Short sale: alternative to foreclosure?
So you're upside-down in your mortgage, owing more to the bank than your house is worth. You have to move, either due to personal matters, or simply because you can't swing the payments any more. You've had decent credit in the past, but the threat of bank foreclosure gives your stomach knots. Is there any other option?
We've talked before about renegotiating terms of your loan with the lender, as many of them are no more eager to take over your property than you are to give it to them. However, if you simply have to get out from under the property, the short sell might be an option. Read More.
USAFSBOSearch.com
Monday, January 5, 2009
PMI: Friend or Foe?
PMI: Friend or foe?
You know that annoying surcharge on your mortgage bill labeled as PMI? Well, if you're one of thousands of homeowners in dire financial straits, that little annoyance may end up saving your home.
Private Mortgage Insurance, or PMI, is required by lenders when a home buyer has less than twenty percent equity in their property. The only ways to get the PMI charge removed from your payments is either to pay down your loan to less than eighty percent of its original value, or to pay to have your house reappraised, and show it's worth at least twenty percent more than you currently owe.
While most of us can't wait for the day we can stop paying PMI, which seems to be more good money after bad, one mortgage company - Genworth Financial - recently disclosed that PMI helped keep more than 11,000 of their clients in their homes when foreclosure was looming in the past year. Read More.
USAFSBOSearch.com
You know that annoying surcharge on your mortgage bill labeled as PMI? Well, if you're one of thousands of homeowners in dire financial straits, that little annoyance may end up saving your home.
Private Mortgage Insurance, or PMI, is required by lenders when a home buyer has less than twenty percent equity in their property. The only ways to get the PMI charge removed from your payments is either to pay down your loan to less than eighty percent of its original value, or to pay to have your house reappraised, and show it's worth at least twenty percent more than you currently owe.
While most of us can't wait for the day we can stop paying PMI, which seems to be more good money after bad, one mortgage company - Genworth Financial - recently disclosed that PMI helped keep more than 11,000 of their clients in their homes when foreclosure was looming in the past year. Read More.
USAFSBOSearch.com
Monday, December 22, 2008
Turning the Tables on HOA Conflict
Turning the tables on HOA conflict
Why does there seem to be so much conflict within so many Homeowner Associations (HOA)? Aren't these supposed to be friendly gatherings of like-minded neighbors, all intent on making their community a better place to live?
Maybe, and maybe not. Sure, everyone active enough to work with an HOA is concerned about their neighborhood, but that doesn't mean that everyone has the same idea about what "better" looks like, or even how to achieve it.
Consider this: homeowners are dealing with what most likely is their single largest, and most valuable, investment. Add to that the personal investment of "sweat equity" many of us put into our homes to make them feel like an extension of ourselves. So when we have views that conflict with another person's idea of the perfect neighborhood, it's no surprise that tempers tend to flare.
Consider a few tips to help you become an effective diplomat in your HOA: Read More
USAFsboSearch
Why does there seem to be so much conflict within so many Homeowner Associations (HOA)? Aren't these supposed to be friendly gatherings of like-minded neighbors, all intent on making their community a better place to live?
Maybe, and maybe not. Sure, everyone active enough to work with an HOA is concerned about their neighborhood, but that doesn't mean that everyone has the same idea about what "better" looks like, or even how to achieve it.
Consider this: homeowners are dealing with what most likely is their single largest, and most valuable, investment. Add to that the personal investment of "sweat equity" many of us put into our homes to make them feel like an extension of ourselves. So when we have views that conflict with another person's idea of the perfect neighborhood, it's no surprise that tempers tend to flare.
Consider a few tips to help you become an effective diplomat in your HOA: Read More
USAFsboSearch
Monday, December 15, 2008
Family-Friendliest Cities in America
Family-friendliest cities in America
Every year, BusinessWeek magazine develops their list of the most family-friendly communities in the United States to live. The researchers for this list combine a number of factors, including low crime rates, affordability, job opportunities, school quality and other amenities like parks, museums and natural open space.
Given that this list is skewed toward families, there is added weight afforded to community safety and school performance, but every state has at least one town, city or burg on the list. So no matter where you are, you're only a stone's throw from one of the best places in America to raise a family. Read More.
USAFsboSearch.com
Every year, BusinessWeek magazine develops their list of the most family-friendly communities in the United States to live. The researchers for this list combine a number of factors, including low crime rates, affordability, job opportunities, school quality and other amenities like parks, museums and natural open space.
Given that this list is skewed toward families, there is added weight afforded to community safety and school performance, but every state has at least one town, city or burg on the list. So no matter where you are, you're only a stone's throw from one of the best places in America to raise a family. Read More.
USAFsboSearch.com
The Accidental Landlord
The accidental landlord
Sometimes we can't help but move because of job pressures, family issues or other unforeseen circumstances. But what about the house? If we're lucky enough to find a buyer in today's market, we'll be lucky to pay off what we owe, let alone get any of the equity we planned on, right?
The good news is that, although there are few itchy buyers nowadays, there are more renters than there have been in a long time. True, many former homeowners are fleeing to condos, apartments or townhomes, but for some, they can afford - and prefer or even need - more space and privacy; they just can't swing the down payment, or don't want to be tied down to one location until things turn around.
Why not rent your home? If you can bring in enough on rental revenue to cover your mortgage, you may be better off with a sale in a stronger market, plus you may enjoy some tax advantages to keeping the property in your name. Read More.
USAFsboSearch.com
Sometimes we can't help but move because of job pressures, family issues or other unforeseen circumstances. But what about the house? If we're lucky enough to find a buyer in today's market, we'll be lucky to pay off what we owe, let alone get any of the equity we planned on, right?
The good news is that, although there are few itchy buyers nowadays, there are more renters than there have been in a long time. True, many former homeowners are fleeing to condos, apartments or townhomes, but for some, they can afford - and prefer or even need - more space and privacy; they just can't swing the down payment, or don't want to be tied down to one location until things turn around.
Why not rent your home? If you can bring in enough on rental revenue to cover your mortgage, you may be better off with a sale in a stronger market, plus you may enjoy some tax advantages to keeping the property in your name. Read More.
USAFsboSearch.com
A Glimpse of Tomorrow's Homes
A glimpse of tomorrow's homes
Like the rings of a tree, home construction can reflect much about the environment at the time the homes were built. So what should we expect to see in today's shaky economic times?
Peter Mosca from Realty Times notes that, though blueprints may shrink, there are some opportunities for creativity in newly constructed dwellings.
First off, average square footage will be dropping in many new homes. However, many builders are going this route in lieu of removing many coveted luxury items like custom cabinetry, fancy countertops and top-notch fixtures. When forced to make the choice, many buyers are recognizing that they actually value quality over quantity. Another side benefit is reduced utility costs for maintaining a comfortable temperature in less square footage.
For those who mourn the loss of a sense of community in many suburban areas, it may came as some relief to know that the front porch and other so-called outdoor living areas are coming back in style. Outdoor fireplaces, porch swings and other amenities not only expand usable space for less money, but they also help connect you to the rest of your neighborhood. Read More
USAFsboSearch.com
Like the rings of a tree, home construction can reflect much about the environment at the time the homes were built. So what should we expect to see in today's shaky economic times?
Peter Mosca from Realty Times notes that, though blueprints may shrink, there are some opportunities for creativity in newly constructed dwellings.
First off, average square footage will be dropping in many new homes. However, many builders are going this route in lieu of removing many coveted luxury items like custom cabinetry, fancy countertops and top-notch fixtures. When forced to make the choice, many buyers are recognizing that they actually value quality over quantity. Another side benefit is reduced utility costs for maintaining a comfortable temperature in less square footage.
For those who mourn the loss of a sense of community in many suburban areas, it may came as some relief to know that the front porch and other so-called outdoor living areas are coming back in style. Outdoor fireplaces, porch swings and other amenities not only expand usable space for less money, but they also help connect you to the rest of your neighborhood. Read More
USAFsboSearch.com
Making A House A Home
Making a house a home
Sometimes we work so hard that the last thing we want to do when we finally get home is clean house. Heck, it's all we can do to peel ourselves off the couch some nights and toss a dinner in the oven.
But what if the soft landing we call home is adding to the bumpy ride of our difficult day?
The prospect of cleaning the house from top to bottom when we're working full-time is daunting, but there are a few things we can do to make our home into the sanctuary it should be for us when we finally find time to unwind.
First, think about where you generally enter and exit your home. Whatever is in that immediate area is what you will see twice a day, so make sure it's pleasant. Though it's easy to plop down the mail as soon as you hit the door, who wants to have a stack of bills facing them every time they go in and out of the door? Replace those nagging papers with some family photos or something that says "home" to you. Read More
USAFsboSearch.com
Sometimes we work so hard that the last thing we want to do when we finally get home is clean house. Heck, it's all we can do to peel ourselves off the couch some nights and toss a dinner in the oven.
But what if the soft landing we call home is adding to the bumpy ride of our difficult day?
The prospect of cleaning the house from top to bottom when we're working full-time is daunting, but there are a few things we can do to make our home into the sanctuary it should be for us when we finally find time to unwind.
First, think about where you generally enter and exit your home. Whatever is in that immediate area is what you will see twice a day, so make sure it's pleasant. Though it's easy to plop down the mail as soon as you hit the door, who wants to have a stack of bills facing them every time they go in and out of the door? Replace those nagging papers with some family photos or something that says "home" to you. Read More
USAFsboSearch.com
Subscribe to:
Posts (Atom)
