Monthly Archives: April 2010

Fannie Mae Adds Incentive to Avoid Foreclosure

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Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years.

Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will purchase. Home buyers who go through foreclosure must wait five years.

All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. “We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own … and now deserve the right to re-enter the housing-finance system,” said Federal Housing Association Commissioner David Stevens.

Source: The Wall Street Journal, Nick Timiraos (04/26/2010), Realtor Magazine

Rebuilding Together Portland

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I just heard about this great organization and today’s their big workday event.  Please continue reading and help spread the word about this amazing organization.

 Rebuilding Together * Portland is a non-profit organization supported entirely by contributions of time, labor, materials, and money. They are dedicated to repairing the homes of those who, due to financial hardship, age, and/or disability cannot do the work themselves. Skilled and unskilled volunteers along with able-bodied members of the recipients’ family and friends complete repairs at no cost to the homeowner.

Each year Rebuilding Together Portland, screens approximately 150 low income homeowners and selects about 50-60 homes for repair. In addition 5-8 non-profit organizations benefit on the workday and projects throughout the year. Rebuilding Together Portland organizes 1,200-1,500 volunteers from all walks of life to unite on the last Saturday in April to complete the equivalent of $900,000 worth of improvements to the community in one day. Other individual projects are performed throughout the year, but most of the work is done on the big day in April. These efforts are made possible with the help of a 20 member working board, financial contributions and the efforts of over 1,300 volunteers.

They will be celebrating their 20th year on April 24, 2010. Their goal is to repair and rehabilitate over 50 homes and non-profit community facilities.

 Let’s wish them all the best!

 To learn more please visit their website at www.rebuildingtogetherportland.org.