IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program


#mortgage reduction

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IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program (HAMP)

IR-2013-8, Jan. 24, 2013

WASHINGTON — The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction Alternative SM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification Program ® (HAMP-PRA ® ).

To help financially distressed homeowners lower their monthly mortgage payments, Treasury and HUD established HAMP, which is described at www.makinghomeaffordable.gov. Under HAMP-PRA, the principal of the borrower’s mortgage may be reduced by a predetermined amount called the PRA Forbearance Amount if the borrower satisfies certain conditions during a trial period. The principal reduction occurs over three years.

More specifically, if the loan is in good standing on the first, second and third annual anniversaries of the effective date of the trial period, the loan servicer reduces the unpaid principal balance of the loan by one-third of the initial PRA Forbearance Amount on each anniversary date. This means that if the borrower continues to make timely payments on the loan for three years, the entire PRA Forbearance Amount is forgiven. To encourage mortgage loan holders to participate in HAMP–PRA, the HAMP program administrator will make an incentive payment to the loan holder (called a PRA investor incentive payment) for each of the three years in which the loan principal balance is reduced.

Guidance on Tax Consequences to Borrowers

The guidance issued today provides that PRA investor incentive payments made by the HAMP program administrator to mortgage loan holders are treated as payments on the mortgage loans by the United States government on behalf of the borrowers. These payments are generally not taxable to the borrowers under the general welfare doctrine.

If the principal amount of a mortgage loan is reduced by an amount that exceeds the total amount of the PRA investor incentive payments made to the mortgage loan holder, the borrower may be required to include the excess amount in gross income as income from the discharge of indebtedness. However, many borrowers will qualify for an exclusion from gross income.

For example, a borrower may be eligible to exclude the discharge of indebtedness income from gross income if (1) the discharge of indebtedness occurs (in other words, the loan is modified) before Jan. 1, 2014, and the mortgage loan is qualified principal residence indebtedness, or (2) the discharge of indebtedness occurs when the borrower is insolvent. For additional exclusions that may apply, see Publication 4681. Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals).

Borrowers receiving aid under the HAMP–PRA program may report any discharge of indebtedness income — whether included in, or excluded from, gross income — either in the year of the permanent modification of the mortgage loan or ratably over the three years in which the mortgage loan principal is reduced on the servicer’s books. Borrowers who exclude the discharge of indebtedness income must report both the amount of the income and any resulting reduction in basis or tax attributes on Form 982. Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

Guidance on Tax Consequences to Mortgage Loan Holders

The guidance issued today explains that mortgage loan holders are required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness income of $600 or more for the year in which the permanent modification of the mortgage loan occurs. This rule applies regardless of when the borrower chooses to report the income (that is, in the year of the permanent modification or one-third each year as the mortgage loan principal is reduced) and regardless of whether the borrower excludes some or all of the amount from gross income.

Penalty relief is provided for mortgage loan holders that fail to timely file and furnish required Forms 1099-C, as long as certain requirements described in the guidance are satisfied.

Details are in Revenue Procedure 2013-16 available on IRS.gov.

Page Last Reviewed or Updated: 03-Nov-2015


FHA Home Affordable Modification #liberty #mortgage


#mortgage modifications

#

FHA Home Affordable Modification

There may be other modification options to assist you. Call us to discuss your options.

If we can’t find a home retention option that works with your budget, you may need to consider options that involve leaving your house. If the current market value of your house is less than the amount remaining on your loan, you may be able to sell your property in a short sale. The Federal Housing Administration (FHA) has a short sale option that provides a streamlined approval process and financial assistance to help you relocate. By working with us and completing a successful short sale, you may rebuild your credit sooner than if your home gets foreclosed.

There are no fees and no minimum credit score requirements with this program. however you will be responsible for certain costs, expenses and fees associated with the servicing of your loan such as foreclosure attorney fees, etc. These were incurred by you before you entered into the FHA Home Affordable Modification Program. When your FHA Home Affordable Modification becomes final, all prior late charges will be waived.

Footnote 1 These eligibility requirements are informational and are not intended as a commitment to modify your home loan nor is this an exhaustive list of the parameters of the Program.

Footnote 2 This calculation is for informational purposes only, is based upon unverified information you provided at our website and should not be construed to mean that you qualify or do not qualify for a home loan modification. We are required to consider other factors in assessing whether you qualify for a home loan modification.

Now that I am in the process, what is next?

I have called and requested a FHA Home Affordable Modification.

When you call us to request an FHA Home Affordable Modification, we will review your situation, confirm that you meet the requirements for this program and then send you a financial information packet.

Throughout the process. you’ll be paired with a Customer Relationship Manager who will answer any questions you may have and help guide you through the steps you’ll need to take.

I have requested an FHA Home Affordable Modification.

When you receive the financial information packet, you will need to complete the enclosed forms and provide all the documents listed for you. Be sure to sign and return your completed forms and documents to us as soon as possible.

Within five business days of receiving your financial information packet, we’ll send you a letter to let you know if any documents are incomplete or missing.

Once we’ve received all of your required documents, it will take 30 calendar days to complete the evaluation process on your request and notify you of our decision.

Other modification options may be available. Or call us to learn more about your options.

If we can’t find a home retention option that works with your budget, you may need to consider options that involve leaving your house. If the current market value of your house is less than the amount remaining on your loan, you may be able to sell your property in a short sale. The Federal Housing Administration (FHA) has a short sale option that provides a streamlined approval process and financial assistance to help you relocate. By working with us and completing a successful short sale, you may rebuild your credit sooner than if your house gets foreclosed.

I have made all my payments during the trial period.

If you successfully make your Trial Period Payment Plan payments during the trial period and your financial circumstances have not changed, you’ll be approved for a permanent modification of your loan. You must continue making your Trial Period Plan payments until you receive a letter and Modification Agreement from us this may be longer than three months.

Each payment must be made in the amount of your Trial Period Plan payment and in a timely manner until you receive this agreement and your modification has been officially made permanent.

If you’re unable to successfully complete the trial period to get a permanent modification of your home loan and your loan is not eligible for other programs, you may need to consider options that involve leaving your house.

If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. If your loan is insured by the Federal Housing Administration (FHA), you may qualify for the FHA’s short sale option. which may include financial assistance to help you relocate.

I have made all my payments during the trial period.

If you successfully make your Trial Period Payment Plan payments during the trial period, you’ll be approved for a permanent modification of your loan. You must continue making your Trial Period Plan payments until you receive a letter and Modification Agreement from us this may be longer than three months.

The Modification Agreement you receive from us defines the changes to your home loan. This agreement must be signed, notarized and returned to us before your modification becomes permanent.

We strongly encourage you to continue making your monthly mortgage payments at least in the amount of Trial Period Plan payments until you receive this agreement and your modification has been officially made permanent. Not staying current on your monthly mortgage payments could negatively impact your credit.

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Bank of America Corporation. All rights reserved.

In order to provide proof of income, you ll need to submit documentation for everyone listed on your home loan. Please be sure to send photocopies of your documents DO NOT send originals. You ll need to submit any of the following that apply:

  • If you are a salaried employee, your most recent pay stub
  • If you are self-employed, a completed profit/loss template (which can be found in your financial information packet)
  • Other income (such as social security, disability, death benefits, pension, adoption assistance, public assistance, or unemployment) along with a benefits statement or letter from the provider that states the amount, frequency and duration of the benefit
  • Income from alimony, child support or separation along with the divorce decree, separation agreement or other written agreement filed with the court
  • Rental income, along with a signed letter detailing information about the property and the amount of rent you have received
  • Non-wage income (part-time employment, bonuses, tips and investment income), if more than 20 of total income, requires copy of documentation describing the nature of the income (for example, an employment contract or printouts documenting tip income)
  • Proof of homeowners/condominium association fees

*You are not required to disclose child support, alimony or separation maintenance income, unless you choose to have it considered.

Advertising Practices

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Here’s how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that’s customized to meet specific interests you may have.

If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.

Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.

To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs .


IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program


#mortgage reduction

#

Like – Click this link to Add this page to your bookmarks Share – Click this link to Share this page through email or social media Print – Click this link to Print this page

IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program (HAMP)

IR-2013-8, Jan. 24, 2013

WASHINGTON — The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction Alternative SM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification Program ® (HAMP-PRA ® ).

To help financially distressed homeowners lower their monthly mortgage payments, Treasury and HUD established HAMP, which is described at www.makinghomeaffordable.gov. Under HAMP-PRA, the principal of the borrower’s mortgage may be reduced by a predetermined amount called the PRA Forbearance Amount if the borrower satisfies certain conditions during a trial period. The principal reduction occurs over three years.

More specifically, if the loan is in good standing on the first, second and third annual anniversaries of the effective date of the trial period, the loan servicer reduces the unpaid principal balance of the loan by one-third of the initial PRA Forbearance Amount on each anniversary date. This means that if the borrower continues to make timely payments on the loan for three years, the entire PRA Forbearance Amount is forgiven. To encourage mortgage loan holders to participate in HAMP–PRA, the HAMP program administrator will make an incentive payment to the loan holder (called a PRA investor incentive payment) for each of the three years in which the loan principal balance is reduced.

Guidance on Tax Consequences to Borrowers

The guidance issued today provides that PRA investor incentive payments made by the HAMP program administrator to mortgage loan holders are treated as payments on the mortgage loans by the United States government on behalf of the borrowers. These payments are generally not taxable to the borrowers under the general welfare doctrine.

If the principal amount of a mortgage loan is reduced by an amount that exceeds the total amount of the PRA investor incentive payments made to the mortgage loan holder, the borrower may be required to include the excess amount in gross income as income from the discharge of indebtedness. However, many borrowers will qualify for an exclusion from gross income.

For example, a borrower may be eligible to exclude the discharge of indebtedness income from gross income if (1) the discharge of indebtedness occurs (in other words, the loan is modified) before Jan. 1, 2014, and the mortgage loan is qualified principal residence indebtedness, or (2) the discharge of indebtedness occurs when the borrower is insolvent. For additional exclusions that may apply, see Publication 4681. Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals).

Borrowers receiving aid under the HAMP–PRA program may report any discharge of indebtedness income — whether included in, or excluded from, gross income — either in the year of the permanent modification of the mortgage loan or ratably over the three years in which the mortgage loan principal is reduced on the servicer’s books. Borrowers who exclude the discharge of indebtedness income must report both the amount of the income and any resulting reduction in basis or tax attributes on Form 982. Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

Guidance on Tax Consequences to Mortgage Loan Holders

The guidance issued today explains that mortgage loan holders are required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness income of $600 or more for the year in which the permanent modification of the mortgage loan occurs. This rule applies regardless of when the borrower chooses to report the income (that is, in the year of the permanent modification or one-third each year as the mortgage loan principal is reduced) and regardless of whether the borrower excludes some or all of the amount from gross income.

Penalty relief is provided for mortgage loan holders that fail to timely file and furnish required Forms 1099-C, as long as certain requirements described in the guidance are satisfied.

Details are in Revenue Procedure 2013-16 available on IRS.gov.

Page Last Reviewed or Updated: 03-Nov-2015


Refinance with HARP (Home Affordable Refinance Program) #mortgage #payment #calculator #with #taxes


#harp mortgage program

#

Check HARP Eligibility

The Home Affordable Refinance Program (HARP) is a great option for homeowners who have little or no equity, or owe more than their home is worth. HARP will end September 30, 2017, so now is the time to check your eligibility.

Answer a few questions, and we’ll search our database to find out if you’re eligible to refinance with HARP.

The Fannie Mae Loan Lookup is provided as a convenience for borrowers. Fannie Mae makes no representation, warranty, or guarantee regarding the accuracy or completeness of the results. A search that results in a “Match Found” status does not guarantee or imply that you will qualify for a Making Home Affordable® refinance or modification. Information that does not match our records exactly may return inaccurate results. You should contact your mortgage company to verify these results. Making Home Affordable is a trademark of the United States Department of the Treasury. HARP is a service mark of the Federal Housing Finance Agency.

To be eligible for HARP, your original note must be dated on or before 5/31/2009, and your mortgage must be securitized by Fannie Mae or Freddie Mac with a loan-to-value (LTV) equal to less than 200% of the current market value of your home. You must be current on existing mortgage payments and make sufficient income to support the new mortgage payments. Quicken Loans must be participating with your Mortgage Insurance provider in order for you to qualify. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. A tax adviser should be consulted for further information regarding the deductibility of interest and charges.

NMLS #3030. Go here for the Quicken Loans NMLS access page.

Quicken Loans, 1050 Woodward Avenue, Detroit, MI 48226-1906.
© 2000-2016 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc. a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc. used under license. The #1 online retail lender – according to National Mortgage News – Quarter 3, 2015.


Homepath Mortgage And Renovation Financing – Affordable Refinance Online #home #payment #calculator


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Homepath mortgage and renovation financing With a booming economy, the future capitulates become more prospective than the present capitulates. With interest rates at their lowest in years, it makes sense to refinance if your rate is high.

homepath mortgage and renovation financing

In counting your mortgage 80/20 part of the financing of the offer 103% penalty apply to your home. You can avail of home mortgage refinance and convert variable rate mortgage (ARM) to a fixed rate mortgage (FRM), therefore stopping the floating interest rate and make it predictable and affordable.

homepath mortgage and renovation financing

homepath mortgage and renovation financing

You will have a first mortgage for 80% of your frequency and a second mortgage for the residual value of 20%.�Use the 80/20 mortgage you avoid paying private mortgage insurance that can add your recurring mortgage reward. To get your hands on this free video tutorial: Mortgage Refinancing – What You Need to Know, which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.


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    Find a free drug and alcohol treatment center in your state or zip code.

    Important Definitions

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    News and Articles

    The Access To Recovery Grant Program provides vouchers to substance abuse users who need clinical treatment and/or substance.

  • If you are wondering if there really are free rehab centers available to the public? The answer is, definitely yes!

    About Us

    FreeRehabCenters.org is about providing the most complete list of free, low cost, sliding scale, and low income assisted rehab list on the Internet. We scoured thousands of non profit organizations that provide alcohol, drug, another other assistance with substance abuse rehabilitation.

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    IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program


    #mortgage reduction

    #

    Like – Click this link to Add this page to your bookmarks Share – Click this link to Share this page through email or social media Print – Click this link to Print this page

    IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program (HAMP)

    IR-2013-8, Jan. 24, 2013

    WASHINGTON — The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction Alternative SM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification Program ® (HAMP-PRA ® ).

    To help financially distressed homeowners lower their monthly mortgage payments, Treasury and HUD established HAMP, which is described at www.makinghomeaffordable.gov. Under HAMP-PRA, the principal of the borrower’s mortgage may be reduced by a predetermined amount called the PRA Forbearance Amount if the borrower satisfies certain conditions during a trial period. The principal reduction occurs over three years.

    More specifically, if the loan is in good standing on the first, second and third annual anniversaries of the effective date of the trial period, the loan servicer reduces the unpaid principal balance of the loan by one-third of the initial PRA Forbearance Amount on each anniversary date. This means that if the borrower continues to make timely payments on the loan for three years, the entire PRA Forbearance Amount is forgiven. To encourage mortgage loan holders to participate in HAMP–PRA, the HAMP program administrator will make an incentive payment to the loan holder (called a PRA investor incentive payment) for each of the three years in which the loan principal balance is reduced.

    Guidance on Tax Consequences to Borrowers

    The guidance issued today provides that PRA investor incentive payments made by the HAMP program administrator to mortgage loan holders are treated as payments on the mortgage loans by the United States government on behalf of the borrowers. These payments are generally not taxable to the borrowers under the general welfare doctrine.

    If the principal amount of a mortgage loan is reduced by an amount that exceeds the total amount of the PRA investor incentive payments made to the mortgage loan holder, the borrower may be required to include the excess amount in gross income as income from the discharge of indebtedness. However, many borrowers will qualify for an exclusion from gross income.

    For example, a borrower may be eligible to exclude the discharge of indebtedness income from gross income if (1) the discharge of indebtedness occurs (in other words, the loan is modified) before Jan. 1, 2014, and the mortgage loan is qualified principal residence indebtedness, or (2) the discharge of indebtedness occurs when the borrower is insolvent. For additional exclusions that may apply, see Publication 4681. Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals).

    Borrowers receiving aid under the HAMP–PRA program may report any discharge of indebtedness income — whether included in, or excluded from, gross income — either in the year of the permanent modification of the mortgage loan or ratably over the three years in which the mortgage loan principal is reduced on the servicer’s books. Borrowers who exclude the discharge of indebtedness income must report both the amount of the income and any resulting reduction in basis or tax attributes on Form 982. Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

    Guidance on Tax Consequences to Mortgage Loan Holders

    The guidance issued today explains that mortgage loan holders are required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness income of $600 or more for the year in which the permanent modification of the mortgage loan occurs. This rule applies regardless of when the borrower chooses to report the income (that is, in the year of the permanent modification or one-third each year as the mortgage loan principal is reduced) and regardless of whether the borrower excludes some or all of the amount from gross income.

    Penalty relief is provided for mortgage loan holders that fail to timely file and furnish required Forms 1099-C, as long as certain requirements described in the guidance are satisfied.

    Details are in Revenue Procedure 2013-16 available on IRS.gov.

    Page Last Reviewed or Updated: 03-Nov-2015


    Making Home Affordable Program #american #mortgage


    #hamp mortgage

    #

    Making Home Affordable Program

    The Making Home Affordable Program of the U.S. Treasury Department allows eligible borrowers to refinance or modify their mortgage loans, resulting in more affordable home payments.

    U.S. Bank is participating in the program and fully supports efforts to help families remain in their homes by working to lower monthly home mortgage payments.

    Detailed information about the Making Home Affordable Program is available at makinghomeaffordable.gov. To determine if you re eligible for a HARP refinance or HAMP modification. please review the following information.

    Home Affordable Modification Program (HAMP)

    You may be eligible for a HAMP modification through U.S. Bank if all of the following are true:

    • U.S. Bank currently services your home mortgage loan
    • You obtained your current mortgage before January 1, 2009
    • You occupy the home as your primary residence
    • You owe no more than $729,750 on your first mortgage
    • You are delinquent in your payments or, if current, are having difficulty paying your mortgage, perhaps due to a significant increase in your monthly payment, a reduction in income, or a hardship that has increased your expenses

    If you answered “yes” to all of the above criteria, you may be eligible for a HAMP modification through U.S. Bank. Please contact any of our loan specialists to review your options and begin the application process. To locate a loan specialist in your area, call 855-698-7627.

    Home Affordable Refinance Program (HARP)

    In 2011, enhancements were made to the Home Affordability Refinance Program (HARP) to help homeowners refinance their current mortgage even if the value of the home has declined. Some of these changes, which are effective through September 30, 2017, include:

    • Updated loan-to-value ratio guidelines addressing declining property values
    • Updated guidelines regarding owner occupancy
    • New delinquency requirements Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months
    • New documentation requirement Verification of income source is now required

    If you have a Freddie Mac or a Fannie Mae loan:

    Learn more about the Home Affordability Refinance Program (HARP) and how it can help eligible borrowers take advantage of low interest rates and other refinancing benefits.

    Other Options

    If you are not eligible or do not qualify for a loan modification or refinance under the HAMP or HARP programs, U.S. Bank may have other options to help you with your mortgage loan.

    We are committed to trying to help our borrowers under the Making Home Affordable Program. While not all borrowers are eligible and may not qualify under the program, we urge you to contact us if you are unable to make or are having difficulty making your loan payment.