Posts Tagged ‘homeowners’
Thursday, March 11th, 2010
Florida governor Charlie Crist instructed the Interim Emergency Management Director to write a letter to FEMA Regional Administrator Philip May requesting federal assistance for state residents affected by toxic drywall.
In the letter, Crist asks FEMA to “conduct a preliminary damage assessment related to the issue caused by the degradation of Chinese drywall used in homebuilding in Florida.” The Florida Office of Insurance Regulation said damage caused by Chinese drywall is not covered by homeowners insurance.
The Drywall Victims Insurance Protection Act of 2009 has yet to make its way through congress.
The letter to FEMA can be viewed here.
DHW asks: Have you or anyone you know been affected by Chinese drywall?
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Tags: chinese, chinese drywall, crist, drywall, drywall victims insurance protection act, fema, florida, homeowners, insurance, toxic drywall
Posted in chinese drywall, crist, drywall victims insurance protection act, fema, florida, homeowners, insurance, toxic drywall | 1 Comment »
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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Tags: chinese, drywall, federal, homeowners, Taishan Gypsum, toxic, virgina
Posted in Taishan Gypsum, chinese drywall, federal court, homeowners, toxic drywall, virgina | No Comments »
Tuesday, December 15th, 2009
In an effort to reduce unemployment and increase the number of energy-efficient homes, President Obama is pressing Congress to pass incentives for homeowners who retrofit their homes.
The president is scheduled to tour a Home Depot in Virginia on Tuesday to make his case that creating more energy-efficient homes will create jobs and save families money on their utility bills. No word yet if the president plans to teach any DIY classes.
DHW asks: Do you think Congress should approve Cash for Caulkers?
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Tags: cash for caulkers, congress, homeowners, incentives, Obama
Posted in President Obama, homeowners | 1 Comment »
Monday, November 23rd, 2009
The Mortgage Bankers Association released a sobering report showing the housing recovery has a long road ahead. Here are some highlights (or low-lights) of their report.
- 1-in-4 of every Florida mortgage is behind in payments or in foreclosure
- Nationally, 14 percent of mortgages are behind in payments or in foreclosure
- Lost jobs are the main cause of homeowners falling behind on mortgage payments (unemployment is not expected to peak until next spring or summer)
- Prime fixed-rate loans to borrowers with good credit made up 33 percent of foreclosures last quarter (up from 21 percent last year)
- Subprime loans with adjustable rates made up 16 percent of foreclosures last quarter (down from 35 percent last year)
- 18 percent of FHA borrowers are behind in payments at least one month or in foreclosure.
DHW asks: When do you see the housing market hitting bottom?
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Tags: FHA, foreclosure, homeowners, mortgage bankers association, prime loans, subprime, unemployment
Posted in FHA, foreclosure, homeowners, mortgage bankers association, prime loams, subprime loans | 1 Comment »
Tuesday, November 17th, 2009
Using some of the interest paid back to the government on money lent under TARP, Rep. Barney Frank is proposing a bailout for homeowners who are having difficulty making mortgage payments due to unemployment.
The Obama administration’s plan to fix the mortgage crisis has been criticized for being light on aid to unemployed homeowners. A congressional oversight panel revealed in a report last month that the $50 billion program “was not designed to address foreclosures caused by unemployment,” now the main cause of default.
Franks proposal, actually developed by Congress in the 1970s but never funded, was part of legislation introduced in September titled the Main Street TARP bill. Rep. Barney Frank is chairman of the House Financial Services Committee.
“These are people who are very responsible, very thoughtful. They got a home, it’s above water, they’ve got equity, but they’re unemployed, and you can’t afford mortgage payments on unemployment,” said Frank.
If passed, it would provide $2 billion for low-interest loans to unemployed homeowners who have the prospect of being able to continue making mortgage payments in the future.
Rep. Barney Frank is chairman of the House Financial Services Committee.
DHW asks: Do you know anyone in default of their mortgage due to a loss of employment?
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Tags: barney frank, congress, homeowners, main street tarp bill, President Obama, tarp, unemployed, unemployed homeowners
Posted in barney frank, foreclosure, homeowners, main street tarp bill, tarp, unemployed, unemployed homeowners | 1 Comment »
Monday, November 9th, 2009
Last week, CitiMortgage suggested in a USA Today article that 1 in 5 homeowners currently in default of their mortgage are doing so strategically or voluntarily. They cite Sharon Sakson as one of these ’strategic defaults.’ Ms Sakson was laid off as a television writer and producer. After losing her job, she ‘burned through her savings to pay her mortgage.’ Burned through her savings. Ms Sakson is possibly the worst strategist I know. She strategically lost her job then voluntarily burned through her savings to make her mortgage payments. She eventually ‘walked away’ from her New Jersey home.
Clearly, we’re made to think Sakson and others who ‘walk away’ from their homes are bad people. How CitiMortgage and other lenders can get away with this type of character assassination is beyond belief. Even more unbelievable, USA Today refuses to call lenders out on this practice.
Readers should also note the USA Today article is not entirely accurate with regard to the seven-year wait period. If the foreclosed property is a primary residence, a borrower may be eligible for a new mortgage in five years.
DHW asks: USA Today’s decision to ‘blame the victim’ struck a nerve with a lot of folks at DesperateHouseWise. Have you had to walk away from your home?
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Tags: american, americans, blame the victim, buyers, citi, citi mortgage, citigroup, citimortgage, default, employment, fannie mae, foreclosure, freddie mac, guidelines, home buyers, home owner, home owners, home seller, home values, homebuyers, homeowner, homeowners, Housing, housing news, housing prices, housing report, job, laid off, lender, loan, mortgage, Real Estate, real estate news, sakson, Sales, savings, seller, strategic, strategic default, strategic defaults, strategically, unemployment, usa today, usatoday, voluntarily
Posted in Editorial, Housing Article, citi, citimortgage, home prices, home value, strategic default, strategic defaults | 1 Comment »
Saturday, November 7th, 2009
DesperateHouseWise.com added a new page to its site. Modification Center offers helpful information for homeowners seeking a loan modification or refinance. Find information about Making Home Affordable and local foreclosure prevention events. You can even find a free, HUD-approved housing counselor.
DHW also added Housing Tax Credits. This page provides in-depth information regarding the recent extension and additions to the housing tax credits.
DHW asks: Have you applied for a loan modification? How was your experience?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, and Business Assistance Act of 2009, bill h.r. 3548, buyer, buyers, counslor, fannie mae, first time buyers, first time homebuyers, foreclosure, foreclosure prevention, guidelines, h.r. 3548, home, home buyers, home owner, home owners, home seller, homebuyers, homeowner, homeowners, Homeownership, house, Housing, housing counselor, housing news, housing report, housing tax credits, lender, loan, loan modification, loan modification letter, modification center, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, refinance, seller, tax credit, tax credit extension, Worker, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in Housing Article, foreclosure prevention, housing counselor, housing tax credit, housing tax credits, loan modification, loan modification center, making home affordable, refinance | No Comments »
Thursday, November 5th, 2009
Fannie Mae is expanding its ‘Deed for Lease’ program to help thousands of homeowners facing foreclosure. The program is designed for those who want to stay in their homes but do not qualify for President Obama’s loan modification program. Participants transfer their title to Fannie Mae and rent back for up to one year.
Some facts about the program:
- Fannie Mae has hired an outside agency to manage the properties (name of agency has not been released)
- Rent cannot exceed 31% of the homeowners’ pretax income
- Homeowners must be able to prove they can afford the market rent (established by the management company)
- Participants must use the home as their primary residence
DHW asks: Do you think ‘Deed for Lease’ is a good idea?
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Tags: barack obama, deed for lease, deed for lease guidelines, deed in lieu, deed in lieu of foreclosure, fannie mae, foreclosure, freddie mac, guidelines, home owners, homeowners, Housing, lease, leasing, Obama, President, president barack obama, President Obama, Real Estate, real estate news, rent, renting, Sales, short sale, short sales, shortsale, shortsales
Posted in Housing Article, deed for lease, fannie mae, foreclosure, lease, rent | No Comments »
Tuesday, October 27th, 2009
The AP reported a rise in the The Standard & Poor’s/Case-Shiller home price index of 20 major cities. However, industry experts remain concerned with rising unemployment.
DHW asks: Are home prices up in your area?
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Tags: case-shiller, case-shiller home price index, employment, home owner, home owners, home prices, home sales, home seller, home sellers, home values, homeowner, homeowners, house sales, Housing, housing credit extension, housing news, housing peak, housing prices, major cities, news, prices, Real Estate, real estate news, Sales, seller, sellers, standard and poor's, unemployment
Posted in Housing Article, case-shiller, home prices, home sales, price index, standard and poor's, standard and poor's case-shiller price index | No Comments »