All over the country, homeowners in mass are reporting the same story almost verbatim: I bought big, I had a great credit score, and then the market tanked and no one would talk to me on equals terms. As the HAMP program ages, it is becoming more apparent that banks are willing to test its limits and ignore calls by policymakers to conform or reform to HAMP rules. However, it may be that HAMPs or Making Home Affordable Program efforts are both too rigid or simply too little, too late. What is HAMP designed to do? As the name suggests-Housing Affordable Modification Program, HAMP was initially designed to save troubled homeowners as the housing market and economy collapsed.
Land Transfer Tax Refund for First-Time Home Buyers- Every buyer in Ontario must pay the government a land transfer tax which is based on a percentage of what the home sold for. First-time home buyers however can apply for a rebate for and receive a rebate for all of a portion of the tax paid. Other provinces may have similar programs available and in Ontario the maximum amount that would be refunded is $2,000. Some cities, such as Toronto, have also implemented their own land transfer tax but this too can be refunded to eligible buyers. That's nothing to sneeze at.
Find out all you can, and gather your documentation. You will need almost any paperwork you have that pertains to income, debt, and particular events that have impacted your financial situation: illness, job changes, medical bills, changes in your interest rate, divorce, etc... Every fact you present will have to be documented by the appropriate paperwork.
Wachovia is looking for two major things in your application package. They are looking for proof of financial hardship and your ability and reliability to make the payment in the future. Financial hardship is being the victim of circumstances beyond your control that have caused your income to go down or expenses to go up. They also need to be assured you have the means to make the modified payment in the future.
Home Buyers' Plan- For most people looking to buy their first home the monthly mortgage payments are not the issue. Mortgage payments are usually close to what they are already paying in rent. The biggest obstacle to buying a home is coming up with the down-payment. If you have money in your RRSP however you can withdraw up to $20,000 tax free for the purpose of using it as your down-payment. This money needs to be paid back to your RRSP within fifteen years and payments need to be made to it every year. It is important to do your research and speak with your real estate professional to find out more on theses programs and which ones you will be eligible for. Even qualifying for only one program can save you a substantial amount of money.
Land Transfer Tax Refund for First-Time Home Buyers- Every buyer in Ontario must pay the government a land transfer tax which is based on a percentage of what the home sold for. First-time home buyers however can apply for a rebate for and receive a rebate for all of a portion of the tax paid. Other provinces may have similar programs available and in Ontario the maximum amount that would be refunded is $2,000. Some cities, such as Toronto, have also implemented their own land transfer tax but this too can be refunded to eligible buyers. That's nothing to sneeze at.
Find out all you can, and gather your documentation. You will need almost any paperwork you have that pertains to income, debt, and particular events that have impacted your financial situation: illness, job changes, medical bills, changes in your interest rate, divorce, etc... Every fact you present will have to be documented by the appropriate paperwork.
Wachovia is looking for two major things in your application package. They are looking for proof of financial hardship and your ability and reliability to make the payment in the future. Financial hardship is being the victim of circumstances beyond your control that have caused your income to go down or expenses to go up. They also need to be assured you have the means to make the modified payment in the future.
Home Buyers' Plan- For most people looking to buy their first home the monthly mortgage payments are not the issue. Mortgage payments are usually close to what they are already paying in rent. The biggest obstacle to buying a home is coming up with the down-payment. If you have money in your RRSP however you can withdraw up to $20,000 tax free for the purpose of using it as your down-payment. This money needs to be paid back to your RRSP within fifteen years and payments need to be made to it every year. It is important to do your research and speak with your real estate professional to find out more on theses programs and which ones you will be eligible for. Even qualifying for only one program can save you a substantial amount of money.