Help For Homeowners Program

Help For Homeowners Program Resource

Help For Homeowners Program Resource in Answers

FHA help for homeowners program, do the homeowners have to pay tax on the amount that is forgiven? With this loan modification program, Help 4 Homeowners, by FHA, will the homeowner have to pay a tax on the amount of the home loan that if modified, or forgiven, by the original lender? Will there be a balloon tax for that amount?

kunjaldp replied: "If the debt is forgiven, then it is taxable as ordinary income, but I believe there is a law in making that would make it non-taxable as long as it was on your home which is about to be foreclosed."

v b replied: "See IRS publication 4681. Example 1 on page 10. Generally the loan modifcation amount can be excluded from income (if it's the original loan), BUT the amount is subtracted from your basis. If the value of the house ever recovers and you sell, that amount is subject to ordinary income taxes. It can not be excluded under any IRS code."

Can I qualify for the FHA Help for Homeowners program if I just filed for bankruptcy? Trying desperately to keep our home. Just had to file bankruptcy but the mortgage payment is still killing us. Can't find anything about qualifying for this new program after filing bankruptcy.

GoodGyrl replied: "Did you try the FHA's web site?? It's right on the home page of their site. You typically have to go through an accredited housing counselor to get this program. The catch-22 with most housing counseling programs is that you have to show that you can pay the mortgage. Having filed for bankruptcy protection may hurt you, but I do not know. Check their site."

How will the new Geithner program help homeowners? Can somebody explain how this program is going to help the homeowners directly, whether your a seller or a buyer.

Julius S replied: "1. Are you the owner of a one- to four-unit home? YES 2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac? YES 3. Are you current on your mortgage payments? YES Current means that you havent been more than 30-days late on your mortgage payment in the last 12 months. 4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house? YES YES, YOU MAY QUALIFY FOR A HOME AFFORDABLE REFINANCE Based on your answers to all of the refinance eligibility questions, you may qualify for a Home Affordable Refinance. The next step is to gather the information you will need when you speak to a housing counselor or the servicer of your mortgage. This includes: CHECKLIST * Information about your mortgage, such as your monthly mortgage statement and * Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources. * Your most recent income tax return. * Information about any second mortgage or home equity line of credit on the house. * Account balances and minimum monthly payments due on all of your credit cards. * Account balances and monthly payments on all your other debts such as student loans and car loans."

How do I apply for the Hope for Homeowners Program? I have not been able to track down any decent information on this program and how to apply for it/

Steve D replied: "Here is the official HUD/FHA page about the H4H program: "

What exactly is the Hope for Homeowners Program.? I bought a home and was paying 950 a month (taxes and insurance included). The County did not put the appropriate exceptions on the property taxes. A Certificate of Error was put in. But that could take up to 3 months, according to the county. In the meantime, the bank paid the full amount on the property taxes. Bringing my mortgage up to almost 1700. I cannot pay this each month. That is almost double. I called the bank and they cannot do anything until the Certificate of Error has been approved. i bought the house in 07. The 07 property taxes were estimated at 800.00 at closing. The previous owner was getting homeowner and senior excemption and the senior freeze. But all of a sudden all the excemptions were removed. I filed a certificate of error which will only give me the senior excemption. I still need the senior freeze and the homeowners excemption. In order to get this, the previous owner has to send in their income for the year. THe paperwork that needed to be filled out was sent over to his lawyers office. The 800 jump in my mortgage each month came from the taxes going from being calculated from escrow for the year from being only 800 to 4500 (without any excemptions). The difference was tacked on and divided over the next 12 months. Also, they estimated my next years property taxes at 4500.

Suspendy A replied: "You can't pay for your OWN mortgage and taxes so I guess you want me to pay w/ MY money and tax dollars right? I don't want to support you sell your house or get a second job I want to use my money for me NOT you, put your hand back in your pocket."

golferwhoworks replied: "get with the title company that did the closing as they have insurance to cover their errors and omissions"

Melissa replied: "I don't think it applies to your situation.. I guess if you were looking to refinance to get your payments lower, it would help.. but that doesn't sound like what you need. "

SmartA$$ replied: "The basics of the Hope for Homeowners is that is for people who's houses have gone down in value. IF your lender participates in the program, then it will help you lower the amount you owe and correspondingly lower your payments. The catch is that a significant portion of the equity created in your home goes to FHA, in other words, when you sell your house someday, FHA will get most of the money. The real advantage to you is that you don't lose your residence and you get smaller payments in the meantime. I really don't think the Hope program is what you need. It only addresses your loan, not the escrow account that your property taxes come out of. Your real problem is the mess created by the errors in your property taxes. You need to look over everything and push back on whoever is screwing you. You may need a lawyer to help you. I find it hard to believe that your mortgage can go up $800 per month for property taxes alone. If there were back taxes owed before you bought the house then your title company needs to step up and pay them because it was their fault for missing it when you bought the house. If your bank is trying to charge you for underpayment previously, you need to have the escrow account audited by a professional to determine where the error is and hold that person/company responsible."

is there a rebate program for homeowners? is there something you have to file for a rebate for being a homeowner?

Linuxiac replied: "Yep. If you were part of the Federal insurance pool contributors, who paid a teensy percentage, for the foreclosure pool, but, now have more than 30% ownership..."

Lori N replied: "Not exactly a "rebate". But if you have a mortgage, and after a certain amount of time, you can ask for them to remove the MIP. That s the mortgage Insurance Protection. It was save around $50 and up a month on your payment. If a new home, sure there must be something on your appliances."

exbuilder replied: "If you bought a brand new home, ask the builder about any available rebates. You can also contact your mortgage company to see if any relief is available. Good luck with your search for a rebate."

Has anyone out there applied to the federal hardship program for homeowners? I have been a construction worker for 12 years and never needed help before, but I don't want to lose the only home my children have known. I was hoping someone out there could give me advice on modifying my 30 year fixed rate.

Kim K replied: "You can do it, it will just take a LONG time and your credit may be damaged because the lapse in payment may show up. You have to have not been able to pay for over a month or so. In addition, any reduction in salary, disability, and etc..will be considered into the decision making process. Contact litigation and fax them all evidence, or they will ask you for it anyway. But be prepared to wait for a decision."

STEVEN F replied: "If you have 12 years in construction, the BEST answer is to go where your skills are DESPERATELY needed. Remember a little storm called IKE. Spent a few month in it path and you will have no trouble making payments. That assumes you could ever actually afford the house."

cynthia t replied: "check this article out also search on yahoo federal hardship programs for home owners then call the federal programs and speak to someone who could point you in the right direction to try and keep your house. Also try to write the mortgage a hardship letter and see if they will voluntarily work with you . There are samples of the letter at the above website."

Is there a temporary relief loan program for California homeowners who have a tough time paying the mortgage? I heard about the new loan programs that allow home owners to refinance their mortgage to a lower interest, but those who qualify need a decent credit, certain income, and their homes need more equity than what they borrow. But what about those who are really suffering and have none of those above?

Pengy replied: "Unfortunately then you will join the ranks of those that have or are losing their homes. No credit, no income and no equity means pay for what you signed for. Sorry but not my fault you overextended yourself, buying way more than you could afford. Do not think my tax dollars should bail you out because of your foolish dreams, and not living in reality."

Homeowners/parents: What tax program did you use to file your 2008 tax return? How did you like it? This is my first time doing my own taxes in years and I want to see which program to go with. I own a home, am married and have kids. Thanks in advance!

Worldly25 replied: "I use an accountant."

Scotty Doesnt Know replied: "I like TaxCut. I used to work for Price Waterhouse (before it was PricewaterhouseCoopers) in their tax department, and they used a professional version of TurboTax. I used it for years, then switched to TaxCut because it was the same as TurboTax, but it cost less. Price ranges from free to $49.95, depending on your tax situation. I am a parent / homeowner."

valhalla2316 replied: "Tax Cut is the best I believe. I used it. it was very easy and I got a good return."

Mia replied: "I think you don't need to buy anything to do tax. I would recommend you to o e-tax which you can down load program from ATO website:http://www.ato.gov.au, it's on the right hand side colume under online service or from here: It's easy to use and you can do tax refund by yourself at home, put all details in it, answer one question to anothers til finish, then you will know that you need to pay tax or get tax refund from ATO. It will calculate automatically while you enter details in the e-tax. Just remind you that you have to answer the truth and keep all paper and documents that relate to tax taht you giving detail such as recipt, donation receipt, PAYG, logbook, etc."

More Sites

HOPE for Homeowners
... government and industry alliance to help homeowners. HOPE for Homeowners ... The HOPE for Homeowners Program is an integral component of Making Home Affordable. ...

HUD News Release 08-150
US Department of Housing and Urban Development's Internet Website. BUSH ADMINISTRATION LAUNCHES 'HOPE FOR HOMEOWNERS' PROGRAM TO HELP MORE STRUGGLING FAMILIES KEEP ...

HOPE (Home Owners Preserving Equity): Foreclosure Prevention ...
HOPE - Home Owners Preserving Equity: Foreclosure Prevention or Assistance Program ... HELP FOR HOMEOWNERS. HELP FOR RENTERS. AVOID FRAUD. Related Links ...

Making Home Affordable
Program from the federal government to help homeowners obtain loans and refinance their current home loans into more affordable monthly payments.

HOPE for Homeowners - HUD
Government program to help homeowners at risk of foreclosure refinance their mortgages. Includes information by state, and fact sheets for consumers and lenders.

HOPE NOW - Support and Guidance for Homeowners
The Making Home Affordable Program is part of the ... The plan can help responsible homeowners who are. at risk of default or are facing foreclosure. ...

FHA Home
... FHA's Home Affordable Modification Program Loss Mitigation Option, 09-ML ... Hope Now a government and industry alliance to help homeowners. HOPE for Homeowners ...

Homeowners - Refinance or Modify Your Loan, Avoid Fraud ...
Making Home Affordable Program may offer the help you need. Homeowners. Overview ... for the Making Home Affordable Program, which is intended to help responsible ...

The HELP Program by Rainy Day Foundation, LLC
This program is called the "HELP" program which stands for Homeowner Education ... The program provides three main components to; keep homeowners from becoming ...

Banks Using Programs To Help Troubled Homeowners - Money News ...
HONOLULU -- Two new programs designed to prevent foreclosures and make mortgages ... The programs are expected to help 7 million homeowners nationwide. ...