By Inman News Feed
REThink Real Estate Tara-Nicholle Nelson Inman News Q: I worked with an attorney and applied for a loan modification. After about six months of making no payments, the bank gave me a three-month trial modification with a lower payment under the Making Home Affordable program. I made all three payments on time, and have continued to make the reduced payment for the four months since the trial modification ended. I have called the bank dozens of times over the last four months, and they kept saying that the modification was still being reviewed. I just got a letter in the mail saying that the modification was declined because my "income documentation was insufficient"! What do I do now? A: You are experiencing what literally millions of other American homeowners are currently going through: the drawn-out suspense of waiting to get a loan modification, and the letdown when it doesn't happen as you were led to expect it would. While the Making Home Affordable Plan was promising at the outset, unfortunately it has not yet manifested the projected results. Many borrowers are having their permanent modifications rejected after successfully completing...
By Inman News Feed
Rising long-term care costs fuel demand for aging-in-place mods Tom Kelly Inman News Builders are doing an admirable job of incorporating universal design features in new homes, but baby boomers continue to be slow in accepting the need for them. Perhaps you know the type ... people who do not want to accept the fact that they will eventually get old. "I think universal design features can be likened to the first cell phones," said John Migliaccio, director of research at MetLife's Mature Market Institute. "At first, very few people used them. Now, they are ubiquitous. In fact, every kid has one. Consumers haven't really gotten the message on universal design, but we feel they will." The slow acceptance is not unlike the responses to environmentally friendly homes. For example, only 12 percent of respondents to a Metlife survey said they would pay more for a "green" home. The same folks are willing to pay an average one-time amount of $6,732 if it would save $1,000 annually in utility costs. While another 23 percent of respondents said they are concerned about the environment, it does not drive their decision to purchase. The educational push...
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing....
By Inman News Feed
Rent it Right Janet Portman Inman News Q: We have lived in our apartment, a ground-level unit in a new complex, for several years. Now my husband, who has multiple sclerosis, needs to use a wheelchair. Several of the doorways are too narrow to let the chair go through -- I have to help him up, support him, then fold and reopen the chair on the other side. When we raised the issue with our landlord, he told us that modifying the doorways is possible, but that we'd have to pay for it. We don't have that kind of money. Do you have any suggestions? --Sarah and Tim S. A: Your landlord is correct in noting that modifications to the living quarters of a person with a disability are usually the financial responsibility of the tenant. Widening doorways, lowering countertops and lowering light switches are among the modifications most often requested by tenants with disabilities. In the majority of cases, the work required to implement changes like these is reasonable, and landlords must grant the request -- but they don't have to foot the bill. Landlords can insist that the tenants obtain any...
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Rent it Right
Janet Portman
Inman News
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