Many people struggling to pay their mortgages across the nation are discovering that the government programs which have been set forth to help them stay in their homes are just not doing enough to help them accomplish that. While the federal programs currently in place are leaving many home owners still struggling for help, one program in Pennsylvania is helping many home owners keep their homes and regain some stability with their loan payments.
The Pennsylvania Housing Finance Agency has come up with a program available in that state to home owners who are out of work or struggling to make their mortgage payments. Home owners who need a temporary short-term loan to set them back on track with their mortgages can apply for the Emergency Mortgage Assistance Program and get a loan of up to sixty thousand dollars with payments starting in about three years, with approximately ten years to pay back the loan. The program is funded by the state government and the interest paid by loan recipients.
For many people, three years is enough time to get back to work and find their feet again after suffering a financial hardship; in Pennsylvania, this program has helped 43,000 home owners since 1983, and saved 80% of those from having their homes foreclosed on.
Other states are sitting up and taking notice of Pennsylvania’s program, particularly states that have been very hard hit with the recession. If other states could set up a similar program with the same regulations, thus ensuring the same high levels of repayment, then thousands of home owners might potentially be able to keep their homes instead of having them foreclosed on.
Hopefully these states can put together a better program than Fannie Mae attempted to manage in 2008/9. Fannie Mae’s program, for some reason, was not nearly as successful as the Pennsylvania state’s program; the defaults for the Fannie Mae program were a staggering 70 percent within the first year of the program beginning and the program was subsequently terminated.
If the individual states that need to be more proactive about helping their home owners keep their homes and stay out of foreclosure can manage to build their loan program closely to that of the Pennsylvania state program, they are far more likely to reduce the number of homes falling to foreclosure in their areas.
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Help answer the question about home owner
As A Home owner living in a development, do I have the right to keep people off my property?Kids from outside come in with other kids to play ball, in the cul da sac. Sometimes the balls hit garage doors and cars, the police say the kids can play there. As a home owner do I have the rights to keep them off my properity?
I too own 100% and if it helps the age bracket is..well…over the age of 60 if that helps you any.
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I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years.
My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could COMFORTABLY afford the house.
On the section of the bankruptcy petition called "Statement of Financal Affairs" you must list off:
#10. All property sold or transfered within the past 2 years.
#7. All gifts made to individuals > $200 within the past 1 year.
Or as Ricky use to say "Lucy! You've got some esplainin' to do
Go meet with an attorney and find out the practical application of your state's Homeowner's exemption rules.
You'll find that either:
1. The equity your so worried about is exempt (you get to keep).
2. Unexempt, but hardly enough to attempt to liquidate (after realtors, closing costs, etc).
3. You're limited to Ch13 repayment to protect your asset.
Thanks.
Absolutely. The foundation will have to be designed for the neccessary loads ( this may mean deeper, wider footings, additional reinforcement, larger beams and/or larger floor trusses) but the crawlspace foundation can be used for multi-story projects no problem. Its important to remember that with any foundation, the weight of the structure should bear directly on or be transferred to the footings-whether crawlspace or slab.
this is so helpful! my husband and i are in the process of buying a house and i didnt know wat was the difference between a slab and crawlspace!! thank you soo much!!
Lets say your house sells for 300K(and has a 220K mortgage). Lets say your buyer has 30K for a downpayment.
They get a loan for 240K and get the second loan from you for 30K. The 270K from the buyer is first applied to your mortgage and you would get 50K in cash at closing.
You should have a lawyer draw up and help you with recording the mortgage. The lender for the buyer needs to know the details of your arrangement.
State Farm. It was the most expensive when I quoted it out, but gave us the broadest coverage.
That means NOTHING. Because not all companies are competitive in all states, and MOST companies don't write in all states.
First, I am going to have to research this about Colorado…to answer your question from my views, no, it is wrong to tell anyone what they can or can't do in their own homes! I bought a half of duplex and we do have homes assoc. but I will never be told what to do in my own house…I am also a taxpayer! The witch hunt on this Smoking Ban has gotten out of hand! Citizens are going to have to stand up and be counted…whether you smoke or not, it is not the real issue..it is the gov't and their under-classmen who have decided to start and approve some of these absolutely wrong laws. What's next? How many kids you are allowed to have? How much you can drive your car? We are allowing all the commercials on TV which endorse all the "call your doctor for a RX" and all of the medical ones that are trying to get people hooked on prescription drugs! I hope everyone wakes up and sees what it is doing to our country. We have gotten away from the greatness that this country was built on…Back to the question…I don't see how they can ban owners from smoking in their own condo…I quess they would be buying mine back for a hefty price…I can't believe that this was ruled admissable in the court system. Isn't Colorado, the same state that is banning smoking but also trying to legalize pot? Go figure…wierd…I'll be anxious to hear all the answers. Great question!
What about suing the inspection company for not catching it?
I don't think you will have a case with this one…no facts, just assumption. Can whomever that found the leak inside the wall prove the a/c was filled to pass the inspection?
No, what your lender is saying that you need a home
owners policy or binder on the home that you are going to buy. You obviously have already signed a contract, and doing the process of setting up the closing, you have to furnish them at least a binder, that will tell them that you have coverage once the loan is closed and the house is yours. They will collect the amount for one year, plus about two months to establish your escrow account to ensure that when the insurance policy comes up for renewal that there will be enough funds to cover the renewal cost, which generally will go up a little bit. This is why they charge a full year plus a couple of months. Just give your agent the description of the house or a copy of the appraisal and they can do the rest for you. Your broker/lender will then accept a faxed copy, and the original policy can be furnished at the closing. Your mortgage originator or loan officer should have explained all this to you. If you aren't going to have an escrow, then you will just furnish a paid in full for one year home owners policy at the closing, but again the lender/broker will need at least a binder of proof and the cost prior to sending out the closing package to the attorney for final closing of the transaction.
Can this type of foundation suppory more than two storey, , ,ground floor,1st floor + another floor , ,ie , ,2nd floor?
sooo, kind to share, thank you! ill be watching
First and foremost: GET RENTAL INSURANCE!!! I can't suggest this enough. So many things will be covered by it and it is super affordable. Don't hesitate or wait to do this….
I also think it is important to consider the average monthly utility bills…sometimes due to how old or well constructed and maintained the cost to keep the house cool and warm, and generally running can be greatly impacted. Unless money is of no concern, I'd see if you can find this out to make sure you won't extend your budget.
Also..have you determined who is in charge of maintaining the yard/snow removal? If it is you, are they supplying the tools? Do they care if you paint? If so, who pays? Do they prefer you contact them for emergency repairs, or you have discretion to contact a professional and be reimbursed?
These are all things that ended up being issues for me when I was a renter. I am most thankful I got rental insurance above all else though.
What about a foundation drain? What is the approved drainage system? That is THE MOST IMPORTANT part of the crawlspace!