Dateline Asheville, North Carolina, September, 2009
News and Views from Asheville's Greenolina, Real Estate Eco-Steward
Upside Down But Trying to Hang on to Your Home? Take a clue from this flexible cat (see photo and * 
below)
and look at your situation from another perspective.
I've been collecting ideas from my friends and collegues at Active Rain. Here are 13 Stay-in-Your-Home Ideas with more on the way (check back soon/contribute your own!).
from DEB HURT:
"janeAnne, You know me--there is no better place to be than outside the box! I believe that the desire for consumption and conformity is part of what drove us into this corner and getting out of it is going to demand a change in perception and perhaps even a major paradigm shift.
1. Shared housing options might start to be an option for those with large homes- whether it is a form of co-housing or taking in a boarder or using an extra bedroom as a mini B&B.
2. How about looking for someone who wants a vacation or retirement home in the area but has no plans to move soon and would consider a lease back? That would still be selling but at least you would not have to move right away.
3. Give your house to a charity with the stipulation that you have a lifetime occupancy - I'm just thinking here but I know there are ways to do this and people do it all the time- the tax implications and details might or might not be a nightmare but this is a brainstorming session isn't it?"
from JOAN WHITEBOOK, ABR,e-Pro,CEBA Southern New Hampshire:
4. I would like to see more people get a tax credit to finish their basements and so long as they are safe, convert them to living spaceto accommodate those who can rent the space and help by paying rent.. thereby increasing the income stream. JOAN also noted... "When a condo is involved... there may be other "lienholders" eg. the association... and all lienholders have an interest in the property which must be addressed.
from BETSY HESALTINE
5. Contact listing agent and make sure everything was sent in a timely fashion that the bank would want to have...
from The Real Estate Muse
6. Using the Cash for Clunkers model, we the taxpayers provided a "loan" to homeowners (like that given by us to Banks, but much smaller, of course.) This "loan" could
a) be paid back over a number of years
b) bring homeowners who had had a history of regular payments current with their mortgages, and
c) incorporate a reduction in interest rate so that an automatic loan modification was in effect.
from The Sustainability Real Estate Muse in Asheville, NC.
7. Don't forget Reverse Mortgages for those over 62.
from ARLENE BROWN
8. Homeowners who have Genworth's private mortgage insurancemay find it easier to get help for a loan modification or refinancing under the government's Making Home Affordable program. Genworth is reaching out to homeowners who may qualify for the program, offering to help them complete the necessary paperwork and send it to the servicer for approval. And when it comes to Home Affordable refinancing for loans that have private mortgage insurance, the cooperation of the industry is key. Here's the link for further INFO.
from DIANE AURIT
9. One option we have on the lake is renting your home out as a vacation rental in the summer when you get the same amount for a monthyly lease year-round for a week. That is enough to hold my friends through the rest of the year!
from the Other Real Estate Muse
10. IF you are a small business owner, you may want to research information on eligibility and qualifications for ARC Loans -the $35,000 SBA ARC Loan Program. Here is a video http://www.businessborrowersalliance.org/SBA_ARC_LOAN_VIDEO.html
from RICK MISITANO, Senior Paralegal Law Offices of James M. Bosco & Associates: Rick Misitano (Law Offices of James M. Bosco & Associates
11. "...homeowners need to start fighting back when someone is trying to take their home by foreclosure, especially since an overwhelming percentage of mortgages granted over the last 3 to 5 years have been packaged into securities and re-sold and re-assigned numerous times since the inception of the borrower's original note and mortgage. In some states, homeowners have better than a 50/50 chance of being successful in defending themselves against a completed foreclosure...."
from PATTI and JOHN MASSARA
12. Up to 125% LTV Going To Be Possible The HARP program is opening up the guidelines to allow you to refinance your first loan up even if it represents up to 125% of the value of the home. This change is coming in October of 2009. ... visit one of the two sites listed below and determine if you have a Fannie Mae or Freddie Mac loan. ...Borrowers can determine whether Freddie Mac owns their mortgage by completing an online form at http://www.freddiemac.com/mymortgage and Fannie Mae's loan lookup tool is located at http://loanlookup.fanniemae.com/loanlookup/
from an Anonymous Source
13.Banks could help by leasing a home back to the Owner rather than foreclose on it. We would like to see special provisions that they could allow a re-do on the original loan as well.
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* SADLY, the photo of FranKitty is the last one I took. The next day he lost his home...forever...vanished into the woods....THIS is something I did NOT wish for him...and I do NOT wish for you...This post is a tribute to FRANK.
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