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 Extensions Tips

In the current property market, rather than selling and moving to a larger house, most people are planning a home extension to make an extra room or increase the space in an existing room. There are many reasons for staying where you are, such as not having to arrange new schools for children, moving away from friends and neighbours and the trouble and expense of finding a new place to live.

With a growing family it will be invaluable to have extra room to entertain in. It is also difficult to replace a garden that you have put a lot of work into over the years. When you finally decide that you really want a home extension, you need to set about getting your plans in order.

You should check if you need planning permission, especially if your extension will change the appearance of the outside of the house or if it extends further than the legal limit. You should also discuss with your neighbours your intentions and ensure that the noise of building renovations does not go beyond the hours allowed. Very few neighbours object if you do not exceed any of these rules. It is not always necessary to employ an architect as it is easy to get designs which most builders can adapt and they will advise you on.

Make sure that you will be able to live with the inconvenience for the duration of the work that is going on. It may be advisable to put some of your belongings into storage to prevent damage to valuable furniture.

This is not expensive and will save money in the long run. This can be a very exciting venture and at the end of all the hard work you will have a more beautiful and functional home. You may on the other hand decide that there is an easier option for a home extension. A conservatory can be used as an extra room, for instance a sun lounge or a play room and it can be in place with minimum fuss in a very short time.

With all the extra light it would be a very cheerful addition to your home. The only thing to note with conservatories is they can collect a lot of moss over time and need regular cleaning or else they can become unsightly.

Whatever you decide, whether to go ahead with building an extension or to have a conservatory put in place you will find in most cases that your house has increased in value.

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Real Estate: Building a Home Article Category

Air Tightness

It is important for homes to achieve a high level of air tightness in order to maintain energy efficiency and provide comfort for occupants. Successful airtight building stems from an attention to detail at both the design and construction stages of the project. If warm air is allowed to leak out of a building, the benefits of improved insulation and other energy efficiency measures will be lost.

Air Leakage Testing

Testing for air tightness in dwellings is an important part of UK building regulation compliance. Close attention must be paid to the reduction of air leakage throughout the building design and construction phases. It is much simpler to design and build an airtight dwelling than to carry-out remedial measures in a draughty home.

Air Infiltration

Air infiltration occurs when air leaks through cracks and gaps in the building fabric. The amount of infiltration is influenced by the type of construction and by the speed and direction of the wind. Wind blowing against the building causes pressure differences between the inside and the outside. Air is drawn into the dwelling through holes on the windward face and leaves the dwelling on the leeward side.

Air Buoyancy

Warm air inside the dwelling is more buoyant than the colder air outside. Buoyant air rises by convection and, in doing so, draws-in cool air from outside. As buoyant air rises, it increases the pressure inside the dwelling which pushes warm air out of holes in the building envelope

Air Leakage Paths

Air can leak through the ceiling below a roof void, particularly around the loft hatch cover and around its frame. It can escape through open joints in the brickwork and concrete blocks that make up the external walls. Draughts commonly occur at window and door locations, particularly between the frames and the brickwork. They can also occur between the frames and the doors or opening sashes. In the case of suspended floors, air leakage can occur where timber joists are built-into masonry walls. Air can pass through cracks between floorboards and through gaps at the junction between the floor and surrounding walls. Generally, significant problems can arise from the gaps left around electricity and plumbing services penetrations in walls, floors and ceilings.

Air Barrier Construction

'Air barrier' is a term used to describe a specific layer created within the thermal envelope that separates heated and unheated spaces. The air barrier will effectively restrict the passage of air between the internal and external environments. At an early stage, the designer should identify the exact position of the air barrier and mark it on a drawing. Its exact position will depend very much on the design of the building and the materials used in the construction.

Air Testing Procedure

When the building work is complete, an air test will usually be carried out by a specialist company. A temporary airtight screen is fitted into an external door opening of the dwelling. Water traps are filled, trickle vents closed and extract vents sealed. An electric fan is then mounted in the airtight screen and operated to blow air into or out of the dwelling to create a pressure difference between inside and outside. The air tightness of the dwelling is calculated by measuring the rate of airflow through the fan, while a range of pressure differences are maintained between the inside and outside of the dwelling.

Air Test Failure

In the event of an air barrier failing an air leakage test, smoke testing and thermal imaging can determine the main areas of leakage. Failure of the air barrier at the air testing stage can be very costly in both time and money.

Team Effort

Air tightness is the concern of all members of the design and construction teams. Communication between all workers is vital to make sure that practical working details are produced and that the air barrier is constructed with the utmost care.

Controlled Ventilation

When constructing an airtight dwelling, it is important to provide adequate controlled ventilation to ensure occupant comfort and safety.

Article Source: http://EzineArticles.com/6795145