How to save money if you got denied for a loan modification

Article by Professor Loan Mod







Energy tax credit about to expire Part 1

freeHAMPreport,is not just about foreclosures, loan modifications and other news related to housing but we want to keep our readers informed on ways to save especially if you are current on your home but need to find ways to reduce your overall monthly expenses. Taking advantage of federal tax credit programs is a sure way to help you keep more money in your pocket.

Winter is fast approaching and you may be wondering on how you can save this winter on heating and electric costs. The U.S. offers tax credits for many energy saving home improvements, however the bad news is some of them are about to expire fast! By December 31st, below is a list of what you can do to take advantage of tax credits. What improvements are covered by the expiring credits? Homeowners can get a tax credit for installing certain wood or pellet stoves; energy-efficient furnaces, water heaters and air-conditioning systems; insulated roofs, windows and doors; and wall and ceiling insulation. The tax credit covers 30% of the purchase costs, up to ,500. (For a full list, check the Energy Star website at http://www.energystar.gov.)

Is the installation cost covered? The cost of putting in heating and air-conditioning systems, water heaters and biomass stoves is, but installing new windows, doors, roofs and insulation isn’t.

Can I use the tax credits for improvements in a vacation home? NO, only your primary home is allowed (ie: no second homes, no mobile homes, house boats etc).

With time short, what improvements make the most sense? You should take a look at your heating and cooling systems and see if they should be upgraded. These systems are about 50% of the cost of your home’s energy bill. If your furnace or boiler is over 10 years old it may be time to replace them, however the new systems have to be installed by the 31st of December.

How else can I save on heating and cooling costs? Actually adding in insulation just in the area where your family spends most of their time and waking hours can certainly cut down your costs.

Am I going to have trouble finding a contractor on short notice? If you are worried about finding a contractor to help you on short notice, stop and think because the way the economy is most contractors are hurting for work right now. To help find qualified contractors you can visit this website: http://www.nari.orgWill a new dishwasher get me some tax credits? Unfortunately, appliances do not qualify, however appliances carrying the Energy Star seal will help reduce your energy bill.



About the Author

freeHAMPreport.com offers a new software for users to check potential eligibility for Federal mortgage payment assistance via the Home Affordable Modification Program (HAMP). In 15 minutes users can register without any commitment or credit card, complete a questionnaire and receive a FREE lender ready package in seconds! The report includes detailed analysis and populates the appropriate lender forms so users can submit for a loan modification with ease and for FREE. Don’t forget to follow us on, Face Book and our blog.

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