, raising the possibility of another wave of foreclosures.

But hints of recovery show in the Tampa Bay area. August saw a 14 percent decline in foreclosure filings vs. July, continuing a slide visible for much of the year. Buyers have been swallowing up homes once owned by speculators, helping to stem a three-year free fall in prices.

The half-good-half-bad news comes from RealtyTrac, the oft-quoted real estate firm that keeps county-by-county foreclosure statistics. RealtyTrac counted 62,401 new Florida foreclosure cases in August, a 10.5 percent rise from the 56,486 properties that filed for foreclosure in July.

Click here for the full story

In South Florida, most home mortgages from housing boom are upside down

Though the South Florida housing market is showing faint signs of recovery as sales rise, homeowners are still sinking in mortgage debt that exceeds the value of their property which is a sign that more foreclosures may be on the horizon.

Roughly 71 percent of owners who bought in Miami-Dade and Broward counties in the past five years were "upside down" – meaning they owed more than their homes were worth – at the end of March, according to a report released Wednesday by the Web-based real estate services firm Zillow.com.

Home prices in South Florida continue to tumble, making homes more affordable but pushing even relatively recent buyers underwater.

Homeowners who bought during the years of fastest price appreciation – between 2005 and 2007 – are facing the harshest reality: Median prices that have fallen by almost 50 percent in Miami-Dade and 41 percent in Broward, according to Realtor statistics.

Almost 88 percent who bought in 2006 are now underwater, with median negative equity of about $72,134. Median negative equity is the dollar amount at which half the homes were valued for less than the outstanding mortgage debt, and half for more.

That reality has extinguished Andres Duque's hope that he might recover some value from the one-bedroom condo conversion near Northeast Second Avenue and 55th Street he purchased in 2005 for $175,000.