New Web Site Provides Home Owner Relief Information
A new Web site for consumers seeking information about the Obama Administration’s Making Home Affordable loan modification and refinancing program — www.MakingHomeAffordable.gov — was launched last week by the Treasury Department and the Department of Housing and Urban Development.
The site includes interactive self-assessment tools that enable borrowers to determine if they are eligible for the program and to calculate the monthly mortgage payment reductions they stand to realize.
First announced by President Obama last month, the program will offer assistance to as many as seven to nine million home owners who have making a good-faith effort to pay their mortgages.
Since releasing the guidelines on March 4 to enable servicers to begin modifications to eligible mortgages under Making Home Affordable, representatives from the Treasury, HUD and other members of a broad interagency task force have conducted detailed briefings and training sessions for mortgage loan servicers and investors, nonprofit housing counselors and borrower advocacy groups.
More than 2,500 participants were briefed on the Administration’s plan in the first two weeks following the release of the program’s specifics.
The Treasury has reported that a wide array of servicers — from large banks to small lenders — have agreed to participate in the program.
Features of the www.MakingHomeAffordable.gov Web site also include:
- Extensive information about the Administration's Making Home Affordable plan
- Resources to find free, HUD-approved counseling services for borrowers who have additional questions
- A handy checklist to ensure that home owners collect all the documents they need before calling their servicers
For more information, e-mail Bill Renner at NAHB, or call him at 800-368-5242 x8597.
Tax Credit Web Site Looks at Opportunity of a Lifetime
Builders and other industry professionals can help spur home sales by referring prospective first-time home buyers to www.federalhousingtaxcredit.com. The NAHB Web site provides detailed information on the $8,000 federal tax credit for first-time home buyers included in the economic stimulus legislation signed into law by President Obama.
Consumers can use the Web site to find information on the tax credit – including a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
“The new tax credit provides a great opportunity for first-time home buyers,” said NAHB Chairman Joe Robson. “Combined with today’s near record low interest rates, the large selection of homes on the market and very competitive pricing, the tax credit should provide the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.”
Industry professionals are encouraged to highlight the tax credit Web site when marketing to their potential first-time home buyer market.
Plan to Attend Construction Forecast Conference
Plan to attend or watch the 2009 Spring NAHB Construction Forecast Conference & Webcast on Thursday, April 23 in Washington, D.C. to get the latest facts, insights and analysis of the housing industry.
Panels of nationally recognized experts at the day-long conference will discuss economic trends, government policies, developments in the housing industry and the results from NAHB's recent surveys.
For more information and to register, visit www.nahb.org/cfc.
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