Monday, April 12, 2010
Monday, April 5, 2010
Tuesday, March 30, 2010
What You Need To Know About Obama's New Mortgage Aid Plan
WASHINGTON -- The Obama administration on Friday announced a major reworking of its troubled $75 billion plan to prevent foreclosures. The revamped program is now designed to aid jobless homeowners and people who owe more on their mortgages than their homes are worth.
Here's a look at the details:
Q. How many homeowners will this help?
A. The effort is designed to enable the government to reach its original goal of helping 3 million to 4 million homeowners avoid foreclosure by the end of 2012. That benchmark has so far proved impossible to approach. Only 170,000 homeowners have completed loan modifications, out of 1.1 million who began the government's Home Affordable Modification Program since it started last year.
Q. How many borrowers are in trouble?
A. About 6 million homeowners have missed at least two months of payments. And experts warn that 10 million to 12 million borrowers are in danger of foreclosure over the next three years. A growing risk is among homeowners who are "under water": They owe more on their loans than their homes are worth.
Q. How does the new plan work?
A. Borrowers will get help in three ways: Jobless homeowners can get a three-to-six-month break on their mortgage payments. Banks will get financial incentives to reduce mortgage balances for under-water borrowers. And lenders can offer refinanced loans backed by the Federal Housing Administration to these borrowers.
Q. When will all these programs be available?
A. Government officials didn't specify but said they should become available in the coming months.
Q. I'm unemployed. How do I get help?
A. That piece of the program is designed to give homeowners more time to find a job. Borrowers will have three to six months in which they'll have to spend no more than 31 percent of their monthly income on their mortgages. If you do find a job during that time, you will be evaluated for a loan modification that could permanently reduce your payments. To qualify, you need to live in your home, have a mortgage of below $729,750 and receive unemployment benefits.
Q. What happens if I don't get a job after the time is up?
A. Lenders will encourage you to consider a short sale, in which you sell your home for less than the mortgage amount. Another option is a deed-in-lieu of foreclosure, in which you agree to hand back the property to your lender.
Q. I owe more on my mortgage than my house is worth. Will this help me?
A. Maybe. The program depends on the willingness of mortgage companies to participate. Their track record has been shaky at best.
Q. How does it work?
A. Mortgage companies that already participate in the government's foreclosure prevention program will have to consider reducing the mortgage amount for borrowers who owe at least 15 percent more than their home's current value. Those reductions will happen gradually over three years and apply only if you miss no payments. Those companies will receive expanded incentives to do so.
Q. What kind of incentives?
A. For every dollar of principal the lender reduces, they will receive a subsidy of 10 to 21 cents. The larger subsidies will help reduce principal of borrowers who are less under water.
Q. How do I qualify?
A: You must have a mortgage of less than $729,750. You also must show that you are in financial trouble. And you have to be spending at least 31 percent of your pretax income on your mortgage payment.
Q. So how do I apply?
A. Call the company that sends your mortgage bill, also known as your mortgage servicer, to see if you qualify. If you can't get hold of someone, try a nonprofit housing counselor. NeighborWorks America runs a national network of foreclosure counseling agencies. Try: http://www.findaforeclosurecounselor.org/
Q. How does the refinancing program work?
A. Some borrowers will be able to refinance into loans backed by the Federal Housing Administration, which insures loans against default. The FHA will get $14 billion in incentive money from the federal bailout fund to make this happen. Lenders will have to reduce the homeowners' primary mortgages by at least 10 percent.
Q. How do I qualify?
A. Homeowners must not have missed any payments on their home loans, must live in their home as a primary residence and must provide proof of income.
Q. How do I apply for the FHA plan?
A. You don't. It's voluntary for mortgage companies. They'll evaluate whether they want to offer this option to homeowners.
We found this article here.
Here's a look at the details:
Q. How many homeowners will this help?
A. The effort is designed to enable the government to reach its original goal of helping 3 million to 4 million homeowners avoid foreclosure by the end of 2012. That benchmark has so far proved impossible to approach. Only 170,000 homeowners have completed loan modifications, out of 1.1 million who began the government's Home Affordable Modification Program since it started last year.
Q. How many borrowers are in trouble?
A. About 6 million homeowners have missed at least two months of payments. And experts warn that 10 million to 12 million borrowers are in danger of foreclosure over the next three years. A growing risk is among homeowners who are "under water": They owe more on their loans than their homes are worth.
Q. How does the new plan work?
A. Borrowers will get help in three ways: Jobless homeowners can get a three-to-six-month break on their mortgage payments. Banks will get financial incentives to reduce mortgage balances for under-water borrowers. And lenders can offer refinanced loans backed by the Federal Housing Administration to these borrowers.
Q. When will all these programs be available?
A. Government officials didn't specify but said they should become available in the coming months.
Q. I'm unemployed. How do I get help?
A. That piece of the program is designed to give homeowners more time to find a job. Borrowers will have three to six months in which they'll have to spend no more than 31 percent of their monthly income on their mortgages. If you do find a job during that time, you will be evaluated for a loan modification that could permanently reduce your payments. To qualify, you need to live in your home, have a mortgage of below $729,750 and receive unemployment benefits.
Q. What happens if I don't get a job after the time is up?
A. Lenders will encourage you to consider a short sale, in which you sell your home for less than the mortgage amount. Another option is a deed-in-lieu of foreclosure, in which you agree to hand back the property to your lender.
Q. I owe more on my mortgage than my house is worth. Will this help me?
A. Maybe. The program depends on the willingness of mortgage companies to participate. Their track record has been shaky at best.
Q. How does it work?
A. Mortgage companies that already participate in the government's foreclosure prevention program will have to consider reducing the mortgage amount for borrowers who owe at least 15 percent more than their home's current value. Those reductions will happen gradually over three years and apply only if you miss no payments. Those companies will receive expanded incentives to do so.
Q. What kind of incentives?
A. For every dollar of principal the lender reduces, they will receive a subsidy of 10 to 21 cents. The larger subsidies will help reduce principal of borrowers who are less under water.
Q. How do I qualify?
A: You must have a mortgage of less than $729,750. You also must show that you are in financial trouble. And you have to be spending at least 31 percent of your pretax income on your mortgage payment.
Q. So how do I apply?
A. Call the company that sends your mortgage bill, also known as your mortgage servicer, to see if you qualify. If you can't get hold of someone, try a nonprofit housing counselor. NeighborWorks America runs a national network of foreclosure counseling agencies. Try: http://www.findaforeclosurecounselor.org/
Q. How does the refinancing program work?
A. Some borrowers will be able to refinance into loans backed by the Federal Housing Administration, which insures loans against default. The FHA will get $14 billion in incentive money from the federal bailout fund to make this happen. Lenders will have to reduce the homeowners' primary mortgages by at least 10 percent.
Q. How do I qualify?
A. Homeowners must not have missed any payments on their home loans, must live in their home as a primary residence and must provide proof of income.
Q. How do I apply for the FHA plan?
A. You don't. It's voluntary for mortgage companies. They'll evaluate whether they want to offer this option to homeowners.
We found this article here.
Monday, March 29, 2010
Monday, March 22, 2010
Friday, March 19, 2010
BEDROOM
Your sanctuary is beginning to look more like the last place you want to be. Take the time to spring clean your bedroom with this step-by-step tutorial. Spring cleaning your bedroom will give you back a peaceful night's rest.
Difficulty: Easy
Time Required: 1-2 hours
Here's How:
Start with the 15 Minute Bedroom Cleanup or for a child's room the 15 Minute Kid's Room Cleanup. This will help get the room into a workable place for you to begin.
Dust down the ceiling and corners.
Consider if the walls in your home need to be washed. Don’t forget air vents, doorknobs, and switch plates. Dust and clean all wall art. Be careful when cleaning framed art and photographs. Never spray cleaner or water onto the frame. The liquid can seep behind the glass and damage the pictures. Instead lightly wet a clean cloth to wipe the frame and glass.
Clean the ceiling fan.
Dust the fan and fan blades. You may need to use a gentle cleanser like Murphy’s Oil soap mixed with water and a cleaning cloth. Take down light fixtures and gently wash and dry them before replacing.
Take down draperies and curtains to wash or have cleaned according to the directions.
Dust down any blinds and other window treatments. Dust down and wash window sills and corners. Wash the inside and outsides of windows. Take down and rinse off screens, before replacing.
Wash all bedding, comforters, mattress pads, pillows, etc.
Vacuum and flip your mattress over to provide even wear. Clean out from under your bed. Replace bed with clean bedding.
Dust down and clean all accent lamps and knickknacks.
Use a vacuum attachment or duster to clean the lamp shade, lamps, and any extra decorative items.
Dust down all dressers, chests, and nightstands.
Clean any mirrors.
Clean flooring.
Dust and mop for hard floors. Professionally clean carpet, or vacuum and spot treat for mildly soiled floors.
Tips:
Either do the closets first or save them for last. Don't try to get started de-cluttering in the middle. You might get distracted and end up with nothing done.
Music, an audio book, or a good friend on speaker phone are great ways to help pass the time.
Don't skip under your bed. For many of us it can be scary, but it has to be done eventually.
What You Need:
Broom or vacuum
Mop or carpet machine
Spot carpet cleaner
Dust mop
Dust cloths
Mild cleanser
Laundry products for laundering bedding
Mirror and window cleaner
This information was found HERE.
Difficulty: Easy
Time Required: 1-2 hours
Here's How:
Start with the 15 Minute Bedroom Cleanup or for a child's room the 15 Minute Kid's Room Cleanup. This will help get the room into a workable place for you to begin.
Dust down the ceiling and corners.
Consider if the walls in your home need to be washed. Don’t forget air vents, doorknobs, and switch plates. Dust and clean all wall art. Be careful when cleaning framed art and photographs. Never spray cleaner or water onto the frame. The liquid can seep behind the glass and damage the pictures. Instead lightly wet a clean cloth to wipe the frame and glass.
Clean the ceiling fan.
Dust the fan and fan blades. You may need to use a gentle cleanser like Murphy’s Oil soap mixed with water and a cleaning cloth. Take down light fixtures and gently wash and dry them before replacing.
Take down draperies and curtains to wash or have cleaned according to the directions.
Dust down any blinds and other window treatments. Dust down and wash window sills and corners. Wash the inside and outsides of windows. Take down and rinse off screens, before replacing.
Wash all bedding, comforters, mattress pads, pillows, etc.
Vacuum and flip your mattress over to provide even wear. Clean out from under your bed. Replace bed with clean bedding.
Dust down and clean all accent lamps and knickknacks.
Use a vacuum attachment or duster to clean the lamp shade, lamps, and any extra decorative items.
Dust down all dressers, chests, and nightstands.
Clean any mirrors.
Clean flooring.
Dust and mop for hard floors. Professionally clean carpet, or vacuum and spot treat for mildly soiled floors.
Tips:
Either do the closets first or save them for last. Don't try to get started de-cluttering in the middle. You might get distracted and end up with nothing done.
Music, an audio book, or a good friend on speaker phone are great ways to help pass the time.
Don't skip under your bed. For many of us it can be scary, but it has to be done eventually.
What You Need:
Broom or vacuum
Mop or carpet machine
Spot carpet cleaner
Dust mop
Dust cloths
Mild cleanser
Laundry products for laundering bedding
Mirror and window cleaner
This information was found HERE.
Thursday, March 18, 2010
BATHROOM
Your medicine cabinet is overflowing. You can't remember what color the tile in your shower used to be. An invisible person wouldn't be able to recognize himself in your dingy mirror. Have hope. This spring cleaning how-to will get your bathroom back in shape.
Difficulty: Average
Time Required: 45 minutes-1 hour
Here's How:
Follow the 15 Minute Bathroom Cleanup.
This will get rid of trash and laundry, enabling you to deeply clean the room. Don't do the floors in the 15 minute cleanup. We'll do that in a later step.
Dust down the ceiling and corners.
Consider if the walls in your home need to be washed. Check here for information on how to clean some wall surfaces. Dust and clean all wall art. Be careful when cleaning framed art and photographs. Never spray cleaner or water onto the frame. The liquid can seep behind the glass and damage the pictures. Instead light wet a clean cloth to wipe the frame and glass.
Dust the vents and fans.
Dust the outside of vents and fans. You may need to use a gentle cleanser mixed with water and a cleaning cloth. Take down light fixtures and gently wash and dry them before replacing.
Take down draperies, curtains, blinds, etc, to wash or have cleaned according to the directions. Dust down any blinds and other window treatments. Dust down and wash windowsills and corners. Wash the inside and outsides of windows. Take down and rinse off screens, before replacing.
Scrub the shower and tub.
Don't forget fixtures. Launder or clean your shower curtain and replace the shower curtain liner. Clean shower doors. Dissolve soap scum buildup with commercial cleaner or natural cleaners. Do not use lemons and vinegar or other acidic cleansers on tile grout. The cleansers will eat away the grout.
Scrub down the toilet.
Don't forget the handle, crevices on the outside, and underneath.
Wash the inside and outside of medicine cabinets, linen cabinets, etc.
Wash down the sink and fixtures.
Don't forget to thoroughly clean your mirrors. Since your spring cleaning, use cotton swabs to scrub in tight spots on your sink.
Shake out bathroom rugs.
Launder them and hang to dry.
Sweep and mop the floor.
One of the best ways to get a floor REALLY clean is to use a rag or towel while on your hands and knees. If this is not an option try going barefoot and scooting a large towel around the floor with your feet. It provides more contact and pressure with the floor. Press gently, and be careful and slow. Even though this is the last step, the floor is not the best place to rest.
Empty and wash out the trash can.
Lining the trash can will save time when it needs to be emptied, and help keep it cleaner longer. You can buy small commercial trash sacks, or use leftover grocery sacks and help recycle.
Tips:
Make sure to leave the window open to ventilate the cleansers you will be using. If you like singing in the shower, try singing while cleaning it. It will help pass the time.
What You Need:
Dust mop (preferably with a long handle)
Step-ladder
Cleaning cloths
Small bucket with handle
Sponges or stiff brush
Cleansers of choice
Broom and mop or towel
Plastic sack to line trash can
This information was found HERE.
Difficulty: Average
Time Required: 45 minutes-1 hour
Here's How:
Follow the 15 Minute Bathroom Cleanup.
This will get rid of trash and laundry, enabling you to deeply clean the room. Don't do the floors in the 15 minute cleanup. We'll do that in a later step.
Dust down the ceiling and corners.
Consider if the walls in your home need to be washed. Check here for information on how to clean some wall surfaces. Dust and clean all wall art. Be careful when cleaning framed art and photographs. Never spray cleaner or water onto the frame. The liquid can seep behind the glass and damage the pictures. Instead light wet a clean cloth to wipe the frame and glass.
Dust the vents and fans.
Dust the outside of vents and fans. You may need to use a gentle cleanser mixed with water and a cleaning cloth. Take down light fixtures and gently wash and dry them before replacing.
Take down draperies, curtains, blinds, etc, to wash or have cleaned according to the directions. Dust down any blinds and other window treatments. Dust down and wash windowsills and corners. Wash the inside and outsides of windows. Take down and rinse off screens, before replacing.
Scrub the shower and tub.
Don't forget fixtures. Launder or clean your shower curtain and replace the shower curtain liner. Clean shower doors. Dissolve soap scum buildup with commercial cleaner or natural cleaners. Do not use lemons and vinegar or other acidic cleansers on tile grout. The cleansers will eat away the grout.
Scrub down the toilet.
Don't forget the handle, crevices on the outside, and underneath.
Wash the inside and outside of medicine cabinets, linen cabinets, etc.
Wash down the sink and fixtures.
Don't forget to thoroughly clean your mirrors. Since your spring cleaning, use cotton swabs to scrub in tight spots on your sink.
Shake out bathroom rugs.
Launder them and hang to dry.
Sweep and mop the floor.
One of the best ways to get a floor REALLY clean is to use a rag or towel while on your hands and knees. If this is not an option try going barefoot and scooting a large towel around the floor with your feet. It provides more contact and pressure with the floor. Press gently, and be careful and slow. Even though this is the last step, the floor is not the best place to rest.
Empty and wash out the trash can.
Lining the trash can will save time when it needs to be emptied, and help keep it cleaner longer. You can buy small commercial trash sacks, or use leftover grocery sacks and help recycle.
Tips:
Make sure to leave the window open to ventilate the cleansers you will be using. If you like singing in the shower, try singing while cleaning it. It will help pass the time.
What You Need:
Dust mop (preferably with a long handle)
Step-ladder
Cleaning cloths
Small bucket with handle
Sponges or stiff brush
Cleansers of choice
Broom and mop or towel
Plastic sack to line trash can
This information was found HERE.
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