Free Foreclosure Event Coming to Silicon Valley in Feburary

Mon, Jan 31, 2011

Community Resources, News

The free community event is co-sponsored by Making Home Affordable and Hope Now on Thursday, February 24, 2011 from 11:00 a.m. – 7:30 p.m. at the San Jose Convention Center.

Homeowners will have an opportunity to meet one-on-one with their mortgage lender or a HUD-approved housing counselor. You can find out if you qualify for the, Obama Administration’s, Making Home Affordable Program or other options from your lender.

IF YOU GO:

Bring the following:
Monthly mortgage statement;
Information about other mortgages on your home, if applicable;
Two most recent pay stubs, documentation of income you receive from other sources or most recent quarterly profit and loss statement if self-employed;
Two most recent bank statements;
Account balances and monthly payments for credit cards and other debts;
Estimates of other monthly expenditures (such as utilities, insurance and medical bills).

San Jose Convention center is located at 150 West San Carlos Street San Jose, CA 95113

Parking is $7/day across the street at the Almaden/Woz lot.

Light Rail accessible via the Alum Rock-Santa Teresa and Mountain View-Winchester lines.

For more information:
• Homeowner’s HOPETM Hotline at 1-888-995-HOPE (4673).
• MakingHomeAffordable.gov or HopeNow.com.

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1 Comments For This Post

  1. Sheeloo Says:

    The effect of a short sale (providing the sellres are more than 59 days late) on a seller’s credit report is identical to that of a foreclosure. The ding on credit will show up as a foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420. Many banks won’t consider a short sale unless you are late on payments. Most short sales are done after payments have been late. About one third of your credit score is made based upon your payment history, that is, whether you have been 30, 60 or 90 days or more late on any bill that is reported.If you pay your mortgage less than 30 days after the due date, that will not show up as late even though you will pay a late charge. But if you pay your mortgage 30 days or more late, that will definitely lower your credit score. Fannie Mae guidelines allow a seller to immediately apply for a new loan to buy another home if that seller kept the payments current and had no 60-day late pays or greater on record.

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