Aundrea Beach-Greco Blog

Five Ways the New Housing Law Benefits Home Owners:: BENEFIT #1 – Loan Modifications and Short Sales Should Get Easier
May 26th, 2009 10:22 AM

FOR IMMEDIATE RELEASE
5.26.09

Five Ways the New Housing Law Benefits Home Owners

Las Vegas, NV  - May 26, 2009 – The Helping Families Save Their Homes Act (S. 896) was recently passed by Congress and signed into law by President Obama last week. “There are five primary sections of the new law that will benefit home owners and consumers,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

Benefit #1 – Loan Modifications and Short Sales Should Get Easier
“Most mortgage loan modification plans announced by the government to date have been voluntary, meaning that mortgage companies do not have any legal obligation to participate,” Nicholas said. The new law changes that by requiring servicers to modify loans and approve short sales for consumers as long as three requirements are met:

  • Default on the mortgage needs to be reasonably foreseeable
    • If the loan modification or short sale is not approved the homeowner may ultimately end up in foreclosure
  • The home owner must occupy the property as their primary residence
  • The mortgage company needs to be able to recover more from the loan modification or short sale than they would by sending the home into foreclosure
    • The bank must realize the cost associated by allowing this homeowner to go into foreclosure versus helping with a solution

“These three requirements were also present in legislation that was signed into law in 2008,” Nicholas said. “However, this new law is more effective because it specifically states that servicers must consider any of the plans that have been endorsed by the US Treasury Secretary – including the Obama administration’s Making Home Affordable plan – when making their decisions. This means that home owners should find it easier to qualify for a loan modification or short sale because their mortgage servicers are finally obligated by law to consider some of these new plans that have been completely voluntary up until this point. It may take several weeks for servicers to start implementing the new law, but the bottom line here is that help is finally on the way.”

It is more important than ever before for home owners and buyers to work with a Certified Mortgage Planning Specialist, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets.


About CMPS Institute: CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors regardless of the diversity of specializations within the industry. Over 5,500 financial professionals have gone through the program since its launch in 2005. For more information, please visit www.CMPSInstitute.org

Contact:
Aundrea Beach-Greco
info@aundreabeach.com
(702) 326-7866
(877) AUNDREA

Posted by Aundrea Beach-Greco on May 26th, 2009 10:22 AMPost a Comment (0)

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Five Ways the New Housing Law Benefits Home Owners:: BENEFIT #5 – Tenants are Better Protected in the Event of Their Landlord’s Foreclosure
May 26th, 2009 7:02 PM
FOR IMMEDIATE RELEASE
5.26.09

Five Ways the New Housing Law Benefits Home Owners

Benefit #5 – Tenants are Better Protected in the Event of Their Landlord’s Foreclosure
“Many renters have been forced to leave their homes because of their landlord going through foreclosure,” Nicholas said. The new law provides two minimum guidelines that protect tenants:

  • Tenants are now allowed to occupy the property until the end of their lease term (even after the landlord goes through foreclosure) as long as the new buyer does not intend to occupy the new home as their own primary residence
  • If the new buyer intends to occupy the home as their own primary residence, the tenant must be given a 90 day notice before being forced to leave

It is more important than ever before for home owners and buyers to work with a Certified Mortgage Planning Specialist, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets.


Contact:
Aundrea Beach-Greco
CMPS
info@aundreabeach.com
(702) 326-7866
(877) AUNDREA


Posted by Aundrea Beach-Greco on May 26th, 2009 7:02 PMPost a Comment (0)

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Five Ways the New Housing Law Benefits Home Owners:: BENEFIT #4 – Borrowers Must be Notified When Ownership of Their Mortgage Changes
May 26th, 2009 7:01 PM

FOR IMMEDIATE RELEASE
5.26.09

Five Ways the New Housing Law Benefits Home Owners


Benefit #4 – Borrowers Must be Notified When Ownership of Their Mortgage Changes
“This is significant because previously, borrowers were only notified when their servicer changed,” Nicholas said. “The current mortgage crisis has proven that the owners of the mortgage – not the servicers that collect the monthly payments - are the real decision makers when it comes to approving loan modifications and short sales.”

It is more important than ever before for home owners and buyers to work with a Certified Mortgage Planning Specialist, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets.


Contact:
Aundrea Beach-Greco
CMPS
info@aundreabeach.com
(702) 326-7866
(877) AUNDREA

Posted by Aundrea Beach-Greco on May 26th, 2009 7:01 PMPost a Comment (0)

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Five Ways the New Housing Law Benefits Home Owners:: BENEFIT #3 – $250,000 FDIC Insurance Limit Extended to December 31, 2013
May 26th, 2009 7:00 PM
FOR IMMEDIATE RELEASE
5.26.09

Five Ways the New Housing Law Benefits Home Owners

Benefit #3 – $250,000 FDIC Insurance Limit Extended to December 31, 2013
“The $250,000 limit was set to expire at the end of 2009 and revert back to $100,000,” Nicholas said. “The new law prevents another large scale panic by extending the higher $250,000 limit for another four years. Also, the FDIC is now allowed to borrow up to $100 billion from the US Treasury in case of emergencies. This is significant because insured deposits have tripled since the FDIC’s old borrowing limit of $30 billion was set during the 1990s. The FDIC is funded by the banking system and has never been funded by the US government. They only borrowed once from the Treasury during the 1990s and paid back all the money in full with interest. As a temporary measure, the FDIC is allowed to borrow up to $500 billion from the US Treasury throughout the end of 2009 as long as this is approved by a two-thirds majority vote of the FDIC Board of Directors and the Fed Board of Governors in consultation with the President and the US Treasury Secretary.”

It is more important than ever before for home owners and buyers to work with a Certified Mortgage Planning Specialist, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets.

Contact:
Aundrea Beach-Greco
CMPS
info@aundreabeach.com
(702) 326-7866
(877) AUNDREA


Posted by Aundrea Beach-Greco on May 26th, 2009 7:00 PMPost a Comment (0)

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Five Ways the New Housing Law Benefits Home Owners:: BENEFIT #2 – New and Improved FHA Hope for Homeowners Program
May 26th, 2009 6:58 PM
FOR IMMEDIATE RELEASE
5.26.09

Five Ways the New Housing Law Benefits Home Owners


Benefit #2 – New and Improved FHA Hope for Homeowners Program
“It has been reported that only one family has qualified for the FHA Hope for Homeowners program since it was launched last year,” Nicholas said. The new version of the program should generate a lot more participation from lenders due to four major updates:

  • The current mortgage lien holder is allowed to share in any appreciation in home value that occurs over time. Previously, first lien holders were excluded from equity sharing and they had little incentive to participate in the program.
  • The FHA premiums are reduced to “not more than” 3% up front and 1.5% annually. This means that the current lender may only need to reduce the principal to 90% of the current home value instead of the 87% that was required under the old plan.
  • This program can now be used in conjunction with the Obama administration’s Making Home Affordable program that pays servicers a fee to reduce the mortgage balance.
  • Borrowers are no longer required to document their income through tax returns. The Department of Housing and Urban Development (HUD) will issue income documentation guidelines that may make it easier for some borrowers to qualify using alternative sources of income documentation.

It is more important than ever before for home owners and buyers to work with a Certified Mortgage Planning Specialist, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets.


Contact:
Aundrea Beach-Greco
CMPS
info@aundreabeach.com
(702) 326-7866
(877) AUNDREA

Posted by Aundrea Beach-Greco on May 26th, 2009 6:58 PMPost a Comment (0)

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Tax strategies using the $8000 tax credit this year...
May 3rd, 2009 8:42 AM

5.3.09

LOOK WHAT KIPLINGER'S ECONOMIC REPORTS HAD TO SAY ABOUT USING THE $8000 TAX CREDIT...

If you’re filing an amended ’08 return for the first time home buyer credit...

IRS will reduce the refund generated by the credit by any unpaid tax debt, just as with any other refund, the agency says in a private ruling. First time buyers can claim the tax credit...10% of the purchase price, up to a maximum of $8,000...on amended 2008 returns if they buy a primary home this year before Dec. 1, 2009.

And remember, to qualify as a first time buyer, a purchaser must not have owned another principal residence in the United States within the previous three years.

And if you are a first time home buyer who is marrying a homeowner...Purchase your marital home before the wedding. Eligibility for the credit is determined when settlement occurs, and the full credit can be allocated to you even if you buy the house in both names. If you wait until after the nuptials to buy, you’ll lose the credit if your spouse had another main home in the past three years.

IRS may be allowing many erroneous claims for the home buyer credit, Treasury inspectors say after checking more than 500,000 home buyer credit forms. They found that in nearly 40,000 cases, filers who had deducted mortgage interest, points, property taxes and other homeownership tax breaks in the past three years claimed to be first time home buyers. The Service caught only a few of the scofflaws.

 

Posted by Aundrea Beach-Greco on May 3rd, 2009 8:42 AMPost a Comment (0)

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Doctors, lawyers, even beauticians adhere to strict education requirements and licensing.  Do you want someone who is not bound to certain mortgage licensing standards looking at your credit and finances? Consult a CMPS™!

Certified Mortgage Planning Specialist, CMPS™ represent a new professional category in the mortgage sector: one that arose as a response to legitimate criticisms of the mortgage banking industry.

Mortgage Planners must have regional mortgage licensing, undergo structured training, and pass a battery of tests in order to be certified by private Certified Mortgage Planning institutions. They must also pursue and document ongoing training regarding the mortgage banking industry, the markets that impact home finance products, the role of interfacing with financial services professionals, and the methods, means, and ethics associated with advising consumers on home mortgages.

Certified Mortgage Planners work in concert with other finance professionals, including Realtors, CFPs, CPAs, Insurance Agents and Attorneys to ensure that consumer home finance products are in alignment with market trends, both current and historic. The deliverable of a Certified Mortgage Planner is a "Mortgage Plan" designed to maximize home equity and improve cash flow while wisely managing debt. CMPS professionals are committed, qualified and equipped to implement mortgage, cash flow and real estate equity management strategies that help consumers: Build and conserve wealth, Become debt free sooner, and Achieve financial freedom.

                       


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