Open House for 5929 89th Ave New Carrollton 8/15 & 8/16 1-4pm

3707 Elmcrest Lane Bowie MD Rental Listing

PNC BANK - HOME BUYING EVENT - SAT 2/28 - MUST RSVP

Home Ownership Workshop!!!

Education Is The Key To Home Ownership

10AM-12PM

Saturday February 28th

@ Keller Williams Preferred Properties

9701 Apollo Dr, Upper Marlboro MD 20774

Please RSVP @ Kevin.fergusonsr@pncmortgage.com or 301-497-6243
Make sure to tell him Angel S. sent you!!

Here are some topics that will be covered: 

* The requirements for qualifying for a new home purchase 

* Down payment assistance programs available 

* PNC loan programs available 

* The home buying process, step by step 

* Additional Misc info 

* One site credit pre approvals 

USDA Home Loan Eligible End Unit Townhome in Marlton Community

Connect with me on:

KELLER WILLIAMS PREFERRED PROPERTIES | 9701 Apollo Drive, 102 | Upper Marlboro | MD | 20774

Add frank@frankgodfrey.com to your safe senders list. Click here for directions.

Want To Qualify For First Time Home Buyer Grant Programs?

There are plenty of grant programs offered by different Counties within Maryland.  In order to qualify for those programs you must take a Home Buyer class that teaches you, not only the components involved with buying your home, but also what it takes to keep your home.  Some of these grant programs provide upwards of $40,000 so it would be advantageous to do whatever is necessary to partake in these grant programs.  We recommend joining the Home Buyer's Club with Hope Financial.  They also offer a Fast Track class but we know there's no fast way to learn what it takes to achieve the American dream of home ownership.  See the comparison below.

HOMEBUYER’S CLUB VS. FAST TRACK BENEFITS CHART

Keller Williams Preferred Properties has invited Hope Financial into our office to offer the Fast Track class on January 11, 2014 from 9 - 5 pm.  You must call Hope Financial directly in order to register, 301-567-3330.  We thought this would make it easy on our wonderful clients who have already know where our office is.  Register to get your grant money today.  As I always tell my personal clients, if we don't use the money they'll stop offering it.  So use the money. 

How the Shut Down Impacts Your Mortgage Loan Processing

The Federal Government shutdown has occurred. 

So what does this mean to you, in general?  For the most part not much, unless it is for an extended period.  The most serious impacts are felt by USDA buyers.  Below is a general outline of what affects it will have on our industry.  These affects may change by lender.

.---------------------------------------------------------------------------------------------------------------------------------------------

 FHA Loans

·         Lenders will be able to obtain a FHA case number from the FHA Connection

·         Limited FHA staff to respond to questions

·         CAIVRS will be available to determine if a borrower has a delinquent federal debt

·         FHA Total Scorecard will be available

·         FHA will collect the Upfront MIP during a shutdown

VA

·         The Department of Veterans Affairs (VA) will continue to operate if there is a government shutdown, which means lenders will be able to continue originating VA-guaranteed loans.  Both lenders and borrowers will be able to obtain the Certificate of Eligibility online, and they will still be able to submit applications and follow up on COEs that require more research with the Atlanta Eligibility Center.

Will VA loans be adversely affected in any way?  Answer = no

USDA

·         Indications are that Rural Development will cease all but essential functions and no new loans or guarantees will be made.

Will we be able to obtain a conditional commitment?  Answer = No

Can we close a loan without the conditional commitment?  Answer = No

Can we close a loan if we have the conditional commitment?  Answer = Yes

Internal Revenue Service (IRS)

·         The IRS will NOT process any forms, including tax transcripts (Form 4506T).

Can we close loans without the tax transcripts?  Answer = No

Social Security Administration (SSA)

·         The SSA will likely NOT be able to verify social security numbers.

Can we close loans without verifying the social security number?  Answer = No

Fannie and Freddie

·         Fannie and Freddie would not be directly affected, except to the extent they rely on verification and other functions of HUD, IRS, and SSA.

Federal Reserve

·         The Federal Reserve – including the reserve banks – is not funded through the annual appropriations process;  thus a government shutdown would have no impact on Federal Reserve operations, including payment system and open market functions.

Consumer Financial Protection Bureau (CFPB)

·         The CFPB is not funded through the annual appropriations process; thus a government shutdown should have no impact on CFPB operations.

FEMA Flood Insurance

·         It is likely that mapping issues or amendments will be impacted.

·         Most functions will be unaffected because of their use of contractors and public/private partnerships.

Will I be able to get flood insurance?  Answer = yes

If the subject property is not yet mapped by FEMA and needs research by FEMA will my loan be affected?  Answer = yes

Can I close the loan if mapping research cannot be completed by FEMA?  Answer = no

Call or email me with any questions.

George Flower IIINMLSR ID 193157

Branch Sales Mgr - Prod
Prosperity Mortgage Company | 590 Baltimore PK FL 1 | Bel Air, MD 21014
Phone (410)274-7252| Fax (866)359-2062

george.floweriii@prosperitymortgage.com

www.georgeflower.com

New FHA Program Seeks to Return Foreclosed Borrowers to Homeownership

Housing Options & Planning Enterprises, Inc.  September 9, 2013 Real Estate Professionals,   The FHA "Back To Work" Program Is Official!   That's good news for borrowers who lost their home due to specific financial hardships but can now demonstrate they have regained their previously lost financial ground.  Housing Options & Planning Enterprises, Inc. (H.O.P.E.) * FHA Question & Answers Forms   New FHA Program seeks to return foreclosed borrower to homeownership After more than 2.5 million foreclosures, the Federal Housing Administration (FHA) is now offering a Homeownership Program that will put previously troubled borrowers back on a fast-track to the home ownership market. The new program known as "Back to Work - Extenuating Circumstance" cuts the standard three-year waiting period to only 12 months.  The list of eligible financial hardships reads like a list of housing crisis woes: · Chapter 7 or Chapter 13 bankruptcy · Deed-in-lieu · Forbearance · Foreclosure · Loan modification · Loss of income, employment or both that totaled at least 20 percent of previous earnings for at least six months - including copies of applicable termination notices or changes in employment status · Pre-foreclosure sales · Short sales Additionally, consumers must also meet other verifiable measures to participate in the program: · Proof of borrower's current income - usually W-2 forms or federal tax returns that show the desired mortgage would be affordable and sustainable; · Credit history pre and post the eligible hardship event that is free from late payments or other major credit issues, including rental housing payments and accounts delinquent by 30 days or more; · Credit score of at least 500; and · Housing counseling by a HUD-approved counselor at least 30 days but no more than six months before submitting an FHA application. For consumers meeting all of these criteria as well as other standing FHA mortgage guidelines, the Back to Work program is now available nationwide through FHA-approved lenders. Once participating lenders determine that mortgage applicants meet all eligibility and policy criteria, the same 3.5 percent minimum FHA down payment requirement will apply. Mortgage insurance and closing costs will also apply. Only one FHA program is ineligible for the Back to Work program: reverse mortgages. For more information about FHA "Back To Work" Program the Question & Answer form is link above.  Thank You,  HOPE Team HUD Approved Housing Counseling Agency. Visit Our Wedsite at HOPEfinancial.org

Copies of Prior Year Federal Tax Returns and/or a Transcript

Most taxpayers will ask for a copy of their prior year tax return. In many cases, however, a transcript will provide the information they need more quickly. Transcripts provide taxpayers with a computer-created record of their tax return which includes most of the line-items as filed with the IRS, including any accompanying forms and schedules. The transcript does not reflect any changes the taxpayer, his/her representative, or the IRS made after the return was filed.

• To download Form 4506 (Request for Copy of Tax Return) or Form 4506T (Request for Transcript of Return), refer to this IRS.gov page.
• If you were impacted by a federally declared disaster, you may request a transcript by phone at 1-866-562-5227 (Hours of operation are 7 a.m. to 10 p.m., Monday-Friday, your local time - except Alaska and Hawaii which are Pacific time.) You will still need to submit Form 4506 for an actual copy of a return. Send your request to the office indicated on Form 4506. You may fax or mail your request. Write the word “Disaster” on the top of Form 4506 and your request will be expedited at no charge.
• If the taxpayer used a professional preparer to prepare the prior year's return, he/she can request a copy of the return from the preparer. If they need help locating the preparer, the Electronic Return Originator data base may help.
• To request copies in person, you may refer taxpayers to the nearest IRS Taxpayer Assistance Center (TAC).
• For practitioners only – E-services (if enrolled)

Real Estate Provisions in “Fiscal Cliff” Bill - Realtor.org

Real Estate Provisions in “Fiscal Cliff” Bill

On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.

Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders

• Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014
• Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
• 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012
• 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012

Permanent Repeal of Pease Limitations for 99% of Taxpayers

Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers.  These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000.  These thresholds have been increased and are indexed for inflation and will rise over time.  Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3 percent.  That amount is then used to reduce the total value of the filer’s itemized deductions.  The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.

These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years.  They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012.  Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income. 

Capital Gains

Capital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return.  After that, any gains above those amounts will be taxed at 20 percent.  The $250,000/$500,000 exclusion for sale of principal residence remains in place.

Estate Tax

The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax.  After that the rate will be 40 percent, up from 35 percent.  The exemption amounts are indexed for inflation.

Article from Realtor.org

Don't Wait Until It's Too Late #Foreclosures

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There's a new post on Mdhousing's blog, The Foreclosure Process Made Simple: Chart Gives Consumers Clear Guide to Their Rights and Responsibilities. Baltimore - The Maryland Housing Counseling Network, Inc. has a consumer-friendly chart of the state's foreclosure process, outlining in a clear, easy-to-follow format what homeowners who are behind in their mortgage can expect from lenders and matching each step in that process with what homeowners can do to get help.    The chart helps illustrate the importance of seeking counseling through the state's MD HOPE Counseling Network as early in the process as possible; and of opting-in for foreclosure mediation through the Office of Administrative Hearings. Here's how. Maryland was one of the first states to give homeowners that option, in the hopes of encouraging lenders to work with families to find sustainable alternatives to foreclosure. However, it should be noted that the chart does not include early mediation, the newest step in the foreclosure process. Early mediation, which goes into effect Oct. 1, gives homeowners in financial trouble the option to seek mediation before lenders take them to court. The goal is to bring the parties to the negotiating table even earlier in the process, when more options may be available. Early mediation was one of three key measures recommended by Governor O'Malley's foreclosure task force and passed this year by the legislature by wide bipartisan margin. The legislature also established a statewide foreclosed property database and a tax credit for families that buy a foreclosed property as their principal home. Taken together, the measures reflect the Maryland Foreclosure Task Force's dual strategy for coping with what it called the "harsh reality" that the crisis will continue for some time - the new measures give beleaguered homeowners additional time to find alternatives to foreclosure and they give state and local governments new tools to help neighborhoods rebound from the blight of vacant and foreclosed properties. The measures also build upon the sweeping reforms enacted under Governor O'Malley's leadership since 2007 in response to the most severe national housing crisis since the Great Depression. Maryland foreclosures peaked during the fourth quarter of 2009 and have been declining ever since. But foreclosures have inched up in recent months as lenders adjust to regulatory reform and the state's housing market gets stronger. Subscribe to Community Review, the official blog of the Maryland Department of Housing and Community Development,to get the latest in housing and community development news.

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Independent Foreclosure Review Fact Sheet

Independent Foreclosure Reviews 

Fact Sheet 

What is happening? 

Fourteen U.S. mortgage servicers and their affiliates are making available free, 

impartial Independent Foreclosure Reviews to certain of their borrowers as 

part of the consent orders entered into with the Board of Governors of the 

Federal Reserve System and the Office of the Comptroller of the Currency in 

April 2011. 

If eligible borrowers believe that they were financially injured as a result of 

servicer errors, misrepresentations or other deficiencies in the foreclosure 

process on their primary residence, they can request a review of their 

foreclosure file to verify that their foreclosure process was handled properly. 

Throughout this process, servicers will continue their efforts to help 

homeowners who have not yet gone through a foreclosure sale stay in their 

homes, where possible.  

Who is eligible? 

Borrowers are eligible to submit a Request for Review if 1) their loan was 

serviced by one of the participating mortgage servicers, 2) their loan was active 

in the foreclosure process between Jan. 1, 2009 and Dec. 31, 2010, and 3) the 

property securing the loan was their primary residence.  

To participate in an official review, eligible borrowers must submit a completed 

Request for Review Form by April 30, 2012. 

Which servicers are being required to perform the reviews? 

The participating servicers are: 

•  America’s Servicing Company 
•  Aurora Loan Services 
•  BAC Home Loans Servicing 
•  Bank of America 
•  Countrywide 
•  EMC 
•  EverBank/Everhome Mortgage Company 
•  GMAC Mortgage 
•  HFC 
•  National City Mortgage 
•  PNC Mortgage 
•  Sovereign Bank 
•  SunTrust Mortgage 
•  U.S. Bank 
•  Beneficial 
•  Chase 
•  Citibank 
•  HSBC 
•  IndyMac Mortgage Services 
•  Wachovia 
•  Washington Mutual (WaMu) 
•  CitiFinancial 
•  MetLife Bank 
•  Wells Fargo 
•  CitiMortgage  
•  Wilshire Credit Corporation 

How can borrowers find out if they are eligible for a review? 

An estimated 4.5 million borrowers will be notified by a letter explaining the 

review process and a Request for Review Form. The mailings will be 

staggered—to better manage volumes—in stages beginning Nov. 1, 2011. 

Information also may be found at www.IndependentForeclosureReview.com.  

Borrowers who believe they may be eligible for a review who do not receive a 

mailing can call 1.888.952.9105 Monday through Friday 8:00 a.m. – 10:00 p.m. 

ET and Saturday 8:00 a.m. – 5:00 p.m. ET to determine if they are eligible. 

What does it mean that a borrower was active in the foreclosure process? 

Foreclosure actions include any of the following occurrences on a primary 

residence between the dates of Jan. 1, 2009 and Dec. 31, 2010: 

 The property was sold due to a foreclosure judgment. 

 The mortgage loan was referred into the foreclosure process but was 

removed from the process because payments were brought up-to-date or 

the borrower entered a payment plan or modification program. 

 The mortgage loan was referred into the foreclosure process, but the 

home was sold or the borrower participated in a short sale or chose a 

deed-in-lieu or other program to avoid foreclosure.  

 The mortgage loan was referred into the foreclosure process and remains 

delinquent but the foreclosure sale has not yet taken place. 

What information will borrowers need to provide? 

Borrowers will be asked to provide information on the property, the borrower 

and any co-borrowers, and details about how they believe they may have been 

financially injured. There is no charge to eligible borrowers for a review, which 

will not be reported to any of the credit bureaus and will not impact any other 

options a borrower may pursue related to their foreclosure. 

What constitutes “financial injury?” 

Listed below are examples of situations that may have led to financial injury. 

This list does not include all situations. 

 The mortgage balance amount at the time of the foreclosure action was 

more than you actually owed. 

 You were doing everything the modification agreement required, but the 

foreclosure sale still happened. 

 The foreclosure action occurred while you were protected by bankruptcy. 

 You requested assistance/modification, submitted complete documents 

on time, and were waiting for a decision when the foreclosure sale 

occurred. 

 Fees charged or mortgage payments were inaccurately calculated, 

processed, or applied. 

 The foreclosure action occurred on a mortgage that was obtained before 

active duty military service began and while on active duty, or within 9 

months after the active duty ended and the servicemember did not waive 

his/her rights under the Servicemembers Civil Relief Act. 

How long will the foreclosure review take to complete? 

The borrower will be sent an acknowledgement letter from the Independent 

Review Administrator within one week after the request is received.  Because 

the review process will be a thorough and complete examination of many 

details and documents, a review could take up to several months. 

Who will be conducting the reviews? 

Foreclosure Reviews will be conducted by independent consultants engaged by 

the servicers and approved by the Board of Governors of the Federal Reserve 

System and the Office of the Comptroller of the Currency.  In order to ensure 

that the request for review process is as consistent as possible for eligible 

customers, all of the participating servicers are using the same outside 

administrator to manage the handling of incoming complaints for the Request 

for Review process.  

Once the Request for Review Forms have been collected by this single vendor, 

the servicer will provide relevant documents to the independent consultant. 

The servicer will also provide any findings and recommendations related to the 

borrower’s request for review to the independent consultant for examination.  

Servicers may be asked to clarify or confirm facts and disclose reasons for 

events that occurred related to the foreclosure process, and customers could 

be asked to provide additional information or documentation. 

Programs for Veterans and Military Homebuyers

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Angel S. will Race for the Cure on behalf of her clients

This year, I'll be participating in an incredible event called the Susan G. Komen Global Race for the Cure®.
More than 50,000 people will all gather on the National Mall on June 6 to take a stand in the global movement to end breast cancer. Each year, up to 75 percent of the Komen Global Race's net income stays in the Washington, D.C. metropolitan area to fund local screening, treatment and education programs for the medically underserved. The remaining dollars support the Global Promise Fund, a program of Susan G. Komen for the Cure, which is dedicated to reaching underserved people in areas where breast cancer mortality rates are the highest.
I have clients and past clients that are survivors of breast cancer. Some of my clients and past clients have lost loved ones to this desiese. Because of that this cause is near and dear to me.
I've set my personal goal at $125. So I need your help. You can give online at www.GlobalRacefortheCure.org. Just follow the link below to visit my personal fundraising webpage and make a donation.
Without a cure, an estimated 25 million women around the world will be diagnosed with breast cancer - and 10 million could die over the next 25 years. That's why I'm joining the fight. I hope that you'll support me.
Thank you in advance for your generosity!
Sincerely,
Angel S.Godfrey Realty Group @ Keller Williams Preferred Properties240.737.5052
P.S. Ask your employer if they will double your donation through a matching gift program!
Click here to visit my personal page.
http://www.info-komen.org/site/TR/GlobalRaceForTheCure/GlobalRace?px=4128484&pg=personal&fr_id=1140&et=kCh-D6b3xtN8NuXev2cmBQ..&s_tafId=19070