Saint Paul Real Estate » Uncategorized

New Updates Regarding Loan Modification

scottf — Thu, 29 Jul 2010 15:53:23 +0000

President of United States, Barack Obama has brought about some considerable alterations in the home loan modification or personal loan modification phenomenon. These changes may turn to be useful and beneficial for those who are strictly needing home loans or personal loans. From the entire annual budget of United States, about 75 billion US dollars have been safely allocated for Obama’s preceding plan. This plan incorporates the world’s finest practices which is a derivative of Fannie Mae and FDIC. However for the sake of convenience, this entire plan can be broken down into two halves.

In the first half of this plan, those who are interested in perusing likely proceeding with such loans may get an opportunity to get financing service. However this may be owned either be Fannie or even by Freddie Mac. It means that the price of mortgage property is not likely to be exceeded around one fourth of residual balance. However in the olden times, the refinancing proposals and plans run by government were only limited up to 5 percent. But this new plans has got one important modification which is beneficial as well as it does not permit the owners of the house to own justice and equity on mortgage property. But as far as the risk factor is concerned, it has gone enhanced considerably from government point of view. It has been clearly mentioned in this plan that due balance of the mortgage property must not be greater than 125 % of the current value of that same property in the market.

From second aspect, those peoples can also be benefited from this plans and proposals that are not still independent of these proceedings. This may turn to be beneficial for those peoples who are just looking forward for such proceeding in the near future. This may be advantageous for those types of loans that goes on rising over time and ultimately will reach at that point in the near future that none of the owner will able to repay such loans. However this is also unfavorable from lender point of view as in the coming days, peoples will stop receiving loans due to such high rates. So the only thing that is left for lender is to diminish the rates of interest up to much extent. According to the actual plans, lowering of these interest rates must be done at that point where repaid amount should either be equal or even short to exactly 38 percent an annual income any individual. However this was the earlier plans and suggestions from Fannie Mae which were later on modified by Barack Obama’s government money.

It is anticipated that near about 7-9 millions owners of homes are under this modification plans. This reveals that not all the home owners in US are fed by this modification plans. There are still numbers of peoples who are going through legal proceedings. However this modifications plan has got some limitation regarding its eligibility. Those peoples whose mortgage property’s price is too short and also for those who don’t have sufficient amount of money to make down payment are not suitable for such types of plans.

Average US Home Prices Will Fall by 6% More by 9/2011

Saint Paul Needs Better Parking

scottf — Wed, 28 Apr 2010 03:07:13 +0000

After a recent survey by the Saint Paul Area Chamber identified 68% of downtown business owners think parking is difficult and 55% of their customers agree, Saint Paul business owners are asking the city to implement a number changes to the parking in downtown Saint Paul. See the full article over at bizjournals.com

Saint Paul Ranked 11th by EPA for Energy Star Labeled Buildings

scottf — Sat, 03 Apr 2010 01:22:53 +0000

The U.S. Environmental Protection Agency (EPA) recently announced its 2009 list of cities with the most Energy Star labeled buildings. Saint Paul was number 11 on the list. Buildings can either be built from start or retrofitted to be Energy Star compliant. These buildings use 35% less energy than a comparable non-Energy Star building of the same size. They also release 35% less carbon dioxide into the air. The EPA uses a 100 point scale to assess how efficient a building uses energy with a score of 75 or higher being considered Energy Star compliant. Almost any commercial buildings can earn the energy star rating. Houses, townhouses, apartment buildings, and condos can not.

Much of Saint Paul’s success was led by Mayor Coleman who hired the City’s first sustainability coordinator, energy coordinator, and water quality coordinator. All key appointments to lead the charge on energy conservation. Mayor Coleman also directed over $1 million to retrofit City buildings for energy and cost savings. He was also instrumental in working with Xcel energy to replace a coal-burning energy plan with natural gas, secured a $1 million Department of Energy grant to create solar power at the Rock-Tenn plant, and added several LEED buildings to the area.

Saint Paul has also recieved about $4 million in grants from the Department of Energy through the American Recovery and Reinvestment Act. About $3 million of that money should create new job opportunities in upgrading the energy use of public and commercial buildings and Saint Paul Homes.

Saint Paul Fire Department Opens Hiring

scottf — Tue, 16 Mar 2010 20:13:39 +0000

The Saint Paul fire department opened the hiring list for the first time since the summer of 2005. As of February 8, the city had approved 2,360 candidates for the Firefighter exam. The application period has ended. If you missed the application process you will need to wait until the list is open again.

The written exam was held on Monday, March 8 at the Saint Paul River Center. It began at 8:30am and ran until 3pm. About 1800 would-be St. Paul firefighter candidates were in attendance to take the test. They were all spread out on tables for the 8 hour test session. The test was an aptitude test that covered a broad range of abilities and personality traits that have historically been found to be important to the job of being a firefighter. Some of these abilities or traits include: problem solving, reasoning, verbal expression, and leadership ability. The test also looks for work style preference, attitudes, behaviors, and life experiences that would help the candidate in the role of Saint Paul firefighter. A candidate must pass the written exam with a score of 75% or more to continue onto the physical performance exam.

Candidates that pass the written exam will be called back and the physical performance exams will be held in May or June of 2010. This test will consist of climbing stairs under load, dragging a charged hose line, victim rescue, equipment carry, and forcible entry simulation. The candidate must complete this exam while wearing: a fire turnout coat, a 20 pound weighted vest, fire gloves, an empty air tank, and a fire helmet. In order to pass the exam, candidates must complete the 5 exercises in a maximum of 7:00 minutes.

Applicants who live in Saint Paul on the application deadline, AND have lived in the City for one year prior to the application deadline, will receive 5 additional points on their final passing score. Supporting documentation must be provided at the time of the physical performance exam.

Get Ready For the Big Dig in Saint Paul!

scottf — Fri, 12 Mar 2010 03:35:55 +0000

No, we are not going to recreate the multi-billion dollar tunneling project that took a decade to do in Boston. At least I hope not! The Met Council finally announced its construction schedules for the Central Corridor light-rail line on Wednesday. Here is what you can expect:

Downtown Saint Paul will experience road closures, street demo and construction starting this spring and continue through 2012. Streets and sidewalks will be installed, new drainage systems will replace some that have been in the ground since 1900 and new trees will be planted.
Areas near the Capital and I-94 will have detours and road closures also throughout the project starting in 2011 and continuing until late 2012. The most prolonged work in any single area announced Wednesday will be along Cedar Street. The work from I-94 to Fifth Street is scheduled from April 2011 to November 2012.
Parts of the East Bank of the U of M will have upgraded roads and repairs this spring and summer (if agreements can be reached with the U of M over the route and easements).

The Saint Paul part of the project is estimated to cost $231 million. This 11 mile expansion of the Twin Cities light rail system will cost an estimated $957 million and will take until 2014 to complete. There will be 14 stations in the Saint Paul section from near Emerald Street on the edge of Saint Paul to the recently renovated Union Depot downtown.

Despite lawsuits from businesses, minority groups and Saint Paul Homes owners, the bids for this section were published last week. They are due this spring with the award of the contracts expected this summer. Businesses along University Avenue are upset because many blocks in front of businesses could be closed for days or months, hurting merchants that are already affected by the economy. The Met Council assured business owners that University will not be torn apart all at once. Bus operations will continue and no detours are planned through the adjoining neighborhoods. Additionally, no single stretch of University will be closed for more than 5 months with no section of sidewalk closed for more than 15 days.

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scottf — Mon, 08 Mar 2010 07:16:25 +0000

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Income Limits Increase for Minnesota Mortgage Program (MMP)

scottf — Mon, 01 Mar 2010 18:40:14 +0000

Minnesota Housing is temporarily (up to 12 months) increasing the MMP income limits to stimulate real estate markets across the state and fully utilize funding enabled by the Federal New Issue Bond Program. Please note program income limits will change during the 12 month period, when market conditions and funding levels warrant.

The following income limits apply to all MMP loans purchase approved on the HDS SF Web Application on or after Monday, March 1, 2010:

Area	1-4 Person Household	5 Person Household	6+ Person Household
11 County Twin Cities Metro*	$83,900	$90,700	$96,400
Rochester MSA**	$77,800	$84,100	$89,400
Balance of State	$72,900	$78,800	$83,800

* The 11 county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties. This includes Saint Paul and Minneapolis.

**Includes Dodge and Olmsted counties

The income limit increase does not apply to the following programs: Community Activity Set Aside (CASA) and HOME HELP.

MMP provides access to a maximum of $3,000 in entry cost assistance for the following Targeted Borrowers:

Single Headed Households
Households of Color or Hispanic Ethnicity
Households Containing an Individual with a Disability
Households Purchasing a Home in a Low Income Census Tract
Households earning 60% or Less of Area Median Income

Link to MMP Entry Cost Assistance Income Limits

Saint Paul Homes: Water Service, Foreclosed Vacant Properties & Winterization

scottf — Tue, 05 Jan 2010 04:15:04 +0000

The jurisdiction of Saint Paul Regional Water Services (SPRWS) includes the city of Saint Paul and surrounding areas of Falcon Heights, Lauderdale, Maplewood, West Saint Paul, Lilydale, Mendota and Mendota Heights, Newport, Roseville, South Saint Paul, Sunfish Lake and Little Canada.

Link: http://www.stpaul.gov/index.aspx?NID=75
Contact number: (651) 266-6350

Vacant and Foreclosed Properties
In the case of a foreclosure, the owner or its assignee is expected to contact the SPRWS customer service line to provide them with updated contact information and a mailing address. After this information is provided, only the contact person can request the shut off, meter removal, or turn on.

The owner or assignee of a foreclosure may call SPRWS to verify that the bill is up to date and if the meter is not at the property, verify whether SPRWS removed the meter or if the meter was stolen.

Winterizing a property
When winterizing Saint Paul Houses serviced by Saint Paul Regional Water Services, do not remove the meter. Under City Charter Section 94.06, the meter is owned by SPRWS and may be removed only by an employee of SPRWS except in case of an emergency or when a plumber changes the meter location to drain the system. When winterizing a property, SPRWS recommends a “Shut Off and Remove” at which time a SPRWS employee will shut off the water in the street and remove the meter.

Matters regarding billing
-A meter reset charge is assessed to the property when the meter is removed. This bill must be paid prior to the water turn on.
-If the meter is shut off but not removed, property owners will still receive a minimum charge and the bill must be paid prior to water turn on.
-If the meter is shut off and removed by SPRWS, the meter will be inspected upon removal, and if nothing is wrong with the meter, the final bill is produced and the property owner will receive no further minimal charges.
-If a meter is missing, call SPRWS to verify whether the meter was shut off and removed by SPRWS, or if the meter was stolen.

Water Bills:
Water bills are a lien on the property. The seller of the property is responsible for the entire water bill up until the day SPRWS is notified and conducts a final reading. The final meter reading should be taken on the day of closing. An appointment for the final reading should be made in advance. SPRWS prefers that the owner or the assignee make an appointment at least two weeks
in advance to the date of closing. If the appointment needs to be canceled, it may be cancelled the same day.

Turning the Water On:
If the water is turned off and needs to be turned back on, SPRWS will not turn the water back on unless someone is at the property. Appointments to turn the water back on should be made at least two weeks in advance to when the new property owner will need the water on.

As is Properties:
If the property is being sold “as is” and the meter is broken, damaged or frozen, the new property owner will be responsible for the cost of repair unless an alternative agreement is made before closing. A visual inspection cannot always indicate whether a meter is broken, damaged or frozen. If Saint Paul Regional Water Services performs a “shut off and remove”, the meter is inspected after removal, and a fully functioning meter will replace it upon turning the water back on.

Closing Checklist
- Set up an appointment for a final meter reading/water turn on around two weeks in advance of the closing date, scheduled for the day of closing.
-Provide SPRWS with an updated address to receive the final bill from the final meter reading.
-Provide SPRWS with the new property owner’s name and contact information.

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Short Sale Changes – HAFA Efffective April 2010 (Hopefully)

scottf — Fri, 18 Dec 2009 04:59:03 +0000

Per the information below, the Feds are stepping in AGAIN, perhaps to the advantage of everyone…homeowners, buyers and the entire Saint Paul real estate community in an effort to curtail some of the foreclosures.

Short Sales and Deed in Lieu of Foreclosure (commonly referred to as Cash for Keys) have received major attention on the Hill. In an effort to curtail foreclosures, the Feds have introduced HAFA. HAFA stands for Home Affordable Foreclosure Alternatives and it goes into effect in April of 2010. This is a big push to get banks to approve and move expeditiously on allowing homeowners to short sale their homes or possibly turn in their keys WITHOUT deficiency recourse. Up until now, foreclosures have outnumbered short sales and loan modifications 20:1. Banks have been very non-responsive to short sales…or they take “a month of Sundays” to even respond to an inquiry. Homeowners, buyers and agents may see some relief around the horizon. With HAFA, banks will be required to streamline and simplify the process of short sales or DILs.

Here are the highlights:

Allows homeowner to receive preapproved short sale terms before property listing
Prohibits servicer from reducing real estate commissions as a condition of approving the short sale. Great news for the agents!
Homeowners are fully released from future liability for the debt…No more deficiency judgments!
Servicer must respond within 30 days of the homeowner requesting a short sale. Yes…an established time frame!
$1,500 relocation incentive to the homeowner
The bank MUST respond within 10 business days of receiving an executed purchase agreement, its decision on approval or denial. You read it right…TEN DAYS!
The servicer (bank) may not charge the homeowner administrative processing fees…the servicer must pay all out of pocket expenses

I will be so happy if any of these new items come true! This could make it much easier for buyers to purchase the excessive inventory of Saint Paul Homes for Sale.

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New MN Law Postponing Foreclosures

scottf — Thu, 18 Jun 2009 03:49:52 +0000

MaryAlice Short wrote a great article about how the State of Minnesota has now enacted a law to allow the homeowner to delay the sheriff’s sale up to five months. This applies to Saint Paul Homes and everywhere! Here is the only catch: If you are unable to bring the mortgage current during the five month postponement your redemption period is shortened from six months to five weeks. This means that after the foreclosure sale you only have five weeks to vacate the property or be evicted. Read more about it MN Short Sale Realtor

Saint Paul Real Estate » Uncategorized

New Updates Regarding Loan Modification

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Saint Paul Needs Better Parking

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Saint Paul Ranked 11th by EPA for Energy Star Labeled Buildings

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Saint Paul Fire Department Opens Hiring

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Get Ready For the Big Dig in Saint Paul!

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992PZQ85VG6U

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Income Limits Increase for Minnesota Mortgage Program (MMP)

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Saint Paul Homes: Water Service, Foreclosed Vacant Properties & Winterization

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Short Sale Changes – HAFA Efffective April 2010 (Hopefully)

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New MN Law Postponing Foreclosures

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