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Carpe Diem...Getting the Feds to Modify your mortgage and payment.

Carpe Diem...Getting the Feds to Modify your mortgage

Rates can fall to 2%--if you know how to play the game.


If your income slumped along with the economy, you've got plenty of company these days. So much so that the government has a program meant to help you out by cutting your mortgage payments to 31% of your gross income. But it turns out that qualifying for this benefit will probably take some fancy footwork, a sympathetic partner and a little luck. Here are some pointers for navigating the terrain.

Get to Know the Program

The program in question is the Obama administration's $75 billion Making Home Affordable program.

It applies to mortgages held by Fannie Mae ( FNM - news - people ) and Freddie Mac ( FRE - news - people ), the two giant mortgage holders that the government took control of a year ago. Under the government's auspices, Fannie and Freddie are now cutting interest rates on mortgages they own to as little as 2%, with the aim of lowering payments to no more than 31% of a homeowner's gross income.

How do you know if Fannie or Freddie own your mortgage? The simplest way is to visit each of the lender's Web sites and type in the information requested about you and your residence. Remember: The giant home financing organizations buy loans that were originated by commercial banks and own a significant portion the nation's entire home loan assets. That means you may have taken out your mortgage through Bank of America ( BAC - news - people ), Wells Fargo ( WFC - news - people ) or another private lender, and they may still be servicing your account, while ownership has actually been transferred to Fannie or Freddie (if not, you may be out of luck. A list of other lenders participating in the Making Home Affordable program can be found here).

Estimate Whether You Qualify

If you do have a Fannie or Freddie loan, then figure out what portion of your gross monthly income your housing payment consumes. In this case, your "housing payment" means not only your mortgage costs but your PITI (principal, interest, taxes and insurance). Since you first took out your mortgage, it may have zoomed way up as a percentage of your household income, either because you and your spouse's income has fallen or because the adjustable rate of interest on the loan has ratcheted up. In either case, you should consider applying.


Navigating the Process

Even when Fannie and Freddie own loans, they don't handle homeowner paperwork themselves. Instead, they rely on banks to service their loans and to decide who qualifies for the Making Home Affordable program. The banks have been both stingy about granting approvals and overwhelmed by the sheer volume of applications.

The key to receiving a modification seems to be convincing the bank that you're in its modification "sweet spot." That means you're in dire enough financial straits to need help but not so deeply in trouble as to be hopeless. After all, the point of the program is to modify loans in a way that borrowers will be able to keep up.


What might disqualify you? Savings, for one thing. We spoke with nearly a dozen homeowners who applied for modifications. Several were turned down because of their hefty savings accounts.

On the other hand, if you have no savings and no job or income, you'll likely be turned down for a modification too. The program requires that applicants show proof of current income and that the income is likely to continue for at least nine months. Since in most cases unemployment benefits are part of a six-month program, they're unlikely to qualify you.

Other variables that can influence the odds of getting approved include your other debts (credit cards and car loans) and fixed costs. Once again, banks are looking for modifications that borrowers can live with. If you're seeking to have your housing payment cut to 31% of your income but are spending another 60% on private school tuition and health club memberships, the bank is unlikely to be convinced that you're a viable candidate.

Showing Just Enough Distress

It isn't pretty, but to go to the top of the list in your bank's loan modification department, it might help to miss a mortgage payment or two. "It feels terrible to say it, but go delinquent" if you have no real choice, says Ron Morgan, chief executive of Sterling Home Retention Services. Morgan's firm specializes in home-loan workouts, and many banks are outsourcing their problem loans to firms like his.

Getting Help

If you need help with the application process, it's probably available. The U.S. Department of Housing and Urban Development has a network of debt counselors, many available to work with you free of charge.

Tools on the Internet may also help you improve your chances at getting a modification. The owner of Homeowner's Toolbox is a former California mortgage broker who says he has consulted with the banks he used to source loans for and has a sense of each bank's modification "sweet spot." Homeowner's Toolbox is free to users and claims to estimate the probability that a homeowner will be approved for a modification.

Beware:

The last thing you want to do is make your financial problems worse. That means avoiding any for-profit outfit that "promises" to get you a modification or that insists on a large payment upfront.

Carpe Diem..Time for an Energy Audit....

SAVE ENERGY

Periodic energy audits can save you money. So can a few simple adjustments in your home. Here are a few to get you started in the right direction.

* Vacuum the condenser coil of your refrigerator often and check the door seal to make sure it doesn't leak.

* Try to run your dishwasher only once a day and choose the water-saving cycle.

* Toilet handles that stick should be replaced.

* Only wash full loads of clothing and pre-soak when possible. If you must wash a partial load, adjust the water level. Did you know most clothes are just as clean when you wash them in cold water?

* Clean the lint filter in your dryer after every use and wash occasionally to remove the coating left by dryer sheets.

* Lower the temperature on your water heater to 120 degrees and use an insulation wrap. It only costs about $20 and helps hold the heat inside.

* Turn off whatever is not being used - lights, fans, TVs, etc.

* Fix dripping faucets to reduce water usage.

* Replace your most used light bulbs with ENERGY STAR compact fluorescent bulbs. You'll keep your home cooler in the summer and save money in energy costs.

* Check and replace filters each month on your heating and air conditioning units.

* Replace single pane windows with low e-coated or ENERGY STAR windows. Storm windows will also conserve energy.

* When it's time to replace appliances or mechanicals in your home, look for items that contain the ENERGY STAR label. It's the government's rating program that shows you which items are more efficient.

Prudential RUBLOFF..next gen. of Real Estate Firms

Market Leaders Unite to Form Prudential Rubloff Properties

Prudential Preferred Properties and Rubloff today announced the merger of Rubloff Residential Properties with Prudential Preferred Properties.

The combined company will operate as Prudential Rubloff Properties, an independently owned and operated firm with 17 offices and nearly 900 sales professionals and staff. Prudential Rubloff has a formidable presence in Chicago’s high-end markets of Cook and Lake counties, and in Michigan’s exclusive Harbor Country. The two firms closed more than $2 billion in real estate sales in 2008; both outpace any major brokerage in Cook and Lake counties for highest average list and sales price.

The merger bonds two of Chicago’s most respected firms whose distinguished roots trace back nearly 80 years. Principals Chris Eigel and Michael Pierson, longtime veterans of Chicagoland real estate, will lead the new company as chief executive officer and president/chairman. Rubloff principals Howard Weinstein and Tom Horwich complete the Prudential Rubloff leadership team and will continue with the firm focusing on future growth in the metropolitan market.

“Rubloff is a revered Chicagoland company – part of Chicago’s cultural fabric for philanthropy, civic development and distinguished real estate services,” said Pierson. “Of course, Prudential is recognized globally for strength, integrity and innovation since 1875.”

Weinstein, who with Horwich acquired Rubloff Residential Properties in 1996, said the company’s strong, local ownership will respond quickly to Chicagoland market opportunities and challenges. “Both firms have similar business philosophies, market segments and corporate cultures, making the union an ideal fit,” he explained. “Rubloff’s nearly 80-year history of excellence continues, as the firm expands onto Chicago’s coveted North Shore to fulfill one of founder Arthur Rubloff’s dreams.”

Added Horwich: “Prudential Rubloff changes the landscape of Chicagoland real estate. The company is now a powerhouse of agent and client services that establishes a new level of service throughout Chicagoland.”

As real estate technology leaders, the merging companies bring to the union a full array of online resources and proprietary lead-generation tools. Both companies are known for their technology and marketing innovation. Prudential Rubloff will use the award-winning Rubloff.com website, integrating technology and online tools from both organizations.

“Together the two firms will boast Chicagoland’s finest team of sales professionals and managers,” said Eigel. “When other real estate companies are cutting back, Prudential Rubloff is doubling efforts.”

Earl Lee, president of Prudential Real Estate and Relocation Services, added: “Two fine organizations join forces and instantly jump to the forefront of Chicagoland real estate. We are ecstatic to broaden our brand in these key markets as Prudential Rubloff.”

Prudential Real Estate and Relocation Services, Inc. is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated.

Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential.

Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with approximately 1,940 franchise offices and 62,000 sales professionals in the franchise Network as of June 30, 2009.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America.

Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The Company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

A Green Idea!

A GREEN IDEA

Trash gets no respect! But that is already changing. Production has started to create a movable power generator that will be fueled by waste products using everything from walnut shells to discarded tires. And did you know that the excessive methane gas produced by landfills can be used as energy as well?
Up till now solar and wind energy have been the best sources of renewable energies. One new plan calls for utilization of biomass materials, including agricultural wastes, cardboard, paper and sawdust. With this unit, a wood mill could incinerate sawdust and other waste creating enough power to run its machines rather than depend on diesel power.

Here's how it works. The multi piece unit has a large feed hopper and a high temperature incinerator that vaporizes the biomass as it enters. The resulting heat can turn a turbine, making up to 300 kilowatts of electricity. The unit is transportable, so everything is done on site. Instead of taking the trash to a location for burying or burning, you dispose of it at the source and create energy for use.

The output is a fraction of the capacity of an industrial power plant but because it can be transported and set up in a matter of days, it can be brought to remote areas. It's been tested on a wide range of materials, including corn cobs and husks, sugar cane residue and non-recyclable plastics. It's 75 percent efficient and has met very stringent emissions requirements.
In addition to the movable power generator, harnessing the methane naturally produced by waste breaking down in landfills is another green energy option. Methane is a primary constituent of landfill gas (LFG) and a potent greenhouse gas when released to the atmosphere. Reducing methane emissions by capturing LFG and using it as an energy source can yield substantial energy, economic, and environmental benefits. The implementation of landfill gas energy (LFGE) projects reduces greenhouse gases and air pollutants, leading to improved local air quality and reduced possible health risks. LFG projects also improve energy independence, produce cost savings, create jobs, and help local economies.

Carpe Diem...Sleek 1890's rowhouse

Check out website@..http://956wdickens.rubloff.com/

Carpe Diem. Sleek 1890's rowhouse with updated kitchen and baths. Tons of light from skylights...Redone oak floors. Chef's kitchen with stainless steel appliances and double oven. Serene back yard for summer grilling.

Taxes: $10,500
Assessment: $0
MLS #: 07283412
Room Dimensions
Living Room: 14X12
Dining Room: 10X14
Kitchen: 14X14
Family Room: 17X12
Master Bedroom: 17X18
Bedroom 2: 10X12
Bedroom 3: 09X09
Bedroom 4: 11X09
Property Features
Year Built:1894
Approx. Sq. Ft: N/A
Lot Dimensions: 18 X 100
Lot Size: N/A
Parking Space: N/A
Fireplace: 3
Garage: N/A
Basement: Full,Finished

Energy Management systems allow homeowners back in the drivers seat

If you’ve ever driven a Toyota Prius hybrid, you know the car’s dashboard includes a monitor that displays which power source is operating and how many miles per gallon you’re getting. The functionality has spawned a practice called “hypermiling,” in which drivers squeeze every little bit of fuel efficiency out of their cars by making adjustments to the way they drive.

Now homeowners can do the same thing. An array of manufacturers offer residential energy monitoring and management systems that serve much the same purpose. These “dashboards” give feedback that homeowners can use to maximize a house’s energy and resource efficiency, and help your homes live up to their performance expectations. And some manufacturers are adding even more advanced features that will help them monitor and control the sources and use of resources.

At the most basic level, energy monitors provide a simple readout of the total amount of energy the home is using, often by attaching a sensor to the electric meter that sends a wireless signal to the in-home display. The monitors may show the dollar cost of the electricity based on electric rates that the user enters or may let users monitor energy usage by day or time.

Research has shown that even such basic feedback can lead to savings. In a 2006 paper “The Effectiveness of Feedback on Energy Consumption” for the University of Oxford, Sarah Darby says the literature demonstrates “that instantaneous, direct feedback in combination with frequent, accurate billing is needed as a basis for sustained demand reduction.” She adds that the norm for energy savings from direct feedback is 5% to 15%, and studies using a table-top interactive cost and power display unit have shown savings as high as 20%.

“If you can see it on a display, people then take a real interest in lowering [energy] demand,” says Keith Davis, president of Residential Technologies, a Charlotte, N.C.–based electrical and electronic systems contractor. “Having knowledge allows them to control energy use within their budget and financial means and within their lifestyle.”
No matter how carefully you plan for the operation of your homes, the occupants’ lifestyles and habits determine the buildings’ ultimate performance. Energy management systems can help customers achieve the energy efficiency they thought they would get from a green home.

Beyond basic whole-house monitors, installers can turn to packaged monitoring systems that offer more detailed feedback or to control systems that let homeowners automate energy-saving tasks.

Fine-tune Feedback



While simple, whole-house monitoring can lead to proven energy savings, builders and remodelers can help homeowners fine-tune their homes further with energy management systems, such as Agilewaves or EcoView, that give feedback on individual systems or resources like gas and water. Agilewaves, for instance, has a resource monitor that can track individual electric loads, rooms, or floors of the home, or alternative power generation, in addition to gas and water.

For example, one Agilewaves customer installed a powerful solar array and discovered his inverter was failing at peak production—data he most likely never would have seen otherwise, says company chief technical officer David Brock.

Adding to the options are home control systems and intelligent HVAC controllers that not only monitor the energy a system uses, but also control settings based on occupancy, temperatures, or the cost of energy at a given time. Such systems, including Control4 and Crestron, are better known for their home theater and “smart home” controls, but some are now set up to integrate energy monitoring features, and at a more reasonable cost than luxury systems of the past, acccording to Bill Ablondi, director of home systems for research firm Parks Associates.

These systems build off such useful but underused technologies as programmable thermostats and lighting controls to also monitor the energy used by the products they control and provide feedback. In short, they make it easier to operate the home at peak performance. While they face many of the same challenges as home automation systems—builders may be unwilling to add to the home’s initial cost, and the systems might intimidate less tech-savvy homeowners—they can be a differentiator.

Homeowners can now operate and manage control and monitoring systems in a variety of formats, from the traditional wall-mounted touchscreen to a Web application to mobile phones or devices. Many of the companies offer e-mail or text alerts when certain energy or carbon footprint thresholds are met and can automatically take action, such as setting back the temperature, to decrease the load.

The systems vary in how they monitor usage. Some use individual load sensors that track the electrical draw of a device—a more accurate but more expensive method. Others simply calculate predicted energy use based on runtime and settings for a device.

Smart Thinking



Proving a return on investment is still an obstacle. At $500 for an entry-point controller and several thousand dollars for a full home control system, payback at current energy prices is six to eight years, says Eric Smith, chief technology officer of Control4, though he adds the company is working on a basic package that would cost less than $250. Agilewaves’ typical whole-house gas and electric monitoring system with details on seven circuits retails for $7,500, and prices can range higher or lower depending on capabilities.

Home energy hypermilers also will ask about the systems’ own energy use, which varies depending on the device. Brock says Agilewaves has been conscious about the resource monitor’s energy draw, and that the system pulls up to 30 watts at maximum.