|
Bank of America has begun its Principal Reduction Enhancement Program. The program is part of the bank's National Homeownership Retention Program(NHRP). This particular component of NHRP is an outgrowth of the increases in strategic defaults. Strategic defaults occur when mortgagors who can afford to pay their mortgage chose not to do so because the mortgage balance far exceeds the value. Ultimately, the mortgagor walks away from the property and resulting in a foreclosure.
The bank hopes that the program provides an incentive for borrowers to stay in their homes and thereby stem the tide of strategic defaults. The program targets 31% of the household income for mortgage payment and uses an equation to determine the amount of the reduction. The homeowners who would qualify for the reduction would have a mortgage originated by Countrywide be fore January 1, 2009. The qualifying mortgages issued by Countrywide would be; subprime,Pay Option ARM and prime-quality two-year hybrid ARM loans at least 60 days in arrears with at least a 20% differential between the mortgage balance and the current property value. The program is offered to those mortgagors who are seeking a loan modification through the federal governmentsMaking Home Affordable Program .
It should be noted that the federal government is working on their version of a principal reduction program as part of Making Home Affordable Program.
The annual Plainfield Symphony Garden Party fundraiser provides financial support for the free Family Concert scheduled for February, 2011. The garden party will take place on Saturday, June 5, 2010 from 6 PM until 9 PM. The price of admission includes a spectacular summer buffet with an assortment of libations. Additionally, the there will be a performance by the Plainfield Symphony Trio. At the home of Donna Vose and Greg Palermo, 922 Hillside Avenue. Tickets: $50/person. RSVP by email to Brenda Anderson or phone (908) 757-5363. Make checks payable to 'PSO' and mail to: Lesley Rogers, 910 Charlotte Road, Plainfield, NJ 07060.
Come out and support the Plainfield Symphony and help may the 91st season a success!
Fannie Mae, on behalf of the Treasury Department, answered three HAFA questions submitted by NAR on behalf of its members. HAFA is the Home Affordable Foreclosure Alternatives Program that provides uniform procedures, forms, and deadlines for short sales and deeds-in-lieu of foreclosure. The purpose of HAFA is to help homeowners avoid foreclosure even if they are unable to retain the home with a loan modification under the HAMP program. In brief, under the HAFA program: (1) buyer agents are not permitted to rebate a portion of their commission to the buyer, (2) sellers who are real estate agents must list their home for sale with another broker, not their own broker, and (3) the incentive allowed for subordinate lien holders (6% of any one subordinate lien, up to a total of $6,000 for all subordinate liens) is a hard cap and may not be supplemented from any source.
Union County Psychiatric Center (UCPC) has provided a recreational and socialization program for 16 years
for this population, until this year when our funding was lost due to
severe state budget cuts. That program was called 'Steppin`Out'.
This program allowed our mentally ill adults take part in everyday
activities like exploring history museums, attending baseball games,
enjoying day outings to public parks for picnics and play, and other
leisure and social fare. These are experiences many would never have had
without a program like this.
But maybe now they still can!
UCPC Behavioral Healthcare has an opportunity to regain the provision
of this program through a wonderful effort made available by PepsiCo and
their "Refresh Everything" website and online campaign.
For UCPC and our clients to win, you have to VOTE for us on the
website, which can be found here:
http://www.refresheverything.com/stillsteppinout
And our project is called:
"STILL STEPPIN`OUT! Socialization and recreation for the disabled in
NJ"
This can be found through the use of a few words from our project title
entered into the search engine on the website itself. And our proposal
falls under the category of 'Health', which there are a few different
categories under which projects are listed.
Please vote, vote often, and tell a friend! We can only win if we get
enough votes!
And PLEASE DON`T WAIT! The voting period for our project only lasts
until June 30th, 2010!
If we win, are clients would be the real winner in this race!
PASS IT ON!
And thanks from your friends and family at UCPC Behavioral Healthcare
in Plainfield NJ!
 |
|
|
Bill specializes in residential and income producing new construction, resales, short sales and foreclosure properties in Union, Essex, Somerset and Middlesex counties.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved
