Wyoming Residents HUD Emergency Homeowners Loan Program - deadline July 22

The EHLP program is an opportunity for homeowners who are behind on their mortgage due to underemployment, unemployment, or high medical debt. HUD has a new program that offers unemployed or underemployed homeowners up to $50,000 in mortgage assistance, but you must act quickly. There are 36 applicant spots available in Wyoming through the Consumer Credit Counseling Service. Applicants aren’t necessarily guaranteed a spot, but it would be nice to fill the allocated 36 that are available across Wyoming. Applications are needed by July 22.

To learn how to apply, call RDI Consumer Credit Counseling Service. The deadline for applications is July 22, so you must act fast. Find more on the web at CCCSWYO.org or call 1.877-275-2227. Information is also at http://www.cccsmt.org/ehlp.

Understanding the Minimum Distribution Rules for Your Retirement Plans

At some point you will have to take distributions from your retirement accounts -- our personal finance colleagues in Extension have been getting a lot of questions on the topic (especially in December!). If people don’t take the first distribution of their money at age 70 ½, they have until April 1 of the following year to take it…or there are fees to pay. Here are a couple resources are a great read to better understand what people will need to consider when it comes time to withdraw the RMD (required minimum distribution) out of IRAs.

Rules for Taking Distributions from Tax-Deferred Retirement Savings Plans, University of Illinois publication: http://web.extension.illinois.edu/countrysidecenter/downloads/26894.pdf

Distribution table link: http://njaes.rutgers.edu/money/ira-table.asp

There are also a number of FAQs on the topic at extension.org. Just search "RMD."

Make Tax Credit Extension Work for You

You may have noticed a little more money in your paycheck this year. Federal legislation signed into law in December extended a couple of things affecting net pay: a temporary 2 percent reduction in the FICA tax (for Social Security), and a two-year extension of all tax rates.

A worker with an income of about $50,000 can expect to get a take home pay boost of $1,000 over the course of the year, which comes out to approximately $83 per month.

What should you do with an extra $1,000?

A few prudent things include

· Building up your emergency fund. Could you cover several months of living expenses if something happened to you or you needed money quickly?

· Pay down debt -- especially credit card debt. Make sure any high interest debt is reduced. Then put the rest toward an extra payment on your car loan or house mortgage.

· Save for retirement. Invest in your long term financial security by putting the money in a tax-deferred retirement plan, like an IRA.

· Reward yourself. If you're covered, it's okay to treat yourself. But shop around for good deals.

Check Facebook Security Settings

While on Facebook, look at your URL address; if you see "http:" instead of "https:" then you do NOT have a secure session and you risk getting hacked and your personal information may be at risk. Go to AccountAccount SettingsAccount Security and click Change. FB defaults to the non-secure setting.

It's also worthwhile to take a look at the other settings that FB may have as a default.

Delinquent Mortgage Borrowers Should Contact Lenders

The number of delinquinces in Wyoming has been on the rise. If you're under stress, remember that doing nothing is the worst thing a delinquent borrower can do. And the longer the delay, the worse it gets.

US Comptroller of the Currency John Dugan says, "The record shows that the early stages of mortgage delinquency are the most crucial. The sooner borrowers reach out for help, the more options they have, and the more likely foreclosure may be avoided."

In half of all foreclosures, lenders say borrowers do not make contact with them. Yet, more than one-third of those who reach out for assistance are successful in finding alternatives to foreclosure.

Homeowners experiencing financial difficulties to call 1-888-995 HOPE, a toll-free hotline staffed around the clock, seven days a week, by 85 qualified housing counselors from agencies approved by the Department of Housing and Urban Affairs.

More household energy help for Wyoming

The UW Deptartment of Health and Human Services has released about $300,000 to help eligible low-income Wyoming residents with home energy costs.

If you or someone you know is interested, the specific program is the Low Income Energy Assistance Program. It will help heat and weatherize a home.

Contact the Wyoming Department of Family Services via info at http://dfsweb.state.wy.us/.

College graduates break even by age 33

Some young people wonder whether going to college is worthwhile -- are recent report reminds us that it is -- even considering the expense.

A typical student attending a four-year university will have college pay off by age 33. They earn enough by then to compensate for being out of the labor force for four years and for borrowing enough to pay tuition and fees.

The report Education Pays, released by the College Board Advocacy and Policy Center, notes that college pays off very well over the course of a life. It also notes that unemployment rates of increased faster among people with just a high school diploma and that college graduates are more likely to exercise, volunteer, vote and read to their kids, are less likely to be obese or smoke.