Foreclosure Fairness Act forces dialogue between lenders and distressed homeowners

There’s a new law in Town… to help you stay in your home.

Under a new Foreclosure Fairness Law beginning July 22, 2011, if you are in trouble with your mortgage on the home you occupy and you are facing a possible foreclosure, you may have the right to meet with your lender and even demand mediation to attempt a modification of your loan terms. Here is what you can expect:

1. If the foreclosure of your home started after July 22, you will receive a letter from your bank/lender. Before certain banks^* can foreclosure on your property, they will send you a letter inviting you to talk with them to discuss possible solutions. If you don’t get back with them, they must also try to reach you by phone.
2. The bank letter or phone call will advise you to call a housing counselor or attorney. You should consult your lawyer. If you do not have a lawyer or prefer to a consult a housing counselor, you may do so at no cost. You can reach a housing counselor by calling: 1-800-894-HOME (4663) If you choose not to consult a housing counselor or lawyer, you can still meet with your lender, but you cannot demand mediation. Whatever you choose, you must act quickly after you receive the letter and/or phone call from your lender. Your time to demand a meeting or mediation is very short.
3. A housing counselor or attorney can demand mediation.^* Mediation forces your lender to discuss your options for staying in the home. You may bring your lawyer or housing counselor to the mediation. A third party, the mediator, insures a fair discussion. You will have to share a $400 mediation fee with your bank/lender.
4. If a foreclosure of your property has already begun by July 22, 2011, you will not receive a letter or phone call from your bank or lender. However, you may still have a right to demand a meeting with your lender and if you contact a housing counselor or lawyer, they may still be able to demand mediation. Time is short to make the necessary demands so you should contact your lawyer or housing counselor immediately if you have already received foreclosure paperwork from your lawyer.

^*This only applies to banks or lenders that have filed at least 250 notices of default in the prior year. A list of those banks/lenders that are exempt from the law is available on the Department of Commerce website.

Find out more at the Department of Commerce website.

Quick Homeowner Updates

It happens to all homeowners. Rooms that once looked fresh and contemporary have aged themselves into drabness.

For some it's an excuse to redecorate. For others it's a chore. Either way homeownership is an ever-evolving process. As one project ends, another peaks its head around the corner.

To bring your rooms current, as well as to update worn and disheveled items, consider these five room freshening tips.

1. Paint: Paint is number one on the list because it is relatively cheap and easy to do yourself. Getting a professional finish is simple, thanks to the myriad of products now on the market for do-it-yourselfers. From tape to edgers to color changing paint, you're sure to get a quality finished product. "In" colors change every few years, so be sure to do some homework on what hues are happening.

While you're at it, research zero-voc (volatile organic compound) paint before starting your project. Traditional paint leaches fumes into your home for years. Zero-voc paint, however, exposes you to fewer odors during the painting process and fewer risky fumes in the years to come. This is well worth the effort of searching out zero-voc. Olympic brand paint offers their full line of colors in zero-voc. Plus, the cost difference per gallon is minimal.

Paint does wonders for hiding dirt, wear, and tear. Bring your home into the new decade with a fresh coat!

2. Trim: The current trend is for trim to be white instead of natural wood. It is contemporary and clean. If your trimwork is in good repair, simply puttying holes, sanding scuffs, and painting can update the look. Dated trim that is too thin for your large rooms can be replaced with new baseboards. Amateur handyman can tackle this task with table and coping saws. Trim is all about getting the angle cut correctly. Already have current looking trim? Upgrade your room with crown molding. These beauties can be real show-stoppers!

3. Cabinet Hardware: From oil-rubbed bronze to beautiful vintage pieces, old is in. Hardware can easily be added to any existing cabinetry or changed to bring a new feel to a tired room. Shop in your local home improvement stores, online, and at local auctions to find the pieces that speak to you.

4. Decorative Accents: Curtains are the frame to any well-designed room. Choose colors and patterns that fit the scale of your room. Heavy curtains made from chenille or jacquard work best in large rooms with tall ceilings. Lighter weight fabrics, such as silk and chiffon, are great choices for small or airy rooms. Decorative pillows and throws are also an inexpensive way to change the accents of your room. Have a teal room but want to go contemporary? Bright is in. Don't be afraid to play with color!

5. Flooring: While flooring is not a simple fix and may require the help of a professional, it can make all the difference in a dated room. Scratched and worn wood floors should be sanded and refinished to show the natural beauty of the wood that lies beneath. Laminate wood flooring is a cheap and easy solution for budget conscious homeowners who want a clean and modern update. It can be a wonderful solution for worn out carpet.

If your rooms are looking tired, be sure to wake them up with a few new colors, paints, or accents!

Landscape Appeal Helps Sell Homes

If you're like many sellers, listing your home for sale creates a challenge to keep the home show-ready at all times. That can be difficult enough.

Consider this notion, though. No matter how nice the inside is, if the outside isn't inviting, you're likely to lose prospective buyers before they ever set foot in your home. That's because in real estate, buyers often do "judge a book by its cover".

Take a good look at your home from the outside. Step across the street and decide if you think buyers would want to see more based on your home's "cover".

If you answered "yes," then your job is easy. Make sure the inside won't be disappointing to those same buyers. If your answer was "no," then you have some work to do. While many sellers may think that only interior pictures of their home posted on the Multiple Listing Service are what buyers really care about, there's more to it.

The outside can be a huge roadblock for buyers. If potential buyers pass by your home while cruising through a neighborhood and see your for sale sign, but also see a broken down gate, leaky sprinklers, cracked driveways, a lousy exterior paint job, and kids' old toys strewn across a brown lawn, they'll keep on cruising to the next home on the market.

Chances are you're busy getting the kids ready for the move, squaring away all the details for your new housing arrangement, trying to work, care for family, and still have some sort of personal time. That's a lot to handle. However, it's no excuse for not making your landscape appealing, especially when you think of the consequences. That could be not selling your home at all.

Here's a quick and tidy plan to help give your home a beautiful "cover". Remember, buyers are well-read. They will judge a home by it's exterior. And, if they're really interested in your home but the outside is a mess, they'll make sure that becomes a negotiating tool in the home-buying process.

Here are a few tips on the big exterior influencers.

Do not have unkempt lawn. It shows a lack of care for the home. If the lawn is beyond repair, pull it up and try drought-resistant landscaping. If there's a chance to revive it, a fresh-cut lawn is one way to showcase the appreciation the homeowner has had for his property. Also, note this tip from HGTV. Don't cut your lawn too short. You want to remove only a third of the blade of grass. Any lower than that "and you start stunting the grass," according to HGTV.

Clear the clutter from the porch. Sometimes the porch becomes an extension of the garage or tool shed. Kids' bicycles, toys, and people's shoes accumulates there. When buyers come to view the home, they often feel like they are intruding instead of viewing a property that they might be purchasing.

Pull the weeds and ditch the empty planter boxes. A lot of times homeowners will leave an empty planter box, intending to get some flowers for it, but somehow that doesn't happen.

Paint and fix any hardware that looks extremely worn. Nothing beats a fresh coat of paint. Yes, it's work and it costs money. That's exactly what buyers will think, which is good news for you! They'll think, "This homeowner put some TLC into this home." When you're selling your home, fresh paint is always recommended for the inside. If the outside needs it, you'll be doing yourself a huge favor and increase the chance of a higher sales price.

- Phoebe Chongchua, Realty Times