DS News - U.S. Bank

DS News November 2016

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30 ON THE WEB WEBSITES TO GET TO KNOW. is site gives users free advice from mentors who have plenty of experience to share. Users can even meet their mentors in person, as well as get free newsletters. Learn about a number of small business topics, from office security to mobile technologies and more. For over 50 years, SCORE'S thousands of working and retired business professionals have volunteered to support the success of small business nationwide. SCORE business mentoring is free and confidential, and their goal is for users to receive the help they seek and be successful in their business. is site contains the largest single online collection of free sample business plans. In addition, it has helpful tools and know-how for managing businesses. BPLANS includes practical advice on planning, interactive tools and calculators, and a panel of experts who have answered thousands of questions from other business owners. Bplans is owned and operated by Palo Alto Software, Inc. as a free resource to help entrepreneurs build better businesses. Palo Alto Software develops, publishes, and markets award-winning software to help entrepreneurs write business plans, pitch for funding, and track their progress towards their goals. THE BUSINESS OWNER'S TOOLKIT is the where entrepreneurs should start when they are certain they want to start a business. is is a one-stop shop of everything that users will need to start and run a legitimate and legal business. Users will find guides, articles, resources and forms for starting their business, running a successful business, finances, taxes, and marketing topped off with a blog filled with tips, strategies and inspiration. is sites single focus is to help entrepreneurs and business owners start, run and grow their companies. BPLANS.COM 2 SCORE.ORG 1 BIZFILINGS.COM/TOOLKIT 3 FHFA RAISES AWARENESS FOR PRINCIPAL REDUCTION Check your Twitter, check your LinkedIn because the Federal Housing Finance Agency is launching a social media campaign to raise awareness for principal reduction modification being offered by the GSEs to certain borrowers, who are still struggling in the aftermath of the financial crisis. e agency is targeting at-risk homeowners saying "If you are eligible, a principal reduction modification could help you avoid foreclosure, and stay in your home by reducing your monthly payment amount, and the amount you owe on your mortgage." Borrowers may be eligible if their loans are owned or guaranteed by Fannie Mae or Freddie Mac, they were 90 days or more delinquent on their mortgage payments, and have an outstanding unpaid principal balance of $250,000, or less as of March 1, 2016, they owe more than 115 percent of what their house is worth, and of course own and live in their home. FHFA undertook an extensive evaluation in order to determine whether there was a need to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac. e agency's objective was to develop a program that helped targeted borrowers avoid foreclosure while also adhering to FHFA's mandate to preserve and conserve the assets of the GSEs. After this evaluation, the one-time Principal Reduction Modification program was announced on April 14, 2016 specifically for the eligible population expected to be approximately 33,000 borrowers. is program's goal was to give seriously delinquent, underwater borrowers a last opportunity to avoid foreclosure while also addressing negative equity remaining from the financial crisis. FHFA has determined that loan servicers must solicit all borrowers eligible for the Principal Reduction Modification starting no later than October 15, 2016. With this social media campaign, FHFA hopes to make these borrowers aware of not just the program itself but the letters from servicers that will be sent to them. Along with promoting helpful information about the program, the agency also gives borrowers examples of these letters to insure the letters they receive will be opened, and responded to quickly. To accept, borrowers have to make three on-time payments and sign the acceptance letter. e last day servicers can offer eligible borrowers this Principal Reduction Modification is December 31, 2016.

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