house: Who's Eligible for a Loan Modification under Obama's Plan
- 05/11/09 03:02 AM
The Treasury Department recently released its Home Affordable Modification Program Guidelines (part of its Making Home Affordable initiative), which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines: Mortgage must have originated on or before January 1, 2009. Home must be an owner-occupied primary residence (verified with tax return, credit report, and other documentation such as a utility bill) – this program is not designed for investor-owned properties. Home must be a single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation … (0 comments)
house: Fully Research A Condo Before You Buy
- 05/08/09 02:47 AM
When the real estate bubble burst, so too, did the dreams of many speculators who were snatching up and flipping condos like hotcakes. Today, buying a condo can still be a great choice but getting financing for it could be a bit more challenging because some financial institutions are "blacklisting" some condo complexes due to high speculator ownership and dropping prices. According to a recent Marketplace report by Dan Grech, government-backed Fannie Mae and other banks in states such as Michigan, California, Florida, and Nevada are refusing to lend to credit-worthy potential buyers who are interested in purchasing condos in certain … (0 comments)
house: Captial Gains Moratorium Would Help to Increase Demand in the Marketplace
- 05/07/09 02:55 AM
In talking to real estate folks from around the country one of the common themes I have heard is that so many buyers are "sitting on the fence." They just don't know whether to get into the market now or not. Clearly, they lack sufficient incentive. (It wouldn't be surprising if this same lament is to be heard among stock brokers.) One thing, though, is for sure: there are trillions of dollars (that's trillions with a T, not billions with a B) sitting on the sidelines looking for a smart and profitable place to be. They are waiting for a sufficient … (0 comments)
house: Pool with a View to Prevention
- 05/06/09 02:32 AM
As stress closes in from all sides, spring, with promises of summer fun, offers welcome relief. Just make sure that your preoccupation with economic crises and pandemic threats does not distract you from the dangers that these warm seasons can bring to your property. During National Summer Safety Week (May 1-7), we are encouraged to adopt strong water safety habits which automatically kick in when we, or those we love, are near water—at the beach, at the cabin or in the backyard pool. Join this concerted effort to save the more than 400 Canadians who may otherwise drown this year. According … (0 comments)
house: 5 tips on buying a foreclosed home
- 05/05/09 02:58 AM
(Money Magazine) -- 1. Finding one has become easier You don't need to show up at courthouse auctions or comb through legal filings. These days many banks sell foreclosed homes through real estate agents. To find listings, look on sites that specialize in foreclosed properties, such as realtytrac.com and foreclosurepoint.com. The local multiple-listing service often has selections as well. (The fact that the home is in foreclosure is not always highlighted in the MLS, but it's often mentioned in the description.) Finally, some agents specialize in foreclosures, so call your local realtor's office and ask for a referral. 2. It's best … (0 comments)
house: Do-It-Yourself Flex-Pay Mortgages
- 05/04/09 02:20 AM
When most people buy a home, they take out the standard 30-year mortgage to finance the purchase. A few ambitious souls opt for 15- or 20-year mortgages, so they can pay off their homes faster, save money, and retire early. When you start talking about 40- or 50-year mortgages, many homeowners simply cannot wrap their brains around the idea of paying on a house for over half their lives. But this can be a great foreclosure prevention strategy. I almost always advise homeowners to stretch out their mortgage for as long as possible. Here’s why: Keeping the monthly mortgage payment as … (0 comments)
house: Almost Two Points Lower Than Peak in October
- 05/01/09 02:28 AM
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending April 30, 2009, down from last week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 6.06 percent. The 30-year FRM now equals the record low that was set the week of April 7, 2009. It has never been recorded lower in Freddie Mac’s survey, which goes back to 1970. The 15-year FRM this week averaged 4.48 percent with an … (0 comments)
house: Welcome to the HOA Board!
- 04/29/09 02:03 AM
The annual homeowner association meeting convenes. The president announces that the floor is open for nominations. A fellow homeowner say to you, "You know, you would make a good board member." Before you have a chance to reply, some body movement indicates that you are willing, ready and able to serve. "The nominations are closed," a vote is taken, and suddenly YOU ARE ON THE BOARD OF DIRECTORS. You ask yourself, "What does being on the board mean, who is going to teach me and how much do I get paid?" Here are some basic guidelines on how to become a … (0 comments)
house: Home prices post 18.6% annual drop in Feb.
- 04/28/09 02:59 AM
NEW YORK (AP) -- Home prices dropped sharply in February, but for the first time in 25 months the decline was not a record, another sign the housing crisis could be bottoming. The Standard & Poor's/Case-Shiller index released Tuesday showed home prices in 20 major cities tumbled by 18.6% from February 2008. That was slightly better than January's 19% and the first time since January 2007 the index didn't set a record. The 10-city index slid 18.8%, the first time in 16 months its decline was not a record. But the good news was mixed. All 20 cities in the report … (0 comments)
house: Long-Term Rates Now Lower Than Short-Term
- 04/27/09 03:04 AM
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending April 23, 2009, down from last week when it averaged 4.82 percent. Last year at this time, the 30-year FRM averaged 6.03 percent. The 15-year FRM this week averaged 4.48 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.62 percent. This is tied with last week for the lowest the 15-year FRM has … (0 comments)
house: Bank of America Short Sales
- 04/24/09 02:33 AM
Investors looking to acquire houses through short sales just might be in for some good news. One of the largest holders of second liens in the U.S., the Bank of America, says it's relaxing its policy on payoffs connected with short sales. That's important because large banks have been major impediments standing in the way of thousands of short sales, demanding money for home equity lines and second mortgages that would otherwise be worthless if the short sale property went to foreclosure. Bank of America had been among the least cooperative of all banks in agreeing to short sale payoff terms, … (0 comments)
house: Renting Rooms for a Fast Buck? Beware!
- 04/23/09 02:20 AM
If hard times has you renting out that empty room for some fast cash, you could be opening the door to a lot more cost, not less. The Insurance Information Network of California (IINC) says financially strapped homeowners renting out rooms to help pay the mortgage or other costs may be overlooking key issues that could lead to greater financial hardship. Community, rental rules Like opportunistic homeowners renting space to visitors in town for special events or even like charitable homeowners housing temporary disaster victims down on their luck, struggling homeowners looking for a fast buck should check for community, legal … (0 comments)
house: Mortgage Insurance Contributing to Foreclosure Epidemic?
- 04/22/09 02:57 AM
Loan modification is a no-brainer for lenders. They essentially have the following choices: Loan modification Foreclosure Forbearance Deed in lieu Short sale All things being equal, offering a loan modification to borrowers is usually the best option for lenders, because they avoid the high cost of foreclosure (by some estimates $50,000 to $100,000 per foreclosure) and they continue to collect interest on the loan – at a lower rate of return, but still enough to earn a profit. Unfortunately, in many cases, another factor comes into play – mortgage insurance. If a loan is FHA- or VA-secured or the owners are … (0 comments)
house: Real Estate Outlook: Builder Sentiment Rises
- 04/21/09 02:12 AM
When home builders, the most depressed segment of the real estate industry, begin expressing optimism about a modest turnaround in the marketplace, maybe it's time for even the most dour doomsayers to listen. Last week's home builders sentiment survey released by Wells Fargo and the National Association of Home Builders produced the single biggest monthly jump since 2003. The survey focused on builders' perceptions of traffic at sales sites and expectations of sales in the coming six months, both were up sharply from the previous month. Builders cited low prices, low interest rates, and the $8,000 federal home purchase tax credit … (0 comments)
house: Investor Report: Rental Market Hurting
- 04/20/09 03:18 AM
Competition in some rental markets is pushing landlords to offer increasingly creative concessions to tenants, such as free rent for a month or two, and even job-loss protection that guarantees the rent will be paid if tenants lose their jobs. A new survey by a real estate research company confirms that landlords nationwide are being forced to lower what they charge their customers, whether through direct rent reductions or freebies and breaks on lease terms that have the same net result. New York-based REIS, Inc. reports that half of all apartment buildings in the U.S. reduced rents in the fourth quarter … (0 comments)
house: No Money to Buy a Home?
- 04/17/09 02:21 AM
For many people, buying their own home is still the American dream. Yet, it remains out of reach for a lot of people, even though the housing affordability index in many areas of the country is as good as it's ever been. But if you're not prepared to buy a house, then the index doesn't mean a thing to you—except, perhaps, to create a painful sting and a constant reminder that you're missing out on a good opportunity to buy real estate at lower prices. For more on affordability, see my column, Housing Most Affordable: May be Time to Move from … (0 comments)
house: Why the Banks Aren't Making Many Commercial Loans?
- 04/16/09 02:29 AM
Every commercial loan broker will tell you that the banks are not making a whole lot of commercial loans these days. Surprisingly, the reason why isn't just because they are afraid to make new commercial loans. Another important reason is that many banks are fully-invested. In plain English, they simply don't have the money to make many new commercial loans. This lack of liquidity is not the result of loan losses associated with the subprime meltdown. Few small banks were involved in the deal-flow of subprime loans. When the music suddenly stopped, the small banks were not left holding a huge … (0 comments)
house: 4402 Lainie - Large Covington Model Home!
- 04/15/09 02:17 AM
Spacious and Large Covington model in the Timbers Glen. This 2000+ sq.ft. townhome boasts 3 large bedrooms and 2.5 bathrooms with a attached 2.5 car garage and a private fenced in patio area. Home has all the updates you need including a lovely kitchen with stainless steel appliances and granite counters and a breathtaking 2 story family room and foyer. Your second level graces you with a spacious loft and 2 large bedrooms and oversized office which can be converted to 4th bedroom if needed. View the many pictures we have to offer at http://www.helenoliveri.com/listings/details.php?listing_id=501 and call today 847-967-0022 and schedule … (0 comments)
house: How Long Does Loan Modification Take?
- 04/14/09 01:58 AM
Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies. Many homeowners wonder, “How long will it be before I hear anything?” and “What should I do while I’m waiting.” This article should help answer those very pressing questions. How long will it take? The loan modification process typically takes 30 to 90 days, depending mostly on your lender and your … (0 comments)
house: The Lotto Mindset
- 04/13/09 03:12 AM
We are all pre-programmed with hope. That's a good thing. We all need the hope that we can accomplish our goals and objectives; that our circumstances in life will improve; that we will achieve the position of wealth and happiness we dream about for our family and ourselves. When that hope is not connected to action, we are entrenched in the lotto mindset.The lotto mindset is when hope and action never intersect. To experience true success in one's life, hope must intersect with action. Due to the vibrancy of the real estate market in the last few years, the lotto mindset … (0 comments)
News, tips and tricks about the Chicago Area and National Real Estate Market, brought to you by The Helen Oliveri Team of Keller Williams Realty Partners.
The Treasury Department recently released its Home Affordable Modification Program Guidelines (part of its Making Home Affordable initiative), which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines:
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