Real Estate Talk

Home Buyer Tax Credit

This is a time for history making, isn’t it?  First there was the incredible slump in the housing market, increase in unemployment rates, closing of major businesses, Wall St deception, and now the Economic Stimulus Plan.  We’ve all heard about the Tax Credit for those who CLOSE on a home by the end of November 2009.  To find out exactly what the requirements are, click here: 

http://www.federalhousingtaxcredit.com/2009/faq.php

It is important to be informed about this credit so please take a look. Houses are selling!  People are buying!  And we are professionals.

It would be our pleasure to assist you with your real estate needs.  Call, text, or email anytime~it would be OUR pleasure to serve you.  PS–don’t forget to check out the first quarter 2009 market watch report located under “Market Reports”.

Making Home Affordable Loan Modification Program & HAMP

Press Release dated Aug 4, 2009:

Recently the Obama Administration released it’s first “report card” concerning the progress being made of the Making Home Affordable (MHA) Program.  The report indicates the number of struggling homeowners who have received assistance under the program, provides information on loan servicer’s performance, and expands transparency around the initiative.  This program has been in effect since March 4, 2009.  It provides $75 billion for sustainable loan modifications through the Home Affordable Modification Program (HAMP). 

On August 4, 2009, the press release indicates more than 400,000 modification offers have been extended and more than 230,000 rial modifications have begun.  If this pace continues, the program is on track to offer assistance to up to 3-4 million homeowners over the next 36 months.

The report shows that servicer performance has been uneven.  The administration wants implementation ramped up to accumulative 500,000 trial loan modifications STARTED by November 1, 2009.  In early July this year, the Treasury Secretary and the HUD Secretary contacted the CEOs of participating servicers calling upon them to redouble their efforts to increase staffing, improve borrower response times and streamline the application process. 

There are new exacting metrics under development to measure such things as quality of borrower experience (average wait time for inbound inquiries, completeness & accuracy of information provided to the applicant, and response time for completed applications).  The program compliance agent is Freddie Mac who has been charged with developing a “second look” process to audit MHA modification applications that have been declined on an on-going basis.

In summary, more than 85% of the mortgage market is covered by participating servicers and reports will be issued on a monthly basis.  To find out more information, go to Making Home Affordable where you can find the latest report as well as assistance if you are struggling.

 

 

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