Archive for February, 2010

HUD seeks help to study discrimination based on sexual orientation

Sunday, February 28th, 2010

Following through on a promise made last year to fight housing discrimination based on sexual orientation and gender, HUD is seeking help from gay communities in Chicago, New York and San Francisco. The U.S. Housing and Urban Development Department is attempting to formulate a study that can identify housing discrimination based on sexual orientation and is looking for ideas in U.S. cities with the largest gay populations. This kind of study will be more complex than trying to identify discrimination based on color or race, something the department routinely tests.

DHW asks: Have you been discriminated against because of your sexual orientation or gender?

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Posted in Fair Housing Act, Gays, HUD, Housing, Lesbians, sexual orientation | No Comments »

New RESPA handbook most often searched topic on this site for February

Sunday, February 28th, 2010

As of Sunday, the new RESPA handbook was the most searched topic on DesperateHouseWise.com this month. With real estate attorneys and lenders scrambling to conform with new regulatory changes, buyers and sellers (as well as real estate practitioners) are looking for additional guidance.

The Real Estate Settlement Procedures Act (RESPA) is a federal law designed to “protect consumers from unfair practices by settlement service providers during the home-buying and loan process.”

The new RESPA handbook can be found here.

DHW asks: Do you think the new changes to RESPA will help protect consumers?

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Posted in respa, respa booklet, respa changes | 1 Comment »

Short sales: read the fine print

Sunday, February 28th, 2010

Negotiating a short sale does not end at the price. Increasingly, more lenders are requiring sellers to pay back some of the loss absorbed in a short sale. Before signing a short sale agreement, sellers should take notice of any mention of a required payback. Lenders may consider removing such language if pushed back by the borrower. It’s still in the lender’s best interest to accept a short sale now than go through the expense of a foreclosure later.

DHW asks: Have you successfully sold your home as a short sale? If so, did you sign a promissory note for any part of the loss absorbed by the lender?

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Posted in negotiating a short sale, short sale, short sales | 1 Comment »

Federal judge weighs damages in toxic drywall case

Sunday, February 28th, 2010

On Monday, a federal judge heard testimony from Virginia homeowners suing Chinese drywall maker Taishan Gypsum Co. The plaintiffs  blame the company’s toxic drywall for causing damage to their appliances, electronics and central heat and air systems and are seeking over $2.5 million in damages.

Although U.S. District Judge Eldon Fallon did not immediately rule on the plaintiffs’ damages, he said he would make a decision “as fast as I reasonably can.”

Recovering money from Taishan Gypsum will face a major obstacle: China does not enforce civil judgments made in U.S. courts.

Lawyers for the plaintiffs said they will attempt to seize the company’s U.S.-bound vessels and shipments if the company continues to ignore the litigation. The defendants did not have legal representatives present during the trial.

DHW asks: Have you been affected by Chinese Drywall?

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Posted in Taishan Gypsum, chinese drywall, federal court, homeowners, toxic drywall, virgina | No Comments »

Military sellers reimbursed for losses connected to transfer

Wednesday, February 10th, 2010

The Department of Defense will spend $555 million in Recovery Act funds to reimburse employees up to 90 percent of the price they paid for their primary residence. The DoD says the reimbursement plan is designed to help transferring sellers avoid a loss when they go to sell.

The Pentagon’s Housing Assistance Program (HAP) now applies to:

• wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed

• military personnel and Defense Department civilians affected by the 2005 round of base closings, as a result of the Base Realignment and Closing initiative

• military personnel moving to a new base

DoD predicts most qualifying applicants will come from Florida, California, Virginia and Georgia.

More information about HAP can be found in this PDF download.

DHW asks: Have you applied for a reimbursement under HAP?

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Posted in hap, housing assistance program, military, transfer | 1 Comment »

88 Days Later — Housing tax credits expire soon

Monday, February 1st, 2010

The extended housing tax credits are set to expire soon. Buyers must have a signed contract on or before April 30, 2010. The transaction must close by July 1, 2010. There are additional extensions available to certain armed service, intelligence service and foreign service personnel.

DHW asks: Will you take advantage of the housing tax credits?

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Posted in $6500, $8000, Armed service, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, foreign service, housing tax credits, intelligence service, worker homeownership and business assistance act of 2009 | 1 Comment »

Changes made to HAMP help streamline process

Monday, February 1st, 2010

The Treasury unveiled new changes to the Home Affordable Modification Program (HAMP) that could streamline the process for homeowners.

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Posted in HAMP, Uncategorized, home affordable modification program | No Comments »