Home Affordable Modification Program Update for 2012

2012 Home Affordable Modification Program Update

The good news for homeowners is that the home affordable modification program or HAMP as it is called has been extended through 2013.

HAMP is a program offered by the government beginning in 2009 with the economic recovery act. While compliance by the bank is optional, HAMP allows homeowners to apply for modification to their loans and get the payment reduced down to 31 percent of their gross monthly income. There's an application process that begins at the lender when you will need to provide them all of your income documentation as if you are applying for new loan. They're going to evaluate this information to see if you qualify by the standards of the investor. They're not required to talk you about the program assistance however, they receive incentives from the government for modifying those loans. These may include extra money to cover the reduced amount of principle and there are also incentives for the borrower to make regular payments. If you make regular payments after the modification you also get some money back to give you some incentive to continue paying for loan and create equity in the process

Here's a little bit about how it works:

As long as you have a job and you're still struggling to make your mortgage payments you maybe eligible for HAMP. It allows for you to lower your mortgage payment down to 31 percent of your verified monthly gross income. Gross income is the amount of money you make before taxes are taken out. This means, if you have a $50,000 a year salary and your take home income is $1500 dollars every 2 weeks, your gross income is still $50,000 even though your paycheck is smaller.

For example: If your monthly mortgage payment is $1,650, and your income is $50,000 per year, that payment currently equals 39.6% of your income. HAMP will lower your payment down to 31 percent of that gross income or $1,291and your savings is $359 per month.

President Obama has announced changes to the program and intends to be even more aggressive with elements of the program. Mortgage lenders got the information in February but the new information for homeowners won't be available until June, so you can check out the government website at http://www.makinghomeaffordable.gov then. For now:

You may be eligible for HAMP if you meet all of the following criteria:

1. You occupy the house as your primary residence.
2. You obtained your mortgage on or before January 1, 2009.
3. You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
4. You owe up to $729,750 on your home.
5. You have a financial hardship and are either delinquent or in danger of falling behind.
6. You have sufficient, documented income to support the modified payment.
7. You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

One great thing about the HAMP modification is that the government considers entire payment including your tax escrow and your insurance escrow and homeowners association fees to calculate what your final monthly payment needs to be to reach the goal of 31 percent. This gives you an even better chance saving money in the program.

Mark Elkins has been using his knowledge and insight into how to help people in foreclosure to take the offensive, reverse the process, save their home and minimize their losses.

If you are experiencing difficulty making your mortgage, Mark has systems that may allow you to escape your trouble or at least exit the problem with your dignity intact.

Mark Believes the place of real estate investors in this economy is to build prosperity by helping people. He spends his days making real estate deals that help homeowners, sellers and tenants to resolve their housing issues. He also works with prospective real estate investors to teach them his process and how to make profitable, enlightened investments that help both buyer and seller.

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Home Decorating - Getting It Right

Home decorating is very important. It is the art of transforming a closed space, whatever the size, into a liveable place. It isn't just arranging furniture and accessories in any order in a space. It involves a lot of thought and careful selection. Many underestimate the real importance of paints in home decor. The right paint can set the perfect tone for any interior space. Wall painting adds character to a room and complements the accessories in it. And of course, there are colours that are suitable to each type of room in the house. For example, the colours that can be used in a kitchen will be different from the colours that can be used in a bathroom, or bedroom for that matter. Let us take an in depth look at the importance of wall painting.

Light colours, by default white or off-white, or subtle shades are used to add brightness to a space or to make a space look bigger and wider. Paints that are of light colours can also be used to stray away from the monotonous and the plain looking colours of white or off-white. The use of darker colours in home decorating is to draw attention to spaces or given spaces a warmer or cosier look.

The use of two colours in home decorating is a very popular concept and has been around forever. The idea behind this concept is usually to draw attention to certain areas in a space, by either painting them a noticeably darker colour or just a different colour which may not necessarily be darker or lighter than the rest of the room. Using paints of different colours in alcoves or inset areas in rooms also gives a nice touch to break the monotony of a single colour room and advertise these areas more. Wall painting living rooms and bed rooms in this style are a good idea.

In addition to the popular and safe white in bathroom and kitchen spaces, wall painting these spaces different colours can make them look beautiful and bring them to life. In home decorating the wall colours in a kitchen can be from either end of the spectrum and everything in between. However, it is a good idea to have a little contrast. Use darker colour paints if your kitchen cabinets are lighter in colour and use lighter colours paints if your cabinets are darker colours. For bathrooms, the same formula can be used, however, bright colours or subtle colours are a good idea since bathrooms are usually not as large as other rooms in a house and subtle colours make them look bigger.

Article Source: http://EzineArticles.com/7080808

Home Maintenance Tips - Keeping Your Home Secured

Home maintenance tips are essential when it comes to keeping a property in top value. This is especially true for those who are clueless in making their residences free from any form of damage which it may incur through time.

There are many reasons why residences must be conserved. For one, they must remain comfortable and safe for the sake of our families. No one knows when disasters and emergencies might come. At any time you must be prepared in keeping your family secured even inside the bounds of your home. Moreover, big expenses caused by the need for major repairs may be avoided. As the saying goes - an ounce of prevention is better than cure.

Let us say you need home repair assistance. Here is a reminder to consider before you start with your overhaul project. Take each area or room one at a time. Starting the work all at the same time will just leave your whole house in total disarray, more so inoperative. Never jump to the next spot unless the first spot gets fully repaired. This practice will enable your family to have a resting place even though construction is ongoing inside your residence.

Regular upkeep of your environment is more inexpensive and, at times, more beneficial than replacements. In connection to this, it is important that property owners are aware of home maintenance tips that help combat simple residential problems.

Toilet and wiring failures are two of the most common household concerns which need abrupt attention. Toilets are prone to clogging. Once clogged you would not be able to use them properly. In other instances, there are toilets that run. When the water continuously flows from the tank to the bowl, lots of water gets wasted and bigger plumbing problems arise.

Wiring failures, on the other hand, cause certain parts of the grounded or lacking flow of electricity. Never address wiring issues on your own. Contact an electrician right away. Walls, roofs, gutters are other parts of the house which must be regularly checked. Any damage with your roof can expose your family to the weather and other mishaps. Leaks or blockages in the gutter can get a part of your house flooding. Cracks on walls may signal corrosion. They better be instantly examined before they collapse on your loved ones or before they bring the whole house down.

A house is definitely one of the greatest investments a person can have. With the proper observance of these home maintenance tips, this investment can be secured in the years to come. The good news about this is that home owners need not spend a fortune just to enjoy a well-kept property. There are things that they can do on their own to preserve its value. However, there might come a time that a specialist needs to look into certain maintenance issues. In this case, concerned owners must do a thorough research first about the appropriate service provider who will take care of their needs. With this, they can be protected from signing deceitful contracts.

Article Source: http://EzineArticles.com/7038761