Homeowners staring down the barrel of the foreclosure gun now have a stay of execution option that will keep them in their homes. Fannie Mae's recently announced Deed for Lease Program™ permits homeowners facing foreclosure to sign a lease to stay in their home in exchange for...the deed to their home. What was it they said about "desperate times?"
The program is aimed at those homeowners who don't qualify for a loan modification or other loan-workout solutions. In order to qualify, the home must be a primary residence, the borrower must be released from any subordinate liens, and the new market rental rate cannot exceed 31% of the borrower's income.
Leases created under the program are up to 12 months, with the possibility of a term renewal or a month-to-month extension after that.
After a little digging on FM's B2B sister website, efanniemae.com, I learned that once the deed has been turned over and the lease signed, Fannie Mae (the deed holder) reserves the right to market the property, even as the ex-homeowners are residing in their ex-home.
A call into Fannie Mae yielded little else in the way of specifics on the Deed for Lease™ (or D4L, as they call it) as the program is so new. While I'm not overly excited about the idea of exchanging a deed for a monthly rent, I suppose it beats getting snookered by a Loan Modification Scam or some other hoodwinkery.
We just want to applaud Sears Holding for launching its "Heroes at Home" Wish Registry, a program that gives support to military service members, veterans and family members. Sears customers can use the Heroes at Home website to make donations and buy gift cards for the more than 20,000 registered servicemen and women, military family members and veterans. Donations can also be made at Sears Hometown Stores retail locations across the country. Donation methods include converting Citi Reward points to donations, swapping old cell phones for free 60 minute calling cards that will go to a military family and turning in unused gift cards as a donation.
Visitors and donators can also view registered family profiles and post direct messages of support to military families.
With veterans and military service members facing a higher rate of unemployment than the civilian population, the Heroes at Home program is an easy way for the rest of the country to ease the burden of those returning from war and service and say "thank you" for the daily sacrifice they make on our country's behalf.
Sears Hometown Stores will also be launching a Food Drive on November 8th, so stay tuned.
We've all searched Craigslist and Freecycle for roofing, flooring and other home renovation scraps. Sometimes we hit the jackpot and sometimes we get sidetracked and buy a new TV instead. Whoops. So we were really psyched to hear about Diggerslist.com, dedicated to buying and selling excess from construction sites.
Recently launched in 15 top metropolitan areas, DiggersList allows big construction companies to sell their unused building materials online at discounted prices. Flooring, roofing, tile -- it can all be found.
The new service aims to reduce nationwide construction waste, allow suppliers to offload surplus inventory and make materials available to the DIY enthusiast at reduced cost. Contractors can also post their services on the site, and property owners can post projects they're looking to have professionally done. It's people meeting people, hammer meeting nail, bargain building materials meeting the bed of someone's pickup.
The construction-centric DiggersList can be aptly compared to the beloved CraigsList. The UI has some similarities, although DiggersList features additional info like "Recent Users", "Recent Photo Albums" and a "Recently Listed" section. It's worth checking out, particularly if you live in one of the DiggersList areas. For everyone else, the wait is on.
If you had DiggersList in your area, what would you use it for?
True or false: We've reached the bottom of the home remodeling decline?
Harvard says it's true, so it must be, right?
2010 is the Year of the Hammer, particularly by the second quarter, the study (released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University) suggests. Despite unstable housing market prices and roof-shattering foreclosure rates, potential remodelers may see "favorable financing costs" and increased home sales as reasons for taking on some nonessential improvement projects.
If the prognosticators in Crimson Country are correct, this is great news for contractors, remodelers and homeowners alike. It's still too soon to pop the champagne, but tell us, what's the first project you'll hire-out?
As the weather turns warmer, people's thoughts turn toward grilling. In this timely piece, Consumer Reports found five CR Best Buy grills for $500 or less. They are:
Fiesta Blue Ember FG50069-U409, $450.
Char-Broil Red 463250509, $450
Kenmore 16641, $350
Char-Broil Commercial Series 463268008, $300
Char-Broil Commercial Quantum 463247209, $500
Consumer Reports recommends looking for Memorial Day and July 4th sales when buying a grill. Its Web site also recommends a number of things to look for when buying a grill, including the cooking area, features and safety issues. Be sure to check it out before buying your next grill.
Every new president is allotted $100,000 plus an allowance from the White House Historical Association to revamp the estate. According to New York magazine, Laura Bush spent $74,000 from the White House Historical Association funds on a set of china during her residency in the presidential abode. The Obamas recently announced that all their renovation plans will be paid for not from taxpayers' money or from private funds but from their own wallets.
Camille Johnston, director of communications for the First Lady, said that the Obamas “are not using public funds or accepting donations of goods for redecorating their private quarters.” Instead, they've hired Hollywood decorator Michael S. Smith whose clientele includes media mogul Rupert Murdoch and star director Steven Spielberg to do the job.
The White House has declined to comment about the expenses out of courtesy of preserving the privacy of the Obamas' budget, but it's transparent that the first family is taking fiscal responsibility during a tough time in the economy.
The National Telecommunications and Information Administration recently announced that the government now has sufficient funding to redistribute two rebate coupons for converter boxes per household, which will help analog TV watchers make the switch to digital in time for the extended June 12 deadline.
"With the backlog of applications now eliminated, consumers can apply for coupons and get assistance right away, allowing them to continue to receive important local television news and emergency information by purchasing a converter box at a reduced cost," says Anna Gomez, an NTIA administrator.
Consumers will get a $40 rebate on the digital converter boxes, which means that they'll be able to buy a converter for just a few dollars.
