Did everyone else lose the link to the Blogs dashboard?
I don't see another way to get to my list of subscribed blogs....?
Brian Brady of WorldWide Credit is to Go-To Guy to information on the FHA HOPE Program.
If you are struggling to hold on to your home in Northeast Los Angeles, you could do worse than to turn to Brian for advice. Brian's office telephone number is (858)- 777-9751
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Via Brian Brady- America's #1 Mortgage Broker:
The FHA Hope for Homeowners loan program was released this month. The stated goal of the plan is to help homeowners, who are paying mortgages that are significantly more expensive than when they bought the home (due to rate adjustments), get a home loan they can afford.
Key components of the FHA Hope For Homeowners loan program are not limited to but include:
- An appraisal will be performed and the maximum loan amount will be 90% of that appraised value. All subordinate liens will be extinguished and the exiting lienholder will have to agree to a loss of principal.
- The current housing payment must be more than 31% of the homeowner’s gross monthly income.
- The homeowner must not have misrepresented his/her income on the original loan application.
- The homeowner must get a new 30-year fixed rate loan and qualify based upon documented income.
- The homeowner must agree to an declining equity sharing agreement (for the existing equity), with the FHA, for a specified period of time.
- The homeowner will share in future appreciation with the FHA.
- The program is completely voluntary; existing lienholders don’t have to participate.
Mary Miller compiled some comments from Mortgages Unzipped authors which demonstrates the difficulty of the program. Loan originators may be hesitant to work with you because of the low probability of a successful funding. That low probability is due to the fact that existing lienholders may have to take significant writedowns. I wouldn’t blame an originator who refuses to participate in the FHA Hope For Homeowners Program; loan originators aren’t paid on unsuccessful fundings.
Nonetheless, we welcome loan applications, under the FHA Hope for Homeowners, for Californians in “upside-down mortgages”. We recently hired a team member with the skill set to work with lenders’ loss mitigation departments. That specific expertise, combined with our long history as a HUD lender, leads us to believe that we can assist folks who desperately want to retain their California home. We offer this program with a few conditions:
- We must determine your maximum qualified loan through full income documentation at application. If you can qualify for a loan amount that might be a reasonable offer to the existing lienholder, we’ll proceed to an appraisal.
- You must pay for the appraisal and credit report upfront; that should be about $500. The appraised valuation is a key component of the program so that valuation must be established prior to the offer to the existing lienholder.
- We expect to earn a 2% fee, whether paid by you or the new lender ( through yield spread premium). That’s twice the amount we earn for new loan originations. We think this higher fee is reasonable considering the amount of work required and the low probability of loan funding. We only receive this fee if we are successful in funding your new loan.
The FHA Hope for Homeowners Loan program offers Californians a chance to stay in their homes at a reasonable price. If your intention is to live in your home for 5-10 years, this may be a workable solution for you.
While the plan isn’t perfect we know that certain sub-prime lenders have sold their loans at a significant discount and will welcome any and all offers that allow them to make a profit. For example, if you have a loan with First Franklin, this program might make sense for you. First Franklin was purchased by Merrill Lynch, in early 2007. Merrill Lynch sold these loans, for 33 cents on the dollar, this past summer. What that means is that they sold your $500,000 loan to an investor for $165,000. If we have to approach First Franklin’s loss mitigation department with a $350,000 payoff for that $500,000 loan, the new investor stands to more than double his money in a few months. That’s a reasonable proposition to entertain.
Not all loan servicers will be that cooperative, though. We believe that our connections with Wall Street and secondary mortgage market investors will be a distinct advantage to you, the beleaguered California homeowner. The FHA Hope for Homeowners Loan program isn’t perfect but it may offer you significant relief. Please contact me if you have questions about it.
Originally posted on Mortgages Unzipped
I learned of this Help Wanted posting via Dustin Luther's link on The Hotlist to the Center for REALTOR® Technology Web Log
NAR is looking for s Social Media Manager
Fom the job posting on Monster.com
MAJOR DUTIES AND RESPONSIBILITIES (NOT ALL-INCLUSIVE):
The Manager of Social Media will ensure that NAR has the knowledge and skills to guide NAR staff and members in creating, facilitating, and participating effectively in key conversations about our organization, our issues, and our members that are conducted on blogs and other online social media channels.
This position requires a high-energy, self-directed, deadline-oriented individual who has exceptional communication skills and is able to:
- Monitor real estate industry and related social media
- Facilitate NAR's participation in external blogs and social media
- Maintain, evolve, and enforce NAR's social media policies and guidelines
- Train NAR staff and elected leaders about how to write for blogs and other forms of social media
- Monitor existing NAR blogs and create new ones as needed to foster conversations about relevant topics or issues.
- Measure the effectiveness of NAR's social media efforts.
Interesting, huh?
Oh, look. Channels and States are now part of the menu bar.
Guess I finally need to start thinking about "Channelizing" my older posts.....
http://activerain.com/blogsview/677667/How-To-Use-ActiveRain
Since it appears posts do not "channelize" themselves. :-)
For example, note the Photography Topic under The Technology and Tools Channel shows only two posts.
To make matters even more confusing, there is also a Photography Topic under the Online Marketing Channel. That topic only has 3 posts.
Bryce, Lee, Gene, Margaret, and everyone in the Photography Group, I ~KNOW~ we have lots more photography posts than that!!! :-)
The Arroyo Arts Collective thanks Councilmember Ed Reyes and the Historic Highland Park Neighborhood Council for their generous support of the up-coming Re-Discovery Tour, our 16th annual showcase of artists' homes and studios in Highland Park, Mount Washington and Eagle Rock. Suzanne Jimenez,
Field Deputy for Councilmember Reyes, graciously arranged for two shuttle buses for this years' Re-Discovery Tour on Sunday, November 23, 2008 (Lummis Home gates open at 9:30 a.m.).
Sixteen years ago 50 artists opened their studios - this year the roster tops 140 - old favorites side by side with fresh finds, featuring painting, sculpture, ceramics, collage, computer graphics, photography, letterpress, printmaking, fiber arts and spray can art. Something for everyone (in a good way). This is an opportunity to engage with the artists, and view their studios firsthand!
WHO: The Arroyo Arts Collective
WHAT: The Re-Discovery Tour
WHEN: Sunday, November 23, 2008, Lummis Home gates open at 9:30 a.m.
WHERE: Lummis Home, 200 East Avenue 43, Los Angeles, CA 90031
From: Laurie Arroyo, Arroyo Arts Collective
The second Saturday of every month is Gallery Night in Northeast Los Angeles: Your opportunity to explore the Galleries, Shops, Restaurants and Nightlife in the historic and eclectic neighborhoods of Northeast Los Angeles. Maybe even purchase art for your home or office.
Tour participating galleries this Saturday, October 11 from 7PM - 10 PM. Wrap up the evening with food and drinks at Juanita's/La Casa Blue or Mr. T's Bowl.
October Highlights:
Avenue 50 Studio, Inc.
a 501(c)(3) non-profit art gallery
131 North Avenue 50
Highland Park, CA 90042
323-258-1435
The Avenue 50 Studio presents an exhibition in honor of Dia De Los Muertos, "Secretos y Cartas de los Muertos". This innovative art exhibit has as its premise the intimate letters, some containing secrets, purportedly written by individuals who have passed on from the physical to the spiritual world. With the traditional theme of Dia de los Muertos serving as the foundation, the artists have written and/or illustrated these new letter works revealing secrets. Along side the visual artists, writers Tiffany Ana Lopez and Gloria Alvarez have worked collaboratively with several artists to create insightful letters from the dead.
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Cactus Gallery
4534 Eagle Rock Blvd. Eagle Rock (LA), CA 90041
323.256.6117
4th Annual Dia de los Muertos (Day of the Dead) celebration.
Direct link :: http://www.eclecticcactus.com/nextshow.htm
SKULLZ is a huge group show featuring oil and acrylic paintings on canvas and wood, 3D works, mixed media works, photography, printmaking, an altar installation and candies!!
Skulls are seen as icons and emblems of death; reminders to lead a moral life. More recently, skulls have taken on a pop importance as symbols of recklessness, piratry and teenage angst. COME CELEBRATE LIFE !!
NELAart.org SECOND SATURDAY Gallery Night :: Saturday, October 11th :: 7-10pm :: DJ SOUL JUNKIE will work the turn tables.
Artist Reception :: Saturday, October 25th :: 7-10pm :: DJ SOUL JUNKIE will work the turn tables.
Artisan designed and created jewelry and art objects. ART FINANCING and GIFT CERTIFICATES available.
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Bholanath Foto Studio & Urban Art Gallery
6042 Monte Vista St LA CA 90042
October 11 2008
7pm - 11pm
NELA Art Walk Art Show & Birthday Party! October 11 2008
Celebrate Editorial Photographer from Japan "Tatsu" 29th Birthday
Designer Clothing Sale
Contemporary Graffiti art
Live Music
Japanese Appetizers
Wine & Sake BAR
Azuki Cake & Kuro Goma Ice Cream
For more Info Contact
Kuris Ikeda
323.601.7549
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NELAart SECOND SATURDAY GALLERY NIGHT AT THE SOUTHWEST MUSEUM
234 Museum Drive, Los Angeles, CA 90065 (323) 221-2164
Featuring Connie Rohman, Carpe Diem, Abraham Engles Journal, and Ego Sum Pauper
Opening Reception
Saturday, October 11, 2008, 7-10pm
Fiber artist Connie Rohman, a long time resident of Mt. Washington, has been reinventing the landscape of fiber art for 12 years. She over-dyes a wide variety of fabric ranging from high-end silks to vintage cotton scraps that she collects at thrift stores and combines the brilliantly hued cloth in nontraditional ways that challenge viewers to look at the genre differently. Meet the artist and join us for art, conversation, Mexican chocolate and pan dulce. The museum store will also be open.
If you are like me, right now you just might be feeling a need to double check on what you thought you heard in last night's presidential debate.
So, as a public service, I am sharing the link I just came across to a transcript of the debate between Senators Obama and McCain.
http://www.cnn.com/2008/POLITICS/10/07/presidential.debate.transcript/
(As of 4:30 am, Wednesday morning, it looks like CNN is the first media outlet with a transcript posted on the web.)
UPDATE: Eric Bramlett posted this link to FactCheck's analysis on Bloodhound Blog.
http://www.factcheck.org/elections-2008/factchecking_debate_no_2.html
H.R. 1424 that was signed into law yeaterday is 451 pages long. Approximately half of those pages cover the Senate's "sweeteners" which are mostly energy-related items, and the mental helath insurance item.
Here's link to the complete bill: http://senateconservatives.files.wordpress.com/2008/10/ayo08c32_xml.pdf
In contrast, Secretary of Treasury, Henry Paulson's original proposal is 3 pages long.
Here's a link to the original proposal: http://www.politico.com/news/stories/0908/13663.html
Time to sign off, and read some of this stuff. :-)
I'll bet there are some folks that didn't even recognize H.R. 1424 as the official name of the "Bailout Bill" that was signed into law yesterday.
I've read a lot of opinions in the last few days.
I'm finding it isn't easy to formulate a sensible opinion when I haven't really figured out the nuts and bolts of how the provisions of H.R. 1424 are going to work in the real world.
OK. I'm going to try to imagine it. The following is purely conjecture. I have no idea if it is correct or incorrect, and I'm hoping readers will speak up and add their ideas. And I'm using low, round numbers to keep things simple.
Let's say ABC Investment Bank has a portfolio of 10 mortgage loans. All the loans were made on single family homes. Each loan has a face value of $500,000, making a total of $5,000,000.
With the decline in the real estate market, the value of these 10 homes has fallen roughly 25%. So let's say the total value of those 10 homes is now $3,500,000. And let's say all ten of them are in some stage of default or foreclosure.
So, what happens next? Does ABC Investment Bank approach the Secretary of Treasury and say "Have I got a deal for You?!"
I skimmed through the first two hundred pages and did not see language describing how a purchase price would be established. But, whatever, let's say the Secretary of Treasury agrees to purchase this portfolio of 10 loans for $3,100,000. (Knowing how the Gov'munt works, it would not surprise if the purchase price ended up being $7,500,000, but I digress.)
So, ABC Investment Bank now has a cash infusion of $3,100,000, which they can use to make new loans, probably with tighter underwriting standards. :-) The defaulting loans are off their books. OK, fine. ABC Investment Bank is now on the road to recovery.
Meanwhile, the Government and the U.S. Taxpayers are now the beneficiaries of 10 upside down mortgage loans. If those homeowners continue to make mortgage payments, their payments will still be sent to the original loan servicer. So I'm supposing the servicer then takes their "fees" off the top, and sends the remainder on to the Secretary of Treasury.
H.R. 1424 does state (page 25 Sec. 109 Foreclosure Mitigation Efforts) that the "Secretary shall implement a plan that seeks to maximize assistance for homeowners and .... encourage the servicers to take advantage of the HOPE for Homeowners Program"....
The 10 homeowners will either work out their loans with interest and/or reductions to the principal, or the the mortgages will be foreclosed and the homes will become the property of the U.S. Government.
In any event, the U.S. Government and the U. S. Taxpayers end up as co-owners of mortgage notes (now written down from their original face value) and/or vacant houses.
Now what happens? I'm guessing that the Government will want those notes and vacant homes off their books, sooner rather than later.
But selling the notes and homes quickly, would probably mean selling them at a further loss.
Hmmmmmmmmmm........
DISCLAIMER: This is just me thinking out loud, I have no clue how this will actually play out.
Far be it from me to make a big deal out of this, but I am rather proud to announce I !!finally!! passed the 200,000 point milestone on Active Rain.
And since I didn't want to wait around for an invitation, I just joined the Gold Star Hall of Fame Group.
And THANK YOU to all my Active Rain readers, commenters, followers and friends. I could not have done this without ~~you~~!!!!!!