Donna Springer

The Connecticut Association of Realtors wants to get the word out that the Connecticut Legislature passed the Comnecticut Foreclosure Mediation Program in June 2008 and it went into effect that July. As of October 31st, 680 cases have been completed mediated resulting in a 70% settlement rate with either the home owner being able to stay in their home(53%) with loan modifications or moving from their home (17%) because of a short sale or foreclosure.

These mediations sessions do not require the owner to have an attorney and are mediated with Judical employees trained in foreclosure law. This program may help homes owners stay in their home by negotiation new terms for their lowans and the lender ends up with a performing loan that is repaid untder th enew terms which signifcantly reduces the namber of foreclosures cases.

Roberta Palmer is in charge of the program and if you need to contact her she can be reached at 860-263-2734 or roberta.palmer@jud.ct.gov.

The Connecticut Association of Realtors wants to get the word out that the Connecticut Legislature passed the Comnecticut Foreclosure Mediation Program in June 2008 and it went into effect that July. According to NAR, as of October 31st, 680 cases have been completed mediated resulting in a 70% settlement rate with either the home owner being able to stay in their home(53%) with loan modifications or moving from their home (17%) because of a short sale or foreclosure.

The home owner is not required to have an attorney and these sessionaare mediated with Judical employees trained in foreclosure law. This program may help homes owners stay in their home by negotiating new terms for their lowans and the lender ends up with a performing loan that is repaid under the new terms which signifcantly reduces the namber of foreclosures cases.

Roberta Palmer is in charge of the program and if you need to contact her she can be reached at 860-263-2734 or roberta.palmer@jud.ct.gov.

Looking for some way to support your community and tap in to the real meaning of the holiday season?

Visit www.thathouseinmilford.com . The Donnells started this tradition in 2001 and have expanded their home decorations every year to bring attention to those in need. Visit their home at 75 Meadows End or go to their website to make a donation to the virtual food bank they have set up.

You could put the "Merry" in Christmas for a lot of people who really need it now.

Largest Monthly Home Sale Percentage Increase in 5 Years Reported by NAR

According to RISMEDIA, Sales of existing homes on the West Coast rose to their highest level in over a year. RISMEDIA reported that there were even more across the board optimistic indicators from Lawrence Yun, NAR chief economist who said gains in home sales are being reported in more markets -- "The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island," he said. "The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike."

Government intervention and support for Freddie and Fannie as well as banks is helping to stabilize rates and is beginning to open up credit markets. Interest rates are down somewhat to around 6% but remain quite dynamic responding to market news.

The news is good for buyers-historically low home prices, low interest rates, and government back financing making this a good time to buy.

What is a 203K Loan and How Can it Help You Find Your Next Home?

There have been a lot of changes in home financing. The focus, unfortunately, has been mostly on the tightening of criteria needed to qualify -higher down payments, higher credit scores. But, did you know that there is a mortgage designed for buyers to help them purchase a home that may need some repairs or upgrades?

If you haven't heard about the benefits of a FHA 203K Loan then you need to. A 203-K loan is an FHA Rehabilitation Mortgage.

•· It allows the buyer to incorporate the cost of fixing up the home into their mortgage.

•· Only 3% down payment required (based on purchase price + rehab cost)

•· Owner- Occupied Homes only

•· Minimum of $5000 in repairs is required

•· Must use a HUD Consultant for the initial work estimate

•· Maximum financing capped at FHA county limits

What does this mean for Buyers?

Repairs include safety and code issues (electrical, roof updates) but they can also mean upgrading that tired kitchen or bath, upgrading the cooling or heating system, paint, new siding. This means you can look at less expensive homes you would have otherwise passed over. Remember all those homes you've looked at and would have bought if they didn't have a "tired" kitchen or "60's" Bath? Now you can purchase them with a 203K loan that will enable you to have the money to turn any home into your dream home.

What does this mean for Sellers?

If your home needs some upgrades and your home meets 203K guidelines , I can market your home with a Renovation and Payment Plan Stop telling buyers your home needs TLC - SHOW THEM what renovations can be included if they buy your home. Imagine how they will react to statements like "If you want to change the carpet or refinish the hardwood floors you can include it in your mortgage or the kitchen cabinets, new bath, put on a deck" ]

To find out more - contact Donna@CTHomeConsultant.com and "Let me be the KEY to your next home"