“BETHEL TWP. — Robin Morris said she was practically raised on activities at the Tecumseh YMCA.
“I grew up in this Y,” she said. “I’ve seen it grow over many, many years.”
Now a mother of three, Morris, along with others in the community, fear that future generations won’t get the chance to enjoy those same activities.
The Tecumseh YMCA is under threat of foreclosure in the face of a $175,000 debt that has to be paid by Dec. 23.
“I’m trying not to think about that yet,” said Morris. “I’m trying to stay positive.”
A fundraiser to save the Tecumseh YMCA was held on the site Sunday, Dec. 13, in what supporters hope will be another step toward saving their community center.
Organizers held classes in kickboxing and Zumba, as well as tournaments in basketball and swimming.
Robin Peck, organizer of a swim-a-thon, said the community has much to lose if the YMCA shuts down.
“People come for the social aspect of it, and it keeps them fit at the same time,” she said.
Eleven-year-old Owen Measel worries where he and his other swim team members will go if the Tecumseh YMCA closes.
“I already know people here and maybe people at another place wouldn’t treat me as good,” he said.
Morris said she dreads having to face a day in which the YMCA closes.
“I pray every day that someone will step up and help us,” she said.” Valerie Lough
Supports Not giving up on Tecumseh YMCA Foreclosure
Bank of America getting better on Short Sales
“Have you dealt with Bank of America or Countrywide during this golden age of real estate? If you have, I am sure you received nothing but stellar service from them right? If you have received great service from them you better start blogging about it and praising who you dealt with at Bank of America and Countrywide, because all I hear from people around the country is that they are the worst in the business to deal with on short sales, let alone everything else.
Files go missing, are ignored, are misdirected and may even be burned. Some may even be on a bus in Istanbul, for crying out loud! On top of everything else, if you want to just talk to someone about your file, you’ll face super long hold times. It is my opinion that it has been nothing but a nightmare to deal with this institution as an broker, agent, investor, customer or human being.
I recently got word that Bank of America is switching the processing of it’s short sales to a company called Equator Financial Solutions; they were formally called Reo Trans (REOTrans.com). I assume that B of A/Countrywide liked the system that Equator had in place and decided to make the switch.
Will Equator Financial Solutions streamline the short sale process for Bank of America / Countrywide?
This is yet to be determined, but moving the processing of these files to anyone other than themselves, is a welcome sigh of relief for the the industry, for sure.
If you currently have a short sale file that been assigned a negotiator, your file will continue to be processed through the old system. If your file has not been assigned a negotiator then it will most likely be converted over to the new system at Equator.
One Very Important thing to know is that Bank of America is changing their legacy (banks that were acquired by or merged with B of A) loan numbers to a new 9 digit number. Without this new number you cannot initiate the short sale process in the new system. Customers should have or will be receiving this number shortly; contact customer service for the new account number if you have not yet received it.” Winston Westbrook
Tecumseh YMCA Faces Foreclosure
Community Seeks Donations for Save the Tecumseh YMCA Fund
NEW CARLISLE, OHIO, November 18, 2009 . . . After 30 years of delivering family-friendly health and fitness programs to residents in western Clark County and the surrounding area, the Tecumseh YMCA will close on December 23, 2009, if it does not raise $175,000 to pay off its mortgage and become debt free.
“We’re committed to doing everything we can to stay open, so we established the Save the Tecumseh YMCA Fund, with the hope that the local community and beyond will open up their hearts and wallets during this time of need,” said Kelli Whitt, Transitional Operations Manager.
Impact on Community
The impact of closing the Y would be far-reaching, affecting people of all ages. The Tecumseh YMCA is one of only two providers of preschool and kindergarten enrichment in New Carlisle. Its aquatic center is the training site for the Greenon, Tecumseh, and Northwestern high school swim teams; it is also the home base for the Y’s own 50-member Tidal Waves swim team. The YMCA has an extensive gymnastics facility used exclusively by its 14-member team, many of whom have qualified for Nationals five of the last seven years. The YMCA offers essential health and wellness programs, including youth and adult sports and fitness classes, plus arthritis and rehabilitation in Clark County’s only warm-water therapy pool. And the Tecumseh YMCA serves as a social center for people of all ages, including an extensive senior population.
Understanding the gravity of the situation, YMCA members are rallying behind the Y. Within the past week alone:
Twelve new members joined and 25 families renewed their memberships. “Due to the uncertainty of our future, we are not allowing anyone to pay in full, yet they continue to join,” said Whitt. Further, enrollment in the childcare program continues to rise.
When informed about the Y’s financial difficulties, some members increased their monthly bank drafts, directing that the additional monies go toward the Y’s debt. Other supporters gave cash donations; still others wrote checks.
Although fitness classes were temporarily suspended as a cost-saving measure, many instructors taught on a voluntary basis.
“We have a dedicated staff, faithful members, and a strong desire to succeed,” said Whitt. “What we don’t have are deep pockets.” The Tecumseh YMCA is located on the outskirts of New Carlisle, a rural community with a median household income of approximately $39,000. Unemployment in the area is more than 11 percent.
Financial History
The YMCA’s financial difficulties started in 2004 when the facility built a $1.2 million aquatic center. Over the next three years, memberships went up substantially, from 774 to 3,700. By the end of 2006, it was evident that while revenues were up, they were still insufficient to cover the initial debt, as well as the added overhead costs associated with the expansion.
The YMCA sought assistance from the Turner Foundation, a charitable organization that helps improve the quality of life in the greater Springfield/Clark County area by investing in non-profit groups. The Turner Foundation committed to making payments on the principle, while the Tecumseh YMCA retained responsibility for the annual $100,000 interest payment.
In 2007 an anonymous patron offered to match donations made to the YMCA through the end of the year. Members and local community groups rallied and raised $75,000, for a year-end grand total of $150,000. This fund-raising initiative helped the YMCA meet its financial obligations in 2007 and 2008.
By the end of 2008, a decrease in memberships resulted in declining revenues. As a result, the YMCA, in partnership with the Turner Foundation, began negotiations with National City (now PNC) to refinance the mortgage. Thanks to the generosity of the Turner Foundation and the willingness of PNC to refinance the loan, the YMCA’s portion of the debt now stands at $175,000.
During the last six months, the Y’s Board of Trustees has made a number of internal changes to improve business operations. They cut staff, including the CEO’s position, in order to hire a finance director to oversee spending and revenues; to develop and implement efficient accounting procedures; and to create a sound financial plan to help the Tecumseh YMCA achieve another 30 years of success. At the board’s request, the YMCA reduced hours of operation and temporarily suspended classes to save on overhead. Further, all expenditures were evaluated to reduce or eliminate unnecessary costs.
The Tecumseh YMCA has received a financial gift to cover existing operational expenses through the end of 2009. If the YMCA can raise the $175,000 needed to retire its mortgage debt, it will once again be a financially sound non-profit organization.
“So many essential programs and services will be lost if the Tecumseh YMCA were to close,” said Whitt. “We’re not a financially wealthy community, but we do have a wealth of faith. We believe that when others fully understand the situation, they will give what they can to help us survive. And we, in turn, will be able to continue to give back to others by delivering our mission-driven programs and services.”
To make a pledge to the Save the Tecumseh YMCA Fund, please visit www.tecumsehymca.org; or to request a pledge card or make a pledge by phone, call 937-845-3513. The Tecumseh YMCA is a 501(c)(3) Non-profit Organization.
About the Tecumseh YMCA
The Tecumseh YMCA’s mission is to put Christian principles into practice through programs that build healthy spirit, mind, and body for all. The Tecumseh YMCA offers more than 80 programs and services to nearly 2,500 members and serves a geographic area that includes New Carlisle, Park Layne, Crystal Lake, Medway, Donnelsville, North Hampton, and Enon. Located within the New Carlisle city limits on State Route 235, the YMCA facility features an indoor Olympic-size swimming pool, Clark County’s only warm-water therapy pool, handicap-accessible family locker rooms, state-of-the-art Nautilus and cardio equipment, free weight room, indoor walking track, indoor and outdoor basketball courts, children’s learning center and playground area, gymnastic facility, and outdoor walking trail.
Huge Myth about a Bankruptcies impact to a Foreclosure
Huge myth about a Bankruptcies impact to a Foreclosure
This is the #1 myth that people think when they call our office at HomeBackers.
Typically when a person goes into foreclosure they will turn to people that they trust and love for help and advice. We see that the most people get misled by attorneys and other professionals trying to get them to just file bankruptcy and they think that will make their foreclosure just go away. That is false false false.
At HomeBackers we can’t tell you to file bankruptcy or not file because we are not practicing attorneys, however I can tell you what happens to your foreclosure if a attorney does advise you to do so.
Here’s the thing:
When a house is in foreclosure and the homeowner also files a BK there is a “STAY” granted. This means that creditors cannot go after the homeowner, bug them, call them or pursue the payment of the money. This “STAY” is granted because the BK system is working its way through and while the BK trustee is trying to figure out if there’s any money to pay the creditors they don’t want the creditors hounding the homeowner. So a “STAY” is granted. BUT when the property comes out of BK, either through the BK being dismissed, discharged or the “relief from stay” is granted then the banks can pick up the foreclosure process where they left off and foreclose on the homeowner damaging their credit even more.
You have to understand that even though people that have a professional in their name or even the word attorney in their name that they are a business too. They still need to make money just like everyone else does to survive and might mislead you in some ways so they can pad their wallet a little bit more. So here’s what you do, if you are in a foreclosure situation and thinking about filing a bankruptcy ask your attorney these two questions.
What will happen to this foreclosure if I file Bankruptcy? Does it go away or will the lender still go through with the foreclosure after my bankruptcy gets discharged?
Hopefully you will get a straight up answer like I mentioned above or if you notice that they dodge that question a little bit; you might want to go to someone else to get some advice. I am not saying anything bad about attorneys, at HomeBackers we actually love working with knowledgeable attorneys in our line of work I just want you not to be misled in any way and understand that they are a business too and you do have options when in Foreclosure. Call HomeBackers for all of your options 937-754-1111 or visit http://www.HomeBackers.com.com.
Stop Foreclosure Options
Stop Foreclosure Options
There are many options today for homeowners who are facing foreclosure to stop foreclosure proceedings against their home. The most important thing is to start seeking help early on before you get too far behind on your mortgage payments. Talk to your lender and explain your financial hardship. Lenders want to help their customers keep their homes. It may also be a good idea to consult with a real estate foreclosure defense attorney, a short sale company or a certified HUD home counselor to find out what options are best for your financial situation. HomeBackers are expert short sale negotiators that can assist you with your options and negotiate a resolution with your lender. Their telephone number is 937-754-1111, and their website address is http://www.ImBehindOnMyHousePayment.com
The following is an overview of stop foreclosure options that are available to distressed homeowners:
Mortgage Modification
A mortgage modification is a modification of your existing mortgage. The purpose is to lower your payment by reducing your interest rate and adding the arrearages to the back end of your loan. Sometimes the lender will also reduce the principal balance. Mortgage modifications take at least a few months to get approved so be patient. You must show you have sufficient income to make the new mortgage payment. So if you are unemployed, a mortgage modification may not be the best option for you.
Refinancing
For those homeowners who have some equity in their home, refinancing is a good option if you currently have a variable interest rate loan. By reducing your current interest rate at least 2%, you will substantially lower your monthly mortgage payment. There are fees associated with refinancing so check around before you choose a loan product. Under the Home Affordable Refinance Program, you may qualify to refinance. Highlights of the Program are referenced below:
The Home Affordable Refinance Program
• Homeowners with debt that exceeds their home value by 5% are eligible for refinancing.
• No prepayment penalties either.
• Loans must be backed by Fannie Mae or Freddie Mac.
Homeowners Who are Not Eligible
• Homeowners whose home values declined severely under 5%.
Homeowners with Jumbo mortgages, which exceed $417,000 are not eligible.
Deed in Lieu of Foreclosure
A deed in lieu of foreclosure is when you simply sign over the deed to the lender, walk away not owing any money and hand the keys over.
Short Sale
In a short sale, you must obtain your lender’s approval prior to selling your home. The lender writes off the remaining loan balance. Be sure to negotiate that the lender cannot go after you for a deficiency judgment. Some states allow the lender to sue the borrower for a deficiency judgment after the sale closes. A deficiency judgment is the difference between what you owe your lender on your mortgage and the sale proceeds. Short sales take about 60-90 days or longer to get approval. It is a great way to get your home sold to avoid a foreclosure on your credit if you have no equity in your home and can’t afford your house payment.
Sell Your Home
Selling your home is an option if you have equity.
Reinstatement
The lender reinstates your loan when you pay all amounts that are in arrears including any fees and costs.
Bankruptcy
Bankruptcy has serious consequences and should be used as a last option to save your home from foreclosure. It is recommended that you consult with a bankruptcy attorney. You may be able to file either a Chapter 13 or Chapter 7. The court automatically issues an order for relief staying or stopping your creditors from any collection activities. This includes postponing any foreclosure sale during the bankruptcy proceedings.
It is important to under the different bankruptcy laws. Chapter 7 wipes out all your debts. In a Chapter 13, you can keep your home, and you agree to pay your creditors via a payment plan.
Don’t despair if you are facing foreclosure, you do have options to save your home. Time is of the essence so act early on before matters get worse. HomeBackers is a Real Estate Solutions Company and are available to assist you. Their telephone number is 937-754-1111, and their website address is http://www.ImBehindOnMyHousePayment.com.
