By: Salina Greene, Outreach Coordinator, NHS of Baltimore
As summer comes to an end, most of us are getting prepared for the cooler season, which is just around the corner. We are all aware of the dreaded energy bills that come with ol’ Jack Frost. Now, BGE has created a program called Limited Income Energy Efficiency Program to make it easier to save energy and utility costs on a daily basis. If qualified, homeowners can take advantage of energy saving services and quality home improvements already included in their BGE service. There are many ways to make a home more energy-efficient. Some examples are as follows:
• Gas boiler repairs for natural gas customers
• Air sealing-(weather stripping, caulking)
• High-efficiency lighting
• Insulation
• Major appliances
• Water heater tune-up, repair or replacement (excluding propane and oil heaters)
To take advantage of this program, a certified “energy advisor” needs to conduct a comprehensive home energy audit to see if your home is eligible for the program. This audit and any follow up improvements, is provided at no additional cost to you. It is a part of your current service agreement. To learn more, click here.
Monday, August 31, 2009
Thursday, August 27, 2009
Right of Rescission a Little Known Treasure
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
As homeowners, many of you may not be aware of all the financial tools you have at your discretion. In fact, I learned something new myself today after reading an article in the Washington Post about homeowners’ “right to rescission”. This provision actually allows you as a homeowner to back out of a refinance deal within three days of closing. Let me repeat that- if you think you were pressured into terms that aren’t so good, or you find better terms elsewhere, you have three days after the closing to back out of the loan with absolutely no penalty.
Believe it or not, this is not a post mortgage meltdown law and it is by no means new. The homeowners’ “right to rescission” is actually a provision of the 1968 Truth in Lending Act. Although it can be an extremely useful tool for consumer protection, many people are not aware it exists.
It is important to point out that in order to qualify for the “right of rescission”, the property you are claiming it on must be your primary residence. Furthermore, it does not cover first purchase mortgages because it is not possible to rescind the “purchase” itself, which is different from the financing of the purchase.
This little known tool could save you thousands of dollars- so if you’re thinking of refinancing, keep it in mind.
As homeowners, many of you may not be aware of all the financial tools you have at your discretion. In fact, I learned something new myself today after reading an article in the Washington Post about homeowners’ “right to rescission”. This provision actually allows you as a homeowner to back out of a refinance deal within three days of closing. Let me repeat that- if you think you were pressured into terms that aren’t so good, or you find better terms elsewhere, you have three days after the closing to back out of the loan with absolutely no penalty.
Believe it or not, this is not a post mortgage meltdown law and it is by no means new. The homeowners’ “right to rescission” is actually a provision of the 1968 Truth in Lending Act. Although it can be an extremely useful tool for consumer protection, many people are not aware it exists.
It is important to point out that in order to qualify for the “right of rescission”, the property you are claiming it on must be your primary residence. Furthermore, it does not cover first purchase mortgages because it is not possible to rescind the “purchase” itself, which is different from the financing of the purchase.
This little known tool could save you thousands of dollars- so if you’re thinking of refinancing, keep it in mind.
Tuesday, August 25, 2009
Time Running Out for the $8,000 Homebuyer Tax Credit
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
A quick reminder for you would-be first time homebuyers out there- your chance to receive the $8,000 tax credit is growing more and more limited. According to the Internal Revenue Service’s (IRS) website, you have until November 30, 2009 to close on a home mortgage in order to receive the tax credit. Commonly, prior to closing you must have title insurance, homeowner’s insurance, termite inspection certification, water and sewer certification, certificate of occupancy or building code compliance letter, and a final inspection by you and your real estate agent.
To meet these requirements, you are looking at a minimum of 30 days from the time of commitment to the time of closing, but in many cases it could take as long as 60 days. So if you’re thinking about buying a home and wish to receive the tax credit, you must start the process no later than October 30, 2009- and that is pushing it close. Optimally, you’ll want to start no later than September 30, 2009.
Don’t forget, only first time homeowners are eligible for the tax credit, meaning you cannot have owned a home within the last three years. Furthermore, the home you are purchasing must be your primary residence and cannot leave that status for at least three years in order for the loan to be completely refundable.
For more information, please visit the IRS website, or federalhousingtaxcredit.com
A quick reminder for you would-be first time homebuyers out there- your chance to receive the $8,000 tax credit is growing more and more limited. According to the Internal Revenue Service’s (IRS) website, you have until November 30, 2009 to close on a home mortgage in order to receive the tax credit. Commonly, prior to closing you must have title insurance, homeowner’s insurance, termite inspection certification, water and sewer certification, certificate of occupancy or building code compliance letter, and a final inspection by you and your real estate agent.
To meet these requirements, you are looking at a minimum of 30 days from the time of commitment to the time of closing, but in many cases it could take as long as 60 days. So if you’re thinking about buying a home and wish to receive the tax credit, you must start the process no later than October 30, 2009- and that is pushing it close. Optimally, you’ll want to start no later than September 30, 2009.
Don’t forget, only first time homeowners are eligible for the tax credit, meaning you cannot have owned a home within the last three years. Furthermore, the home you are purchasing must be your primary residence and cannot leave that status for at least three years in order for the loan to be completely refundable.
For more information, please visit the IRS website, or federalhousingtaxcredit.com
Friday, August 21, 2009
First Time Homebuyers Seeking FHA Backed Mortgages
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
According to an article in the Baltimore Sun, more people are seeking Federal Housing Administration (FHA) backed mortgages than they have since 2005. In July, 40% of new homeowners in Baltimore chose to go with a federally insured loan over a conventional private loan. This is an amazing reversal from the pre-mortgage meltdown mess and it means people are being more cautious.
Although the housing market is far from rebounding just yet, federal incentives to buy a new home are at their pinnacle. Now is a great time for first time homebuyers to get into the market because housing prices are low, incentives are high and scammers are on the run. NHS of Baltimore attributes the rise in preference for FHA backed mortgages not only to the fear caused by the mortgage crisis, but to the loads of help coming from the federal government in an effort to stabilize the housing market.
If you would like to learn more about an FHA backed mortgage, click here.
According to an article in the Baltimore Sun, more people are seeking Federal Housing Administration (FHA) backed mortgages than they have since 2005. In July, 40% of new homeowners in Baltimore chose to go with a federally insured loan over a conventional private loan. This is an amazing reversal from the pre-mortgage meltdown mess and it means people are being more cautious.
Although the housing market is far from rebounding just yet, federal incentives to buy a new home are at their pinnacle. Now is a great time for first time homebuyers to get into the market because housing prices are low, incentives are high and scammers are on the run. NHS of Baltimore attributes the rise in preference for FHA backed mortgages not only to the fear caused by the mortgage crisis, but to the loads of help coming from the federal government in an effort to stabilize the housing market.
If you would like to learn more about an FHA backed mortgage, click here.
Wednesday, August 19, 2009
Counselors Reaching More Struggling Homeowners than Ever Before But Still Battling Slow Loan Modifications
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
For obvious reasons, there has been an influx of homeowners seeking foreclosure help over the last year from NHS of Baltimore and similar agencies. Our housing counselors are seeing 30- 40 new people a month, on top of the cases they continue to follow up and work on. According to NeighborWorks America’s report to Congress on the National Foreclosure Mitigation program, counseling agencies are reaching more homeowners than ever before, in an attempt to help them keep their home. However, the desperately needed loan modifications are not coming in nearly as fast as hoped.
The introduction of the Making Home Affordable loan modification program is supposed to help ease the worries of servicers and encourage them to offer more modifications, based on a three month trial to see if the homeowner can handle it. Although the program is making headway in this arena, it still has a huge gap to fill. According to CNNMoney.com, only 9% of eligible, delinquent borrowers have been put into trial modifications, and according to NHS of Baltimore's counselors, servicers can still take more than a month to grant a loan modification.
CNNMoney offered 5 simple and often technical reasons why modifications tend to take so long.
1. Faxing of documents: important information gets lost or cut off, delaying the process for the homeowner. “We have to really be on top of following up with the servicers because if paperwork gets lost in the process or was not received, they often do not tell us,” says Rena Somar, Homeownership advisor, NHS of Baltimore.
2. Multiple forms need to be filled out: homeowners must complete several forms for the servicer, as well as the underwriter.
3. Outdated documentation: often times, homeowners’ bank statements and pay stubs become out of date while their application is being processed, requiring them to hunt down and submit new documentation.
4. Poorly trained personnel: servicers are hiring so many new personnel to handle the influx of applicants and they often do not have time to properly train them.
5. Unclear modification offers: some homeowners who never applied for a modification to begin with are receiving offers from the servicers, but the terms and new monthly payment are unclear so people disregard it.
For obvious reasons, there has been an influx of homeowners seeking foreclosure help over the last year from NHS of Baltimore and similar agencies. Our housing counselors are seeing 30- 40 new people a month, on top of the cases they continue to follow up and work on. According to NeighborWorks America’s report to Congress on the National Foreclosure Mitigation program, counseling agencies are reaching more homeowners than ever before, in an attempt to help them keep their home. However, the desperately needed loan modifications are not coming in nearly as fast as hoped.
The introduction of the Making Home Affordable loan modification program is supposed to help ease the worries of servicers and encourage them to offer more modifications, based on a three month trial to see if the homeowner can handle it. Although the program is making headway in this arena, it still has a huge gap to fill. According to CNNMoney.com, only 9% of eligible, delinquent borrowers have been put into trial modifications, and according to NHS of Baltimore's counselors, servicers can still take more than a month to grant a loan modification.
CNNMoney offered 5 simple and often technical reasons why modifications tend to take so long.
1. Faxing of documents: important information gets lost or cut off, delaying the process for the homeowner. “We have to really be on top of following up with the servicers because if paperwork gets lost in the process or was not received, they often do not tell us,” says Rena Somar, Homeownership advisor, NHS of Baltimore.
2. Multiple forms need to be filled out: homeowners must complete several forms for the servicer, as well as the underwriter.
3. Outdated documentation: often times, homeowners’ bank statements and pay stubs become out of date while their application is being processed, requiring them to hunt down and submit new documentation.
4. Poorly trained personnel: servicers are hiring so many new personnel to handle the influx of applicants and they often do not have time to properly train them.
5. Unclear modification offers: some homeowners who never applied for a modification to begin with are receiving offers from the servicers, but the terms and new monthly payment are unclear so people disregard it.
Friday, August 14, 2009
How Can You Make a Difference in Your Community and Connect with Your Neighbors? Volunteer!
By: Jessica Schmidt, Philanthropy Manager, NHS of Baltimore
At NHS of Baltimore we just welcomed three VISTA members who will be working with us for their year of service. Since all three of our VISTAs are coming from out of town, it got me thinking, what is a great way to get to know people in the community when you are new in town? You can join like-minded clubs, or sports leagues, but in my opinion volunteering is one the best ways to get to know your new community.
I think Benjamin Franklin said it best when he said, “No one is useless in this world who lightens the burden for someone else”. In this economy and in these tough times, so many people and organizations need help of some kind. Not only will your volunteer time help an organization to reach its goals, but it is also a great way to get out and meet people; and since they are volunteering for the same organization as you, you'll probably have similar interests.
So where to begin? Think about what causes you are most passionate about and causes that you would want to directly work with in order to make a difference. Also, think about what you want to do as a volunteer and what capacity you can fill for a nonprofit. In Baltimore, it seems like the sky is the limit for volunteer opportunities, you can volunteer at an animal shelter, you can serve breakfast to homeless women, you can help campaign for the environment, you can tutor a child- really whatever peaks your interest you can probably find a volunteer position to fill it.
Once you have an idea as to what you would like to do, check out websites such as Baltimore Volunteer Central, Volunteer Match, and Idealist http://www.idealist.org/, or just take a stroll around your neighborhood. If you know of a nonprofit you want to help, check out their website or give them a call. Many nonprofits are struggling in this economy and will welcome all the help they can get.
In these tough times it is important to remember that we are all in this together and we can all work to make Baltimore a better place to live. For those of you that are new to Baltimore, welcome! We look forward to getting to know you better.
At NHS of Baltimore we just welcomed three VISTA members who will be working with us for their year of service. Since all three of our VISTAs are coming from out of town, it got me thinking, what is a great way to get to know people in the community when you are new in town? You can join like-minded clubs, or sports leagues, but in my opinion volunteering is one the best ways to get to know your new community.
I think Benjamin Franklin said it best when he said, “No one is useless in this world who lightens the burden for someone else”. In this economy and in these tough times, so many people and organizations need help of some kind. Not only will your volunteer time help an organization to reach its goals, but it is also a great way to get out and meet people; and since they are volunteering for the same organization as you, you'll probably have similar interests.
So where to begin? Think about what causes you are most passionate about and causes that you would want to directly work with in order to make a difference. Also, think about what you want to do as a volunteer and what capacity you can fill for a nonprofit. In Baltimore, it seems like the sky is the limit for volunteer opportunities, you can volunteer at an animal shelter, you can serve breakfast to homeless women, you can help campaign for the environment, you can tutor a child- really whatever peaks your interest you can probably find a volunteer position to fill it.
Once you have an idea as to what you would like to do, check out websites such as Baltimore Volunteer Central, Volunteer Match, and Idealist http://www.idealist.org/, or just take a stroll around your neighborhood. If you know of a nonprofit you want to help, check out their website or give them a call. Many nonprofits are struggling in this economy and will welcome all the help they can get.
In these tough times it is important to remember that we are all in this together and we can all work to make Baltimore a better place to live. For those of you that are new to Baltimore, welcome! We look forward to getting to know you better.
Wednesday, August 12, 2009
NHS of Baltimore Preventing Foreclosure One Family at a Time
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
NHS of Baltimore is in the business of preserving and creating financial stability for families and our housing counselors fight hard everyday to stop foreclosures and increase homeownership. In the current housing market, it is nice to hear a story of success now and then, contrary to the usual bad news of another family losing their home.
Last week, our counselors successfully negotiated a loan modification for a client who was struggling to pay her mortgage of $1,000 a month. We worked with her lender to get her out of an adjustable rate of 7.5% and into a fixed rate of 5.5%. Ultimately, we were able to bring our client’s monthly mortgage payment down to $750- a compromise both her and her lender could afford.
Ask any one of our counselors, and they’ll tell you, “its not easy”. Up until more recently, many lenders were hesitant to modify delinquent loans because they were unsure whether they were just delaying the inevitable. The Making Home Affordable program has helped to change that slightly. “We are now getting more cooperation from the lenders due to the three month trial period for the modification,” said Rena Somar, Homeownership Counselor, NHS of Baltimore.
NHS of Baltimore is in the business of preserving and creating financial stability for families and our housing counselors fight hard everyday to stop foreclosures and increase homeownership. In the current housing market, it is nice to hear a story of success now and then, contrary to the usual bad news of another family losing their home.
Last week, our counselors successfully negotiated a loan modification for a client who was struggling to pay her mortgage of $1,000 a month. We worked with her lender to get her out of an adjustable rate of 7.5% and into a fixed rate of 5.5%. Ultimately, we were able to bring our client’s monthly mortgage payment down to $750- a compromise both her and her lender could afford.
Ask any one of our counselors, and they’ll tell you, “its not easy”. Up until more recently, many lenders were hesitant to modify delinquent loans because they were unsure whether they were just delaying the inevitable. The Making Home Affordable program has helped to change that slightly. “We are now getting more cooperation from the lenders due to the three month trial period for the modification,” said Rena Somar, Homeownership Counselor, NHS of Baltimore.
Tuesday, August 4, 2009
Press Release: What You Should Know About Reverse Mortgages Before Applying
The Consumer Credit Counseling Service (CCCS)of Maryland and Delaware put out an important press release last week about reverse mortgages. NHS of Baltimore thought we should share it with you.
BALTIMORE) A reverse mortgage allows you to borrow money against your home while you remain living there and without making payments on the loan. In the past year, this type of home loan has gained increasing popularity with older adults. Before you apply for one, make sure you understand your rights and responsibilities and how reverse mortgages work.
Do You Qualify? In order to qualify for a reverse mortgage you and your spouse must be at least 62 years of age, and you must have equity in your home. Generally you can qualify for one regardless of your current income level or credit score.
Reverse Mortgage Basics. A lender loans you money based on the value of your home, the amount of equity you hold in it, and your age at the time of application. The money you receive can be paid to you in monthly installments, as a lump sum, or as a line of credit, whichever works best for you. No matter how the loan monies are paid out, you generally don’t have to repay them until you die, permanently move away, or sell your home. If you decide to sell your home, you are allowed to keep any proceeds from the sale in excess of what you owe to the lender.
Loan Amounts. The amount of money that you can obtain depends on the specific reverse mortgage plan or program you choose. It also is affected by the type of cash advances you require. Some reverse mortgages cost a lot more than others, and this may restrict the amount of money you will ultimately receive. Generally, the older you are and the more your home is worth, the more money you can get. The interest rates and closing costs for home loans in your local area may also affect the specific dollar amount available to you.
Closing Costs and Finance Fees. The costs related to obtaining some types of reverse mortgages may be high. However, you can use the money that you receive from the loan to pay for origination or closing fees. This is known as “financing” the loan costs. Under this plan, the costs are added to your loan balance, and you repay them with interest at the end of the loan.
Your Role as a Home Owner. Under a reverse mortgage, you retain the title to your home. As before, you are responsible for paying property taxes and home insurance and for making necessary property repairs. When the loan comes due, you or your heirs must repay the loan balance.
The above press release was written by CCCS of Maryland and Delaware. If you would like to learn more about reverse mortgages and whether you should seek one, you may contact NHS of Baltimore and set up a free appointment with one of our housing counselors. 410-327-1200.
BALTIMORE) A reverse mortgage allows you to borrow money against your home while you remain living there and without making payments on the loan. In the past year, this type of home loan has gained increasing popularity with older adults. Before you apply for one, make sure you understand your rights and responsibilities and how reverse mortgages work.
Do You Qualify? In order to qualify for a reverse mortgage you and your spouse must be at least 62 years of age, and you must have equity in your home. Generally you can qualify for one regardless of your current income level or credit score.
Reverse Mortgage Basics. A lender loans you money based on the value of your home, the amount of equity you hold in it, and your age at the time of application. The money you receive can be paid to you in monthly installments, as a lump sum, or as a line of credit, whichever works best for you. No matter how the loan monies are paid out, you generally don’t have to repay them until you die, permanently move away, or sell your home. If you decide to sell your home, you are allowed to keep any proceeds from the sale in excess of what you owe to the lender.
Loan Amounts. The amount of money that you can obtain depends on the specific reverse mortgage plan or program you choose. It also is affected by the type of cash advances you require. Some reverse mortgages cost a lot more than others, and this may restrict the amount of money you will ultimately receive. Generally, the older you are and the more your home is worth, the more money you can get. The interest rates and closing costs for home loans in your local area may also affect the specific dollar amount available to you.
Closing Costs and Finance Fees. The costs related to obtaining some types of reverse mortgages may be high. However, you can use the money that you receive from the loan to pay for origination or closing fees. This is known as “financing” the loan costs. Under this plan, the costs are added to your loan balance, and you repay them with interest at the end of the loan.
Your Role as a Home Owner. Under a reverse mortgage, you retain the title to your home. As before, you are responsible for paying property taxes and home insurance and for making necessary property repairs. When the loan comes due, you or your heirs must repay the loan balance.
The above press release was written by CCCS of Maryland and Delaware. If you would like to learn more about reverse mortgages and whether you should seek one, you may contact NHS of Baltimore and set up a free appointment with one of our housing counselors. 410-327-1200.
Monday, August 3, 2009
Making Your Home a Safe and Friendly Place for Your Pet
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
If you're an animal lover like me, you probably have one or several pets in your home, or you're thinking about bringing a new one home soon. Pets can be a wonderful and joyous addition to your home if the proper preparation is applied first. Without it, you could find yourself in a stressful situation that won't benefit you or your pet. As with small children, you constantly have to be aware of hazards and mischief your animal can get into. You have to see your home from their prospective. Here are a few tips to get you started.
1. Put away or secure breakables- your belongings are priceless to you, but to your pet, they are just another object. Whether you have a trapeze kitty who likes to walk on your dresser, shelves, counter or television console, or you have a hyper pup who likes to tear around the house as fast as he can, you need to be aware accidents happen. The best thing to do is to secure or put away those belongings which you could not stand to have broken. Next you should set boundaries with your pet and let them know where they are not allowed to go. This will save you a lot of headaches in the future.
2. Understand that your puppy will chew!- Young dogs inevitably love to chew on things. So you have two options- provide them with chew toys and bones, or let them chew your furniture and clothing. But giving them a toy is not enough. You should also keep all cords and clothing off the floor and don't leave them alone during the day in a room with furniture you don't want chewed.
3. Create a sheltered and safe place for them to sleep- when you train your pet to sleep in a space that is dedicated to them, they will be less likely to invade your sleep space at night.
4. Keep all medications and chemicals out of reach- once again as with small children, pets can get into get into things that can harm them. Be sure that all household chemicals are always secure in a cabinet or out of the reach of your pet. Furthermore, don't leave any medications laying around. Although their curiosity can be cute, it can also be deadly. The same rule may be applied to certain types of plants which may be hazardous to your little friend. Do some research on your plants prior to bringing the pet home. Find out if they could be poisonous.
5. Make sure your yard is secure and safe- if you have a dog and plan on leaving them in the yard while you're at work during the day, you definitely have to take some extra precautions. First, be sure that the yard is securely fenced in and there are no holes for your pet to escape through, or wires to cut them. Also be sure that you provide your pet with some sort of shelter to offer refuge against both heat and cold. Lastly, make sure they have plenty of water before you leave.
If you follow these simple tips, you will enjoy a lifetime of companionship and joy with your pet.
If you're an animal lover like me, you probably have one or several pets in your home, or you're thinking about bringing a new one home soon. Pets can be a wonderful and joyous addition to your home if the proper preparation is applied first. Without it, you could find yourself in a stressful situation that won't benefit you or your pet. As with small children, you constantly have to be aware of hazards and mischief your animal can get into. You have to see your home from their prospective. Here are a few tips to get you started.
1. Put away or secure breakables- your belongings are priceless to you, but to your pet, they are just another object. Whether you have a trapeze kitty who likes to walk on your dresser, shelves, counter or television console, or you have a hyper pup who likes to tear around the house as fast as he can, you need to be aware accidents happen. The best thing to do is to secure or put away those belongings which you could not stand to have broken. Next you should set boundaries with your pet and let them know where they are not allowed to go. This will save you a lot of headaches in the future.
2. Understand that your puppy will chew!- Young dogs inevitably love to chew on things. So you have two options- provide them with chew toys and bones, or let them chew your furniture and clothing. But giving them a toy is not enough. You should also keep all cords and clothing off the floor and don't leave them alone during the day in a room with furniture you don't want chewed.
3. Create a sheltered and safe place for them to sleep- when you train your pet to sleep in a space that is dedicated to them, they will be less likely to invade your sleep space at night.
4. Keep all medications and chemicals out of reach- once again as with small children, pets can get into get into things that can harm them. Be sure that all household chemicals are always secure in a cabinet or out of the reach of your pet. Furthermore, don't leave any medications laying around. Although their curiosity can be cute, it can also be deadly. The same rule may be applied to certain types of plants which may be hazardous to your little friend. Do some research on your plants prior to bringing the pet home. Find out if they could be poisonous.
5. Make sure your yard is secure and safe- if you have a dog and plan on leaving them in the yard while you're at work during the day, you definitely have to take some extra precautions. First, be sure that the yard is securely fenced in and there are no holes for your pet to escape through, or wires to cut them. Also be sure that you provide your pet with some sort of shelter to offer refuge against both heat and cold. Lastly, make sure they have plenty of water before you leave.
If you follow these simple tips, you will enjoy a lifetime of companionship and joy with your pet.
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