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StumbleHUD boosts staff in Las Vegas to handle foreclosures
Monday, Feb. 1, 2010 | 9:18 a.m.
WASHINGTON -- The HUD secretary said today he is immediately dispatching a three-person foreclosure rapid-response team to Las Vegas and plans to add a total of eight new members to its Clark County office to deal with the housing crisis.
Housing and Urban Development Secretary Shaun Donovan said he is also reviewing options for getting Las Vegas and other areas hit hard by the foreclosure crisis additional funding after the Southern Nevada region failed to qualify for a recent round of Neighborhood Stabilization funds available in the recovery act. He plans to have options within 30 days.
Donovan outlined his plans for Nevada in a letter today to Senate Majority Leader Harry Reid after the two met in Reid's office last month.
Donovan, in the letter to Reid, reiterated "HUD's commitment, and my personal commitment, to working closely with you and your staff as we focus on finding ways to make more federal resources available to address the foreclosure crisis in the Las Vegas area."
Donovan said he dispatched the three-person foreclosure team to Las Vegas, effective today. Five other positions in the office are expected to be filled by March 31.
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A LITTLE TO LATE FOR THOSE THAT HAVE ALREADY LOST THE BATTLE. THANKS TO REID AND ALL THE FOOLS THAT FEEL COMPELLED NOW TO JUMP ON BOARD. YOU SHOULD HAVE JUMPED 2 YEARS AGO WHEN THE BANKS WEREN'T WORKING WITH THE HOMEOWNER AND LEAVING THEM IN THE HOMEOWNER IN THE LURCH. OH THATS RIGHT ITS ELECTION YEAR, GUESS MAYBE YOU SHOULD DO SOMETHING......
Why would people keep a house that is not market value.I think you should let it go back to the bank that put you in this mess and buy it back in two years for half the price.
Why dispatch a 3 to 8 person staff to Las vegas? Why not just hire 3 to 8 persons from Las Vegas, train them to do the job, and put them to work? Sounds a lot cheaper then paying ongoing housing and travel costs for out of towners.
Kash it sounds like they dispatched a 3 person staff to Vegas and the other 5 will be hired in Vegas.
HUD services to prevent foreclosure was completely useless. They have no idea about the reality of what is actually happening within the banking system and so can not tell the borrower anything that will help. The underlying concept with their services is that the borrower screwed up. Not that they lost their job and their ability to pay a full payment through no fault of their own. I didn't get needed help until I got an attorney. Everything else I tried was just a waste of time and benefited the bank and not me.
"Why would people keep a house that is not market value.I think you should let it go back to the bank that put you in this mess and buy it back in two years for half the price."
Thanks wolf85023 for cheering me up. I thought timing was right and therefore bought a foreclosed home with 20% down,conventional,6.5% int. and 33K below the drive by appraisal 2.5 years ago. Now, I've been out of work for 3 month and the average resale value in a .5 miles radius from my address was 108K below my purchasing price according to Wells Fargo's November 09 sales. Since then I haven't got any new resale updates regardless how many times I've tried to renew there on line service. Guess, Wells Fargo don't want to discourage me any further! Furthermore, since the Holidays, there have been realtor signs popping up everywhere in my neighborhood and Uhaul trucks are becoming increasingly a regular appearance. If this economy ain't turning around soon, I'll be racing out of town soon as well.
Ha! Washington is sending a three-team foreclosure-rapid response team to Vegas which will create five more paper pushing jobs. Yippee! Guess the Dems down here are scared of what recently happened in Mass. and scrambling to safe there own jobs. Oh! Forgot! He saved City Center jobs but killed coal fired power house jobs and created green energy jobs. They should be ok.
"Why would people keep a house that is not market value."
Can you say deficiency judgment! If you have a pot to piss in they will be coming to get it!
After all the smoke clears and the market is recovering all these bad notes will be sold to the blood sucking collection agency's. If you walked away from a $20k loss, it will be run up to $50k with late charges, fees, attorney fees, and all sorts of costs and just when you think it's all over you'll get the letter saying you now owe $50k and if you don't pay, they will put liens on everything you own and your wages will be attached.
When you sign your name, give your word and promise to pay, you really should do what you promised to do. If you don't honor your word, always remember that some day, some place, someone will force you to honor your word and it will cost you much more!
Nothing more than election year trickery.
HOW ABOUT DISPATCHING 3 TO 8 INVESTIGATORS TO GRAB THE
LOW-LIFES WHO GAVE OUT THE THOUSANDS OF
LIAR-LOANS AND WHO ARE CORRUPT.
What you are NOT being told is that Fannie Mae is now TURNING BACK
BILLIONS of dollars of PHONY LOANS, back to the corrupt banks who gave out the phony loan dough in the first place.
Fannie Mae has recently hired huge teams of AUDITORS to do just that.
BILLION$ of BUCK$.
That's BILLIONS, with a 'B'...
Haha!
In any case, the people who are helped from this will have these people to thank. For everyone who is going to make this about re-elections, politics, and Reid-hate, I assure you the people who benefit from the extra help won't be thinking any of those things.
Too little too late yes, but better late than never ...
""After all the smoke clears and the market is recovering all these bad notes will be sold to the blood sucking collection agency's. If you walked away from a $20k loss, it will be run up to $50k with late charges, fees, attorney fees, and all sorts of costs and just when you think it's all over you'll get the letter saying you now owe $50k and if you don't pay, they will put liens on everything you own and your wages will be attached.""
Ya can't get blood from a stone...if no one is working, there is nothing to attach..if you are working, they cant attach more than 30% of your pay and if someone already has an attachment, they can't do a second one..and 30% of $300 a week aint squat !
Talk to anyone who is struggling to keep their home and this is welcome news. Harry Reid delivers once again!
Retired Youngster - I am only speculating as to what Tom Franklin is referring and that is those who can actually afford the home. And I agree completely. Those that can afford their home and walk away are risking a judgement down the road from that very same lender(s).
This has been news going around for quite some time.
You may think it wise to get out of a bad investment now, but it is very likely to follow you. Especially if you have a "pot to piss in" as Mr. Franklin put it.
If contracts are not held up, then what does that mean to any contract signed by anyone for any agreement.