Fall Maintenance Tips

Outdoor and Indoor Fall Home Maintenance Tips

Fall Home Maintenance Tips from HWA
October 25, 2010 - Fall is, for many, the most enjoyable of all the seasons. One reason for this time of year's popularity is its short timespan. As the temperatures steadily decline and days get shorter, the cold winter days get closer and closer. While you are out enjoying the fall colors, pumpkin farms and Halloween activities, take some time to prep your home - both indoor and outdoor - for winter with the below fall home maintenance tips!
Outdoor Fall Maintenance Tips
Clear debris out of you window wells, gutters, downspouts, and storm drains. This will allow the water to properly drain, minimizing standing water and stalling the freeze and thaw expansion process that often occurs during colder months.
Make sure the weather stripping on your windows and doors fit and is in good condition.
Clean your windows. Sparkling clean windows let in lots of sunlight that will help chase away winter's doldrums.
Look for broken or cracked glass and damaged screens or storm windows. Also, check for loose putty around glass panes.
Remove garden hoses from spouts, drain and store for the winter.
Check painted surfaces for water damage or mildew.
Insulate outdoor faucets, pipes in unheated garages, and pipes in crawl spaces with materials such as rags or newspapers.
Keep rodents out. In the winter months, all kinds of critters will be looking for a cozy spot. They don't need a lot of space to get into or under your home. Make sure all exterior vents are screened, and that there are no gaps underneath garage doors. Pet doors are another favorite access point for rodents.
Make sure your snow shovels and/or snow blower are in good shape. Check your shovel handle for possible cracks or breaks. Have the routine maintenance performed on your snow blower.
Fall is also the time to remove window screens and store in a safe place such as your basement or garage. Install storm windows to insure proper heating efficiency.
Indoor Maintenance Tips
Get your heating system checked by a professional.
Replace your furnace filter.
Clean out any dust that has accumulated in vents to reduce exposure to indoor pollutants and cut down on winter colds.
Make sure you have proper insulation in both your attic and basement. While checking your insulation, if you see any dark, dirty spots, it may indicate you have air leaks coming into your home.
Remove hair from drains in sinks, tubs, and showers.
Test all smoke alarms and clean dust from the covers. Replace batteries as necessary.
Test all ground-fault circuit interrupters, especially after electrical storms.
Check your home around windows and doors for air leaks. An easy way to check for leaks is to move a lighter around the window or door frame and see if the flame moves with a breeze. If you find a leak, you can caulk it or you may have to replace the wood frame. Repairing these leaks can save you money on your energy bill during the cold months.
Don't ignore your hose bibs and learn the location of your pipes as well as how to shut off the water. If your pipes end up freezing, you'll have a better chance of preventing a burst if you can quickly shut water off.
Clean and reverse ceiling fans. Reset fans for the winter routine by giving fan blades a thorough dusting, and then switch them to a clockwise spin in order to push warm air downward from the ceiling.

Foreclosure logjam threatens Fannie, Freddie

By Zachary A. Goldfarb, Dina ElBoghdady and Ariana Eunjung ChaWashington Post Staff Writers Monday, October 11, 2010; 9:57 PM
A breakdown in the nation's foreclosure process threatens to create billions of dollars in losses for federally controlled mortgage finance companies Fannie Mae and Freddie Mac, highlighting how improper actions by banks could impose new costs on taxpayers, said government officials and industry sources.

To protect themselves from those losses, Fannie and Freddie have threatened to penalize thousands of lenders if they fail to rapidly fix the way they seize the homes of borrowers who missed their payments, according to letters sent by the firms to lenders.
Fannie and Freddie, the recipients of a $160 billion federal rescue, have been virtually the only companies willing to buy mortgages from lenders since the financial crisis broke out. The two firms can impose penalties on the industry based on the agreements they fashioned with lenders who collect payments from borrowers on their behalves.
In letters and in a conference call Thursday, Fannie and Freddie told the lenders they would be on the hook for any losses the two mortgage companies might suffer as a result of flaws in the foreclosure process. Freddie has set a deadline of Monday for banks to respond, according to the letter.
Ed DeMarco, interim director of the Federal Housing Finance Agency, which oversees Fannie and Freddie, said the two firms are trying to come up with a "tailored approach" to the debacle.
"The country's housing finance system remains fragile, and we're trying to work through this subject in a way that's fair not just to delinquent householders but also servicers and mortgage investors and most of all is in the best interests of taxpayers and the housing market," he said.
The moves by Fannie and Freddie provide a way for the federal government to hold lenders accountable for improper foreclosures. Since the problems came to light, Obama administration officials have been in constant contact with Fannie, Freddie and their regulator, including in a conference call Monday.
In some of these meetings, administration officials have expressed concern about whether a nationwide moratorium on foreclosures would damage not only Fannie and Freddie but the fragile housing market as well.

"Where there are problems with a bank's foreclosure process, they need to stop that process, review it and fix it," Housing and Urban Development Secretary Shaun Donovan said in an interview. "The issue is, should every single bank in the country, even where no problem has been found in the process, should they be swept into the category of these irresponsible lenders who have clearly made mistakes?"
Lawsuits and interviews with judges show that lenders in many cases submitted fraudulent documents as they sought to evict struggling borrowers. The paperwork problems raise broader questions over whether the constant trading of mortgages on Wall Street left lenders without clear title to the properties they are trying to seize. Several federal agencies, such as the Justice Department and the Securities and Exchange Commission, are looking into the matter.
Banks have said a remedy will take only a few months, but some Obama administration officials are unsure whether the system can be fixed that quickly. On Friday, Bank of America froze foreclosures nationwide, and many other banks have stopped them in dozens of states. Litton Loan Servicing, the mortgage servicing unit of Goldman Sachs, on Monday halted some foreclosures so that it could review its procedures, a spokeswoman said.
If these freezes turn into a prolonged delay, Fannie and Freddie would face "billions" of dollars in losses, since the companies wouldn't be able to sell off properties that have fallen into foreclosure, said Anthony B. Sanders, a professor of real estate finance at George Mason University.

The action by Fannie and Freddie comes as state officials and companies seek a solution to the foreclosure crisis. Attorneys general from as many as 40 states plan to announce a joint investigation into allegations of fraud in foreclosures this week, according to a person involved in the discussions who spoke on the condition of anonymity because the announcement had not been made.
The flawed foreclosures have also alarmed title companies, which worry that they could see more claims against them because some homes may lack a clear ownership chain as a result of sloppy or fraudulent paperwork.
Bank of America, the nation's largest bank, tried to assuage those worries Monday when it said it had agreed to cover a major title company's costs if a dispute arose over the ownership of a foreclosed property. The deal between the bank and Fidelity National Financial was finalized Friday, the same day Bank of America announced it was freezing foreclosure sales across all states.
FHFA, the regulator of Fannie and Freddie, is overseeing talks between other lenders and title insurers about a similar deal that covers other companies. It could be announced this week, according to an official with the American Land Title Association.
"The title insurers are worried that claims for foreclosures aren't done properly," said Kurt Pfotenhauer, who heads the trade group. "It's not been an area of systemic concern until now."
In Maryland, Gov. Martin O'Malley (D) and the state's congressional delegation sent a letter to Maryland Court of Appeals Chief Judge Robert M. Bell on Saturday asking him to suspend all foreclosures in the state for at least 60 days.
The court has not responded, the governor's spokesman said.

indoor herb garden

Be creative with wire shelving. These budget-friendly racks come in tons of sizes at home centers. This one serves up some floral power in Meredith’s kitchen window. You could use them to house indoor herb plants so your favorite flavors are close by at cooking time. It is time to bring them in from out of doors.

Enjoy, Beccie

Countertop Color

Meredith extended her palette to two often-ignored opportunities for color: counters and the ceiling. This glassy greenish laminate countertop and the painted ceiling create a cohesive experience throughout the room.

Laminates come in so many different colors and styles - how fun! Enjoy, Beccie

The Kitchen sink

Meredith unearthed this kitchen sink for a mere $25 at a salvage shop. “I love, love, love the sink,” she says. “I know I’m nuts, but the drainboard sink makes me happier than diamond rings.” It’s a cheerful antidote to the builder-boring aluminum sink it replaced.

We found an old one thrown away in the back field. We use it as our garden sink and just love it. Enjoy, Beccie

Cheer up a Galley Kitchen - Inexpensive

I love these colors. The white top cabinets. I think she could have painted the inside of the cabinets to match the countertop vs. the stained glass. I have seen the lower cabinets painted a hershey chocolate - and it is quite lovely.

Although she didn’t add any square footage, Meredith’s revamped kitchen lives large. The wallpaper she chose for the far wall was a last-minute find. “When I saw it, I couldn’t believe how perfectly it matched the countertop and stained glass of the cabinet windows,” she says.
DIY Tip: Tape up a sheet of wallpaper before you cover an entire wall or room. Live with it for a few days to make sure you love it. If it passes the time test, you’re ready to buy the adhesive and get to work. If you’re hesitant about putting pattern all over the wall, Meredith recommends framing a few smaller sections for a lower-commitment option. Enjoy, Beccie

Best Towns - 2010 Boise, Idaho

POPULATION (METRO) 606,376MEDIAN HOME PRICE $169,900HOMETOWN HERO Kristin Armstrong,2008 Olympic time-trial gold medalist,bicycling advocate, supermom
THE LIVING: Boise, to put it mildly, has been on a roll. Government, education, and health care remain core industries, but dozens of high-tech startups have moved to town, joining behemoths like Hewlett-Packard and Micron Technology. And while its population has more than doubled in the past 30 years and jaded locals bemoan the sprawl, Boise has managed its growth impressively well: The city is home to nearly 2,000 acres of parks and a 25-mile greenbelt. The outlying areas feel a bit bland, but the older neighborhoods have that Boulder vibe—cruiser bikes, farmers' markets, and prayer flags—only with reasonably priced homes.
THE PLAYGROUND: With a few play waves already in city limits, a $6.7 million white­water park in the works, and life-list runs on the Payette and Salmon within a two-hour drive, the paddling is exceptional and only getting better. There's also a healthy triathlon community and a robust road-biking scene. In winter, before or after work, you can get a quick ski in—nordic or alpine—at Bogus Basin Ski Area, just 16 miles up the road. (Tip: The climb up is also a classic road ride.) And those brown hills above town are laced with more than 135 miles of hiking and mountain-biking trails. Yup, you're going to need a bigger Rocket Box.
THE NEIGHBORHOOD: The Northend neighborhood is as good as Idaho gets: You can walk to the local coffee shop, bike downtown via paths, plant some veggies at the community garden, or hop on singletrack at the end of your block.

Treasure Valley housing downturn isn't over yet

Nan Holmes, a senior escrow officer at a title insurer, says her insider's view of the Treasure Valley housing market gave her the confidence three years ago to pay $370,000 for a new home in Boise's Collister neighborhood. She got a price she liked from the builder and 100 percent bank financing.
That was before the bottom fell out of the housing market as borrowers with bad credit began defaulting in record numbers, setting off a recession. Holmes, who had earned $150,000 a year when real estate was booming, saw her compensation shrink by half when business cooled, forcing her to dip into savings and sell jewelry. She stopped paying the mortgage in April and has put the house on the market for $145,000 less than she owes the bank.
"How long will it take for the market to turn so I can just break even?" said Holmes, 55.
Home foreclosures are still climbing in Idaho and some other states, according to real estate data firm RealtyTrac Inc. With 14.6 million Americans out of work and consumer spending declining, further weakness in housing could push the economy back into recession, former Federal Reserve Chairman Alan Greenspan said Aug. 1.
Home seizures soared 822 percent in Idaho in the second quarter compared with a year earlier, and the state now has the nation's seventh-highest foreclosure rate, according to RealtyTrac.
Median home prices have tumbled by more than one-third in the Treasure Valley since their 2006 peak. The median price in Canyon County fell to $89,000 last month, according to the Intermountain Multiple Listing Service. In Ada County, it rose slightly to $160,000. The value of residential transactions in Ada County declined 62 percent in June from the peak four years earlier.
"The housing downturn started late in the Northwest and now it's ending late," said Mark Zandi, chief economist at Moody's Analytics. Idaho, Oregon and Washington lagged behind the national cycle and will suffer declines after other areas stabilize, he said.
New defaults are declining and appear to have bottomed in states where the crisis began, falling 43 percent in California, 37 percent in Florida and 27 percent in Nevada in the second quarter from a year earlier, RealtyTrac's data show.
"The worst is over, but it's going to be a long road ahead," said economist Steven Frable at IHS Global Insight Inc.
But the worst may not be over in Idaho. While one in 397 households nationwide received a notice of default, auction or bank repossession last month, one in 240 in Idaho did. Lenders seized 454 homes in Idaho in July.
Initial jobless claims nationwide rose in July, and unemployment stood at 9.5 percent (8.8 percent in Idaho), near a 27-year high, Labor Department figures show. More than 4.5 million people are collecting unemployment benefits, and an additional 3.9 million are getting emergency and extended payments. Fed Chairman Ben S. Bernanke told Congress on July 21 the outlook is "unusually uncertain."
"The numbers are exploding due to unemployment and economic displacement," said Rick Sharga, senior vice president of marketing at RealtyTrac. "We will see them get a lot worse unless we see some job creation."
In Hubble Homes' Charter Pointe subdivision in South Boise, more than half of the homes listed for sale are bank-owned or "underwater," meaning the property is worth less than the mortgage. Dairy cows wander in a nearby pen, and baling machines grind into the night.
"The neighbors aren't used to living next to farming operations with manure and flies," said Richard Murgoitio, who sold 70 acres to Hubble Homes Inc. in 2001 and would like to sell his remaining land to builders. "We're hoping they take us all out, if the economy ever turns around."
Holmes said her employer, TitleOne Corp., is down to 80 employees from a high of 175 in 2007. Her lender, Bank of America, took the first step toward foreclosure in July.
A divorced mother of two, Holmes put her house on the market in June and has applied for a federal program that offers incentives to loan servicers, investors and homeowners to complete short sales, in which the bank accepts less than what it is owed on the mortgage.
She's asking $225,000. She hasn't had an offer.
A third of real estate listings in her area are distressed properties, with seven months of inventory on the market in Boise at her price.
"I was never raised to be in this position," Holmes said. "I've tried everything I can think of."
The Idaho Statesman contributed.Read more: http://www.idahostatesman.com/2010/08/14/1302722/treasure-valley-housing-downturn.html?at_from=becciep@msn.com#ixzz0wcPKFZFH

7 Tips for Saving Energy in the Laundry

Good laundry room habits, including some occasional minor maintenance, can save energy and shave nearly $300 off your annual utility bills. That’s because you can curb the biggest energy culprit: the cost of heating water.
Washing machine
The bulk of a washing machine’s operating costs—around 90%, says Energy Star—go to replacing the hot water in the home’s hot water tank. Reduce the amount of hot water the appliance uses, and you’ll significantly shrink its associated utility bills. By washing fewer loads and doing those loads in cooler water, you can save around $200 per year.
1. Use cold water. Switching from hot wash to cold, according Michael Bluejay, also known as Mr. Electricity, who specializes in electricity savings, can shave up to $215 per year off your electric bill. If you have a high-efficiency washer or gas-fueled water heater, assume savings of about half that figure. Cold washes are generally as effective in getting clothes clean as hot.
2. Only wash full loads. Discounting the energy required to heat the water, it costs around $60 per year in electricity to run the washer, according to the U.S. Department of Energy. Because it takes just as much electricity to wash a small load as it does a full one, you’ll save money by only washing full loads. By reducing the number of overall loads by one-quarter, you can save $15 a year.
Clothes dryer
Because it’s essentially a “toaster with a fan,” says Amanda Korane of The American Council for an Energy-Efficient Economy, a nonprofit focused on advancing energy efficiency, the clothes dryer is a difficult appliance to make green. But that doesn’t mean there aren’t ways to lessen its impact on your utility bill to the tune of about $80 per year.
3. Spin it faster. Good dryer efficiency starts in the clothes washer. Setting the maximum spin speed in the washer will reduce the amount of time—and energy—it takes to get clothes dry. Many of today’s high-speed washer spin cycles can cut dry times by as much as half compared with older models. If an average electric clothes dryer costs about $80 per year to operate, according to the DOE, savings can approach the $40 mark.
4. Clean lint filter and exhaust. Dryers have to work harder and longer to dry clothes when air doesn’t freely flow. Cleaning the lint filter before every use and doing the same for the exhaust line once a year will help maintain maximum efficiency. Also, check that the duct hose is free from tight bends and obstructions. These small chores not only will save a few bucks per year, they will reduce the risk of fire.
5. Activate energy-saving features. If the dryer has an automated moisture-sensing device, use it. Setting the timer can cause the dryer to run longer than necessary. But a moisture sensor will automatically shut off the machine when it senses clothes are dry. This feature can save $8 to $12 a year.
6. Dry like with like. Lighter items, such as T-shirts and blouses, dry much quicker than heavy items like towels and blankets. Therefore, when these items are combined in the same load, some of the clothes continue to tumble long after they’re dry. This extends the dry time of the bulkier items, in turn wasting a few bucks every month.
7. Skip it. Every load in the dryer costs around $0.35, according to Bluejay. Hanging clothing to dry on a line outside or rack inside costs nothing. Racks run about $25-$90 at online retailers. So, by giving the dryer a break even occasionally, savings can add up. Not only will the practice reduce utility bills, it will help extend the life of both the clothes and the appliance.
Douglas Trattner has covered household appliances and home improvement for HGTV.com, DIYNetworks, and the Cleveland Plain Dealer. During the 10-year stewardship of his 1925 Colonial, he’s upgraded almost every household appliance. After lengthy deliberation, he recently replaced an aging top-load washing machine with an energy-efficient front-load unit.Read more: http://www.houselogic.com/articles/7-tips-saving-energy-laundry-room/#ixzz0vlJJ1VBR

20- Year Mortages Cut Interest Significantly!

20-Year Mortgages Cut Interest Significantly Buyers with the ability to stretch a little might consider a 20-year fixed-rate mortgage instead of the traditional 30-year, suggests CBS Money Matters’ financial adviser Ray Martin.Martin points out that a $200,000 mortgage with a 30-year term and an interest rate of 4.75 would have a monthly payment of $1,043 and the total interest over the life of the loan would be $175,600.The same mortgage with a 20-year term at 4.5 percent would have a monthly payment of $1,265 with total interest over the life of the mortgage of $103,670.Young home buyers planning to have children will have their 20-year mortgage paid off by the time their kids enter college, a big financial advantage, Martin points out.Source: CBS, Ray Martin (08/04/2010)

Spending less money on utility bills doesn’t mean you need to rush out and purchase a whole new suite of Energy Star appliances. With occasional light maintenance and good habits, you can greatly improve the energy efficiency of your large kitchen appliances—up to about $120 annually—without sacrificing convenience.

Refrigerator/freezer
Energy-efficiency experts tell us to focus our efforts on the biggest energy hogs in the house, and that definitely includes the fridge. Because it cycles on and off all day, every day, the refrigerator consumes more electricity than nearly every appliance in the home save for the HVAC systems. The average refrigerator costs about $90 per year to operate, according to the U.S. Department of Energy. The good news is that a few simple adjustments can trim roughly $38 to $45 off those utility bills.
1. Adjust the thermostat. By setting the thermostat colder than it needs to be, you might increase your fridge’s energy consumption by as much as 25% on average. Adjust the refrigerator so that it stays in the 37-40 degrees F range. For the freezer, shoot for between 0-5 degrees F. You could save up to $22 per year. If your model doesn’t display the current temps, invest in two appliance thermometers (one for the fridge, one for the freezer). They cost roughly $3-$20 apiece at online retailers.

2. Clean the coils. As dust accumulates on the condenser coils on the rear or bottom of the fridge, it restricts cool-air flow and forces the unit to work harder and longer than necessary. Every six months, vacuum away the dust that accumulates on the mechanism. Also, check to see that there is at least a 3-inch clearance at the rear of the fridge for proper ventilation. This routine maintenance can trim up to 5% off the unit’s operating cost, says energy savings expert Michael Bluejay, saving you about $4.50 a year.
3. Use an ice tray. Automatic ice makers are a nice convenience, to be sure, but it turns out the mechanisms are energy hogs. An automatic ice maker can increase a refrigerator’s energy consumption by 14% to 20%, according to Energy Star. By switching off the ice maker and using trays, you can save about $12 to $18 off your annual electricity bill. Most units require little more than a lift of the sensor arm to switch them off. To reclaim the space remove the entire unit, a simple DIY job on many models.
4. Unplug the “beer fridge.” Many homes have an extra fridge that runs year round even though it’s used sparingly. Worse, these fridges tend to be older, more inefficient models. By consolidating the contents to the main fridge and unplugging the additional unit, you eliminate the entire operating cost of a fridge. The second-best solution is to make sure the extra fridge remains three-quarters full at all times. The mass helps maintain steady internal temps and lets the fridge recover more quickly after the door is opened and closed, according to the California Energy Commission.
Ovens and ranges
“Green” cooking all comes down to proper time and space management. By using gas and electric stoves more effectively, you can painlessly save a few dollars a year.
5. Cut the power early. As anybody who’s ever bumped a burner on an electric stove can attest, those heating elements stay hot long after they’ve been switched off. Put that residual heat to work by shutting off the burner several minutes before the end of the cook time. The same technique can be applied to the oven. The savings can add up to a couple bucks every month.
6. Match the burner to pan. When a small pan is placed on a big burner you can practically see the money disappearing into thin air. By matching the burner to the pan, electricity won’t be squandered heating the kitchen rather than the food. The reverse is true, too. A small burner will take considerably longer to heat a large pan than would an appropriately sized burner. For gas stoves, don’t let the flames lick the sides of the pot. Follow these tips and watch the utility bills shrink by a few dollars a month.

Denied Federal Mortgage Aid, Homeowners Seek Alternatives

Friday, Jun 18th, 2010
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Denied for Federal Mortgage Aid, Homeowners Seek AlternativesBy Stella M. HopkinsRISMEDIA

June 18, 2010--(MCT)--Allison Rinehart's best hope for saving her home isn't the massive federal effort to stem foreclosures.She's been denied, possibly in error, for that plan so she's banking on an alternative mortgage modification to keep her Charlotte townhouse."This is the only thing my daughter and I have," said Rinehart, who is 45. "I am a single parent, no child support, working as many jobs as I can take on."The taxpayer-funded Home Affordable Modification Program, or HAMP, is the centerpiece of the nation's foreclosure prevention effort. But it doesn't work for many people.For example, Bank of America estimated in April that more than half its 1.44 million delinquent mortgage customers weren't eligible for HAMP. Wells Fargo says about 80 percent of its roughly 500,000 modifications are non-HAMP. Combined, the two banks serve nearly 40 percent of U.S. mortgages.HAMP also has seen a surge in homeowners failing the three-month trial period, and a decline in new trial enrollments. Critics blame servicers for the declines, saying they're doing a poor job and unfairly bouncing people from the program. Servicers acknowledge there were problems, especially early on. They also say homeowners aren't complying with payment agreements or document requirements.Whatever the reason, the problem isn't going away. The number of struggling homeowners nationwide is expected to remain high because job growth remains sluggish and millions of people are out of work. That means alternative modifications are likely to become even more important tools for preventing foreclosure."The goal is just to get to affordability ... whether that happens through a modification through HAMP or outside of HAMP," said Tom Goyda, a Wells Fargo spokesman.There are many reasons property owners can't qualify for the federal program.For example, they might have refinanced or bought after HAMP's Jan. 1, 2009, cutoff. They might not meet income or debt requirements. HAMP modifications, subsidized by taxpayer dollars, also aren't available for investment property, vacation homes and high-end homes.In April, Bank of America finalized more than 23,000 HAMP modifications and had more than 210,000 in the pipeline. The Charlotte bank also has been averaging about 13,000 alternative modifications a month this year, said spokesman Dan Frahm. Most are for customers with mortgages issued after the cutoff or above the HAMP limit or on properties that aren't their principal residence."HAMP is at the center of our modification efforts at Bank of America," Frahm said. "It's also important to recognize that no one solution or program can address the ... issues facing homeowners, who are experiencing hardship as a result of prolonged recessionary impacts."President Barack Obama announced the HAMP program in February 2009, well into the financial crisis. Prior to that, lenders and mortgage servicers were already doing modifications so it's natural there are more of those. Many HAMP applicants also are still working through the slow, cumbersome process.Servicers participating in HAMP must first consider homeowners for loan aid under that program. If that doesn't work for customers, servicers can consider them for their own programs.Goyda said Wells is doing alternative modifications for about 60 percent of customers who reach HAMP's trial phase but don't ultimately qualify. About 10 percent find other solutions, and the balance are probably headed for foreclosure.Of HAMP, he said: "It's only one part of our overall efforts to help customers find affordability."Consumer advocates, while sharply critical of mortgage servicers for poor modification service, generally endorse HAMP's intent and its standardized approach."It's a useful template," said Julia Gordon, senior policy counsel with the Center for Responsible Lending in Washington. "It's by no means some kind of gold standard."For example, a recent HAMP change eliminates unemployment benefits as a qualifying source of income for modifications."That's just crazy," she said.Gordon cautiously welcomes alternative plans because they can potentially help more people. She's concerned homeowners won't have a consistent way to know what's available and how to qualify. She and others have seen instances where payments are actually higher under non-HAMP plans — not a workable solution for a struggling borrower.She also frets about the lack of federal oversight for in-house plans. The U.S. Treasury oversees HAMP, but has been criticized for not penalizing servicers for mistakes.Gordon urges people to review any modification offer carefully. What's the new payment? Has the principal been reduced if the loan balance exceeds the value of the house? How long does the modification last?"It is conceivable you could have a proprietary product that's better," she said.Under HAMP, the government pays servicers and homeowners for successful modifications. For homeowners who make all their payments on time, that can amount to $5,000 paid toward their loans.Those incentives aren't available under alternative plans.Al Ripley, with the nonprofit N.C. Justice Center, has been critical of HAMP's cumbersome nature. He's also concerned about the lack of consistency and transparency in alternative plans. He says all servicers should be required to disclose their guidelines and processes for all modifications."It would be very helpful for homeowners to have more predictability when applying for a modification," Ripley said.Allison Rinehart's budget was tight in late 2004 when she paid about $136,000 for her Charlotte townhome.She put $4,000 down on the home and took a 30-year mortgage at nearly 9 percent. Her monthly payments were $1,111. Rinehart and her daughter, Sydnea, now 15, got by on the roughly $30,000 a year Rinehart made as a longtime, self-employed hairdresser and middle-school coach.Last spring, she noticed business dropping off more sharply as her clientele struggled in the downturn. In July, she asked for a modification from Select Portfolio Servicing, the Utah firm handling her mortgage. She received an unusually speedy offer of a trial plan, which is supposed to last three months.Rinehart was told to make the first payment on Sept. 1 at her original amount. Subsequent trial payments were cut to $685. She made those payments through March, when she received a letter saying she was denied a HAMP modification. Soon after, she contacted McClatchy Newspapers."This has caused me sleepless nights, depression and anxiety," said Rinehart, who also works in her church's office and has been a nanny. "My 15-year-old doesn't know whether or not she will have her home the next day or not because of this."SPS offered another trial, with monthly payments at an even lower $456. Rinehart started the payments in April but worried it was a delaying tactic and she'd be denied again. Meanwhile, she received notices from SPS saying that to keep her house she had to repay the thousands of dollars that hadn't been paid during the trials."It really scared me," she said. And angered her. If she had the money, she wouldn't have asked for help."It was a slap in the face."In May, McClatchy Newspapers began contacting SPS, asking about Rinehart's case. After several weeks of messages and e-mails, the company said it would send Rinehart a response.In that letter, SPS said Rinehart didn't qualify for HAMP because she failed to send documents by a certain date. Rinehart said that's not true, that she has copies and certified mail receipts proving she sent everything requested, on time.The May 27 letter, which Rinehart provided the newspaper, confirmed Rinehart made the first two trial payments. The letter said once she made the third payment, due last week, "SPS will complete the modification process and you will receive the final modification agreement which requires your signature."Once this is received, SPS will permanently modify the terms of your note and bring your account current."Her June payment cleared her bank shortly after the 1st of the month. On June 10, she arrived home to find the promised paperwork. She believes that happened only because she went public.Last week, she was reviewing the papers and reflecting on what sustained her."I relied on my faith."(c) 2010, The Charlotte Observer (Charlotte, N.C.).Distributed by McClatchy-Tribune Information Services.

NEW IHFA Loan Program

Idaho Housing and Finance Association launches new lending option
by Jennifer Gonzalez
Published: June 7th, 2010
There’s a new mortgage option for first time homebuyers in Idaho. The Idaho Housing and Finance Association (IHFA) has just launched the Affordable Advantage Loan, through its IdaMortgage program.
According to IHFA’s President and Executive Director Gerald Hunter, “It offers another affordable lending option for low to moderate income homebuyers across the state.”
Some of the features of the Affordable Advantage Loan include a low cost, 30-year fixed interest rate, as little as $1,000 needed from the borrower to close, and no mortgage insurance required.
“This IHFA exclusive financing option is a great tool for homebuyers as the housing market in Idaho continues its recovery,” Hunter said.
Interested homeowners are able to check their eligibility status for an IdaMortgage loan by checking out www.IdaMortgage.com. If they qualify, they can be referred to a local lender who will assist with the loan process.

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Fannie Shortens Wait for Some Distressed Borrowers to Get New Loans

Friday, April 16th, 2010, 3:46 pm
Fannie Mae (FNM: 1.21 -2.42%) announced it is reducing the wait time for some borrowers between when they complete a short sale or deed-in-lieu of foreclosure transaction and when they can obtain a new mortgage.
Previously, a borrower was required to wait four years before getting a new mortgage, or two years if their home sold in a short sale. Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure transaction can get a new mortgage in two years, provided the borrower has a 20% down payment.
If the borrower has a 10% down payment, the wait period is still four years. In some extenuating circumstances, the wait period can be reduced to two years with a 10% down payment for deed-in-lieu of foreclosure, but not for short sales.
Fannie Mae’s Desktop Underwriter (DU) origination software will be updated in June to reflect the new deed-in-lieu of foreclosure policy, but not short sales, as the software cannot at this time determine whether a borrower participated in a short sale.
Originators are required to manually underwrite mortgages after the waiting period if the borrower previously completed a short sale. This new policy is effective for manually underwritten mortgage loans with application dates beginning July 1, 2010.

Dress up the Patio

OUTDOOR DINING ROOM

Create an intimate outdoor setting for an evening dinner party. Close in your patio space to create a romantic dining room. Plain pergolas are easy to dress up with hanging panels of cheap burlap. The breathable fabric provides privacy but is sheer enough to let in the soft glow of the moon

Hidden Trouble for Homebuyers

Learn how to spot trouble before you buy a home House hunting is exciting. It's easy to get caught up comparing floor plans and front yards—envisioning a new life in a new place. But house hunting is serious, too. Try these tips to spot telltale signs of trouble. Outside Before a house goes on the market, most sellers will catch up on home maintenance projects like cutting the lawn and painting the front door and trim, so you'll need to look past the curb appeal. Problems in any of these areas can cost thousands of dollars to repair or replace:
Check the roof for curled or missing shingles or multiple layers of roofing.
Are the gutters clean? Clogged gutters can cause leaks inside.
Inspect the siding or masonry for signs of wear.
Take a deep breath. Sewage or gas smells should set off your alarms.
Exterior features such as porches, driveways or grading that slope toward the home almost always mean water in the basement or beneath the home. This can lead to structural problems, mold and insect infestation. Inside Water damage is devastating to any structure. One freshly painted wall or an unusual rug placement or carpet patch could be an attempt to cover up water stains. Be sure to look for these signs of water problems, too:
Musty odors can mean a mold problem. At the very least, moisture is sneaking in where it shouldn't.
Foggy windows are a sign that the seals are allowing water vapor to seep in. Obviously, you want your home to be structurally sound as well. Watch for these clues:
Poor water pressure can be an indication of plumbing issues.
Are the sellers using lots of extension cords? The home's electrical system is probably outdated.
Doors that are hard to close, swing open by themselves, or don't open all the way could just be installed incorrectly. This could also be an indication of serious structural problems.
Large cracks in the walls or foundation are dead giveaways for settling issues. Everywhere Else
Anytime you aren't allowed to see a certain part of the house—be concerned. Any room or area you aren't allowed to see could be hiding some flaw.
Check out the neighborhood as well. If businesses are boarded up or there are lots of empty houses, think twice about moving in where so many seem to be moving out.
If you're getting a mortgage to buy your home, be wary of your lender. If you're not paying cash for your home, you should get a mortgage for 15 years or less, with 20% down and a payment that is no more than 25% of your take-home pay. Lots of lenders will say you can afford more, but stay conservative. Then your home will be a blessing rather than a curse. If you're ready to start house hunting, don't go it alone. Call Beccie @ 850-3062 (ariticle is from Dave Ramsey's web site)

Tax Write-offs You Should Know About

The votes are in! The Equifax Facebook fans voted on what newsletter topic they wanted, and the winner was tax changes that could impact your 2009 return. So whether you're at home, on the job, in the classroom, on the road or making efforts to be more charitable or environmentally friendly, you could be eligible for tax write-offs you didn't even know about!
While April 14th is still a couple of months away, nothing takes the stress out of tax season like preparing in advance. Plus, by getting a head start, you can take the time to discover what tax credits, write-offs, and changes apply to your 2009 return — potentially helping you save! Discover new tax credits — as well as changes to existing ones — in this helpful article.
At Home:Incredibly popular in 2009, the first-time homebuyer tax credit allowed new, first-time homeowners who closed on their homes in 2009 to receive a credit of up to $8,000 on their 2009 return. To be eligible, you cannot have owned a residence in the United States in the previous three years. Plus, here's some great news for those of you still looking at homes: this credit has been extended into 2010. If you commit to purchase a home before April 30, 2010 and close before June 30, 2010, you can still receive this tax credit and elect to write it off on your 2009 or 2010 return.
A similar tax break for existing homeowners was established offering credits of up to $6,500 on 2009 returns for purchasing a replacement home in the same year. This was extended through the first half of 2010, so if you close on a replacement home by June 30, 2010, you can write off up to $6,500 on your 2009 or 2010 tax return. Income limits were also expanded for both of these credits; that means homebuyers who file as single or head-of-household can claim the credit in full if their modified Adjusted Gross Income (AGI) is less than $125,000 ($225,000 for those filing jointly).
On The Job:If your job offers a 401(k) plan, the maximum employee contribution level has increased in 2009 from $15,500 to $16,500. This also applies to similar retirement plans such as 403(b)s, the federal Thrift Savings Plan and more. If you are over 50, you can also contribute an additional $5,500 for a maximum of $22,000. These changes are slated to remain in place for your 2010 return as well.
For 2009, Congress has initiated a Payroll Tax Credit that credits workers 6.2% of their earned income with a cap of $400 for single filers and $800 for those filing jointly. Rather than receiving a rebate check, those eligible for the credit will receive it in advance through lower income tax withholding in their paychecks. This payroll tax credit will continue through 2010's return.
In The Classroom:Whether you or a loved one is attending college or is involved in educating, this year brings great write-offs in terms of the classroom. In terms of college tuition, the Hope credit is being replaced for 2009 by a new credit of up to $2,500 per student for each year of four academic years. It also covers the cost of textbooks. This credit begins to phase out for single filers with AGI over $80,000 and joint filers with AGI over $160,000. Similarly, 2009 brought the ability to tap 529 College Savings Plans tax-free in order to pay for a computer or Internet access. Be sure to keep this in mind in next year's return, as this credit will also be effective for your 2010 return.
If you are an educator, you should be aware of the Educators Deduction available only in 2009. For any classroom supplies purchased with their own funds, educators may deduct up to $250.
On The Road:If you purchased a new vehicle in 2009, you can add the sales tax you paid to your standard deduction — even if you don't claim sales taxes as itemized deductions. Eligible purchases include cars, motor homes, light trucks and motorcycles purchased after February 16, 2009 and before January 1, 2010. Only sales tax paid on the first $49,500 of the cost qualifies, and this credit phases out between $120,000-$130,000 AGI for single filers and $250,000-$260,000 for couples.
Going Green:Tax credits certainly favor efforts to make your home more energy efficient. You can receive a credit of up to 30% of the amount spent to make energy-efficient improvements to your home. There is a cap of $1,500 in a two-year period, and applies to qualified skylights, windows, outside doors, biomass fuel stoves, high-efficiency furnaces, water heaters and central air conditioners.
You can also receive a credit on up to 30% of the cost of installing energy-efficient property improvements such as solar water heating equipment, solar electric equipment, geothermal heat pumps or small wind turbines on your primary or secondary residence. This credit is unlimited but fuel cell property cannot extend beyond $500 per half-kilowatt capacity.
When You Give:2009 marks the last year that IRA owners aged 70½ and older can donate up to $100,000 of their IRAs to charity without having to report the withdrawal as income and subsequently deducting the donation as a charitable contribution. These deductions are not affected or limited by the Adjusted Gross Income cap on charitable contributions or the itemized deduction phaseout. When donating in this way, the amount counts toward the owner's required minimum distribution.
We hope our quick overview of important tax breaks and changes to your 2009 return was helpful, but remember that it's only a brief guide; please consult a tax or financial advisor to see if you qualify for these various tax credits.