With all the options and amount of information on different foreclosure and mortgage relief programs that pop up all the time, it’s hard to know what to do or where to turn. Believe it or not, from my limited research, there are well over 250 “mortgage programs” for either loan modification or foreclosure relief being advertised or offered. Some are government related, some are through law firms and others through non-profits groups or consumer advocate groups or agencies.

Which ones are legit? What is the best one for your situation? Who can you talk to that can help you figure out what to do? All legitimate questions that any smart person would ask.

First of all, do not call me! I am not the right person to talk to about this. However, I feel good recommending you to a website called www.relieveyourdebt.com. There you can read about the different scams other people have had the pleasure of going through as well as the 2 to 3 programs that are recommended for people who need some type of mortgage relief.

I have only listened in on one of the webinars and Mr. Doug Johnson, the debt relief advocate who is vetting these programs and helping people get exposed to them, recommends to every person that they listen to ALL the webinars, thus all the options for their given situation. Once you have been exposed to the programs you have the best and latest information to make a decision to see if one of these programs is for you or not.

I know Doug is not an attorney because I asked him. He’s just a guy who has seen the damage done by banks and financial institutions over the years and has decided to do the research and help people. You can read more about Doug here.

For those that know me personally, you know I don’t a have problem thinking out of the box and these programs are out of the box programs. Sometimes, it’s just what you have to do.

One of the most straightforward improvements is to update the windows in your home. Updating your windows to more energy efficient windows can help lower the amount of energy used in your home, which will increase its value. Other homeowners recommend installing Energy Film in your home, which can keep the sun out of your home during the summer, and prevent energy loss during long winters. Make sure all the caulked areas in your home are up to date to also prevent air from escaping or entering your home. You can also invest in Energy Star products and appliances throughout your home. Not only will these improvements save you money on your energy bills, but potential homebuyers will also see the value in these improvements, which can increase the overall value of your home.

Though it is true that you cannot anticipate errors and issues in new software, you would think that someone would have thought about a backup plan to issue case numbers and make sure that approved properties were honored until the kinks in the system were worked out. Unfortunately, that didn’t happen and many loans are stalled waiting on HUD to get their act together. They are telling everyone it has been worked out but many are still waiting…

If there is anything that you would like to see on the website, please let me know by sending me an email via my contact form. This website will better help you navigate the world of mortgage loans and keep up with any of the changes that come down the pike in the future. In the mean time, if you have a question or concern and you want someone to talk too, please don’t hesitate to contact me. I am looking forward to slowly rolling out the changes so stay tuned!

Also in the new legislation is a tax credit for those selling their existing home and moving into another. You must have used the home as your primary home for five out of the last eight years and the tax credit is for $6,500. You will have to attach your closing statement, also called the HUD, to your income tax paperwork to get the credit. The same income and price restrictions as the first time home-buyer credit applies. If you have additional questions, make sure you call either the IRS or your accountant as this is a tax question.

Great Rate Program      6.10%

Great Save Program     6.10

Great Advantage          6.60

Great Start Program     7.10

These and many other programs are available to you if you are currently in the market to purchase a home.

THDA traditionally does not provide for refinance loans.  However, because of the changing market, Congress passed the Housing and Economic Recovery Act this year and has made this possible.  There are a couple of things you need to know and the most important is that this refinance loan is not for people who have let their credit fall due to getting behind on their house payments.  It is for people who are making their payments but feel they might get behind once their loans reset.

If you think preventative then you are on the right track.  Most people don’t try to get a refinance until they have already missed several house payments and by this time it is too late.  This is a great loan as long as you take action BEFORE you get behind.

This loan is no different than other THDA loans that must meet other criteria as well in Davidson and many surrounding Counties.  The loans cap is $226,100 and there are income restrictions; $61,600 for 1 or 2 person households and $70,840 for 3 or more people; you can only get these loans through approved lenders that sell the loans to THDA; loans that are larger than 78%LTV (loan to value) must be insured by FHA, VA, Fannie Mae or Freddie Mac and; you must show hardship in one of five areas including a high interest rate and reduction of household income.

You can find out more by contacting THDA or email Taylor at thill@newsouthfederal.com