Making Home Affordable Program

What Should You Do If You Think a Servicer Isn't Following the Making Home Affordable Program Guidelines

If you think that servicers are not following the guidelines for the Obama Administration's Making Home Affordable Program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages. Here are the recommended steps to take:

1) First, go to www.makinghomeaffordable.gov, the official Treasury website for the Making Home Affordable Program. At the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking "Loan Look Up" on the ribbon on the top of the home page. Only the holder of the loan is allowed to perform this.

If the loan is a Fannie Mae or Freddie Mac loan, call (1) 1-800-7Fannie or (1) 1-800-Freddie, as appropriate, describing the specific inconsistency. Do this whether the issue relates to the refinancing or the loan modification program.

2) Next, if the loan is not owned or guaranteed by Fannie Mae or Freddie Mac you can determine if the servicer is participating in the Home Affordable Modification Program (HAMP) by going to the website and clicking "Contact Your Mortgage Servicer" on the top ribbon. To date, 16 servicers are participating, covering more than 80% of all mortgages.

If the servicer is participating, the first step is to contact the servicer using the phone number or email address listed on the site so you can appeal the issue to a supervisor. Be sure to identify the specific provision of the guidance that you believe is not being followed. If the supervisor cannot or will not correct the problem, call 1-800-7Fannie to report the disagreement. Fannie is administering the program for the Treasury Department and will work to resolve the issue.

Making Home Affordable Program Website (consumer friendly)
www.MakingHomeAffordable.gov

Site for Detailed Information on Making Home Affordable and Other Government Programs
www.FinancialStability.gov

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FIRST TIME HOMEBUYERS INFORMATION

Now is a great time to buy your first home. If you have been thinking about it, there are now plenty of reasons to get off the fence. The First Time Homebuyers $8,000 tax credit offered by the Federal Government is a great incentive but when you combine that credit with the low interest rates, large selection of inventory and low home prices, you can't afford to miss this opportunity

Tax Credit- What is it?

Any home that is purchased for $80,000 or more qualifies for the full $8,000 amount. If the house costs less the the $80,000, the credit will be 10% of the cost. If you purchase a home for $75,000, the credit would be $7,500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

Who is eligible?

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had ownership interest in a home in the three years previous to the day of the 2009 purchase. There is an income restriction, Individuals filing Form 1040 as Single (or head of household) are eligible for the credit if their income is no more than $75,000. Married couples who file jointly may have income of no more than $150,000.

Federal Housing Tax Credit- CLICK FOR INFO

Hi, I am Cheryl Johnson, an agent with RE/MAX Preferred Associates in Toledo, Ohio, and Property Manager for Crouse Enterprises, L.L.C.  Welcome to my website, your source for Metro Toledo real estate. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Toledo with my New Listings Notification.   If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.