By Ed Diaz

As we all know, the real estate meltdown and ensuing massive recession decimated millions of Americans. Millions lost their homes, jobs and financial security. It’s been extremely painful and drawn out. We are just now starting to turn the corner & see light at the end of the tunnel. However, with the biggest recession in recorded history comes many painful lessons and reality checks for us all. We know that doing things the way we used to will not work moving forward. It’s a new world order and now more than ever we must become more fiscally mindful and educated. Additionally, we must seek innovative ways to clean up the mess. The government has attempted to do so with programs such as HAMP (Home Affordable Modification Programs) and forcing banks to do something to help the millions who are under water and can no longer afford either their existing mortgage and/or their mortgage that is about to adjust due to the variable nature of their loan. It’s safe to say that most consumers did not really understand the nuances of their mortgages and therefore just signed away their financial lives in hopes that everything would work out fine, as they were told by many mortgage professionals and real estate agents. This is not to say the consumer doesn’t play a role in this mess, because they also do and did not exercise due diligence.

Most of these loan modification programs and services have not worked. By any accounts, more than 50% of modifications that did get approved defaulted within 12 months because they were bandaids on symptoms rather than true remedies to the problem(s). On a more positive note, the recent HARP (Home Affordable Refinance Program) recently instituted has been more of a viable & beneficial solution for consumers who are underwater (their mortgages are higher than the value of their home) and on time with their mortgage payments but are trapped with a higher interest rate. This program allows that person who is underwater, on time with their mortgage payments and who’s loan is owned by Fannie Mae or Freddie Mac (the two largest owners of mortgages in the US), to refinance at today’s current rates with unlimited loan to value on a primary residence & second home, and to a 105% loan to value for investment properties. This is a huge difference to what has been out there for consumers. Yes, it’s restrictive in the sense that your loan must be owned by Fannie Mae or Freddie Mac but most loans are. The fact that there is no loan to value maximum on primary residences and second homes is also a huge benefit. In essence, this means it doesn’t matter what the current value of your home is! If you or someone you know is in this situation, we strongly recommend you:

1. Look up your property to see if your loan is owned by:

Fannie Mae http://www.fanniemae.com/loanlookup/ or by Freddie Mac https://ww3.freddiemac.com/corporate/

2. If your loan is owned by either of these two entities, then contact your mortgage advisor to get the process started to lower your interest rate and payment. NOTE: You must still qualify based on your income, debts and credit scores.

Ed Diaz is a current NHORA National Board Member

CHAPTERS IN ACTION

Santa Clara Chapter – President: Richard Gonzalez

Exciting news emerging from the South Bay Chapter, they have recently secured their position as the only minority trade association to participate in the Affordable Housing Week in May, 19 2012!  They will be hosting Road to Homeownership Workshop and Fair. The Road to Homeownership will provide a two hour workshop which will cover information regarding the home buying process. They will also have an information booth to provide assistance to all participants. The event will be held on May 19, 2012, at the Mayfair Community Center from 11am-1pm.

San Francisco Chapter – President: Tania Cuevas

The San Francisco Chapter recently held a very successful event which included 6 Latino Professional Organizations to collaborate in building and strengthening the Latino business owners. The event was well attended with over 300 in attendance. Numerous college students were sponsored to attend and had the opportunity to gain exposure and network amongst Professional Hispanics.

San Francisco Chapter – National Board: Patricia Lindo

SF will be hosting the upcoming  Small Business Capacity Building Program to further assist the strength and growth of Businesses in our community.

San Mateo Chapter – President: Francis Boscacci

NHORA San Mateo continues to hold their weekly “Power Breakfast” meetings every Wednesday at Mimi Café in San Mateo. These meetings provide education and networking opportunity to those involved in the real estate industry. In addition, the San Mateo Chapter will be participating in the Affordable Housing Week for the Peninsula and is part of the leadership council that will be hosting the Road to Homeownership workshop on May 9^th, 2012. Additional information regarding the details is forthcoming.

San Mateo Chapter – National Board: Patricia Lindo

On June 2, 2012 The Chapter is partnering w/ other local Housing and Business Leaderson “The Road To Homeownership: California’s Housing Recovery as part of The California Housing Recovery Task Force.

Updates by: National President-Elect: Gema Smith

“Experts blame the housing bust for the near stagnant rate among Hispanics, saying that many of them who bought in during the decade lost those homes to foreclosures caused by various reasons, said Luis Mendoza, president of the San Diego chapter of the National Hispanic Organization of Real Estate Associates.”

The San Diego Union-Tribune published an article today addressing the latest Census numbers and the Housing impact in the San Diego Area. Among those quoted was Luis Mendoza, San Diego NHORA chapter president.

Related Article;

Hispanic population growth has big effect (San Diego Union-Tribune)

Real Estate Professionals can register here; http://realtored.eventbrite.com

NHORA is pleased to invite your attendance to the May 12th, Luncheon Presentation of The Bay Area Latino Report, the first in a series of NHORA lead presentations featuring bay area leaders in dialog to offer solutions to the issues of our day. This panel presentation will address the affordability in housing and jobs imbalance with an emphasis on political representation, the role of non-profits, and the Latino entrepreneurial spirit.

Our featured speakers will pose issues and solutions bringing light to our community and invite further exploration of the talents and resources our population has to offerWe are honored to participate in The Housing Leadership Council program for Affordable Housing Week in San Mateo County to address affordability/sustainability issues within the Latino Community and welcome your participation within the NHORA network of professionals as we work together to empower our community and plant the seeds for change.

Sincerely,

Patricia Lindo
President
National Chapter Development Committee Chair
The National Hispanic Organization of Real Estate Associates

REGISTER HERE

The NHORA National Leadership Council was formally installed into office at the official ceremony held at Saint Mary’s Cathedral in San Francisco, Ca.   NHORA Chapter Presidents and Immediate Presidents from three west coast states who have demonstrated exemplary commitment to our mission and founding documents took their oath of office and committed to taking their talents to the next level:

National Leadership

NHORA National Leadership Council members are the electoral body of NHORA National and as such, are responsible for bringing issues and trends from their respective areas to our national agenda.  As the electoral body of NHORA National, these leaders become eligible to hold national office as they continue to mentor their regions and communities.  This great event marks a pivotal point in the growth of our organization.

President Patricia Lindo

“As the newly installed 2011 NHORA National President, it gives me great pleasure to see our leaders move forward as we stand together with our commitment to democracy and transparency in action” says Patricia Lindo. “We look forward to announcing new initiatives for growth and advocacy of our communities as we move our organization and our mission forward into 2011 and beyond.”
The NHORA National Board of Directors and National Advisory Board is very excited to welcome these outstanding leaders as their presence allows us  better serve our communities through the strength, talent, and commitment of these key and proven leaders.

Real Estate Professionals organize a trade association to elevate professional standards and promote commerce through sustainable home ownership in the Latino community

FOR IMMEDIATE RELEASE

San Francisco – February 23, 2011 – The National Hispanic Organization of Real Estate Associates celebrates its first anniversary at an event in San Francisco St. Mary’s Cathedral. At this gathering, Patricia Lindo will be installed as the national board chair and the National Leadership Council will be activated.

NHORA National past President Richard Gonzalez said “I am delighted to have played a key role in getting NHORA off the ground and proud to see Patricia step up to the top leadership role”.

NHORA National Board Member, Jorge Carcamo of San Francisco adds “Patricia has a tremendous passion for NHORA’s commitment to transparency, leadership development, highest ethical standards and to our Latino community. The President’s Council is important component of our governance to ensure transparency and leadership development.”

The impact of the current economic market has had a disproportionally higher negative impact on Hispanic communities. NHORA has been created to help thwart this kind of damage in our communities and further educate and empower ethical professionals and the consumers they serve.

Patricia Lindo said “Some of us have been advocating for many years for a true trade association that focus on sustainable home ownership in the Latino community. I am humbled and honored to lead this organization and take it to the next level.”

NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide.

Download installation program here

The California Association of  REALTORS recently in met in San Diego for of their scheduled meeting and one of the highlights was a presentation by Luis Mendoza, President of the NHORA San Diego Chapter.

International Real Estate

Luis was invited by the International committee to share best practices for doing business with Mexican nationals in the Unites States.  Mr. Mendoza gave the standing room only crowd so much information that he has been asked by individual REALTOR associations to present this valuable information.

Leadership in NHORA

NHORA’s mission statement includes “Leadership” and as such Mr. Mendoza has taken a big step in participating at future C.A.R. meetings. NHORA continues to advocate for mentors and leaders that will provide a voice for the communities they serve and in turn give the community an opportunity to experience the passion and leadership of NHORA’s members.

San Francisco NHORA President Ed Diaz has a passion for his community and in his leadership role created this video to invite the real estate and business community to participate in the local chapter.

NHORA San Diego leadership spent most of the day on Tuesday January 26th to finalize their 2011 strategic plan for the San Diego area.

The leadership understands that San Diego also covers Chula Vista, an area that has been devastated by the current housing market and there are plans to create educational opportunities for those communities hit hardest.

NHORA San Diego chapter president Luis Mendoza and the chapter leadership have come up with several initiatives to touch the consumer with education and information that includes responsible money management. “We can’t help the Hispanic community to rebuild unless they understand how to budget and save” says Mendoza. “there are many challenges for the San Diego Hispanic communities and our goal is to look for organizations and small business to help us get the message out”.

NHORA San Diego will have a networking mixer tomorrow in the Gas Lamp area to share their goals with members and small business leaders.

Register here: http://nhorasd.eventbrite.com