Dateline Asheville, North Carolina, August, 2009
News and Views from Asheville's Greenolina, Real Estate Eco-Steward
With just a little collaboration from our colleagues here at Active Rain, and the help of the real estate muse envision millions of people experiencing a happy turnaround. ...After all, as Michel de Montaigne, essayist (1533-1592) said...It is good to rub and polish your mind against that of others. -
"Rub and Polish (R&P) Your Mind...as per the above quotation...Possibly the seven ideas will expand to excellent potential for all concerned. " More (??) Add Yours! Let us know YOUR Ideas....and/or a link to a post with YOUR remedy and I'll add it here....
Here are 10 Stay-in-Your-Home Ideas
Deb Hurt's Ideas:
"janeAnne, You know me--there is no better place to be than outside the box! I believe that the desire for consumption and conformity is part of what drove us into this corner and getting out of it is going to demand a change in perception and perhaps even a major paradigm shift.
1. Shared housing options might start to be an option for those with large homes- whether it is a form of co-housing or taking in a boarder or using an extra bedroom as a mini B&B.
2. How about looking for someone who wants a vacation or retirement home in the area but has no plans to move soon and would consider a lease back? That would still be selling but at least you would not have to move right away.
3. Give your house to a charity with the stipulation that you have a lifetime occupancy - I'm just thinking here but I know there are ways to do this and people do it all the time- the tax implications and details might or might not be a nightmare but this is a brainstorming session isn't it?"
I would like to see more people get a tax credit to finish their basements and so long as they are safe, convert them to living spaceto accommodate those who can rent the space and help by paying rent.. thereby increasing the income stream. JOAN also noted... "When a condo is involved... there may be other "lienholders" eg. the association... and all lienholders have an interest in the property which must be addressed.
5. BETSY HESALTINE suggested: Contact listing agent and make sure everything was sent in a timely fashion that the bank would want to have...
6. The Real Estate Muse said: "Here's one idea: Using the Cash for Clunkers model, we the taxpayers provided a "loan" to homeowners (like that given by us to Banks, but much smaller, of course.) This "loan" could
a) be paid back over a number of years
b) bring homeowners who had had a history of regular payments current with their mortgages, and
c) incorporate a reduction in interest rate so that an automatic loan modification was in effect.
7. The Sustainability Real Estate Muse in Asheville, NC. wondered about Reverse Mortgages
for those over 62.
8. ARLENE BROWN sent this along: " Homeowners who have Genworth's private mortgage insurancemay find it easier to get help for a loan modification or refinancing under the government's Making Home Affordable program. Genworth is reaching out to homeowners who may qualify for the program, offering to help them complete the necessary paperwork and send it to the servicer for approval. And when it comes to Home Affordable refinancing for loans that have private mortgage insurance, the cooperation of the industry is key. Here's the link for further INFO.
9. DIANE AURIThas this suggestion. One option we have on the lake is renting your home out as a vacation rental in the summer when you get the same amount for a monthyly lease year-round for a week. That is enough to hold my friends through the rest of the year!
10. IF you are a small business owner, you may want to research information on eligibility and qualifications for ARC Loans -the $35,000 SBA ARC Loan Program. Here is a video http://www.businessborrowersalliance.org/SBA_ARC_LOAN_VIDEO.html
11. "...homeowners need to start fighting back when someone is trying to take their home by foreclosure, especially since an overwhelming percentage of mortgages granted over the last 3 to 5 years have been packaged into securities and re-sold and re-assigned numerous times since the inception of the borrower's original note and mortgage. In some states, homeowners have better than a 50/50 chance of being successful in defending themselves against a completed foreclosure...." writes RICK MISITANO, Senior Paralegal Law Offices of James M. Bosco & Associates: Rick Misitano (Law Offices of James M. Bosco & Associates):
12. PATTI and JOHN MASSARA offers this " Upside Down On Your Loan? Up to 125% LTV Going To Be Possible The HARP program is opening up the guidelines to allow you to refinance your first loan up even if it represents up to 125% of the value of the home. This change is coming in October of 2009. ... visit one of the two sites listed below and determine if you have a Fannie Mae or Freddie Mac loan. ...Borrowers can determine whether Freddie Mac owns their mortgage by completing an online form at http://www.freddiemac.com/mymortgage and Fannie Mae's loan lookup tool is located at http://loanlookup.fanniemae.com/loanlookup/
Let us know YOUR Ideas....and/or a link to a post with YOUR remedy and I'll add it here....
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