Comments for Financial Frontlines ™ http://moaablogs.org/financial Devoted to financial planning and education. Sun, 21 Mar 2010 09:07:58 -0600 http://wordpress.org/?v=abc hourly 1 Comment on The Homeowners Assistance Program Benefit Could Be Taxable by Denise Korpinen http://moaablogs.org/financial/2009/06/the-homeowners-assistance-program-benefit-could-be-taxable/comment-page-17/#comment-2869 Denise Korpinen Sun, 21 Mar 2010 09:07:58 +0000 http://moaablogs.org/financial/?p=98#comment-2869 Jeanette- based on the wording above you agree to pay VA mandatories AND up to 3% additional? If so, that would be over the top. Jeanette- based on the wording above you agree to pay VA mandatories AND up to 3% additional? If so, that would be over the top.

]]> Comment on The Homeowners Assistance Program Benefit Could Be Taxable by Jeannette Haynie http://moaablogs.org/financial/2009/06/the-homeowners-assistance-program-benefit-could-be-taxable/comment-page-17/#comment-2866 Jeannette Haynie Sat, 20 Mar 2010 12:32:54 +0000 http://moaablogs.org/financial/?p=98#comment-2866 Denise, Thanks. I'll talk to our processor (Katherine Burnett) about talking to Janice. We definitely don't want to delay the closing--but don't have the extra $5000 to cover what we thought the HAP covered all along. We called our processor and her supervisor yesterday afternoon with the information you had given us, and the two still insisted the HAP couldn't cover the VA-mandated costs and up to 3% of the purchase price as a "usual and customary" part of the offer. I'll let you know how it goes. Thanks again... Jeannette Denise,

Thanks. I’ll talk to our processor (Katherine Burnett) about talking to Janice. We definitely don’t want to delay the closing–but don’t have the extra $5000 to cover what we thought the HAP covered all along.

We called our processor and her supervisor yesterday afternoon with the information you had given us, and the two still insisted the HAP couldn’t cover the VA-mandated costs and up to 3% of the purchase price as a “usual and customary” part of the offer.

I’ll let you know how it goes. Thanks again…
Jeannette

]]> Comment on The Homeowners Assistance Program Benefit Could Be Taxable by Denise Korpinen http://moaablogs.org/financial/2009/06/the-homeowners-assistance-program-benefit-could-be-taxable/comment-page-17/#comment-2865 Denise Korpinen Sat, 20 Mar 2010 06:41:07 +0000 http://moaablogs.org/financial/?p=98#comment-2865 Jeanette- Did reclarify today that yes, HAP will cover the REQUIRED costs for the VA Buyer to close. In any case, your Realtor should get from the Buyer's Agent/Lender a specific list of what is required to be paid by Seller for this buyer to be submitted to HAP with your estimated HUD1. That said- terminology is very important in the contracts submitted. I must correct myself- my contracts have NOT said "closing costs credits". I usually say "Seller to credit Buyer up to 3% of purchase price". Or, "Seller to credit Buyer $3,000". I only allow clients to give credits in contracts if we really have to, just to avoid the question all together. I have stayed away from saying what exactly credit is for when it comes to HAP. Using the word "credit" is typically covered, using the word "pay (something specific)" is where the issues come in. I would ask your processor to speak to Janice about covering the required VA costs at a minimum now. If Janice has already ordered checks, there is possibly a buffer that can cover at least the VA requireds. I would NOT recommend delaying your closing over the additional funds if you can bring them to the table and appeal after. No guarantees you will get it back, but it will be worth the end to the emotional roller coaster when you couple it with however many days delay you will have to pay a mortgage (Certain we will get a couple seconds to this notion- Marie and Karen?). Hope that helps. Jeanette- Did reclarify today that yes, HAP will cover the REQUIRED costs for the VA Buyer to close. In any case, your Realtor should get from the Buyer’s Agent/Lender a specific list of what is required to be paid by Seller for this buyer to be submitted to HAP with your estimated HUD1.

That said- terminology is very important in the contracts submitted. I must correct myself- my contracts have NOT said “closing costs credits”. I usually say “Seller to credit Buyer up to 3% of purchase price”. Or, “Seller to credit Buyer $3,000″. I only allow clients to give credits in contracts if we really have to, just to avoid the question all together. I have stayed away from saying what exactly credit is for when it comes to HAP. Using the word “credit” is typically covered, using the word “pay (something specific)” is where the issues come in. I would ask your processor to speak to Janice about covering the required VA costs at a minimum now. If Janice has already ordered checks, there is possibly a buffer that can cover at least the VA requireds. I would NOT recommend delaying your closing over the additional funds if you can bring them to the table and appeal after. No guarantees you will get it back, but it will be worth the end to the emotional roller coaster when you couple it with however many days delay you will have to pay a mortgage (Certain we will get a couple seconds to this notion- Marie and Karen?). Hope that helps.

]]> Comment on The Homeowners Assistance Program Benefit Could Be Taxable by Rory http://moaablogs.org/financial/2009/06/the-homeowners-assistance-program-benefit-could-be-taxable/comment-page-17/#comment-2864 Rory Sat, 20 Mar 2010 02:55:45 +0000 http://moaablogs.org/financial/?p=98#comment-2864 Thanks for the info, Shane. I talked to Ty today at Sacramento. We didn't go through specifics (I also installed the blinds you describe over bare windows) but I was happy with how he validated existing info that I "think I know" about programs - he did quick math and validated that I'd qualify for Private Sale Augmentation vice Govt Acquisition, for example. When he realized that, he said "Boy, that will make this all go faster!" That validates some of the other comments on this blog that others made who were going through the painful process of discovering all this a month or two ago. We all benefit from their knowledge now. I have been very happy with the HAP personnel. I certainly agree with Denise that they are eager to help, but they DO have to comply with existing rules and paperwork requirements -- many of us have been through IG inspections I'm sure, where your whole office is judged by whether you kept the right records or not. Those are some of the limitations they must work under. Thanks for the info, Shane. I talked to Ty today at Sacramento. We didn’t go through specifics (I also installed the blinds you describe over bare windows) but I was happy with how he validated existing info that I “think I know” about programs – he did quick math and validated that I’d qualify for Private Sale Augmentation vice Govt Acquisition, for example. When he realized that, he said “Boy, that will make this all go faster!” That validates some of the other comments on this blog that others made who were going through the painful process of discovering all this a month or two ago. We all benefit from their knowledge now. I have been very happy with the HAP personnel. I certainly agree with Denise that they are eager to help, but they DO have to comply with existing rules and paperwork requirements — many of us have been through IG inspections I’m sure, where your whole office is judged by whether you kept the right records or not. Those are some of the limitations they must work under.

]]> Comment on The Homeowners Assistance Program Benefit Could Be Taxable by Jeannette Haynie http://moaablogs.org/financial/2009/06/the-homeowners-assistance-program-benefit-could-be-taxable/comment-page-16/#comment-2862 Jeannette Haynie Fri, 19 Mar 2010 20:49:34 +0000 http://moaablogs.org/financial/?p=98#comment-2862 Denise, Thanks for the info! What do you think we should do? Our processor (can I say her name?) insists that she is NOT allowed to pay any of those costs and that we'll have to appeal it after closing (which is Apr 6). We've tried several calls to her to get it fixed, and our realtor has called as well, to no avail. The costs were $5000 (actually $4996), and $1800 of that was mandated by the VA. The remainder was, according to our realtor, a standard offer for the area. He can back it up with his work as well. Any recommendations on who I should call? Thank you all--Jeannette Denise,

Thanks for the info! What do you think we should do? Our processor (can I say her name?) insists that she is NOT allowed to pay any of those costs and that we’ll have to appeal it after closing (which is Apr 6).

We’ve tried several calls to her to get it fixed, and our realtor has called as well, to no avail. The costs were $5000 (actually $4996), and $1800 of that was mandated by the VA.

The remainder was, according to our realtor, a standard offer for the area. He can back it up with his work as well.

Any recommendations on who I should call?

Thank you all–Jeannette

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