Talbrook II Escrow Corp.

New Borrower Web Site Available — KnowYourOptions.com

Aug 9

Posted by Talbrook II Escrow Corp. in Federal News | No Comments

Fannie MaeNew Borrower Web Site Available — KnowYourOptions.com

Fannie Mae has launched KnowYourOptions.com™, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.

The online resource, which offers reliable and easy-to-understand information in both English and Spanish, expands on Fannie Mae’s ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of KnowYourOptions.com include:

  • an interactive Options Finder to help homeowners identify options that might be right for their situation;
  • calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
  • videos featuring real homeowners discussing how they received help and housing counselors providing advice;
  • a virtual assistant to walk homeowners through key areas of the site; and
  • next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.

KnowYourOptions.com provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on

  • refinancing,
  • repayment plans,
  • forbearance,
  • loan modifications,
  • Deed-for-Lease™,
  • short sales,
  • deeds-in-lieu; and more.

Check out KnowYourOptions.com today!

FTB will stop accepting First-Time Buyer Applications at midnight Sunday, August 15, 2010

Aug 9

Posted by Talbrook II Escrow Corp. in California State News | No Comments

Franchise Tax Board of CaliforniaLast Chance to Apply for State’s First-Time Buyer Tax Credit

Sacramento – The Franchise Tax Board (FTB) announced today that it will stop accepting applications for the First-Time Buyer Credit at midnight Sunday, August 15, 2010.

As of August 4, FTB has received 31,460 applications. Because some of the applications are invalid or duplicates, FTB will continue to accept them through August 15, to ensure that enough valid applications are received to properly allocate the full $100 million of tax credit. FTB estimates that it can award approximately 17,500-20,000 credit certificates to unique and valid applicants. However, once the funds are exhausted, any remaining applications will be denied.

The State is providing $100 million in tax credits to first-time home buyers. The credit will be allocated on a first-come, first-served basis using the date and time stamp on the fax submission, until the money is exhausted. The tax credit is available to those who purchased a qualified principal residence and did not own one during the last three years. This credit is five percent of the purchase price or $10,000, whichever is less. Taxpayers must claim the credit on their tax return in equal amounts over the following three tax years.

To apply, the buyer must complete and fax an FTB Form 3549-A, Application for New Home / First-Time Buyer Credit, along with the final settlement statement. It must be faxed to FTB within two weeks (14 calendar days) after the close of escrow. The fax number is 916.855.5577.

Taxpayers must receive a certificate of allocation from FTB to claim the tax credit on their California personal income tax return. FTB expects to send the allocation certificates over the next few months starting in August.

California homebuyers still have time to qualify for the state’s other $100 million home tax credit for the purchase of a new home. The New Home Credit is available for taxpayers who purchase (close escrow) a new home on or after May 1, 2010, and before August 1, 2011, as long as they enter into an enforceable contract executed before January 1, 2011. The seller must certify that the home has never been previously occupied.

For more information, go to ftb.ca.gov and select or search for Tax Credits for New Home Purchase / First-Time Buyer.

3.5% Closing Cost Assistance and Appliance Incentive Extended Through June 30, 2010

May 1

Posted by Talbrook II Escrow Corp. in Federal News, Latest News | No Comments

Fannie Mae is extending the 3.5% incentive for homebuyers who purchase and close on a Fannie Mae-owned home by June 30, 2010.

Buyers purchasing properties listed on HomePath.com will continue to be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following: Closing costs, The purchase of new Whirlpool appliances, A mix of closing costs and appliances (at the buyer’s discretion) up to the maximum 3.5%.

 

 

 

Eligibility

To be eligible for this incentive:

  • Property sale must close on or before June 30, 2010
  • Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) — investors are excluded

The incentive reinforces Fannie Mae’s commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit HomePath.com, read the press release or contact a Fannie Mae listing broker.

Flood Insurance Extension Signed

Apr 16

Posted by Talbrook II Escrow Corp. in Federal News, Latest News | No Comments

An extension of the National Flood Insurance Program’s federal authorization, which expired on March 28th, was signed by President Obama on April 15th. The program is effective retroactively to February 28th, and has been extended until May 31, 2010.

There was some uncertainty regarding the effects of the program’s expiration after Congress failed to renew it before going on recess, allowing the authorization to expire. The expiration may have caused short term delays for buyers and sellers attempting to close on properties located in Special Flood Hazard Areas.

For more information go to www.floodsmart.gov.

HUD Updates RESPA Rules FAQs

Apr 2

Posted by Talbrook II Escrow Corp. in Federal News, Latest News | 1 Comment

On April 2, the U.S. Department of Housing and Urban Development (HUD) again updated the RESPA Rule FAQs (pdf)

Tax Credit Signed

Mar 25

Posted by Talbrook II Escrow Corp. in California State News, Latest News, Southern California News | No Comments

Tax credits are on again starting May 1 after the Governor signed AB 183 (Caballero).  The new law provides $200 million to be divided between new homes and resales. The credits are available for escrows that close May 1 or later.  Buyers will be able to use up to $3,333 in each of the three years after buying as a credit against taxes owed. See Governor Schwarzenegger’s press release for additional bill information.