Save the Dream was founded by WCVI in 2012 to involve communities, homeowners, organizations and elected officials in the fight to prevent foreclosures.
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Save the Dream endorses the CARES program (Community Action to Restore Equity and Stability) sponsored by Mortgage Resolution Partners. CARES has been adopted by Richmond, California and is being considered currently by several cities most notably El Monte and Pomona, California.
Here is how CARES could work if adopted by El Monte and Pomona.
The Proposed Process:
- In El Monte 51% of the Owner Occupied PLS Mortgages Homeowners are underwater/upside down. In Pomona the PLS underwater figure is 67%!
- PLS Mortgage Homeowners do not qualify for federal loan modification programs.
- Over the next 3-5 years 50% of PLS Mortgage homeowners are projected to short sell or go into foreclosure.
- This program is VOLUNTARY
- The CARES program is FREE to the PLS homeowner and the local Government.
- If implemented it is estimated by the US Department of Housing and Urban Development (HUD) to Saves the City and community of El Monte $15 million over the next 3-5 years by avoiding PLS mortgage foreclosures.
Additional Resources FYI:
- The underwater PLS mortgage is 'condemned' by the city of EL Monte and purchased at fair market value and resolved via the CARES program.
- The PLS homeowner enters into a new, traditional 30 year fixed market-rate mortgage that reduces their debt by an average of $100,000 and reduces their monthly payment by hundreds of dollars per month.
- Upon approval of the new mortgage the Homeowner receives 5% equity in their home
- The CARES program creates a multi-million dollar Housing Fund for the City of El Monte and Pomona to use for various housing related programs