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| Cincinnati Change, is a Ohio not for profit company, that believes that one of the prime causes of crime is poverty and that we can change the conditions in which poverty exists. To do that we will unite 20,000 households in Cincinnati through September 11th, 2010. |
| Cincinnati Change supports the ideal of the City of Cincinnati doing a new comprehensive plan. We will use it as a springboard for our future plans and actions over the next 40 years. Click on below banner to register for free summit on it on February 27th at Cintas Center. |
| copyright 2009,2010 by hershel daniels junior |
| We Are On |
| Our City Plan is 20,000 HOMES BY 2020 |
Cincinnati Change's goal is develop over 20,000 households in
Cincinnati who own a LEED qualified home and or who are in a
decade long rent to own program.
The National Community Reinvestment Coalition (NCRC) and
over thirty participating NCRC member organizations in Arizona,
Ohio and New York launched the National Homeownership
Sustainability Fund (NHSF) in October 2001 to help refinance
predatory or problematic loans secured by real estate.
NHSF assists families that hold high-risk mortgages or have
experienced a change in financial circumstances that
undermines their ability to repay. The Fund also aids senior
citizens who have refinanced their homes with high-cost
mortgages. The program was originally made possible by a $25
million funding and underwriting commitment from HSBC-North
America. Other sponsors include Fannie Mae, Freddie Mac,
Genworth, GMAC Mortgage, The Heron Foundation and SPS
Servicing.
The National Homeownership Sustainability Fund addresses
foreclosure prevention through the following services:
Provides default and foreclosure counseling and financial
education Intervenes with lenders or servicers to restructure and
work out loans;
modifications may include eliminating abusive note terms,
reducing of interest rates, and securing a delay or stay in
foreclosure proceedings, and;
The program mitigates inflated appraisals by lowering
outstanding principle amounts Offers affordable refinancing
options with low interest, no points and no fees Assists member
organizations in private enforcement of consumer rights
Eligibility and Process
Low- to moderate-income homeowners have priority for NHSF,
but there are no set minimum or maximum income limits,
distinguishing the program from those offered by the many legal
service and other non-profit providers.
Borrowers may enter the program through NCRC's member
organizations like Cincinnati Change. NCRC is a HUD-
Certified Housing Counseling Agency.
Loan refinancing is available through Cincinnati Change
starting 20 February 2010 and its member organizations
nationwide.
Eligible properties are generally 1-4 unit owner occupied
residential structures, condominiums or planned unit
developments (PUDs).
All properties must be owner-occupied,
primary residences.
Currently, there are eight full time trained, skilled professional
mortgage advisors who provide counseling as well as work
directly with servicers and lenders to refinance a loan.
Homeowners call NCRC directly or are referred by HUD or a
member organization. Member organizations prescreen
homeowners and provide budget counseling. NCRC's Mortgage
Advisors interview and decide with the homeowner the best
course of action. Refinancing a loan takes about 30-45 days to
underwrite. Intervention and mediation with existing lenders can
take from 30 days to six months.
Cincinnati Change will provide comprehensive counseling to
homeowners in conjunction with ongoing financial education.
They secure copies of all documents associated with the loan
origination and assist homeowners to provide or locate missing
or excluded information. Member agencies that provide loan
counseling for pre-qualified fund applicants are compensated at
a rate agreed upon by NCRC and the member.
Loan Refinance Characteristics
Loans may have any one or more of the following conditions:
The NHSF has assisted over 5,000 borrowers and estimates it
has preserved $500 million in home equity. The NHSF is unique
in that assistance exceeds counseling alone. After receiving
counseling, many borrowers remain unprepared to engage
successfully in the detailed and sophisticated conversation
required to rework and refinance a loan. NCRC helps the
borrower manage the process.
Beyond assisting families in restructuring their loans, the NHSF
provides insight into details that were previously unavailable
regarding unfair and deceptive lending practices. This
information gained through individual loan files has contributed
to NCRC policy recommendations for new legislation, improved
regulation and potential lawsuits. Formal complaints filed to HUD
have benefited millions of homeowners.
Cincinnati who own a LEED qualified home and or who are in a
decade long rent to own program.
The National Community Reinvestment Coalition (NCRC) and
over thirty participating NCRC member organizations in Arizona,
Ohio and New York launched the National Homeownership
Sustainability Fund (NHSF) in October 2001 to help refinance
predatory or problematic loans secured by real estate.
NHSF assists families that hold high-risk mortgages or have
experienced a change in financial circumstances that
undermines their ability to repay. The Fund also aids senior
citizens who have refinanced their homes with high-cost
mortgages. The program was originally made possible by a $25
million funding and underwriting commitment from HSBC-North
America. Other sponsors include Fannie Mae, Freddie Mac,
Genworth, GMAC Mortgage, The Heron Foundation and SPS
Servicing.
The National Homeownership Sustainability Fund addresses
foreclosure prevention through the following services:
Provides default and foreclosure counseling and financial
education Intervenes with lenders or servicers to restructure and
work out loans;
modifications may include eliminating abusive note terms,
reducing of interest rates, and securing a delay or stay in
foreclosure proceedings, and;
The program mitigates inflated appraisals by lowering
outstanding principle amounts Offers affordable refinancing
options with low interest, no points and no fees Assists member
organizations in private enforcement of consumer rights
Eligibility and Process
Low- to moderate-income homeowners have priority for NHSF,
but there are no set minimum or maximum income limits,
distinguishing the program from those offered by the many legal
service and other non-profit providers.
Borrowers may enter the program through NCRC's member
organizations like Cincinnati Change. NCRC is a HUD-
Certified Housing Counseling Agency.
Loan refinancing is available through Cincinnati Change
starting 20 February 2010 and its member organizations
nationwide.
Eligible properties are generally 1-4 unit owner occupied
residential structures, condominiums or planned unit
developments (PUDs).
All properties must be owner-occupied,
primary residences.
Currently, there are eight full time trained, skilled professional
mortgage advisors who provide counseling as well as work
directly with servicers and lenders to refinance a loan.
Homeowners call NCRC directly or are referred by HUD or a
member organization. Member organizations prescreen
homeowners and provide budget counseling. NCRC's Mortgage
Advisors interview and decide with the homeowner the best
course of action. Refinancing a loan takes about 30-45 days to
underwrite. Intervention and mediation with existing lenders can
take from 30 days to six months.
Cincinnati Change will provide comprehensive counseling to
homeowners in conjunction with ongoing financial education.
They secure copies of all documents associated with the loan
origination and assist homeowners to provide or locate missing
or excluded information. Member agencies that provide loan
counseling for pre-qualified fund applicants are compensated at
a rate agreed upon by NCRC and the member.
Loan Refinance Characteristics
Loans may have any one or more of the following conditions:
- 15-year, 20-year and 30-year mortgages with 3%-7%
fixed interest rates - Flexible credit standards and no credit scores
- No points, closing costs or prepayment penalties
- Up to 100% loan-to-value refinances
- Escrow for property taxes and insurance
- Total debt ratio up to 45% (net disposable income may
apply) - Possible cash out up to $10,000 or 10% of loan for debt
consolidation - Loans sufficient to payoff mortgage debt, possible
delinquent real estate taxes or other related mortgage
debt - No changes in original title
- No closing on a loan in an active bankruptcy
- No insurance or side loans
- Outcomes
The NHSF has assisted over 5,000 borrowers and estimates it
has preserved $500 million in home equity. The NHSF is unique
in that assistance exceeds counseling alone. After receiving
counseling, many borrowers remain unprepared to engage
successfully in the detailed and sophisticated conversation
required to rework and refinance a loan. NCRC helps the
borrower manage the process.
Beyond assisting families in restructuring their loans, the NHSF
provides insight into details that were previously unavailable
regarding unfair and deceptive lending practices. This
information gained through individual loan files has contributed
to NCRC policy recommendations for new legislation, improved
regulation and potential lawsuits. Formal complaints filed to HUD
have benefited millions of homeowners.
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