United Bank & Trust Blog

Bob Chapman

I was recently in Lansing representing the Michigan Banker’s Association (MBA) supporting the Hardest Hit Homeowner fund, which has been created to help consumers who are currently receiving unemployment benefits, may have fallen behind in their mortgage payments due to unforeseen circumstances such as a medical emergency, or can no longer afford their mortgage payments as a result of reduced income. This fund is designed to invest in our neighbors, friends and relatives who are struggling to work out arrangements so that they can remain in their homes. The first-come, first-serve program is expected to help 17,000 households statewide over the next 12 to 18 months.

If you – or someone you know – is currently struggling, one of the most important things that you can do is to proactively contact your mortgage provider today to discuss options.

There are many different programs out there that have been designed to help all of us get through this economic downturn. Your banks and credit unions are here to help inform you of your options so that you can make an educated decision on what is right for you and your family.

Please be careful as there are also many companies trying to take advantage and exploit those in need so it is important that you use a trusted financial advisor, such as United, to educate yourself on your options.

For more information on the Hardest Hit Homeowner Fund you can go to http://www.michigan.gov/mshda/0,1607,7-141–235359–,00.html

Charlie Chapell

Right now is a great time to take advantage of the Home Buyer Tax Credit. There has been plenty of excitement in the area as home buyers are moving back into the market. The tax credit and low interest rates help make a great opportunity for new home buyers.

To take advantage of the tax credit you will need to have a signed purchase contract by April 30^th, 2010 and close the sale by June 30^th, 2010. There are 2 tax credits available to the purchaser;

• The First Time Home Buyer Credit of up to $8,000 to first time home buyers. To qualify as a “first time home buyer” the purchaser or his/her spouse may not have owned a residence during the last 3 years.
• The second is a credit up to $6,500 for current home owners purchasing a home between November 7, 2009 and April 30^th, 2010, who currently owns or has owned a home for 5 consecutive years of the previous 8 years are eligible.  There are income limits for eligibility – $125,000 for an individual and $225,000 for joint income.

To learn more visit http://www.federalhousingtaxcredit.com or contact your local United Bank & Trust mortgage professional for further questions, information and eligibility requirements.

Steve Terhaar

For sale signs. Foreclosure notices. Families walking away from homes they can no longer afford. Unfortunately, this economy has made these all too commonplace here in Michigan.

Fortunately, there is some good news: we’re offering help and hope, through Fannie Mae’s Make Home Affordable Program. As the federal agency chartered with the mission of providing a stable source of funding for housing markets, Fannie Mae has created two programs. The Refinancing Program is for those who are paying their mortgages, but are unable to refinance to take advantage of lower interest rates, perhaps because their homes have lost value. The Modification Program is for
homeowners struggling to make payments and are at risk of default or foreclosure.

As one of the few community banks participating in this program, I’m truly happy to be able to offer this help to our neighbors. If you’d like to know more, view our webinar, “Mortgage Modifications and Refinancing in Today’s Environment.” It goes over the MHA programs, who’s eligible, and how to get help. Get more information here, or call us at 517-423-8373.