On his September 8th speech, Obama pledged to work on a new refinance program that will lower homeowners payments and put more money in their pockets. Sound familiar? It should because the Making Home Affordable movement has two refinance programs and a modification program. So what will make this one different? We haven’t [...]
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As we get closer to a potential government shut down, I’ve seen several reports on how this will affect the housing market and the mortgage industry. Some of the information is accurate but there are some consequences that have not been mentioned. The largest impact will be directly to mortgage loans that are being contracted [...] The Federal Housing Finance Agency announced that the Making Home Affordable Refinance Program has been extended until June 30th, 2012. This is great news for homeowners and the housing market. Lender guidelines and participation have steadily grown since HARP’s inception. Many homeowners don’t know of the program and need this extra time to refinance their [...] For years, it has been standard for a mortgage company to request an IRS 4506-T request from their clients. This form allows the mortgage company to order the consumers tax transcripts with the consumers consent. Lenders would keep these forms in closed loan files in the event a transcript would be needed. Lenders did not [...] Until the end of this month, it’s important that we know the effective date of the Home Buyer Tax Credit (HR 3548) change. The changes took effect on November 7th, 2009 which was the day after President Obama signed the bill into law. This means that any transaction closed AFTER November 7th, 2009 will include all of [...] |
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