Notice of Overbidding Guidelines for FHA Financing

FHA guidelines will limit the underwriter to insuring the loan for the lower of two values; the offer price or the appraised value (displayed as the As-Is Value). If your offer price is higher than the appraised value, the FHA underwriter will require that your buyer(s) cover the overbid amount with a cash deposit. The buyer(s) will not be allowed to build the overbid amount into an FHA loan.

HUD’s mortgagee letter 2000-27 will require that the FHA UW use the appraisal obtained by PEMCO. This mortgagee letter instructs the FHA UW NOT to obtain a new appraisal; nor can the FHA UW request that new comps be pulled and the PEMCO appraisal updated.

If your offer price is higher than the appraised value and tentative acceptance is extended to you, the options available to you are:

1.       Proceed with contract execution. PEMCO will require that the selling broker verify that the cash reserves are available to cover the overbid amount before we execute the contract.

2.       Use cash or conventional financing. All of the guidelines outlined above apply to FHA financing only. A conventional lender will have their own set of guidelines not governed by HUD.

3.       Cancel prior to contract execution. If there is an acceptable backup, we will award tentative acceptance to the backup offer. If there are no acceptable backup offers, the property will be relisted.

 All of this information can be found at www.hudpemco.com.

To purchase a HUD owned FHA insured home contact Rick Duda, HUDREGOV Certified Agent and Specialist

Esta es una de las primeras pruebas de diseño de los HUD de nuestro proyecto de teatro jugable … alguna sugerencia, critica, etc.? If you wanna know about the project click here

HOMEWARD JOURNEYS HUD'S escena 1- escenario oficina-primera eleccion

I don’t think I’ve mentioned the Obama Administration’s Partnership for Sustainable Communities and its groundbreaking livability agenda on this blog, so I will now. It’s an interagency collaboration to better coordinate transportation, land use, housing and environmental policies in order to better incentivize healthier communities through smart growth and transit-oriented development.

Its six key livability principles are the following (click the link for more detail):

1. Provide more transportation choices.
2. Promote equitable, affordable housing.
3. Enhance economic competitiveness.
4. Support existing communities.
5. Coordinate policies and leverage investment.
6. Value communities and neighborhoods.

In my opinion, the livability agenda is one of the best things that’s come out of this administration so far in terms of unequivocally good policy. So naturally, Congressional Republicans are less than thrilled about it.

From late last week, via E&E Daily (subscription only):

President Obama’s push to reshape the nation’s transportation systems to focus on “livability” came under fire yesterday, as the top Republican on a House Science and Technology subcommittee complained the effort was poorly defined and could be construed as an “intrusion” into American lives.

“At a minimum, it represents an amorphous concept difficult to define and measure progress toward,” said Technology and Innovation ranking member Adrian Smith (R-Neb.). “More troubling, however, key aspects of the livability agenda appear to involve significant federal government intrusion into the manner in which Americans travel and live.“

Yes, Adrian Smith has a point. Let’s set aside the fact that I’d be shocked if he actually supported this initiative, considering he represents one of the nation’s most rural and low-density districts. The government should not be rudely intruding into the manner in which Americans travel and live and distorting market choices. If I were him, I’d be introducing legislation tomorrow to end:

1. All federal highway subsidies
2. Massive bureaucratic hoops that non-road transit projects have to jump through to be approved for construction
3. All homowner subsidies that encourage sprawl
4. All policies that discourage or even ban mixed-use development
5. Subsidies for fossil fuel development, direct and indirect alike
6. Agricultural subsidies that mostly allow for inefficient and unhealthy crops to remain competitive, thus artificially inflating demand for rural development

Right. Smith and his Republican colleagues don’t want to do any of that (with the possible exception of transit approval streamlining). So they really need to STFU about getting the government out of the way. The livability agenda isn’t about adding an extra layer of government involvement in the land use and planning process, it’s about balancing the incentives to correct for misguided policies of the past and match demand in an efficient manner.

-Jeremy

JPMorgan Chase had a motion denied by a U.S. District Court judge in California to dismiss a lawsuit that alleges the bank illegally reduced a couple’s home equity line of credit.

Chase argued that the plaintiffs, Jeffrey and Jenifer Schulken, are former customers of Washington Mutual and they should sue the Federal Deposit Insurance Corp. – which approved Chase’s acquisition of WaMu – not Chase. But the judge sided with the Schulkens.

According to the plaintiffs’ attorney Jay Edelson, “Chase’s unprecedented position was simple: Chase can harm former WaMu customers with impunity and anyone who suffers damage should sue the FDIC.”

Chase acquired the troubled WaMu with the approval of the FDIC in September 2008. The bank moved to reduce the plaintiffs’ HELOC in March 2009, claiming their income had declined. Plaintiffs claim their income hasn’t changed and sued Chase for violating the Truth in Lending Act.

If the judge certifies the class act lawsuit, the plaintiffs’ attorneys want the class to cover all Chase HELOC customers as well as former WaMu customers. A Chase spokeswoman said the bank does not comment on litigation.

Chicago-based Kamber-Edelson LLC also is pursuing class action litigation against two large institutions that are among Chase’s peers for suspending and reducing HELOCs. An FDIC spokesman did not have an immediate comment pending a review of the case by the FDIC’s legal team.

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Mortgage Loan Compliance® | A Forensic Loan Audit Company

Residential and Commercial Audits | Get The Facts on Your Loan and Protect Your Rights! | $59 Rapid Report Forensic Audits and $295 Certified Forensic Compliance Audits

Call 1-866-966-6615 or visit www.ml-compliance.com

Investment Seminar & HUD Foreclosure Home Tour Considering investing in real estate? Let the expert explain how to be successful and make your money grow by investing in real estate. Hosted by Jeff Keller, who has over 30 years experience in the business and is the owner of CENTURY 21 Jeff Keller Realty. Seminar will last 2 hours. Afterwards we will go view some foreclosure homes. Refreshments provided. Seating is limited, therefore registration is required. Date: December 12, 2009 Time: 9:00am Location: 2448 Lumpkin Road, Augusta, GA 30906 Cost: FREE Registration Contact: Robin at 706-771-9218.

www.century21jk.com

custserv@century21jk.com

Investment Seminar & HUD Foreclosure Home Tour Considering investing in real estate? Let the expert explain how to be successful and make your money grow by investing in real estate. Hosted by Jeff Keller, who has over 30 years experience in the business and is the owner of CENTURY 21 Jeff Keller Realty. Seminar will last 2 hours. Afterwards we will go view some foreclosure homes. Refreshments provided. Seating is limited, therefore registration is required. Date: December 12, 2009 Time: 9:00am Location: 2448 Lumpkin Road, Augusta, GA 30906 Cost: FREE Registration Contact: Robin at 706-771-9218.

As I have mentioned many times, my goal at RE-Insider is to keep real estate buyers and, well, the real estate community at large informed on events which impact consumers purchasing houses in the California marketplace.   To follow my investigations or to submit your own ideas for investigations visit me at www.re-insider.com.

HUD recently made additions to the list of official settlement services, covered by RESPA, according to Barton Shapiro, HUD Deputy Director of RESPA and land sales, to now include services such as natural hazard disclosure reports.

Now that natural hazard disclosure statements are included on the list of official settlement services:

1. The cost of natural hazard disclosure must be included on  HUD1 forms
2. Natural Hazard Disclosure statements must be paid for before escrow closes

We at RE-Insider.com are thrilled about this news.  We have long felt that HUD rules often left open loopholes that could be exploited to take advantage of the buyer, especially in the lack of clarity around the naming of settlement services.  By closing this inadvertent loophole, HUD strengthens its role as protector of the consumer.

I highly recommend you take a look at the copy of the HUD memo clarifying settlement services:  http://www.docstoc.com/docs/8964248/HUD-Response-To-Outreach-(EXCERPT)

Funding Source: Department of Housing and Urban Development
Funding Type: Discretionary, Grant
Total Available: $4 Million
Award Ceiling: $1 Million
Deadline: 01.20.10
Eligibility: Local Governments with some restrictions

Description:
The purpose of the HOPE VI Main Street program is to provide grants to small communities to assist in the rejuvenation of an historic or traditional central business district or “Main Street” area by replacing unused commercial space in buildings with affordable housing units. The objectives of the program are to (a) Redevelop Main Street areas; (b) Preserve historic or traditional architecture or design features in Main Street areas; (c) Enhance economic development efforts in Main Street areas; and (d) Provide affordable housing in Main Street areas.

Kan inte sluta klaga om detta eviga byggande i huset, men nu börjar jag se ett ljus i slutet av tunneln..

I måndags denna veckan så blev min balkong inplastad. I förrgår målade de den men någon otroligt illaluktande färg. Jag låg och sov medans de målade och vaknade av att hela lägenheten STANK färg. Jag tände rökelser och bokstavligt talat sprang ut och till skolan. Satte mig och pluggade när jag ändå kom 50min för tidigt.

Idag, Lördag, vaknar jag av att en av byggarbetarna står med en lövblåsare (en sån megastor hårtork man blåser bort löv med på gatan) och torkar färgen. Jag var helt paff.

Så nu sitter jag här i sängen.. Nyvaken.. Trött.. Och ännu en lördagsmorgon förstörd. På den ljusa sidan så tog gubben iallafall bort plasten, så nu kan det ju inte vara mer att göra här.

…. Såg precis en kackerlacka springa ut genom dörrspringan … Min lördag blev nu bättre.

Happy Holidays! Tis the season……  to start taking those family photos, portraits to send to loved ones, pics just having one helluva a good time!

With that in mind I made a HUD that will put a frame on your picture when you take it.  Now, you do not need to buy a frame and slide your image into it!

Simply wear the HUD, chose the frame you like, shoot your pic! Save and voila, ready for sending out to the grid already framed in holiday goodness.

The HUD is LOCATED in our “Magic of Christmas SHop” just outside our main store.   We are just starting to gear up for the season ahead!

To help you enjoy the HUD we are having a Holida Picture CONTEST!

The rules are S-I-M-P-L-E!
1) Your submitted picture must be taken with the HUD
2) Your snapshot must be taken on our sim. )Lots of wintery goodness from a horse drawn carriage thru the snowy mountains to polar bears!)
3) Your image may or may not be post processed, up to you!
4) You may submit ONE IMAGE = ONE ENTRY per person! No fee to enter.
5) Name your image P&PP Holiday Pic – Your Name
6) Submit ONLY to Mairead Fitzgerald.
7) Submissions accept begining Monday, November 16th, 2009 (today!).
Deadline Wednesday, December 16th, 2009 at 11:59 PM LST.
9) Voting will be 40% of popular vote (1 vote per person, no fee to vote) AND 60% by a juried panel of 5 judges.
Entries will be available for viewing/voting outside, in front of Prim & Pixel Paradise.
10) ONE WINNER will be award the 500L prize on December 18th, 2009 at 5 PM LST.

-SL Notice

It’s probably an understatement when I say that our economy & housing market are certainly ever-changing as of late.  Seems as if almost daily there’s a new program or shift in this crazy ride.

Last week Fannie Mae gave us a new program called “Deed for Lease“.

The program is designed for homeowners who are facing financial hardships, possible foreclosure of their home, and cannot qualify for a loan modification, short sale or other type of rescue plan.

In a nutshell, the program offers homeowners whom either occupy the residence or have tenants with leases in place to turn their deed back into the loan servicer in exchange for the opportunity to lease the property back for up to twelve months (at market value).  There are also terms for re-purchase of the home at the end of the lease.

So, is this a good thing?  Definitely could be.  There’s a lot of folks out there that are under-water in their homes, especially in Las Vegas.  With interest rates adjusting to higher percentages, unemployment levels at extreme highs and the likes, this could be a definite saving grace for many people.

But what about twelve months from now?  Are we just putting off the inevitable? In theory the program is a win-win. In the game of life, well- I sure hope theory wins out- because, as I’m sure just about everyone agrees, we need to work our way out of this mess- pronto…

To read more about the Deed for Lease program, click HERE.

As always, if you have any questions about the Deed for Lease program, selling or purchasing a home in the Las Vegas Valley, please give me a call-

Citing FHA’s deteriorating financial position, Reps. Spencer Bachus (Ala.) and Shelley Capito (W. Va.) are urging committee chairman Barney Frank, D-Mass., to schedule a hearing as soon as possible.

Republican leaders on the House Financial Services Committee are calling for hearings on the financial health of the ailing Federal Housing Administration reserve fund, which recently reported a sharp drop in its capital ratio to 0.57%.

“If home prices do not recover, the economic value of the Mutual Mortgage Insurance Fund could fall below zero. We are concerned that such a drop could force HUD to request an appropriation from Congress,” the two Republican lawmakers say in a letter.

FHA officials maintain that they have taken corrective actions and the insurance fund is in no imminent danger of running out of cash. If necessary, the agency could raise the FHA upfront premium to keep the fund in the black.

However, Reps. Bachus and Capito also have concerns about FHA’s technological and management capacity.

“It is incumbent upon our committee to get prompt answers to many of the questions surrounding FHA’s risk management practices and finances,” the Republicans say in a letter to Rep. Frank.

_______________________

Mortgage Loan Compliance® | A Forensic Loan Audit Company

Residential and Commercial Audits | Get The Facts on Your Loan and Protect Your Rights! | $59 Rapid Report Forensic Audits and $295 Certified Forensic Compliance Audits

Call 1-866-966-6615 or visit www.ml-compliance.com

Determining whether or not property specialization is for you is a lot like dating; you need to really click with a specialty to begin a relationship. The following links should help you determine which specialty just might be the one for you.

• Before making your decision to focus on Section 8 housing, be sure to verse yourself on the history of Section 8.
• Now that you know the history of Section 8, you should also learn about HUD’s history.
• Visit the Low Income Housing Institute’s website to see the procedures applicants must go through to obtain a low-income rental.
• Here’s a short and sweet definition of corporate housing.
• Learn everything you need to know about student housing by reading Michael Zaransky’s Profit by Investing in Student Housing.

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Mortgage experts say interest rates are predicted to rise about 1% in 2010.   It wasn’t too long ago that FHA loans accounted for just 3% of mortgages in the US.  Recent history in the banking industry has caused a shift and FHA loans accounted for about 30% of the new mortgages in 2009.

The big change is that HUD is out of money.  You heard me correctly; they have no more money to loan.  Experts are predicting that mortgages will be funded by foreign investors in the coming year which will likely result in a rise in interest rates.  It is a simple, supply and demand problem.

Cryptic Studios announced late last week that the bridge would be a playable space in your ship which was a bit of a surprise to me since I assumed there was always going to be a bridge, where else am i supposed to put my bridge officers. There you go we now know for sure there is a bridge and at least 20 different ones at that, with the release of the “Bridge gameplay“ video we get to see our new home and that is what it will be were the Captains will do all there strategizing and if I read this right other Captains can beam over to see use face to face, hopefully for good and not evil. The bridge officers will be at the stations you choose for them to best help your ship in what ever endeavor it is up to. Give me the Defiant bridge with a borg at each station and lets see how long you last, I can dream can’t I. This video is mild compared to the second video “Ship Tactics“ which is in the same vein as the FUTURE PAST videos. It  is an actual walk-through of the ship systems and a first look at your HUD and how the bridge officers fit in, how they and your ship can be customized. this one is a must see for every future Captain out there. Thanks to Kotaku and IGN for the videos

That’s right. You and your $2,100 linden over priced, one color version of prim stilettos can walk straight off the grid. Finally the day has come when a proper competitor has blown them out of the water! THREE CHEERS! HIP! HIP! HORRAY!

I’ve never been a fan of Stiletto Moody. Remember when they only let group members even ENTER the shop? Seriously? Talk about elitist. Plus some of their past advertising campaigns are chock full of  misogyny mixed sexism. They are just “tits” and “ass” in lingerie with the model’s heads cropped out of the picture. Why bother with the head of a woman, right?

Yes,yes…I know S.M. has that free pair of shoes for their anniversary. Mazel –fucking- Tov. Honestly for the exorbitant price of their shoes, customers should get a hand-job and good night kiss too. BLEH! Well, enough about the over rated…

Kalnins Footwear has done it again. For only 800 linden, you get a beautiful pair of Sonata Stiletto heels that you can wear with just about anything. There is only one attachment point for these stems and so get out your cuffed pants, capris or any elaborately primed gown. Not only that, but it comes with the same HUD as my last posting . So for one pair, you get many color options that you can control on three different places on the shoe.

On top of this, I discovered a fantastic new store while trolling the Slaughter City shops. Deviant Girls is makes macabre fun! Everything is reasonably priced. I think the skirt cost me 80 linden and the top 100 linden (the top comes with sculpted sleeves and sweater bottom). Totally worth checking out today!

top – deviant girls…………. Ripped Border Sweater – red
skirt – deviant girls…………. Cut Off Skirt – red
shoes – Kalnins …………. Sonata
eyes – Mooney Eyes …………. glassy green
skin – &Bean…………. Lake Red Wings – pale
hair – Tiny Bird …………. Chelsea Hotel – wheat
poses – Long Awkward Poses

With Open Borders Los Angeles is out of control

From the L. A. Times

1. 40% of all workers in L. A. County ( L. A. County has 10.2 million people) are working for cash and not paying taxes. This is because they  are predominantly illegal immigrants working without a green  card.
2. 95% of  warrants for murder in Los Angeles are for illegal aliens.
3. 75% of  people on the most wanted list in Los Angeles are illegal aliens.
4. Over  2/3 of all births in Los Angeles County are to illegal alien  Mexicans on Medi-Cal, whose births were paid for by  taxpayers.

5. Nearly  35% of all  inmates in California detention centers are Mexican nationals here  illegally.

6. Over 300,000 illegal aliens in Los  Angeles County  are living in garages.

7. The  FBI reports half of all gang members in Los Angeles are most  likely illegal aliens from south of the border.
8  Nearly  60% of all  occupants of HUD properties are illegal.
9. 21  radio stations  in L. A. are Spanish speaking.
10.. In  L. A. County 5.1 million people  speak English, 3..9 million  speak Spanish.
(There  are 10.2 million people in L. A. County . )

(All  10 of the above facts were published in the Los Angeles  Times)

Less  than 2% of illegal aliens are picking our crops, but 29%  are on welfare. Over 70% of the United States annual population growth (and over 90% of California, Florida, and New York) results from immigration. 29% of inmates in federal  prisons are illegal aliens.

Hello all, FashCon’s mum here. Dropping in with a reminder that a feast of new designers have just been added and the (free!) FashCon Tour HUD has just been updated. Welcome to all our new designers and the talent they bring! You can see who’s been added recently at the FashCon Who page (marked with a “New!“).

Also, I’ve just updated the FashCon HUD. Wanting inspiration? Wear the HUD and tp at random between stores when you’re bored of going to the same old stores. Or click on “Tour Bus” to join in with others FashCon members and visit the same shops as them, once every few minutes – make friends!  You can grab a Tour HUD at any kiosk inworld, at the FashCon HQ or at XStreetSL! Updated weekly.

Toodlepip,
Honey <3

Particularly if you own a property in an urban area or near a university or center of business, many specialized tenant markets are just waiting to be captured. Specialized property management may be just the solution you’ve been looking for to decrease vacancies and guarantee steady rental income. When considering just a few of your options below, be sure that you take your property, location, property management style, and goals into consideration.

Section 8 and low-income housing
Essentially, the Section 8 program provides low-income individuals with government-assisted rent. Generally, tenants pay approximately 30 percent of a unit’s rent and the government pays the remaining balance directly to the tenant’s landlord. In such a scenario, the Department of Housing & Urban Development (HUD) will determine the unit’s fair market rate (FMR) and the landlord is not allowed to charge the tenant anything over this amount.  While it is up to you to choose whether or not to participate in Section 8, keep the following points in mind:

• You will be subject to property inspection to ensure you meet HUD’s Housing Quality Standards.
• You will not be able to charge a Section 8 tenant more than FMR.
• Regardless of your state’s laws, you cannot evict a Section 8 tenant without judicial action for eviction.

While there may be some similarities, low-income housing is not the same as Section 8. Rather than receiving rental income from the government, property owners who run low-income properties are eligible for the Low-Income Housing Tax Credit (LIHTC). But it’s important to bear in mind that these tax credits apply only if you adhere to the rules and regulations that determine who can live in your building and how much they can be charged. Not abiding by the rules that are set forth can result in a whole lot of headaches, not to mention economic loss. Despite the red tape that can come with low-income housing property management, there is a large pool of renters in need of low-income housing. If your property is in an appropriate situation, low-income property management may be a good solution for you.

Student housing
College students can be a landlord’s best friend or worst enemy. The problems with renting to students are fairly straightforward. Generally speaking, you’re dealing with younger renters (many of whom may be living on their own for the first time). With this in mind, you may be more likely to experience noise and upkeep issues. Because of the school schedule, you may also find yourself turning apartments over annually or having to deal with sub-lets during the summer months.

But there are some very real positives when it comes to renting to students as well, most of which are financial. If you are living in an area that houses a college or university, chances are you will have a more dense renting population than you would otherwise. This means that—for at least nine months out of the year—students offer a very real way to keep your vacancy levels low. Also, while students may not inherently have a lot of income (or any at all), when a parent or guardian co-signs the lease, in most cases that monthly check is just as reliable as it would be under any other circumstances.

Sure, you may have to be a bit more hands-on than you would otherwise be when it comes to running student housing. But the bottom line is, they offer a nice steady flow of income.

Corporate housing
More likely than not, managing corporate housing is fairly different from any other kind of property management you’ve done to date. First of all, you’ll be dealing with a company rather than an individual tenant. In most corporate housing situations, a company will rent out one or more rooms in a property, with the understanding that one or more of their employees or clients will occupy this space over the duration of the rental term. The way this actually works out may vary from having one stable tenant for a year at a time to having a cast of different tenants in and out on as little as a daily or weekly basis.

The good news here is that signing a lease with a corporate entity allows property managers to feel relatively secure that payment issues will be avoided. There are not necessarily downsides to this scenario, just things to consider that make this situation different from renting to an individual such as: assuming the responsibility for furnishing the unit; the potential inability to build a relationship with the tenant or screen for undesirable tenant behavior; and, in some cases, the knowledge that you will not necessarily have a tenant occupying the unit at all times to immediately alert you when repair and upkeep issues crop up.

If you are looking for ways to decrease vacancy rates and generate more income, remember: There are always ways to think outside of the box when it comes to property management. Before you undertake one of these (or any other) specialized property management endeavors, just make sure you have carefully thought out the pros and cons and are well versed on any specific tax considerations or rules and  regulations that may apply.

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