Home Buyer Tax Credit Extension Passes
The Senate unanimously approved a bill that creates a three month closing extension for the home buyer tax credit. In summary, the home buyer tax credit extension gives borrowers until September 30, 2010 to complete the sale of the property if the deal was in escrow before the deadline of April 30, 2010.
New HAMP Guidelines Take Effect June 1, 2010
The federal government provided new Home Affordable Modification Program (HAMP) outreach and communication guidelines for foreclosure actions while evaluating the borrower. These guidelines provide additional protection for delinquent borrowers who have filed bankruptcy but would otherwise be eligible for HAMP benefits. Some key highlights from the directive include: FORECLOSURE The servicer must evaluate the borrower’s […]
FHA’s new principal reduction program
A new program issued by the Federal Housing Administration (FHA) requires lenders to reduce the principal by at least 10% for qualified borrowers. Borrowers can qualify for the FHA principal reduction program if they are current on their payments and their loan was acquired from a failed bank seized by the FDIC. Additionally, the program […]
New Mortgage Program for Unemployed
The Home Affordable Unemployment Program (UP) takes effect July 1, 2010, offering eligible unemployed borrowers an option to temporarily reduce or suspend mortgage payments for a minimum of three months. Applicants must qualify for the Home Affordable Modification Program (HAMP), currently receive unemployment benefits, and must request the option before missing three monthly payments. Homeowners, […]
Two Programs Help Nevada’s Foreclosure Rate
Just as it has for the past 13 quarters, Nevada continues to lead the nation in foreclosures during the first quarter of 2010. One in every 33 Nevada housing units received a foreclosure filing which is more than four times the national average and an increase of nearly 15 percent from the previous quarter. However, […]
Bank of America Will Cut Loan Principal for Some Customers
Bank of America announced on March 25, 2010 that it will implement a principal forgiveness program to modify underwater loans. Bank of America is specifically targeting certain, subprime and adjustable-rate mortgages (ARMs) qualifying for its National Homeownership Retention Program (NHRP), Pay-Option ARMs, and prime two-year hybrid ARMs. The program is limited to Bank of […]
Mortgage lenders pursue homeow…
Mortgage lenders pursue homeowners even after foreclosure(http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0)
