HOME

now 1T'S TIME TO BUM!

ownership

USED BOOK & mEDaSALE

*audio books, records, videos, CDs, DUDs

New Incentives May Allow
Write Down Of Mortgage

0

n March 26, the U.S.
Department of Treasury

announced an expansion
to the Home Affordable

Modification Program ("HAMP").

For the first time, the U.S.
Treasury announced a process
whereby the principal balance on

Inc. continue to encourage you to
stay current on your first mortgage,

HAMP relies on national home loan
servicers and not neighborhood

and if you have a second mortgage,

lenders and brokers who have
expertise in qualifying borrowers for
home loans, we believe home loan

modifications through the HAMP

additional payments other than the
minimum required monthly payment.

program so far have been poorly
administered. If the proposed pro-

The questions below have been

gram pays local FHA lenders and
brokers for success in assisting

underwater borrowers, we believe
the program can be very successful.

1. I owe more on my house than
it is worth. Do the new changes

4. If I have a first and second

help me?
The proposed changes will
require all servicers to consider

this work?
Under the program, the govern-

allowing a write down on the prin-
cipal of your loan to an amount no

ment will pay second mortgage
holders to reduce or release their

greater than 15 percent over your
home value. This program will allow

liens to lower the total debt on your
homes to an amount no greater

homeowners to reduce the amount

than 15 percent above your home
value. This part will be tricky as

owed to a value almost equal to
your current house value so long as

mortgage on my home how will

second mortgages may be owed
substantial amounts of money

lowing the write down.

and will be paid a small amount to
reduce your second mortgage that

2. Will the credit requirements for
this reduction be too tough for

you have been paying timely each

month. At this stage, stay current
on your home mortgages, but do

not pay any extra money towards
principal on a first or second mort-

ments as we read them include
the following: a) You have to be

gage. We are here to assist you
and believe this new program has a

current on your home mortgages;

good chance of success.
Feel free to call us. ❑

b) You have to have a minimum

Owned and Managed by CBL & Associates, Inc.

In Livonia at Six Mile and Newburgh Roads, one-quarter mile east of 1-275

PRE SALE: Admission $10
Sunday, April 18, 8:15-11:45 a.m.
HOURS: Admission free
Sundays, Noon-6:00 p.m.
Monday-Saturday, 10:00 a.m.-9:00 p.m.
Sunday, April 25: Books & Media half-price

-

community service project:
proceeds benefit education and literacy projects

Celebrity. Author Evenings
will begin at 7:00 p.m. and feature:

Monday, April 19

Tuesday, April 20

Wednesday, April 21

Friday, April 23

large banks that are holders of

you are current on your loan pay-
ments over a three-year period fol-

me to meet?
Not likely if you are current on
your home mortgage. The require-

April 18-25

action.

tive?
The program is not scheduled to
begin until the fall of this year. Since

Detroit Free Press
Columnist

Detroit News 1
Columnist

The holder of your mortgage loan
has to want to enter into the trans-

fall of this year.
We at the Jewish Housing
Association of Metropolitan Detroit

'Rochelle
!Riley

i: Real
Rubin

credit score); c) You have to
be able to fully document your
income and meet Federal Housing
Administration (FHA) guidelines; d)

3. When and does the JHA
believe this program will be effec-

asked of us since this was released
less than three weeks ago:

Honorary Chairpersons

credit score of 500 (a very low

your mortgage may be written
down. This announced expansion of
HAMP will not be effective until the

on that as well.
If your home is underwater, we
discourage you from making any

Continuing the Brandeis University
Book Sale Tradition

The Jewish Housing Association of
Metropolitan Detroit Inc. is a nonprofit
Michigan corporation whose purpose
is to ensure that no Jewish family goes
without affordable housing and to assist
the Jewish community during this time of crisis. For information, call
(800) 458-0404 or apply online at www.jhamd.org . All services are
confidential and provided at no cost to the homeowner.

J.

Michael
Rosenberg

'Devitt
Scillian

WarAs They Knew It:
Woody Hayes,
Bo Schembechler
and America
in a Time of Unrest

Memoirs of
A Goldfish

Linda
Solomon

Rochelle
Riley

The premiere of
the photo exhibit:

Raising a Parent:
Lessons My Daughter
Show Us Your Favorite Taught Me While We
Books in Photographs
Grew Up Together

Thank you to our advertisers, together, we are...

SUPPORTMG THE

11E E tl
READ

TO

CWeightWatchers°

erf

John Morgan's

DIA

PCKVECTIVES
cssrr% caoa tar

Waliside
Windows
WE CAN DO THAT. WE ARE THE FACTORY.

M

NDS & FINE JE JEWELRY
OY

DMC

Huron Valley-Sinai
Hospital

T

[A TR{S

iN HOUR

raVt7

248-645-7840, ext. 36S

www.bookstock.info

April 15 • 2010

43