extended: HARP Refinance program extended until 2015
- 04/12/13 02:09 AM
Minneapolis, MN: The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP 2.0) by two years. The program was to expire at the end of 2013, but will NOW expire December 31, 2015. The HARP program is being extended so more underwater homeowners can benefit from refinancing to today's low mortgage interest rates. Already, some 2 million plus homeowners have successfully refinanced their homes using the HARP 2 refinance program. FHHA also announced they will be launching a nationwide campaign to inform homeowners about HARP refinances, and eligibility requirements. LEARN … (2 comments)
extended: Mortgage Forgiveness Debt Relief Act Extended
- 01/03/13 03:14 AM
Minneapolis, MN: When debt is relieved or written off... That "relief" is supposed to be taxed as income. The lender gives the debtor a Form 1009-C, Cancellation of Debt if the cancellation equals $600 or more. When it comes to a foreclosure or abandonment of secured property, it is a form 1099-A. That means if someone owes $150,000 on their home and it sells for $100,000 in a foreclosure auction, they could owe taxes on the remaining $50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in taxes on the foreclosure. Similar taxes would apply for amounts … (1 comments)
extended: HARP, the Home Affordable Refinance Program for underwater homeowners has been extended
- 03/15/11 07:47 AM
HARP, the Home Affordable Refinance Program for underwater homeowners has been extended until June 2012 The Home Affordable Refinance Program was set to expire this June 30th, but has been extended one year until June 2012. The extension is great news, as HARP has been about the only success story of all the government programs attempting to stem the tide of foreclosures. Basically if your existing first mortgage is held by Fannie Mae, or Freddie Mac, and that first mortgage is LESS than 125% of today's value, you may qualify and be able to take advantage of today's low rates … (0 comments)
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
Minneapolis, MN: The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP 2.0) by two years. The program was to expire at the end of 2013, but will NOW expire December 31, 2015.
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