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March 11th, 2009 11:50 PM

Bill:

Its great! Thank you so much for this report. This is exactly the kind of information and skilled perspective we need to get the best value for our mother's house. I cannot think of any questions I have right now but I might come up with one down the road. I want you to know I will recommend you to anybody I know in New Jersey or parts of New York who needs your services. Did you have any further concerns about which you wish to make me aware? I'll be happy to hear from you.

Sincerely,

Helen.

Posted by Bill Bici on March 11th, 2009 11:50 PMPost a Comment (6)

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Fannie Mae Emprende Iniciativas de Refinanciamiento y Modificación en el Marco del Programa "Making Home Affordable"

March 9th, 2009 11:03 PM

WASHINGTON, 5 de marzo -- Fannie Mae (FNM/NYSE) comenzó hoy dos nuevas iniciativas: Home Affordable Refinance (Refinanciamiento del pago de la vivienda) y Home Affordable Modification (Modificación del pago de la vivienda), que estarán disponibles para sus administradores de préstamos y prestatarios como parte del programa Making Home Affordable (Facilitando el pago de la vivienda) de la Administración Obama. Las dos iniciativas están ideadas para ampliar de manera significativa la cantidad de prestatarios que puedan refinanciar o modificar sus hipotecas para llegar a un pago mensual que sea asequible ahora y en el futuro. "Making Home Affordable ofrece herramientas clave a los prestadores hipotecarios y propietarios de viviendas que están afrontando dificultades financieras y precios de viviendas en disminución", dijo Herb Allison, presidente y CEO. "Potencialmente, millones de propietarios de viviendas podrían reunir los requisitos y beneficiarse con estas iniciativas. La gente de Fannie Mae hará todo lo que pueda para hacer que el programa sea un éxito para los propietarios de viviendas de todos los Estados Unidos y para avanzar la recuperación inmobiliaria de la nación." Home Affordable Refinance Home Affordable Refinance incluye nuevas flexibilidades de refinanciamiento para los propietarios de viviendas cuyos préstamos son propiedad de Fannie Mae. Entre las principales características, se encuentran: Más flexibilidades: La mayoría de los prestatarios que refinancien un préstamo Fannie Mae existente no tendrán que comprar un seguro hipotecario nuevo ni adicional, si el préstamo --al momento del refinanciamiento-- consiste en más del 80 por ciento del valor de la vivienda. Todo seguro hipotecario existente podrá ser transferido a un nuevo préstamo. Además, Fannie Mae puede refinanciar préstamos hasta 105 por ciento del valor de la propiedad con esta nueva flexibilidad, por lo que incluso los prestatarios que están "bajo agua" --que adeudan más de lo que su vivienda vale-- pueden refinanciar. Esto ampliará la cantidad de prestatarios que puedan aprovechar las menores tasas de interés que reducen los pagos mensuales o que puedan refinanciar con una hipoteca más asequible. Procedimiento simplificado: A partir de abril, todos los 1,600 prestadores y 29,000 corredores hipotecarios que usan la plataforma Desktop Underwriter® de Fannie Mae podrán procesar una solicitud para refinanciar cualquier préstamo Fannie Mae existente, lo que posibilita una mayor capacidad de originación de préstamos por parte de los prestadores y un refinanciamiento más fácil para los prestatarios. Los que los prestatarios necesitan saber: Para reunir las condiciones, su prestamo hipotecario debe ser propiedad Fannie Mae. Debe contar con un sólido historial de pago correspondiente a su hipoteca actual. La flexibilidad de este refinanciamiento termina en junio de 2010. Home Affordable Modification A través de la Home Affordable Modification, Fannie Mae trabajará con administradores de préstamos de todo el país con el fin de ayudar a los angustiados prestatarios a modificar su actual préstamo y convertirlo en una hipoteca que sea más asequible y sostenible. Los administradores de préstamos que participan en este programa pueden reducir las tasas de interés, alargar los tiempos de pago o tomar otras medidas, tales como ser indulgentes en cuanto a la devolución del capital (principal forbearance), para reducir los pagos mensuales hasta el 31 por ciento del ingreso bruto (antes de impuestos) del prestatario. Lo que los prestatarios necesitan saber: La modificación de un préstamo a través del Home Affordable Modification, solo puede ser para su residencia principal. No necesita esperar a retrasarse con sus pagos: puede ponerse en marcha un plan en cuanto usted piense que podría tener problemas en realizar su pago hipotecario. El importe que adeude sobre su hipoteca debe ser menor o igual a US$729,750. El programa es para hipotecas extendidas antes del 1o. de enero de 2009. En algunos casos, pueden exigirse ciertos requisitos de admisión, como el certificar que tiene dificultades financieras. Con el fin de asegurar que los prestatarios que actualmente corren riesgo de ejecución hipotecaria (foreclosure) tengan la oportunidad de solicitar una Home Affordable Modification, se ha instruido a los administradores de préstamos de Fannie Mae que no procedan a una ejecución hipotecaria hasta que el prestatario haya sido evaluado para el programa. Cómo saber si un préstamo es propiedad de Fannie Mae Los prestatarios pueden averiguar si sus préstamos son propiedad de Fannie Mae en una de dos maneras: Llamando a su actual prestador o administrador hipotecario. El número telefónico debería estar en su estado de cuenta mensual o en su talonario de cupones de pago mensual. Poniéndose en contacto con Fannie Mae. Llame al 1-800-7FANNIE (8 a.m. - 8 p.m. EST) o ingrese en http://www.fanniemae.com/homeaffordable. Fannie Mae también tiene la intención de poner a disposición una herramienta en línea más adelante en el mes, de manera que los prestatarios puedan buscar sus préstamos y determinar si son propiedad de la compañía.

	Fannie Mae tiene como misión ampliar el alojamiento costeable y llevar el capital global a las comunidades locales, con el fin de atender el mercado inmobiliario de los EE. UU. Fannie Mae tiene un estatuto federal (federal charter) y opera en el mercado de segunda hipoteca de los Estados Unidos, con el fin de aumentar la liquidez del mercado hipotecario, ofreciendo fondos a banqueros hipotecarios y a otros prestamistas, de manera que puedan prestar dinero a los compradores de viviendas. Nuestra función es ayudar a quienes tienen sus viviendas en los Estados Unidos.







	Fannie Mae Resource Center	Telephone 1-800-7FANNIE (1-800-732-6643)

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Fannie Mae Undertakes "Making Home Affordable" Refinancing and Modification Initiatives

March 9th, 2009 11:02 PM

WASHINGTON DC -- Fannie Mae (FNM/NYSE) today began making two new initiatives -- Home Affordable Refinance and Home Affordable Modification -- available to its servicers and borrowers as part of the Obama Administration's Making Home Affordable program. The two initiatives are designed to significantly expand the numbers of borrowers who can refinance or modify their mortgages to a payment that is affordable now and into the future. "Making Home Affordable provides crucial tools to mortgage lenders and homeowners coping with financial hardship and declining home prices," said Herb Allison, president and chief executive officer. "Potentially millions of homeowners could qualify for and benefit from these initiatives. The people of Fannie Mae will do all they can to make the program a success for homeowners across America and to advance the nation's housing recovery." Home Affordable Refinance Home Affordable Refinance includes new refinancing flexibilities for homeowners whose loans are owned by Fannie Mae. Key features include: Additional Flexibilities: Most borrowers refinancing an existing Fannie Mae loan will not be required to buy new or additional mortgage insurance if the loan at the time of the refinance is more than 80 percent of a home's value. Any existing mortgage insurance may be carried forward to the new loan. In addition, Fannie Mae can refinance loans up to 105 percent of a home's value with this new flexibility, so even borrowers who are "underwater" -- who owe more than their home is worth -- may be able to refinance. This will expand the number of borrowers able to take advantage of lower interest rates that reduce monthly payments, or refinance into a more sustainable mortgage. Streamlined Processing: Beginning in April, all 1,600 lenders and 29,000 mortgage brokers using Fannie Mae's Desktop Underwriter® platform will be able to process an application to refinance any existing Fannie Mae loan, allowing for greater lender origination capacity and easier refinancing for borrowers. What Borrowers Need to Know: To qualify, your mortgage loan must be owned by Fannie Mae. You must have a solid payment history on your existing mortgage. The expanded refinance flexibility ends in June 2010. Home Affordable Modification Through the Home Affordable Modification, Fannie Mae will work with loan servicers across the country to help distressed borrowers modify their current loan into a mortgage that is more affordable and sustainable. Loan servicers participating in the program may reduce interest rates, lengthen the payment time frame or take other steps, such as principal forbearance, to bring the monthly payments down to as low as 31 percent of the borrower's gross (pre-tax) income. What Borrowers Need to Know: To modify a loan through Home Affordable Modification, it must be for your primary residence. You need not wait to become delinquent with your payments -- a plan can be put in place as soon as you think you may have trouble making your mortgage payment. The amount you owe on your mortgage must be less than or equal to $729,750. The program is for mortgages originated prior to January 1, 2009. Certain eligibility requirements, including attesting to a financial hardship, may apply in some cases. To ensure borrowers currently at risk of a foreclosure have the opportunity to apply for a Home Affordable Modification, Fannie Mae servicers have been directed not to proceed with a foreclosure until a borrower has been evaluated for the program. Finding Out if a Loan is Owned by Fannie Mae Borrowers can find out if their loan is owned by Fannie Mae in one of two ways: Call your current mortgage lender or servicer. The phone number should be on your monthly mortgage statement or monthly coupon book. Contact Fannie Mae. Call 1-800-7FANNIE (8 a.m. - 8 p.m. EST) or visit http://www.fanniemae.com/homeaffordable. Fannie Mae also intends to make an online tool available later this month so borrowers can look up their loan and determine if it is owned by the company.



	Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.Our job is to help those who house America.



	Fannie Mae Resource Center	Telephone 1-800-7FANNIE (1-800-732-6643)

Posted by Bill Bici on March 9th, 2009 11:02 PMPost a Comment (0)

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HUD Handbooks, Forms and Publications

March 8th, 2009 1:43 AM

HUD Handbooks, Forms and Publications


	Information by State Esta página en español Print version

HUD provides program information to the public in a variety of ways. The most commonly requested information is discussed below.

Housing information for families and individuals

We have basic information on Homebuying and Rental Assistance on our web site. We also have information on resources for senior citizens and people with disabilities.

For help with housing needs, you can find the nearest HUD-approved counseling agency on the web or by calling 1 (800) 569-4287.

Grant applications

Grant applications and funding announcements are available online on the Grants Page. Further information on ordering by telephone is also available there.

Families or individuals seeking housing assistance can find basic information on Homebuying and Rental Assistance on our web site. We also have information on resources for senior citizens and people with disabilities.

For help with housing needs, you can find the nearest HUD-approved counseling agency on the web or by calling 1 (800) 569-4287.

Forms

Official HUD forms used in all programs and other commonly used forms are available online to print and download. Printed forms can be ordered online through the Direct Distribution System or by telephone at 1 (800) 767-7468.

Forms for housing discrimination complaints are available online.

For assistance using forms we provide information on program technical guidance below.

HUD handbooks, notices, mortgagee letters and regulations

HUD Handbooks, Notices and other documents are available to print or view at HUDCLIPS. For the FHA Home Mortgage programs, links to the most commonly used Handbooks and Mortgagee Letters are included in the FHA Mortgagee Starter Kit. Printed handbooks can be ordered online through the Direct Distribution System or by telephone at 1 (800) 767-7468. For assistance with questions on the content of handbooks we provide information on program technical guidance below.

Program technical guidance

For interpretations of program requirements or handbooks and instructions on the use of forms:

Housing Programs - See our Contact List for help.

Public Housing and Section 8 Choice Voucher Programs - Contact the Public Housing Field Office Staff.

Native American Programs - Contact the Office of Native American Programs for your area.

All other program questions - Contact the Local HUD Field Office.

Publications

To find a specific publication, you can search our entire web site.

You can also browse or search the HUDUSER Online Store Catalog.

Many pamphlets, brochures and other program publications can be ordered by telephone at 1 (800) 767-7468.

Materials on lead paint hazards, including the required lead paint pamphlet, are available from our Office of Healthy Homes and Lead Hazard Control. Printed materials can be ordered from the The National Lead Information Center by calling 1 (800) 424-5323.

Research reports, executive summaries, case studies, and guidebooks, and specialized data including the Fair Market Rents and Income Limits are available online at HUDUSER. Most items can be downloaded or ordered in printed copy as well.

Bibliographies

HUDUSER maintains the only bibliographic database exclusively dedicated to housing and community development issues with more than 8,000 full-abstract citations to research reports, articles, books, monographs, and data sources in housing policy, building technology, economic development, urban planning, and a host of other relevant fields.

Informacion en español

1 (800) 483-7342 o 1 (800) 767-7468 son los números para pedir publicaciones de HUD en Español.

Comments and Questions

Content current as of 28 October 2008

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203k Rehabilitation Mortgage Insurance

March 8th, 2009 1:39 AM

203k Rehabilitation Mortgage Insurance


	Information by State Print version

HUD Resources

SUBSCRIBE to the Single Family Housing email list. You will get frequent updates to the HOC Reference Guide, training and event announcements, mortgagee letters and notices about your Single Family business.

FHA's Streamline 203(k) Mortgage
The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. More...

FHA's 203(k) Mortgage
The Section 203(k) program is HUD's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. To find out how to become a 203k consultant, read HUD mortgagee letter 00-25 and How to Become an Approved 203k Consultant.

203K Rehabilitation Program Description

Rehab a Home with HUD's 203K Rehab Program

Streamline K Mortgage

Approved 203k Consultants Search

Funds for Handyman-Specials and Fixer-Uppers

203k Mortgagee Letters

203k FAQs

HUD Form 92700 203(k) Maximum Mortgage Worksheet (2/06)

203(k) Endorsement Summary Report

Visit the FHA Resource Center for more 203(k) information.

Content current as of 4 February 2009

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Questions & Answers for Reservists, Guardsmen and Other Military Personnel

March 8th, 2009 1:37 AM

Questions & Answers for Reservists, Guardsmen and Other Military Personnel


	Information by State Esta página en español Print version

regarding mortgage payment relief and protection from foreclosure provided by the Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940).

Who Is Eligible?

The provisions of the Act apply to active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty. This includes members of the Army, Navy, Marine Corps, Air Force, Coast Guard; commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration who are engaged in active service; reservists ordered to report for military service; persons ordered to report for induction under the Military Selective Service Act; and guardsmen called to active service for more than 30 consecutive days. In limited situations, dependents of servicemembers are also entitled to protections.

Am I Entitled To Debt Payment Relief?

The Act limits the interest that may be charged on mortgages incurred by a service member (including debts incurred jointly with a spouse) before he or she entered into active military service. Mortgage lenders must, at your request, reduce the interest rate to no more than six percent per year during the period of active military service and recalculate your payments to reflect the lower rate. This provision applies to both conventional and government-insured mortgages.

Is The Interest Rate Limitation Automatic?

No. To request this temporary interest rate reduction, you must submit a written request to your mortgage lender and include a copy of your military orders. The request may be submitted as soon as the orders are issued but must be provided to a mortgage lender no later than 180 days after the date of your release from active duty military service.

Am I Eligible Even if I Can Afford To Pay My Mortgage At A Higher Interest Rate?

If a mortgage lender believes that military service has not affected your ability to repay your mortgage, they have the right to ask a court to grant relief from the interest rate reduction. This is not very common.

What If I Can't Afford to Pay My Mortgage Even At the Lower Rate?

Your mortgage lender may allow you to stop paying the principal amount due on your loan during the period of active duty service. Lenders are not required to do this but they generally try to work with service members to keep them in their homes. You will still owe this amount but will not have to repay it until after your complete your active duty service.

Additionally, most lenders have other programs to assist borrowers who cannot make their mortgage payments. If you or your spouse find yourself in this position at any time before or after active duty service, contact your lender immediately and ask about loss mitigation options. Borrowers with FHA insured loans who are having difficulty making mortgage payments may also be eligible for special forbearance and other loss mitigation options. More information about help for homeowners who are unable to make payments on a mortgage is available on the HUD website at http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm.

Am I Protected against Foreclosure?

Mortgage lenders may not foreclose, or seize property for a failure to pay a mortgage debt, while a service member is on active duty or within 90 days after the period of military service unless they have the approval of a court. In a court proceeding, the lender would be required to show that the service member's ability to repay the debt was not affected by his or her military service.

What Information Do I Need To Provide To My Lender?

When you or your representative contact your mortgage lender, you should provide the following information:

Notice that you have been called to active duty;

A copy of the orders from the military notifying you of your activation;

Your FHA case number; and

Evidence that the debt precedes your activation date.

HUD has reminded FHA lenders of their obligation to follow the Act. If notified that a borrower is on active military duty, the lender must advise the borrower or representative of the adjusted amount due, provide adjusted coupons or billings, and ensure that the adjusted payments are not returned as insufficient payments.

Will My Payments Change Later? Will I Need To Pay Back The Interest Rate "Subsidy" At A Later Date?

The change in interest rate is not a subsidy. Interest in excess of 6 percent per year that would otherwise have been charged is forgiven. However, the reduction in the interest rate and monthly payment amount only applies during the period of active duty. Once the period of active military service ends, the interest rate will revert back to the original interest rate, and the payment will be recalculated accordingly.

How Long Does The Benefit Last? Does The Period Begin And End With My Tour Of Duty?

Interest rate reductions are only for the period of active military service. Other benefits, such as postponement of monthly principal payments on the loan and restrictions on foreclosure may begin immediately upon assignment to active military service and end on the third month following the term of active duty assignment.

How Can I Learn More About Relief Available To Active Duty Military Personnel?

Read more information about the Servicemembers Civil Relief Act, sponsored by the Legal Assistance Policy Division, Office of The Judge Advocate General, U.S. Army.

Servicemembers who have questions about the SCRA or the protections that they may be entitled to may contact their unit judge advocate or installation legal assistance officer. Dependents of servicemembers can also contact or visit local military legal assistance offices where they reside. A military legal assistance office locator for each branch of the armed forces is available at http://legalassistance.law.af.mil/content/locator.php

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