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The Internal Revenue Service (IRS) opened the 2012 electronic tax return filing season on 17th January, 2012. This is a reminder to the taxpayers that the best way to get quick refunds and tax returns is to e-file their taxes.  It should be noted here that tax returns can be e-filed in the following three ways:

With the start of a New Year, most of us have a New Year's resolution in mind. Why don't we take a resolution to save money? I guess that will be a better New Year's resolution compared to anything else. Here are some of the ways by which you will be able to save money this New Year:

Started by Governor Robert Bentley, Hardest Hit Alabama (HHA) is foreclosure prevention program which aimed at mainly helping the homeowners who were unable to return to work after the April 2011 tornadoes. As per this program, those who apply and qualify for this mortgage assistance, will either receive $15,000 per household or may receive assistance of up to 12 consecutive payments. Around 900 people have received assistance about the Hardest Hit Alabama mortgage help program.

In a recent announcement, Fannie Mae and Freddie Mac have decided that they will suspend all evictions during the holiday season especially from December 19, 2011 to January 2, 2012. It has been also announced that if the property is occupied, the foreclosure attorneys will suspend the eviction for the time being so that the homeowners will be able to spend their holiday season in a better manner. However, it remains a fact that this decision won’t change the pre or post foreclosure processes.

Mortgage fraud has been a significant problem for past few years. It has been noted that in the year 2010, there was an estimated loss of around $3.2 billion due to mortgage fraud nationwide. It is expected to exceed in the year 2011. Combating mortgage fraud is a priority for all of us in order to improve the housing market.  You can be a target of mortgage fraud if you own a home or are planning on purchasing a home or are attempting to short sale or foreclose it.

In a recent development, the U.S. House and Senate have voted in order to increase the mortgage limit for FHA loans to $729,750. This will help the homeowners to get higher and cheaper loans. Currently, the loan limit for FHA conforming loan is $625,500.

Voting in favor of the bill:
The house voted 298 to 121 in favor of the bill. However, it is to be noted here that around 101 Republicans voted against the bill. The Senate, on the other hand, voted 70 to 30 in favor of the bill.

Fannie Mae has recently reported a third quarter loss and will be asking for help of $7.8 billion from the Treasury Department.  In a recent report, the government-sponsored enterprise had reported a net loss of $5.1 billion in the period between July and September. This loss is due to the defaults on loans which were made before 2009 and consequent losses that are linked to a decline in interest rates.

Good news for the borrowers!! :) Federal regulators and nation's largest mortgage servicers have announced that around 4 million borrowers, who had faced the problem of foreclosure since early 2009, will now have the chance to get their foreclosure cases reviewed for potential wrongdoing.  Some of the examples of financial injury can be the miscalculated fees charged to borrowers, foreclosure of property when borrower has filed bankruptcy, foreclosure of the property when borrower had applied for loan modification and so on.

The housing market has still not improved and as a result the homeowners have become desperate to get a mortgage and buy a property. Due to this, the homeowners are turning out to be an easy prey for the mortgage scammers. These scammers will say what you want to hear and you will start trusting them and then sign on the dotted lines. Con artists and scammers are duping a large number of homeowners in this way every year and the number has increased in the last few years.