Archive for the ‘HUD & Other Government Services & Programs’ Category

Wells Fargo and BoA at least give lip service to working with HAMP

Thursday, March 18th, 2010

In the news :  Wells Fargo joins Bank of America participating in a government program to modify second mortgages if the home owner has already modified their first mortgage.

The program is part of the  government’s Home Affordable Modification Program (HAMP) that aims at reducing monthly payments to help customers stay in their homes.

HAMP offers lenders who made “piggyback” loans — second mortgages that allowed consumers to make a small or no down payment in recent years — incentives to lower payments or eliminate the loans entirely.   As usual, it remains to be seen if these incentives will be passed thru to second mortgage holders.

Customers of Wells Fargo or Bank of America  who have already modified their first mortgage through the HAMP modification program  can also apply to modify their second mortgage.  All first-lien HAMP customers with second-lien mortgages should received mailed notices to make them aware of the new payment relief option … but maybe you heard about it first here.

Home Affordable Refinance Program Expands to 125 Percent Loan-to-Value

Thursday, July 2nd, 2009

(News Source: Federal Housing Finance Agency)

(WASHINGTON, D.C.) — The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. With these expanded refinance opportunities, qualified borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans according to the terms of the Home Affordable Refinance Program established earlier this year.

(more…)

Foreclosure Avoidance Counseling – HUD

Thursday, July 2nd, 2009

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable Program, you can use the search tool at the link below to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Foreclosure Avoidance Counseling – HUD

Federal Housing Finance Agency – Home Page

Wednesday, June 10th, 2009

Mission Statement:

To promote a stable and liquid mortgage market, affordable housing and community investment through safety and soundness oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Federal Housing Finance Agency – Home

Highlights of 2008 Tax Law Changes: Tax Breaks Renewed, Recovery Rebate Credit, Homeowner Relief

Friday, January 16th, 2009

Source: Internal Revenue Service, IRS.gov
Tue Jan 6, 2009

AMT exemptions rise; several expiring deductions and credits get a new lease on life; a new standard property tax deduction and a special first-time homebuyer credit are available to some homeowners; and retirement savings incentives expand. These are among the changes taxpayers will find when they fill out their 2008 tax returns. More information about these and other changes, summarized below, can be found on IRS.gov and in various IRS documents, including the Instructions for Form 1040.

Economic Stimulus Payments Tax Free

Economic stimulus payments are not taxable, and they are not reported on 2008 tax returns. However, the stimulus payment does affect whether a taxpayer can claim the Recovery Rebate Credit and how much credit he or she can get. The credit is figured like last year’s economic stimulus payment except that the amounts are based on tax year 2008 instead of 2007. A taxpayer may qualify for the Recovery Rebate Credit if, for example, she did not get an economic-stimulus payment or had a child in 2008. See Fact Sheet 2009-3 for details. In most cases, the IRS can figure the credit. The instructions for Forms 1040, 1040A and 1040EZ have more information.

(more…)