The Mesquite Nevada Real Estate Blog: March 2009

The Obama Administration has announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan.

The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative effects of foreclosure such as lower property values, increased crime and higher taxes.

You can see the complete Home Affordable Loan Modification Program Guidlines here.

Here are the highlights of the loan modification program:

• Mortgages for single-family properties that are worth more than $729,750 are excluded from the provisions of this bill. For two families the amount is $934,200. For three families the amount is $1,129,250 and for four families the amount is $1,403,400.

• Interest rates can be lowered to a minimum of 2 percent and then if necessary, the term of the loan can be extended to a maximum of 40 years.

• The home must be a primary residence and verified as such with a tax return, credit report, and other documentation such as a utility bill. The home may not be investor-owned property.

• The home may not be vacant or condemned.

• Borrowers must provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to be qualified.

• Borrowers in bankruptcy are not automatically eliminated from consideration for a modification in this program.

• Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.

• Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1, 2009 or earlier.

• Eligibility is restricted to loans originated on or before January 1, 2009.

• Incentives are provided to extinguish second liens on loans modified under the program.

• Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years.

• Separately, up to 5 million borrowers who have mortgages held by government controlled mortgage finance giants Fannie Mae and Freddie Mac should be eligible to refinance through June 2010.

This loan modification home affordability program should stem the tide for quite a few folks who would otherwise end up in foreclosure.

I applaud the fact that the government has finally started to take some meaningful action. This new bill comes on the heels of the 1st time buyers incentive program.

While these are great steps to get the nations housing back on track, there are some that are so far in over their head that even a loan modification is not going to help.

There are still options available that can be taken to avoid foreclosure. A short sale is one of the means that may allow you to sell your home and get rid of your debt.

See these articles for further details:

Foreclosure avoiding it through a short sale

Short sales and deed in lieu of foreclosure

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About the Author: The above Real Estate information on making home affordable loan modification program was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest MA Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.

                                                                                                                                                  

In a very competitive Real Estate market one of the things that is vital to your success is how well your home shows in relation to the rest of the inventory for sale. There are quite a few simple things that you can do to improve your chances and maybe put a few extra dollars in your pocket at the same time.

Maybe you are not even thinking about selling your home right now. When the time comes, however these lost cost improvements could make a difference.

1st impressions are always important so you want to make sure the entry to your home shines. As the buyer approaches the front door the last thing they want to see is an old worn door with cob webs hanging from above.

Most buyers are going to assume right of the bat if the home is not well maintained on the exterior, the interior will not be much better.

The Entry Way

Painting the front door or even replacing it if it is beyond paint can make a real difference. A nice shiny door set always stands out as well.

If you have vinyl siding and you have not cleaned it in a while mildew, dirt and grime can accumulate. Giving it a quick spray can surprisingly make a big difference in the appearance.

Plant Some Color

When selling your home planting some flowers around the entry can really make your property come alive. Choose a variety of colors that really stand out.

Adding a few potted plants if you have a covered entry or a large enough stoop is always a nice touch as well.

 

 

 

Fix Up The Baths

While remodeling a bath is one of the highest returning home improvement projects it may not be in the budget at the moment.

If however, you still have your gold toilets and sinks from the 70's it may be time to let go and move on the something that 99% of the population would like better.

Have a gold shower too? There are lower cost alternatives to ripping out the shower. There are specially made bath fitters that are designed to be put over a shower. New faucets are another lower cost item that can make a difference. At the moment silver/nickel is back in and brass is less popular.

Changing towel ranks, toilet paper holders and shower heads are also nice touches for short money.

 

 

Paint Those Walls

Painting is one of the cheapest most effective improvements you can make in your home especially if the colors are not neutral to begin with. I know you love the pink entry way and purple bathroom but most buyers will not.

I know what your thinking painting is cheap...the buyer can just do it themselves. Most people think this way, however, there is a large part of the population that does not have any vision. They need to see it done.

Painting your home off white or if you want to be slightly more bold in earth tones, is the best way to go. When selling your home all decisions should be done to appeal to the masses.

 

 

 

Address the flooring

A little more expensive but one of the better returning investments especially if you are still hanging on to the orange shag.

Even if you have more modern carpet but just don't have enough in the budget for new carpeting, a good cleaning by a professional can help out dramatically. The same can be said for wood floors as well.

A good scrubbing can go a long way.

 

Clean Your Windows/Treatments

Cleaning your windows can really spruce up your home especially if they have not been done in a while.

A bright home always shows far better than a dungeon. Removing heavy drapes and curtains can help as well, especially if they are out of date.

It is far better to have nothing than to have a pattern that was popular in the 80's.

 

Change Old Lighting

Lighting is one of those things that are subtle but believe me a buyer will notice if the lighting is really dated.

There are some great lights that can be purchased rather cheaply in many lighting stores especially if they are looking to restock their shelves with the latest model.

Even little things like upgrading to brighter bulbs can help. Most home buyers are turned off by dark unlit rooms.

Although a little more expensive to add, recessed lighting can really change the level of lighting in a room. Recessed light work really well in kitchen and baths.

 

Declutter Your Home

This one can really go a long way. Buyers like spacious rooms that they can envision their own belongings in. Getting rid of things that you know you will not be taking with you can really change the appearance of your home.

Hold a yard sale for those items that still hold value. Have other things you know you want to take with you but know they spoil how well your home shows? Get a PODs (portable storage on site) or even consider putting your stuff in a short term storage facility.

Not every improvement has to be expensive. Sometimes it is the small things you do that make the biggest difference in a buyers mind.

 

 

Have an interest in knowing what some of the more expensive home improvements return on your investment? See:

Best remodeling projects cost v.s value for your home

Getting ready to put your home on the market? Here are some other important articles that discuss the home selling process and how to increase your chances of success:

Preparing your Massachusetts home for the Spring selling season

Top ten mistakes to avoid when selling your Massachusetts home

Selling your home in a buyers market

______________________________________________________________________________________________________

About the Author: The above Real Estate information on Low cost improvements when selling a home was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

Subscribe in a reader

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.

This seems to be the question of the hour.

How do I find out if Freddie Mac or Fannie Mae has my loan??

To find out if either of these two giants have your loan you need to first call your lender or loan servicer (the one who sends you a mortgage statement every month) and ask them if one of the two have your loan. If they do not want to tell you because some might not or if you do not feel comfortable with the customer service reps answer then you can find out directly from Freddie Mac or Fannie Mae by clicking the direct links below or calling the toll free numbers:

• Does Freddie Mac have my mortgage online request form
• 1-800-FREDDIE (8am to 8pm EST)

• Does Fannie Mae have my mortgage online request form
• 1-800-7FANNIE (8am to 8pm EST)

Once you know who has your loan you can then see if you qualify for the new refinance program that begins today for homeowners throughout America that are current with their mortgage payments but have not been able to qualify for a refinance due to the loss of value in their home. 

Should you have any questions please feel free to contact me. I will be happy to answer any questions you may have.