DoD Publishes Help for Military Families Selling Due to Transfer
The American Recovery and Reinvestment Act (ARRA) expanded the Department of Defense's (DoD) authority to help active duty families who are having to sell their homes at a loss due to a permanent change of station (PCS). Last week, DoD published the guidance on this new program. Families with homes purchased prior to July 1, 2006 located where the market area is experiencing a decline of at least 10 percent can receive up to 90 percent reimbursement on the loss of the sale of their home based on the previous fair market value. This is increased to 95 percent for Wounded Warriors and Surviving Spouses. For full guidance on the Housing Assistance Program, visit the program website.
Sights, sounds and living at the Jersey Shore. From Mansions to sand castles, waterfront or waterviews, condos or town houses. This blog is created as an interactive resource for all your real estate needs and concerns and as a venue for sharing stories about the Jersey Shore and its towns, a place I love. Feel free to add your voice to this forum. I want you to be heard.
Friday, May 29, 2009
Tuesday, May 19, 2009
You can NOT use the tax credit as a down payment
DON'T BE FOOLED!!!! AS OF TODAY you can NOT use the tax credit for a down payment
Yes there has been a lot of discussion about this topic but it is NOT an option currently. Those statements were made by the SECRETARY of HUD yesterday and a HUD/FHA letter was published on the website Monday night.
BUT……..the new DIRECTOR of HUD pulled that Mortgagee letter this morning and is no longer even available on the HUD website.
Here is the link to all Mortgagee Letters:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
Notice ML 09-15 has been pulled.
This theoretical program is now off the table
Yes there has been a lot of discussion about this topic but it is NOT an option currently. Those statements were made by the SECRETARY of HUD yesterday and a HUD/FHA letter was published on the website Monday night.
BUT……..the new DIRECTOR of HUD pulled that Mortgagee letter this morning and is no longer even available on the HUD website.
Here is the link to all Mortgagee Letters:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
Notice ML 09-15 has been pulled.
This theoretical program is now off the table
Friday, May 08, 2009
Making Home Affordable Allows Modification of Second Mortgages
Making Home Affordable Allows Modification of Second Mortgages
On April 28, 2009, the Treasury Department announced expansion of the Making Home Affordable Program to help reduce payments on second mortgages. The Obama Administration took this action because as many as 50 percent of all at-risk borrowers have second mortgages and without modifying them the borrowers remain at a higher risk of default. Under the Second Lien Program, if the servicer initiates a Home Affordable Modification on the first mortgage, participating servicers will automatically reduce payment on the second lien in accordance with complex, but uniform, program criteria. As an alternative, servicers may extinguish the second lien in exchange for receiving a lump sum payment. For more details, read the Treasury Department's press release.
On April 28, 2009, the Treasury Department announced expansion of the Making Home Affordable Program to help reduce payments on second mortgages. The Obama Administration took this action because as many as 50 percent of all at-risk borrowers have second mortgages and without modifying them the borrowers remain at a higher risk of default. Under the Second Lien Program, if the servicer initiates a Home Affordable Modification on the first mortgage, participating servicers will automatically reduce payment on the second lien in accordance with complex, but uniform, program criteria. As an alternative, servicers may extinguish the second lien in exchange for receiving a lump sum payment. For more details, read the Treasury Department's press release.
Friday, May 01, 2009
TLC Casting Buyers and Sellers for Moving Up
TLC Casting Buyers and Sellers for Moving Up
Cable network, The Learning Channel (TLC), is currently casting for its hit series Moving Up, hosted by Doug Wilson. Producers are looking for buyers and sellers who are under contract and planning to move in June. Interested candidates must still occupy their current home. Buyers moving into a home that is already vacant are not eligible. Both residences must be within 45 minutes of Manhattan.
The series follows a chain of homeowners as they go through the renovation and/or redesign process in their new home. Moving Up offers the former homeowners the rare chance to visit their once beloved homes and see all of the new changes. Opinionated consumers who demonstrate compelling ideas to alter the house are preferred.
Contact Jodi Friedman at (212) 974-9050, ext. 125 or JFriedman@bbcnyproduction.com if you or someone you know would be a good fit for the show.
Cable network, The Learning Channel (TLC), is currently casting for its hit series Moving Up, hosted by Doug Wilson. Producers are looking for buyers and sellers who are under contract and planning to move in June. Interested candidates must still occupy their current home. Buyers moving into a home that is already vacant are not eligible. Both residences must be within 45 minutes of Manhattan.
The series follows a chain of homeowners as they go through the renovation and/or redesign process in their new home. Moving Up offers the former homeowners the rare chance to visit their once beloved homes and see all of the new changes. Opinionated consumers who demonstrate compelling ideas to alter the house are preferred.
Contact Jodi Friedman at (212) 974-9050, ext. 125 or JFriedman@bbcnyproduction.com if you or someone you know would be a good fit for the show.
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