Under the Making Home Affordable Program, Rental Property is a property that is used by the borrower for rental purposes only and not occupied by the borrower, whether as a principal residence, second home, vacation home or otherwise.

For rental property to qualify for HAMP, the following conditions must be met as well as many of the prior HAMP conditions:

• >=2 mortgage payments must be due & unpaid;
• Borrower owns <= 5 single family properties; 
• Rental property at issue is currently occupied by tenant as a principal residence or is vacant; & 
• Borrower certifies intent to rent property to tenant(s) for >=5 years following effective date of the permanent modification.

Two of my favorite people in our industry are hosting this fabulous event. If you have not yet experienced Dockers you are in for a treat. The event is hosted by Styled & Sold's Allegra Dioguardi and Mary Thames Louis Photography.

The invite reads:

Join us from 6:00 to 8:00 on Thursday June 21st at Dockers and enjoy the most beautiful sunset on the East End. Good conversation, free hors d'oeuvres and a cash bar with happy hour prices.

Over the next three (3) years, the office of New York Attorney General Eric Schneiderman will spread out $60 million dollars to programs benefiting struggling New York homeowners facing foreclosure. The funds come by way of a settlement reached, as previously mentioned on this blog, between several major banks, the federal government and forty-nine (49) states over foreclosure abuses. The Homeowner Protection Program will use just under half of the $132 million dollar settlement received by New York State to fund housing counseling and legal services offered to distressed homeowners. This measure should ensure that homeowners in need of assistance have additional options available to them for the next three (3) years.