Cents Program
Since 1995
Cents Program - Consumer Education and Training Services

ALERT:

FINANCIAL CRISIS/FORECLOSURE ASSISTANCE - RELIEF PROGRAMS

Bankruptcy Requirements

Innovo - Click Here


The new bankruptcy laws require filers to complete a personal financial management instructional course. INNOVO (Latin for "to renew") is CENTS' course to meet this requirement.

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BACKGROUND:

With the steep increases in foreclosures around the country and the Puget Sound area, a growing number of government- and lender-sponsored programs, as well as private servicing company programs are being created to help consumers attempt to avoid foreclosure and, in some instances, assist them with securing modifications of their loan terms.

CENTS' ALERT:

Consumer Education and Training Services ("CEN TS") is issuing this Alert to inform consumers of some recently announced programs and, more importantly, to urge consumers to use caution in determining whether to participate in any of the newly established programs or any future programs that might be offered.

THE REASONS FOR THE ALERT:

Foreclosure-assistance programs are an evolving area to help troubled homeowners, with new programs and service providers continuing to come onto the scene. We list below Internet links to some of the programs of which we are aware. We will post additional links if and when we learn of other programs or services. Thus far, beyond the announcements and descriptions of the programs you will find at these links, little is actually known about the specific legal terms a consumer will be required to accept in exchange for foreclosure assistance or relief under any given program. It is encouraging that these programs exist and that they might help those coping with financial pressure and foreclosure. However, we urge consumers to examine these foreclosure-assistance programs carefully and to be cautious in selecting a particular program. These mortgage-relief programs have not been widely available until recently and are changing frequently. Below we provide details to consider before selecting a program.

KNOW BEFORE YOU SIGN:

Before you decide to commit yourself to participating in any program, you should demand to see in writing what the program's sponsor will require of you in order to receive the assistance or relief. This holds true whether the program is offered by the government, your lender, or a private company that purports to provide a service to negotiate foreclosure relief and/or loan modifications. We urge you not to sign any agreement or proposal without first consulting an attorney. If you cannot afford an attorney, you can contact volunteer/pro bono lawyer panels. This alert includes Internet links and/or phone numbers below for some of these lawyers. Even the most well intentioned of programs might have binding legal terms that potentially could have negative consequences, hidden or otherwise. Also, before you decide to participate in any program, we urge you to demand a statement of any and all fees or charges that you might be required to pay in exchange for your participation.

YOUR STEP BY STEP GUIDE:
  1. Know the available foreclosure-assistance programs. Internet links for these programs can be found below under the heading Foreclosure-Assistance Programs.

  2. Receive in writing what the sponsor of the program will require of you in order to receive the assistance or relief. Do not sign any agreement without first consulting an attorney. Legal resources (including pro bono) are listed below under the heading

  3. Demand a statement of any fees or charges of any kind that you might be required to pay in exchange for your participation.
FORECLOSURE ASSISTANCE PROGRAMS:

  • Indymac - FDIC foreclosure assistance program

  • Citi Mortgage

  • FDIC - general information site and links regarding foreclosure assistance programs

    Federal-lender sponsored voluntary program with list of participating lenders - "Hope for Homeowners" (aka "H4H") program - Click Here

CONSULT WITH AN ATTORNEY BEFORE SIGNING ANYTHING:

In King County, Washington:

King County Bar Association's Debt Clinic telephone number is (206)267-7070. To schedule an appointment, call between the hours of 9 a.m. and noon, Monday through Thursday. You may speak to an attorney for a half hour, free of charge. Attorneys will not represent you in court or fill out paperwork. However, they will read paperwork and answer questions.

King County Bar Association's Lawyer Referral Line is (206)267-7010. This service will refer you to a standard fee attorney. The referral line will provide contact information for attorneys. You may then contact the attorneys to discuss rates.

Other programs will be listed here as we learn of them, or check with your local bar association. Please note that CENTS assumes no responsibility for your use of the foreclosure-assistance programs or these referral sources.


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