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HARP to end: What to do if you qualify – News



The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. The HARP website claims that over 3.4 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it is currently worth).

HARP was created to help homeowners who were in decent enough financial shape to avoid foreclosure, but who were unable to secure refinancing because the drop in their home values left them underwater or otherwise unable to meet traditional criteria. HARP does not reduce the amount of principal owed, but it does rework the terms in order to secure better interest rates, lower monthly payments, or save on collective interest.

Many homeowners who can take advantage of HARP refinancing have already done so. However, there are probably still some homeowners who are not aware that they qualify for the HARP program, or who did not qualify under the original terms but do under the revisions of the last few years.

If you qualify for the program and have not yet refinanced, you have until the end of September 2017 to complete your refinancing effort. To qualify for HARP, you must meet the following criteria:

Fannie/Freddie Involvement – Your mortgage must either be guaranteed or owned by Freddie Mac or Fannie Mae, and it must have been in Fannie’s or Freddie’s possession on or before May 31st, 2009. Fannie Mae and Freddie Mac both have loan lookup links on their websites if you are not sure that your loan is held by one of those entities.

The loan cannot have previous HARP refinancing, with the exception of Fannie Mae loans that were refinanced between March and May of 2009.

Current Payments – Your payment history must be solid, with no late payments within the previous 6 months and only one late payment allowed within 12 months. Missed payments are not allowed.

Loan-to-Value (LTV) Ratio – LTV quotients as low as 80% may be accepted. Since the program is targeted toward securing better rates and improving long-term affordability for underwater homeowners, LTV ratios over 100% are common.

Ability to Pay – As with any other loan, you must demonstrate the ability to repay the loan under the new terms. There is no limit on the debt-to-income (DTI) ratio that precludes you from qualifying through HARP, but a lender may still decide that you have insufficient income or too large of an overall debt burden.

If you believe that you may qualify, check with your current lender/mortgage servicer to see if they participate in the HARP program and investigate your refinancing options. It is wise to check rates and costs with other lenders to get the best terms possible. Mortgage refinancing calculators are available online for you to test different rates and terms and verify the best deal for your situation.

When speaking to a lender, you will need your previous year’s income tax return and the minimum account balances and monthly payments on all debts, including credit cards. If you have any other liens, you will need to pass along that information as well.

More details on the program may be found at harp.gov.

There are less than 100 days left before the HARP deadline on September 30, 2017, so time is running out to take advantage of this program. HARP could lower your monthly payments or save you significant money in interest charges over the life of your mortgage. Do not place your hope in HARP receiving another extension, especially not in this political climate.

Don’t miss

Video: The truth behind no-closing cost loans

Simple, free method to minimize interest payments

Understanding loan-to-value ratio

Article source: http://www.news-herald.com/business/20170815/harp-to-end-what-to-do-if-you-qualify

Lee’s Summit shoots down noisy Airbnb

An Airbnb that disrupted a neighborhood in southwest Lee’s Summit will be shut down.

The owner, Anthony Blogumas, had applied for a special-use permit to bring his rental business into compliance with city regulations. He has been renting four bedrooms of his house at 2710 Monarch Court, causing his neighbors to lodge nuisance complaints. Such rentals in Lee’s Summit are allowed for “Bed Breakfast Homestay” establishments as long as they have a special-use permit and meet other stipulations, such as providing parking in a side yard or rear of the property.

Blogumas met neither requirement.

Applying for a permit, he asked for a waiver of the parking rule, which city staff was recommending because he had a driveway that could accommodate four cars.

The neighbors had complained of large, raucous parties and parking that spilled over onto the street, with more than a dozen vehicles choking the small cul-de-sac where the house is located.

Article source: http://www.kansascity.com/news/local/community/lsjournal/article167167282.html

Can Bankruptcy give you the Fresh Start you need to reach your Dreams?

Every year, close to a million Americans file for bankruptcy protection and a fresh start. Lots of famous people have filed over the course of our history. Here are a few that might surprise you.

• The famous rodeo performer, Buffalo Bill, filed in 1913.

• Singer Eddie Fisher filed in 1972.

• Walt Disney, who turned cartoons into an empire, filed in 1923 and correct me if I am wrong may have started an amusement park

• Ulysses S. Grant, former general and U.S. president, filed in 1884.

• Former president Abraham Lincoln filed in 1833.

• Country singer Tammy Wynette filed in 1988.

• American author, Samuel Clemons, a.k.a. Mark Twain filed in 1894.

• Boxing champion Leon Spinks filed in 1986.

• Larry King, former CNN host, filed in 1971.

• The former governor of Texas, John Connally, filed in 1987.

• Wayne Newton, known as Mr. Las Vegas, filed in 1992.

• P.T. Barnum, creator of The Greatest Show on Earth, filed in1871.

• Henry John Heinz, the condiment king, filed in 1873.

• Henry Ford’s first company filed for bankruptcy in 1903.

• Johnny Unitas, the Hall of Fame quarterback filed for Bankruptcy protection in 1991 in order to save his home from foreclosure.

• Lawrence Taylor, the All-Pro linebacker for the New York Giants filed for Bankruptcy protection in 2009 due to back child support and to avoid foreclosure on his home.

• Gary Coleman, the actor from “Different Strokes” filed for Bankruptcy protection in 1999 due to legal battles and medical troubles.

• Jerry Lee Lewis, the music icon filed for Bankruptcy protection in 1988 due to back taxes and medical bills.

• Tom Petty, the rock star filed for Bankruptcy protection in 1979 after legal issues with his record company.

• Stanley Kirk Burrell, a/k/a M.C. Hammer, the rapper filed for Bankruptcy protection in 1996.

• Oscar Wilde, the writer filed for Bankruptcy protection in 1895 and was thus able to save his home.

• Mike Tyson, the former heavyweight champ filed for Bankruptcy protection in 2003.

• Michael Vick, the former NFL Quarterback star filed for Bankruptcy protection in 2008 while behind bars.

• Burt Reynolds, the actor filed for Bankruptcy protection in 1996 after a messy divorce from Loni Anderson along with a failed Florida restaurant chain business.

• Rembrandt, the famous painter filed for Bankruptcy protection in 1656; By the way, one of his paintings has sold for over 30 million in the past 10 years.

• Don Johnson, the “Miami Vice” actor filed for Bankruptcy protection in 2004 in order to save his Colorado ranch from foreclosure.

• Willie Nelson, the country music star filed for Bankruptcy protection in 1990 due to back IRS taxes.

• Toni Braxton, the R B singer filed for Bankruptcy protection in 1998 and then again in 2010.

• Milton Hershey, the chocolate candy guru filed for Bankruptcy protection in 1882 after a his 1st attempt in the candy business failed and without bankruptcy protection his later attempt with the “Kiss” wouldn’t have been possible; and not to mention this exhaustive list as follows:

• Detroit, Michigan – 2013; Texaco, Inc. – 1987; Regal Cinemas – 2001; Sbarro, Inc. – 2011; Reader’s Digest Assn. – 2009; Mickey Rooney – 1962; Saab Automobile – 2011; Schwinn Bicycle Company – 1992; Sunbeam Corp. – 2001; Six Flags, Inc. – 2009; Delta Airlines, Inc. – 2005; Merle Haggard – 1993; FAO Schwartz Toy Stores – 2003; General Motors – 2009; Marvel Entertainment Group – 1996; Orange County, California – 1994; Paramount Studios – 1932; Pepsi Cola Company – 1923 and 1931; Planet Hollywood International – 1999 and 2001; Jefferson County, Alabama– 2011; Polaroid Corporation – 2001; US Airways – 2002; Atari – 2013 Puerto Rico, US Territory – 2017.

This is just a small sample, but in each case, these people from all professions of life have invoked bankruptcy protection to get a fresh start. They have taken advantage of our legal right to file bankruptcy for either themselves or for their business and each one eliminated debt with their bankruptcy. Once their debt was gone, they were able to move forward with their lives and accomplish great things. If you have dreams of your own that you can’t reach because you are tired, stressed and struggling with debt please call us and let’s talk about it. It will be a free initial consultation and we can help you develop a plan back to financial security to take the stress and worry off your shoulders. We can help you!!


Bond, Botes, Sykstus, Tanner McNutt, P.C.

Web: www.bondnbotes.com

Facebook: facebook.com/Bond-Botes-Sykstus-Tanner-McNutt-PC-203986783117475/

102 South Court St, Suite 314, Florence, AL 35630

Phone: 256-760-1010 • Fax: 256-760-1023

Office Hours: Monday – Friday • 8am to 5pm

No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.


 

Article source: http://www.courierjournal.net/columnists/on_your_debt/article_67037242-81c1-11e7-b232-3f4c09d66f53.html

What Are The Requirements To Qualify For HARP?

HARP was created to help homeowners who were in decent enough financial shape to avoid foreclosure, but who were unable to secure refinancing because the drop in their home values left them underwater or otherwise unable to meet traditional criteria. HARP does not reduce the amount of principal owed, but it does rework the terms in order to secure better interest rates, lower monthly payments, or save on collective interest.

Article source: http://www.huffingtonpost.com/entry/what-are-the-requirements-to-qualify-for-harp_us_59919ac6e4b0ed1f464c0c69

Wells Fargo to cut 72 jobs, close Vancouver call center

Wells Fargo plans to reduce its Home Mortgage staff in Vancouver by 72 and eventually close its call center at 521 S.E. Chkalov Drive.

In a media statement released on Thursday, the company said the call center job cuts are the result of improving foreclosure rates; those impacted work with mortgage customers to help them avoid foreclosure, and fewer of those positions are needed.

Wells Fargo has provided the 72 employees with a 60-day notice, making them eligible to receive pay and benefits through Oct. 9.

“The decision to reduce our workforce is made with great concern for our team members, who have each been an essential part of our success,” said Tom Unger, Wells Fargo spokesperson. “We are committed to retaining as many of them as we can. Where possible, we are working to identify other opportunities for them within Wells Fargo, or support them as they transition to the next phase of their careers.

“We continue to adjust capacity within our lines of business to meet customer needs and to ensure we’re operating as efficiently and effectively as possible,” he added.

According to Unger, the job cuts will reduce the number of workers at the Vancouver call center to a half-dozen. Wells Fargo plans to relocate the remaining staff members to other nearby offices, freeing up the company to exit its lease there in the near future.

Wells Fargo has leased the Chkalov Drive building since 2003, at one point employing more than 500.

“We’ll still have about 200 team members in Clark County,” noted Unger.


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Article source: https://www.vbjusa.com/news/top-stories/wells-fargo-cut-72-jobs-close-vancouver-call-center/

Idaho Housing receives $267K grant to help homebuyers

BOISE, Idaho (News Release) – $267,723 Awarded to Help Idahoans with Housing Questions Issues

Idaho Housing and Finance Association recently received a federal grant in the amount of $267,723 from the Department of Housing and Urban Development (HUD) for its Free Comprehensive Housing Counseling program. Housing Counseling and Homebuyer Education help approximately 7,500 Idahoans annually to better understand and successfully resolve their housing questions and issues. Many first-time homebuyers are also assisted with reaching their goal of homeownership.

Housing counselors assist callers confidentially about their housing needs; they answer questions and direct them to the right resources. The free service helps with a variety of situations, including:
• Identifying resources and solutions for homeowners experiencing housing problems and to avoid foreclosure.
• Helping renters and homebuyers develop a budget in preparation for homeownership.
• Providing information about housing resources, rights, and responsibilities.
• Understanding how reverse mortgages work.
• Reviewing credit reports and assisting with a debt-reduction plan.
• Referring renters to resources to assist with landlord/tenant issues.
• Providing life of loan counseling for first-time homebuyers that have completed Finally Home!® Homebuyer Education.

“Our housing counselors help potential and current homeowners with very complex situations such as foreclosure prevention and the benefits and risks of reverse mortgages,” says Heather Bowman, Idaho Housing’s homebuyer education and counseling administrator. “Callers do not need to be an Idaho Housing customer to receive the free assistance. Our programs and services are designed to help support affordable housing across Idaho.”

The fact that counseling improves housing outcomes for homebuyers, homeowners and renters was confirmed by HUD research published last year. Idaho Housing’s grant is part of almost $58.7 million HUD awarded competitively to 258 organizations that are expected to help more than 1.4 million families and individuals in 45 states.

Idaho Housing’s statewide, toll-free number for Housing Counseling is 1.855.505.4700. Housing counselors are also available within Idaho Housing’s four branch offices in Coeur d’Alene, Idaho Falls, Lewiston, and Twin Falls. Additional information about free housing counseling is available at idahohousing.com.

Article source: http://www.kmvt.com/content/news/Idaho-Housing-receives-267K-grant-to-help-homebuyers-439456283.html

HARP to End This Year – WBRC FOX6 News

The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. The HARP website claims that over 3.4 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it is currently worth).

HARP was created to help homeowners who were in decent enough financial shape to avoid foreclosure, but who were unable to secure refinancing because the drop in their home values left them underwater or otherwise unable to meet traditional criteria. HARP does not reduce the amount of principal owed, but it does rework the terms in order to secure better interest rates, lower monthly payments, or save on collective interest.

Many homeowners who can take advantage of HARP refinancing have already done so. However, there are probably still some homeowners who are not aware that they qualify for the HARP program, or who did not qualify under the original terms but do under the revisions of the last few years.

If you qualify for the program and have not yet refinanced, you have until the end of September 2017 to complete your refinancing effort. To qualify for HARP, you must meet the following criteria:

  • Fannie/Freddie Involvement Your mortgage must either be guaranteed or owned by Freddie Mac or Fannie Mae, and it must have been in Fannie’s or Freddie’s possession on or before May 31st, 2009. Fannie Mae and Freddie Mac both have loan lookup links on their websites if you are not sure that your loan is held by one of those entities.

    The loan cannot have previous HARP refinancing, with the exception of Fannie Mae loans that were refinanced between March and May of 2009.

  • Current Payments Your payment history must be solid, with no late payments within the previous 6 months and only one late payment allowed within 12 months. Missed payments are not allowed.
  • Loan-to-Value (LTV) Ratio LTV quotients as low as 80% may be accepted. Since the program is targeted toward securing better rates and improving long-term affordability for underwater homeowners, LTV ratios over 100% are common.
  • Ability to Pay As with any other loan, you must demonstrate the ability to repay the loan under the new terms. There is no limit on the debt-to-income (DTI) ratio that precludes you from qualifying through HARP, but a lender may still decide that you have insufficient income or too large of an overall debt burden. If you want to reduce your interest payments and lower your debt, try the free Debt Optimizer by MoneyTips.

If you believe that you may qualify, check with your current lender/mortgage servicer to see if they participate in the HARP program and investigate your refinancing options. It is wise to check rates and costs with other lenders to get the best terms possible. Mortgage refinancing calculators are available online for you to test different rates and terms and verify the best deal for your situation. MoneyTips is happy to help you get free refinance quotes from top lenders.

When speaking to a lender, you will need your previous year’s income tax return and the minimum account balances and monthly payments on all debts, including credit cards. If you have any other liens, you will need to pass along that information as well.

More details on the program may be found at harp.gov.

There are less than 100 days left before the HARP deadline on September 30, 2017, so time is running out to take advantage of this program. HARP could lower your monthly payments or save you significant money in interest charges over the life of your mortgage. Do not place your hope in HARP receiving another extension, especially not in this political climate.

Photo iStockphoto.com/monkeybusinessimages

Article source: http://www.wbrc.com/story/36120843/harp-to-end-this-year

Idaho Housing & Finance Association has Received a $267723 Grant

Please email news tips to Mia at: miacarlson@dailyfly.com

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Article source: https://lcvalley.dailyfly.com/Home/ArtMID/1352/ArticleID/47527/Idaho-Housing-Finance-Association-has-Received-a-267723-Grant

HARP to End This Year


MoneyTips

The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. The HARP website claims that over 3.4 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it is currently worth).

HARP was created to help homeowners who were in decent enough financial shape to avoid foreclosure, but who were unable to secure refinancing because the drop in their home values left them underwater or otherwise unable to meet traditional criteria. HARP does not reduce the amount of principal owed, but it does rework the terms in order to secure better interest rates, lower monthly payments, or save on collective interest.

Many homeowners who can take advantage of HARP refinancing have already done so. However, there are probably still some homeowners who are not aware that they qualify for the HARP program, or who did not qualify under the original terms but do under the revisions of the last few years.

If you qualify for the program and have not yet refinanced, you have until the end of September 2017 to complete your refinancing effort. To qualify for HARP, you must meet the following criteria:

  • Fannie/Freddie Involvement – Your mortgage must either be guaranteed or owned by Freddie Mac or Fannie Mae, and it must have been in Fannie’s or Freddie’s possession on or before May 31st, 2009. Fannie Mae and Freddie Mac both have loan lookup links on their websites if you are not sure that your loan is held by one of those entities.

    The loan cannot have previous HARP refinancing, with the exception of Fannie Mae loans that were refinanced between March and May of 2009.

  • Current Payments – Your payment history must be solid, with no late payments within the previous 6 months and only one late payment allowed within 12 months. Missed payments are not allowed.
  • Loan-to-Value (LTV) Ratio – LTV quotients as low as 80% may be accepted. Since the program is targeted toward securing better rates and improving long-term affordability for underwater homeowners, LTV ratios over 100% are common.
  • Ability to Pay – As with any other loan, you must demonstrate the ability to repay the loan under the new terms. There is no limit on the debt-to-income (DTI) ratio that precludes you from qualifying through HARP, but a lender may still decide that you have insufficient income or too large of an overall debt burden. If you want to reduce your interest payments and lower your debt, try the free Debt Optimizer by MoneyTips.

If you believe that you may qualify, check with your current lender/mortgage servicer to see if they participate in the HARP program and investigate your refinancing options. It is wise to check rates and costs with other lenders to get the best terms possible. Mortgage refinancing calculators are available online for you to test different rates and terms and verify the best deal for your situation. MoneyTips is happy to help you get free refinance quotes from top lenders.

When speaking to a lender, you will need your previous year’s income tax return and the minimum account balances and monthly payments on all debts, including credit cards. If you have any other liens, you will need to pass along that information as well.

More details on the program may be found at harp.gov.

There are less than 100 days left before the HARP deadline on September 30, 2017, so time is running out to take advantage of this program. HARP could lower your monthly payments or save you significant money in interest charges over the life of your mortgage. Do not place your hope in HARP receiving another extension, especially not in this political climate.

Photo ©iStockphoto.com/monkeybusinessimages

Originally Posted at: https://www.moneytips.com/harp-to-end-this-year

Refinancing Underwater Properties

Mortgage Refinancing After the Great Recession

How to Refinance With a Low Appraisal

Article source: http://www.mysanantonio.com/business/moneytips/article/HARP-to-End-This-Year-9125749.php

Delinquent mortgage

Delinquent mortgage

What is a delinquent mortgage?

A mortgage becomes delinquent when the borrower doesn’t make the required payments. If the borrower continues to fall behind, the lender may foreclose on the property, taking it back from the borrower. There are other options to resolve the borrower’s delinquency, including modifying the loan to make it easier to keep up with payments.

Deeper definition

A mortgage is a long-term loan that allows a borrower to buy a home or other real estate without paying the full purchase price upfront and to pay back the amount over a set period of time, with interest.

The property the person is buying is collateral for the loan, and the lender has the right to repossess it if the borrower doesn’t keep up with monthly payments and sell it to earn back what the borrower owes.

There’s another effect on the borrower. A delinquent mortgage can hurt the person’s credit like any other unpaid debt.

Some lenders give borrowers an extension to catch up, usually 60 days, before declaring the mortgage delinquent. They also may offer a loan modification, which extends the life of the loan and reduces payments, making it easier for the borrower to get current on the loan and avoid delinquency.

Another way to avoid foreclosure is through forbearance, which is a plan that temporarily suspends payments to allow the borrower to recover from a short-term financial setback.

Yet another option is a repayment plan. If that doesn’t work and the borrower still can’t catch up, the lender might agree to a short sale, allowing the borrower to sell the home for less than what’s owed. The bank sometimes forgives the difference, depending on state laws.

Looking for a mortgage? Check out the rates at Bankrate.com.

Delinquent mortgage example

Katie and Matt are more than two months overdue on their mortgage payment, making them delinquent on the loan. ALN Bank, the mortgage banker, contacts them to find out their financial situation.

The couple and the bank agree to a mortgage modification that allows them to stay in the house and make lower payments for a longer period of time. From the bank’s point of view, it’s better than repossessing the house and trying to resell it.

Not happy with your current mortgage? Here’s how to refinance and get a better deal.

 

Article source: http://www.bankrate.com/glossary/d/delinquent-mortgage/