Real Estate Matters
www.reporterherald.com • Saturday, August 6, 2011 • Reporter-Herald
Unemployed benefit from home affordability program ILYCE GLINK TRIBUNE MEDIA SERVICES
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uestion: I’ve been hearing that there are new resources for people who are unemployed to help save their homes. I’ve been out of work for nine months, and while I have been looking hard to find a job, I haven’t found anything yet that comes close to what I was earning before. In the meantime, I have nearly used up all of my savings and have started tapping into my 401(k) account, which I know will cause some problems for me with the IRS next year. But I can’t help it. I don’t want to stop paying my mortgage. I feel as though I’m getting close to finding a job that will pay me enough to continue to live in my house and feed my family. But I could really use some help just getting over the hump. How can I access this new program for unemployed homeowners, and how do I get my lender to go along? Answer: It sounds as though you’ve been through the wringer. So have millions of other Americans. Around half of all who are unemployed have been out of work for six months or longer. There are 7 million fewer jobs now than there were before the start of the recession. Times are tough. Good for you for hanging on. I don’t know if you’ll qualify for this latest government-funded program, but here are the details. The Home Affordable Unemployment Program (UP) is the latest offering from the federal government. Actually, the program has been around for a year, but fewer than 15,000 homeowners have qualified for it. The program provides you with up to a year of reduced payments or a complete forbearance, under which you would not have to make any payments on your mortgage. The amount you don’t pay is not forgiven but is added to the back end of your loan. According to the www.Making HomeAffordable.gov website, you may be eligible for the program if “you are unemployed and eligible for unemployment benefits, you occupy the house as your primary residence, you make your request for help before you’ve missed three payments, you have not previously received an UP forbearance or HAMP SM modification, and you obtained your mortgage on or before January 1, 2009.” The program requires all lenders that offer FHA loans to participate in the program. In addition, all lenders with loans owned by Fannie Mae and Freddie Mac are required to participate. More than 100 lenders are participating, although I See GLINK/Page E3
Paofrade Homes HBA Parade to feature 64 homes along the Front Range
along the Front Range. Vicki Pelletier, vice president of operations for HBA of Metro Denver, in Centennial, said there are many benefits to attending the parade. “People can learn about the new technology and conPaul Litman photo struction practices and see Oakwood Homes Gilpin model is located at 3831 Heatherwood Circle in Loveland. the architecture, designs, ALYSSIA PAYAN trends and new energy effiFOR THE REPORTER-HERALD ciency elements. It helps “It’s a very functional family home, great people understand the for the first-time homebuyer because of ew carpet, fresh paint, pricing and market, and is an opportunity for people to see empty kitchen cabithe price and its flexible floor plan.” nets and a sold sign in what’s out there,” Pelletier said. the yard marks a new home. — Michael Welty, community manager for Among the many homes in The Home Builders AssociaOakwood Homes in the Thompson River Ranch area the parade are the Adams tion of Metro Denver brings and Gilpin models. the Parade of Homes for another summer showing. This need is their furniture and by Lennar Homes, is Loveland is also an ENERGY READY FOR MOVE-IN year, 64 homes are on the family. The backyard is ready STAR rated home. move-in ready with full tour throughout 19 cities The Adams model, built for their dog, too,” Kimball landscaping to an installed Michael Welty, community said. refrigerator. manager for Oakwood Homes in the Thompson The Adams model is an Jennifer Kimball, director IF YOU GO River Ranch area, said the ENERGY STAR rated ranch of sales for Lennar Homes The 2011 Denver Parade of Homes is open Gilpin Model is their most home with three bedrooms, in Colorado said the Adams Thursday through Sunday from 11 a.m. to 6 p.m. from popular. model is a complete-package two bathrooms and a fullAug. 11 through Sept. 5. size unfinished basement. home designed for first“It’s a very functional You can pick up a Parade of Homes guide at any of the The home is located in time or downsizing homefamily home, great for the homes on the tour, at your local American Furniture Lennar Homes’ newest buyers. first-time homebuyer Warehouse or online at www.paradeofhomesdenver.com. community, Hover Crossing because of the price and its “Everything is included in • Lennar Homes Adams model is located at: in Longmont. flexible floor plan. Buyers this home, because we don’t 1893 Trevor Circle in Longmont. can customize it for their want there to be any surprise •Oakwood Homes Gilpin model is located at: ENERGY EFFICIENCY own budget and needs, to costs for homebuyers,” 3831 Heatherwood Circle in Loveland. GUARANTEED make it their own,” Welty Kimball said. For more information, contact Hover Crossing in “We want to give homeBuilt to surpass traditional said. Longmont at 303-678-0100 or Oakwood Homes in Buyers can take a trip to buyers a home that is ready code standards, Oakwood Loveland at 303-486-8872. Oakwood Homes’ design to go and enjoyable. All they Homes Gilpin model in center and customize their home. Welty said not only is this home functional in design, it is energy efficient with low monthly bills. Oakwood Homes is confident in the homes they build, and guarantee pricing on energy bills throughout the first two years. “When a buyer purchases a home, we give that home an energy score and promise the buyer it will stay within that estimate or we will pay the difference if the bill is over,” Welty said. Buyers now consider the whole package in a home not just the monthly mortgage, but other costs as well. They want a low-maintenance home for years to come, Welty said. With all 64 homes, the Parade of Homes provides homebuyers with an opportunity to scope out where they might dig a little in the dirt, lay some foundation and create a Vic Moss/Moss Photography “home sweet home” in a Adams Model is located at 1893 Trevor Circle in Longmont. new living space.
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