[StBernard] Damage Assessments/Potential Demolition

[Westley Annis]

Editor's Note:  As much as we don't want to think about it, our mortgage
companies also have a stake in our homes.  Depending on how long you had
your mortgage, they may actually have a larger financial stake in the home
itself then you do.

Most of the major mortgage companies use a company called SafeGuard
Properties to check up on properties, especially if the loans have gone
delinquent.  SafeGuard sent me an email earlier asking for information, I
will send it after this email, and I talked with their representative and
also with Councilman Craig Tafaro before deciding to let the email go
through.

I am looking at this mainly from protective point of view.  There is nothing
that will stop SafeGuard from getting the information they need to pass on
to the mortgage companies. The best that could happen from a homeowners
point of view is it would slow them down.

So I decided to try and flip the cards somewhat.  The mortgage companies
have guidelines from the different federal agencies (VA, HUD, Fannie Mae,
Freddie Mac, etc) that they must follow, especially in the wake of Katrina.
The banks know these rules, we don't.  By not knowing the rules, we can't
cry foul if the banks break them.  Therefore, I have asked SafeGuard to
supply us with the rules, just as they do the banks, so we can be sure the
playing field is as level as possible.

You should not have to worry about it as long as your deferrement is in
place or you continue making your mortgage payments.  I am worried about
those who may have trouble paying current living expenses in another house
and trying to maintain their mortgage payments at the same time and that is
why I want us to know what the rules are.

I am hoping we can use SafeGuard as a liaison to also tell the mortgage
companies what sort of assistance we need from them as a whole.  One example
would be to help lobby for passage of HB3922, the Flood Insurance bill.

There is a lot of information below, especially in the links that are
attached.  No one person can truly read and understand all of them, but with
the 600+ members of this list, hopefully we can watch our for each other.

Thanks,
Westley

-----Original Message-----

Absolutely - there is a lot of information - probably more than I'm able
to provide I'll try to give the main points - I'll pull out some
sections and provide the full link. I (Safeguard) deals with "servicing"
as opposed to origination. Any clarification, just give me a call. Thank
you for your time yesterday and for your assistance.

HUD/FHA
MORTGAGEE LETTER 2005-33 (Mortgagee = bank)
Moratorium on Foreclosures
 
A moratorium on foreclosures on property directly affected by the
disasters is in effect for a ninety (90) day period from the date the
President declared a disaster to have existed.  The moratorium
applies to the initiation of foreclosures AND foreclosures already in
process.

In addition to the moratorium, HUD strongly recommends servicing
actions for homeowners whose properties were directly affected by the
disaster.  This includes such actions as special forbearance,
mortgage modification, refinancing, and waiver of late charges.  HUD
also offers a partial claim program to help address problems of
unresolved arrearages.  Subsequent to the foreclosure moratorium,
lenders are encouraged to consider alternatives to foreclosure such
as pre-foreclosure sales and deeds in lieu of foreclosure if the
homeowner is not in a position to "cure" the mortgage delinquency.

III.  DEALING WITH PROPERTY DAMAGE
 
Mortgagees must follow standard procedures, including assuring that
hazard insurance claims are filed and settled expeditiously.
Mortgagees must release appropriate proceeds to the mortgagor and
must not retain hazard insurance proceeds to make up an existing
arrearage without the written consent of the mortgagor.

Link -
<http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=05-$[no]&op1=A
ND&SECT1=TXTHLB&SECT5=MLET&u=./hudclips.cgi&p=1&r=9&f=G>

http://tinyurl.com/cd62g


Mortgagee Letter 2005-41 - ** Everyone should read this one **

Probably best to read the full link below

<http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=05-$[no]&op1=A
ND&SECT1=TXTHLB&SECT5=MLET&u=./hudclips.cgi&p=1&r=1&f=G>

http://tinyurl.com/7ufgd



VA
 
Here are some links

http://www.vba.va.gov/ro/houston/lgy/bulletins/Bul05-14.pdf

http://www.vba.va.gov/ro/houston/lgy/bulletins/Bul05-09.pdf

 "Conventional Loans"
Fannie Mae

Hurricane Relief page link -
http://www.efanniemae.com/sf/guides/ssg/hurrelief/index.jsp

There are many links on that page including 

http://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2005/ll0205.pdf

http://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2005/05-06.pdf

Freddie Mac

Hurricane Relief page link -
http://www.freddiemac.com/corporate/about/how_we_help/katrina.html

The banks aren't really "bad guys" they have a lot of rules to follow.
Hope this is what you are looking for

Michael Halpern
Manager, VM Special Projects
Safeguard Properties Inc. 
1-800-852-8306 ext 1392
michael.halpern at safeguardproperties.com
www.safeguardproperties.com
"Customer Service = Resolution"
Celebrating 15 Years of Safeguarding Our Clients' Interests.