Things I Can Do To Conserve Our Prescious Water Supply

Rather than contributing to the water shortage that we hear about there are several things we can do to conserve our water usage and at the same time save money. Saving money is always a good thing!

Here are some easy water conservation tips to follow:

  • Toilets use about 25% of the water used in an average household. Toilets installed before 1992 use between 3.5 to 7 gallons per flush. The new and improved high efficiency models use approximately 1.5 gallons per flush.
    A plastic bottle or bag filled with pebbles and water placed in the toilet tank displaces the water, saving between 5 to 10 gallons of water per day.
  • Turn the water off while brushing your teeth
  • Turn the water off while shaving. Fill the sink with a little water to rinse your razor.

Eliminate Most of the Stress When Buying A Home – Get Pre-approved

Buying a home is one of the greatest investments you will ever make. The best — and least stressful — way to purchase a home is to be well educated throughout the process.

Before you even start looking for a house to buy, you need to review your financial situation. This will let you know how much of a down payment you can afford and how large a monthly mortgage payment you can handle.

Lenders will look at the ratio of how much you make to how much you owe. Most will require that your monthly housing costs remain under a certain percentage of your total monthly income and that your total debt (forecasted mortgage payment and recurring debts) is less than 40% of your monthly income. Read the rest of this entry

California New Law – No Deficiency Judgement on Short Sales

If I Have A Short Sale – Can The Lender Later Come After Me?

SB 931 which became Effective January 1, 2011, mimics the deficiency judgment ruling of foreclosures to apply to short sales.

This means in California, first trust deed mortgage holders, cannot go after those individuals who sold their homes on a short sale for the difference between the amount owed the lender and the amount the property sold for.

Just as with those individuals who lost their homes to foreclosure due to a hardship, some people decided to go the short sale route and avoid foreclosure in an effort to preserve their credit. Prior to the enactment of this bill lenders had the right to go after these individuals with a deficiency judgment.

Quite frankly, other than a bigger hit to someone’s credit whose home went into foreclosure, there was little incentive to short sell the home if the homeowner faced the possibility of having to pay the difference between the sales price and loan amount.

At this time there is no such protection if you have a second or third mortgage loan. Even though the lenders agree to sell short they still can seek a judgment against the borrower.

One caveat of SB931 – if there is any indication the borrower committed fraud short selling their property, the primary lender can go after the homeowner.

FHA Favorable Ruling to Extend the No Waiting Period to Resell Foreclosures

FHA Extends 90-Day Anti-Flip Waiver

The anti-flip waiver extension is good news for the housing market. This ruling is especially favorable for investors, who buy foreclosed or distressed properties the ability to buy, fix and resell without a waiting period.

The previous ruling required investors to own properties for more than 90 days so as to prevent flipping simultaneously from one buyer to another. This manner of flipping in some situations  caused unsuspecting buyers to pay more than the properties were actually worth.

The Federal Housing Administration (FHA) will suspend it’s anti-flipping rule for another year in hopes Read the rest of this entry

Which State Has the Highest Credit Score

A recent survey conducted  by Mortgage Marvel, a nationwide online mortgage-shopping service showed that Californians have the highest credit scores on average across the country. This is almost hard to believe as we also have a large number of foreclosures. If you look at the population in California, ti is the highest of any State and that may be the reason. It is all in how the numbers are crunched.

The average credit score in California is 755, 20 points higher than the national average. Hawaii came in second at 752, and next in line is Oregon with an average score of 751. All 3 areas are relatively close in the scores.

The Southeast region showed the lowest credit score rating with  Mississippi being the lowest with a score of  695.  All in all considering the  economy and the hardships many have endured over the past few years, these credit scores are not that bad.  According to many loan officers I speak with a credit score is the 700’s is pretty decent, and those in the mid to high 600’s can still get a mortgage loan.


Source: DSNnews.com

 Page 48 of 50  « First  ... « 46  47  48  49  50 »