‘Tis the Season to Reassess Your Property Taxes

Whether you recently purchased a home or have been a homeowner for years in Metro Atlanta, 2011 will offer significant benefits for property taxpayers.  Due to the passage of the Georgia Senate Bill 346 earlier this year, reform is finally coming to the values assigned to our homes, which will bring hopefully much needed relief to real estate owners.  

 

Here are highlights of the new and improved revisions for Georgia real estate taxes:

• The sales price establishes Fair Market Value for the next tax year
• All relevant sales, including distressed sales,  will be included when determining Fair Market Value

Bought A Foreclosure Recently? Here’s How to Protect Yourself, Pt. 2

There are some homeowners that believe they were wrongfully foreclosed on and are now attempting to reclaim the foreclosed home.  If you recently purchased a foreclosed home and are concerned that someone may come knocking on your door in an attempt to recover the home, protect your investment today! 

As discussed in the first part of this topic, locate your closing documents and make sure you have title insurance (specifically an owner’s policy), which can be purchased after closing if you did not obtain this at closing.  In case you did not know, the owner’s policy of title insurance insures you against mistakes made in the public record, by the mortgage lender, and even by courts. Additionally, if title is being challenged, title insurance will cover the cost of defense and loss payment.  For more details on the benefits of title insurance visit http://www.homeclosing101.org/whyneed.cfm.

DO YOU OWN AN EMPTY HOME? Here’s What You Need to Know

Are you selling a home or trying to rent a home that has been vacant for more than a few days?  Although I am sure you have insurance, you may still be unknowingly at risk.  Many homeowner policies have a “vacancy clause” that is triggered by the home being empty for an extended period of time that will cause homeowners to not be as protected in times of need, warns the National Association of Insurance Commissioners. 

Mortgage Help for Military Families

Do you, or anyone you know that is in a military family, need help with mortgage payments?  Fannie Mae says it will reduce or suspend mortgage payments for up to six months for military families if they are unable to pay because of the injury or death of a service member.

Military members or surviving spouses should contact their mortgage company or call this special military phone number: (877) MIL-4566.

Source: Associated Press (09/27/2010)

How to Get Discounts On Your Home Purchase

Many people ask, “The home listing mention that HomePath Financing is available – what is that?”   HomePath, Fannie Mae’s REO program, maybe a great financing program to take advantage of if you see it offered for a particular sales listing.  For Fannie Mae homes, HomePath Financing offers owner-occupant buyers 3% of the sales price down with no mortgage insurance and no appraisal fees - this is even better than FHA, which offers 3.5% down with an additional mortgage insurance fee that buyers have to pay at closing and each month.

Get 10% Back on Your Mortgage?

As ”strategic” mortgage defaults rise, Loan Value Group, is offering banks and homeowners a way to resolve the problem through a program entitled, RESPONSIBLE HOMEOWNER REWARD.  The program involves the investors structuring a reward for homeowners, averaging 10 percent of the loan balance, payable when the loan is paid off. While the reward will not give the homeowner positive equity, it could give the homeowner an incentive to keep paying despite dropping home values.

The plan is paid for by whomever owns the loan. So far, three hedge funds have signed up. Loan Value Group tells investors that the program isn’t affected by accounting rules that otherwise would require a modified mortgage to be written down.

NEW REFINANCE OPTIONS If You Owe More Than the Home’s Worth

FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth.  Beginning Sept. 7, 2010, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence.  Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500.

The first lien holder must agree to write off at least 10 percent of the remaining amount owed under the mortgage, bringing the combined loan-to-value ratio of all mortgages to no more than 115 percent. The LTV for the new FHA mortgage may not exceed 97.75 percent. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens. 

STOP HOME LOSS SERIES: You May Qualify For HUD’s New Interest Free Loans

The Obama administration will offer $1 billion in zero-interest loans to help homeowners who’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas.  The Department of Housing and Urban Development plans to make loans of as much as $50,000 for borrowers in the hardest hit areas to make mortgage, tax and insurance payments for as long as two years through the HUD Emergency Homeowners Loan Program.  This new program will complement Treasury’s Hardest Hit Fund (announced in Feb. 2010) by providing assistance to homeowners in hard hit local areas that may not be included in the hardest hit target states as listed below. Those areas are still being determined.

STOP HOME LOSS SERIES: Need Help with Your Current Mortgage Payments? FREE EVENT

On Saturday, August 21, 2010 the NID Housing Counseling Agency/Atlanta Metro in conjunction with NAREB will host a unique foreclosure counseling event unlike any other.  The appropriately tagged, ‘You’re More Than A Number Loan Modification Assistance Event’ with help from Bank of America, Chase and Wells Fargo/Wachovia, is a free event that will rally the whole community to come out and get personal attention from knowledgeable housing counselors on-site.
 
‘You’re More Than A Number Loan Modification Assistance Event’ is scheduled for Saturday August 21, 2010, from 8:00AM-3:00PM at the Wyndam Garden Atlanta South Hotel in Atlanta, GA on Old National Highway.  This event promises to bring a personal touch to all who participate as housing agents from Bank of America, Chase and Wells Fargo/Wachovia will be available to provide face-to-face counseling along with HUD to discuss how going green can save participants money. No matter who the original lender is, the NID Housing Counseling Agency/Atlanta Metro is on hand to help.  Unlike other loan modification events, ‘You’re More Than A Number Loan Modification Assistance Event’ represents the human approach to loan modification giving added face value to each situation and ongoing support.  
 
“I’ve been in the business for twelve years and I’ve seen a lot of events like this, but it’s refreshing to see an organization finally get what people really need”, said Personal Finance Expert and CNN Contributor Clyde Anderson, who is also the events Special Guest.  “Compassion is missing…, but if we take the time to educate and walk people through the modification process, I believe you would see a lot less stress and negative attitudes, so we can get down to offering resources people really need to make it”.  
 
Tired of feeling like just a number?  Visit www.nidatlmetro.org to register and reserve your place. For more information call 1-866-251-1027.  Listen to Praise 102.5FM for announcements.  Register today for a chance to win free gas gift-cards!

The Low-Down on FHA Loans

RISMEDIA, July 1, 2010–FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87 percent today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”

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