NPHS, Local Nonprofit Utilizing the Latest Technology to Provide Foreclosure Prevention Assistance

Neighborhood Partnership Housing Services (NPHS), a local 501(c)(3) nonprofit organization dedicated to serving the Inland Empire, has catapulted ahead of all the others in their efforts to bring foreclosure prevention assistance to distressed homeowners.

[USPRwire, Mon Aug 31 2009] Neighborhood Partnership Housing Services (NPHS), a local 501(c)(3) nonprofit organization dedicated to serving the Inland Empire, has catapulted ahead of all the others in their efforts to bring foreclosure prevention assistance to distressed homeowners. With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. Even more astounding is the record number of those who are unaware of the free assistance available to them. Servicers report that less than a 50% contact rate with borrowers that went to foreclosure sale Freddie Mac.

Despite increased efforts to modify borrowers, there are a great number who either do not qualify or re-default. Three Months After Modification 36 percent of borrowers in default. Six Months After Modification 53 percent of borrowers in default. Eight Months After Modification 58 percent of borrowers in default. -Office of the Comptroller of the Currency For those borrowers, the Obama administration has developed as part of the Making Home Affordable Program, an incentive for both servicers and borrowers to utilize alternatives to foreclosure. As such NPHS has expanded their services by bringing together highly trained professionals with experience and knowledge to provide informative Short Sale guidance.

Their staff of short sale experts helps evaluate the sensitive needs of homeowners in distress by providing detailed Short Sale evaluations. NPHS aims to educate homeowners concerning the short sale process. With a wealth of information relating to foreclosure laws and possible tax implications homeowners are equipped with the necessary information to make an educated decision. Foreclosure is significantly more devastating to the borrower's credit than other alternatives. A foreclose sale may be reported on one's credit history for up to 7 years. -Fannie Mae credit guidelines This will affect the borrowers eligibility to purchase another home, future credit availability and could even jeopardize future employment opportunities.

A deed-in-lieu of foreclosure is a workout option in which a homeowner gives the deed back to the bank voluntarily in exchange for a discharge of debt. Most lenders will require the homeowner to market the property for a minimum of 90-days before considering a deed-in-lieu. Additional requirements include clear title i.e. no additional liens, unless the lien holder agrees to a release, and no risk of property which may include mold, lead based paint, etc. Although the bank is spared the expense and time of a foreclosure sale there is little benefit to the homeowner. The time and expense is then transferred to the homeowner as they will be forced to forfeit the property immediately. A deed-in-lieu still leaves the borrower ineligible to purchase a home for up to 7 years. - Fannie Mae credit guidelines Furthermore it may be reported on one's credit report using a code that indicates a deed-in-lieu.

The Short Sale work out option is certainly proving to be a viable alternative for all parties including the Servicer, MI Company, Investor, Homeowner and even the Neighborhood. In the case of a short sale the homeowner may remain in the property allowing ample time to make alternative living arrangements. Most importantly the homeowner will avoid foreclosure. The debt will be reported as paid in full/settled for less than owed making the homeowner eligible to purchase a home in as little as 2 years. Fannie Mae credit guidelines Additional benefits include in some cases an avoidance of a deficiency or deficiency judgment and reporting of discharge debt to the IRS. Effective Short Sale Workouts Genworth Financial, Inc

Keeping true to their mission to build stronger communities NPHS's efforts to raise awareness regarding foreclosure prevention is bringing relief to struggling homeowners and contributing to the stabilization of the housing market. One foreclosure can result in as much as an additional $220,000 in reduced property value and home equity for nearby homes. -William C. Apgar and Mark Duda, Collateral Damage: The Municipal Impact of Today's Mortgage Foreclosure Boom, May 11, 2005 As such , short sale workout options keep housing values from depreciating allowing more homeowners to continue refinance efforts.

To further their efforts NPHS has joined efforts with National Quick Sale (NQS), an outsource short sale software solution that collaborates with key industry partners and collectively provides the fastest and most efficient way to get a short sale offer processed. NQS produces better and faster access to the pertinent data through electronic delivery of all the requisite documents generating more expedient and decisive time frames, and significantly reduces offer fall out. By fully automating the workflow, NQS slashes the closing time on short sale transactions to as little as ten to fifteen days...

About NPHS:
NPHS has been recognized as a top producing NeighborWorks® organization, having ranked 5th in production amongst 240 NeighborWorks® Organizations across the United States and 2nd in the Pacific District, NPHS excels at the ultimate goal. NeighborWorks® America is a national nonprofit organization created by Congress to provide financial support, technical assistance and training for community-based revitalization efforts. Visit Neighborhood Partnership Housing Services real estate services website for more information

If you are a Seller, Realtor, Buyer, Mortgage Servicer, Investor, or MI Company, our short sale technology partner National Quick Sale provides an invaluable service in facilitating short sale solutions. Using Servicer templates for required financial information and imaging technology, your complete, pre-audited, short sale opportunity will be delivered electronically. With custom designed dashboards, each participant can monitor the progress of every short sale offer.

Lauren Uribe
Neighborhood Partnership Housing Services (NPHS)
100 N. Euclid Ave, Ste 201
Upland, CA 91786
(909) 373-1592

Company: Neighborhood Partnership Housing Services (NPHS)

Contact Name: Lauren Uribe

Contact Email:

Contact Phone: (909) 373-1592

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