Marie Ogle- Contract Mortgage Processor

HUD issued Mortgage Letter 2009-08 on Thursday March 12th changing the LTV/CLTV limits on cash-out refinances. Effective April 1, 2009 the LTV of any cash out refinance will be limited to 85%.

HURRY ACT NOW! These changes will only affect case numbers assigned after April 1, 2009. If you have any FHA refinances you are currently working on you must act quickly and get your case number ordered or will be subject to the new guidelines.

The CLTV will also be capped at 85% for any new subordinate financing. However, there will be no CLTV restrictions for re-subordinate or modified subordinate financing. This will enable those borrowers who have an existing 2nd to still take advantage of the low rates.

The good news is that this only a temporary limit and FHA will continue to monitor the housing market in addition to its own portfolio to determine whether they will keep these changes permanent.

For more changes released by HUD click here to read the entire Mortgage Letter 2009-08.

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There are so many gadgets, tools, software etc available to us to help make our jobs easier. Some are free and some are not. I thought I would take some time and share with you the one tool in my tool kit that I just could NOT live without.

That tool is the PdfEdit995 program. If all you need is to convert your documents to a pdf then the Pdf995 Printer Driver will do the job. However, if need a more advanced solution look no further. The PdfEdit995 program allows you to Combine & Extract pages, Rotate, Stamp, Convert to a .jpg, Add Stationary and much much more. This program allows me to take a file break it out and then re-package it the correct stacking order. It is very simple and easy to use. This is the one program that allows me to work productively and efficiently.

If you are looking for a way to make your documents more secure then Signature995 is what you need. With this program you can Encrypt, Decrypt, Sign, Verify and Set a Password. I have found it very valuable when I need to send sensitive personal information over email.

The free versions of the pdf995 products gives you full access to all of the features but will display a sponsor page each time you run the software. If you would prefer not to see sponsor pages, you may upgrade for as little at $9.95.

This has been such a valuable program for me I just had to share. I hope you get as much value out of it as I do.

Most generally we all want to receive something for free. But how many of us would actually be willing to work for free?

With the economic struggles lately, everyone is feeling the pinch. It seems that there is far more month left at the end of the money. When the staff at a small "ma and pa" style pancake house found out that the owner was struggling they decided to Pay It Forward. This group of dedicated employees chose to relinquish all wages for one day in order to help the owner keep his struggling restaurant afloat. Working only for tips, in a selfless act of kindness, they forfeited their needs for the needs of their employer. For some, I am sure this was no small sacrifice.

This story got me to thinking. I wondered how many other people would do the same for their employer. Better yet, how many employers inspire their employees in such a manner that they would have the desire to give up their valuable time, without anything in return.

I have always been of the mindset that you should give 110% to whatever you do. Come in early, leave late, and give it your all while you are there. Unfortunately, I've run across too many people who are only worried about themselves and are far too happy to just punch in and punch out. I encourage those of you out there who do your job because you have to; just sit back, take a deep breath and think about what you do for others everyday. You never know when you may need someone to Pay It Forward for you.

I believe we can all take a lesson from these employees. With times being so hard on all of us I only hope to continue to hear more inspiring stories like this one.

Over the past few weeks I have been out looking at homes for sale for my little sister. Because of the price range she qualifies for, we have been looking at REO properties. I have to admit the first time we went out we definitely experienced what one might call "foreclosure shock". Prior to this, I was of the mindset that a foreclosure property was just a nice home at a really good deal. Boy was I mistaken! I was astonished at the lack of self dignity and self respect that some people uphold. I was amazed at the amount of damage that was incurred to what was once a seemingly nice home. I was in awe that the sellers didn't bother to even remove all of their personal belongings and garbage let alone clean the home. I personally could not imagine doing this to a home, foreclosure or no. When it comes down to it, is it not the bank's fault you were not able to make your payment!

When we set out again this past weekend, we thought we were more prepared for what we could expect to see. We were sadly mistaken. As I sit here now writing this, I am still in shock of what we saw. I had my reservations regarding this home in the first place due to the location. We were doing our best to keep an open mind, so we decided to just take a look hoping to be pleasantly surprised. Surprised we were, but it was most definitely not pleasant!

I am not sure what astounded me the most, the condition of the home; the fact that our Realtor proceeded with showing the home to us; or the fact that the Listing Agent actually had it listed and open for viewing in that shape. Is this really the commonly accepted process?

The listing read "There is much clutter (and odor) from previous tenant, ......Some personal items will be removed prior to closing". This was a gross understatement. What it should have said is ‘There is a massive amount of junk that you will have to wade through. Enter at your own risk.' The odor was what one would call dangerous to your health and we honestly had to cover out noses to avoid breathing the toxic air. Among the rubble, garbage, clothing, etc. we found brand new merchandise including a large screen Plasma TV. Clearly the tenants of the home were involved in some illegal actions. It was heartbreaking to walk through the rooms and find evidence that small children had lived here with the people that had vacated the house. I wonder what their poor lives must be like now as they are living with parents with very little conscience.

We cautiously continued through the immense disarray with a warning from our realtor to beware of the live mice, as one had just scurried past his feet. YIKES! After viewing the upstairs I was certain I had seen more than enough and waited outside for the others as they continued the tour downstairs. To my dismay, I was yet again taken aback when they returned with reports of a pistol and an axe just lying on the floor waiting for an unsuspecting victim. This might just be the most astonishing part of all. This is beyond my comprehension! Where is the listing agent's sense of responsibility?! How does he/she sleep at night with that kind of professional and personal liability looming over he/she?

People once again, never cease to amaze me.

I remember this time last year when I was staring out of the window awe struck at the amount of snow on the ground. By the end of January we had 63 inches of snow. That beat the average by 30 inches! Everyone was running around like chickens with their heads cut off, complaining about the amount of snow on the ground.

Now I am attempting to look out the window in vein because the snow is so profuse it has completely covered my window. This year we have gotten the greatest amount of snowfall ever recorded here in Spokane, WA. I wouldn't doubt it if we have already doubled last year's record and it is only January 6^th!

One good thing has come from having so much snow over the holidays is that it gives you no choice of whether to get out there and shovel! With the amount of holiday food I have eaten its amazing that I haven't gained an ounce. Let's face it the holidays are a time filled with family, friends and overeating. All this exercise really balances out the food and I feel great! Not to mention I might just have some really defined arm muscles by the time this is over. The snow on the sides of our shoveled paths is about 2.5 times the height of my 9 year old son. Like most of the residents here we too have managed to get stuck in our own driveway many times.

(yes we really did have to shovel this entire pile of snow!)

A scary fact added to all of this snow is that many of Spokane's buildings and even school buildings have had their roofs caved in. To add to the already weakening ecomomyhere many of the businesses have been forced to close due to heavy snow loads and treacherous road conditions. There have been churches, stores, and even schools that have caved in. It is terrifying to imagine how dangerous it could be if a school filled with children collapsed under the weight of the snow. The sheriff knew this when he ordered every school in Spokane County to be closed on this past Monday, January 5. They believe all of the schools are sound now so some of the schools have resumed class. I think my kids may have been praying for this because they have managed to get four extra snow days added to their winter break already. Last night they came screaming through the house up to my room ecstatic that their school had been cancelled again. I want to see how excited they are when they are sitting in their classrooms at the end of June. :}

Unfortunatley, it is also having a very negative impact on our Real Estate economy. Needless to say withthe roads being so dangerous there are not too many people out looking at homes right now. This combined with the additional cost of keeping roofs and pathways cleared sellers and builders alike are feeling the extra pinch for sure.

Snow can be beautiful. It can blanket a simple field with white and transform it into a scene of peaceful bliss.

Oh, I believe I forgot to mention... It's snowing again :((

Happy Shoveling to all of you Spokanites!