Archive for October, 2008
Building Permit Fees Waived for Energy Efficiency
October 25th, 2008 categories: Buyer's Advice, Cost Effective ways to Green your home, Energy Saving Tips, Seller's Advice
Save with Energy Efficient Equipment
Anaheim Public Utilities are now waiving building permit fees for Anaheim residential who retrofit their inefficient equipment with approved energy-efficient equipment up to $1,000 per customer. There are four general building categories:
1. Building
2. Mechanical
3. Electric
4. Plumbing
How the Program Works
1. Contact Anaheim Public Utilities for the Permit Fee Waiver.
2. Only energy related equipment that comply with the Advantage Services incentive program will be eligible for the Program.
3. You will be issued the Permit Fee Waiver through mail or Fax on
approved energy-efficient equipment which states the applicable permit fees to be waived.
4. You will present the Waiver coupon to the Building Division, when applying for the building permit.
5. Customer completes installation of energy-efficient equipment.
6. A Building Division representative will inspection and sign off on the energy-efficient equipment specified on the permit.
Savings.
While participating in the program, you can typically save from $100 to $500 per approved energy-efficient measure.
For more information, contact 714-765-4267 or by e-mail phayes@anaheim.net
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Foreclosure Update
October 15th, 2008 categories: Buyer's Advice, Real Estate New, Seller's Advice
16,352 Notices of Default were filed in September, down from 42,790 in August, a decrease of 61.8% from August 2008, and a decrease of 36.4% from a year earlier.
Notices of Trustee Sale:
Filings decreased 47.3% from August to a total of 19,116 filings.
Filings increased 33.9% from September 2007.
Properties sold at auction increased 163.2% from the prior year, to 23,409 sales with a combined loan balance of $9.75 Billion. A 12.4% drop from August 2008
Lenders took back 95% of the properties taken to auction, with a combined loan value of $9.19 Billion. 5% probably taken at the Court house Steps.
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How Does Debt Forgiveness Work?
October 12th, 2008 categories: Buyer's Advice, Seller's Advice
Debt Forgiveness:
Banks are in the business of making money everyone would agree and they are pretty good at it, and you would again I’m sure. But to forgive a debt is the last thing a lender wants to do. A month ago executives from four of the biggest Loan providers were adamant to the core that they would exhaust all options before offering any debt consideration or “Principal Reduction” in front of the Home Financial Services Committee.
Bank of America said they would only consider forgiveness to those already in the foreclosure process. A representative from Wells Fargo said “We have found that the same affordability can be reached through a 2% – 3% interest rate reduction and term extension, as can be reached through a 25% – 30% Principal Reduction.”
For example: they would alter the interest rate for a 5yr and extend a 30yr to a 40yr before they would think about forgiveness.
How Debt FORGIVENESS will work:
If a lender does partake in the Hope For Homeowners this is how it will work. The Lenders will forgive all the debt over 90% of the homes appraised value which will allow the Homeowner to refinance with an FHA – insured Mortgage.
Example: A homeowner owes $125,000 on the Loan and the home is only worth $100,000 and their mortgage has adjusted Adjustable Rate Mortgage (ARM), now they cannot afford the home any longer. The lender would then forgive $35,000 forgiveness in turn allowing them to refinance with another lender for the $90,000 which would be a Federal Housing Administration (FHA) insured loan. This loan would also have an insurance premium up front of approx $2600 and would have to be paid by the old lender including the $35,000 forgiveness totaling $37,600.
Sharing your Home with the Government:
Home owners that can be helped through the Hope for Homeowners will have to share their appreciation, not your “O My God thank you for all your Help” but your Homes appreciation when you refinance your loan or even sell your home. It could be up to half depending on how long they have the loan.
Example:
You have refinanced your home in 2008, you sell it for $140,000 in 2015, you will have to cough up or throw up which ever comes first $20,000 – half of the appreciation.
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