By Inman News Feed
Employment counseling cheaper than foreclosing on delinquent borrowers Steve Bergsman Inman News® The concept seems so simple it's a wonder no one thought of it before. Even for the guy who conceived the program, it was an odd revelation. He was exercising on an elliptical machine, watching a Senate Banking Committee hearing on television when the idea occurred to him. The hearing focused on the frustrations involved with the loan modification process. The problem was, people were losing homes because they had lost their jobs and could no longer pay their mortgages. Not even a mortgage modification was going to help these homeowners. If they couldn't find work, their homes would go back to the banks. As much as people think otherwise, banks don't want to push a loan into default. It's too expensive. On average, it costs a bank $40,000 to $60,000 to foreclose on a mortgage. While on that elliptical, John Courtney, CEO of NextJob Inc., a Bend, Ore.-based employment firm, thought to himself: What if banks could cut their losses by helping borrowers find new employment? Courtney looked around the banking industry for an innovator and decided on Cincinnati-based Fifth Third Bancorp. "When they approached us, a bell went off," says Jon Meade,...
By Inman News Feed
8 tricks to enhance interior architecture Arrol Gellner Inman News® Mirrors in architecture have somehow gained the reputation of being cheap trickery. Part of this bad rap stems from the dreadful gold-veined mirror tiles that were so popular during the 1970s. They were applied haphazardly by laypeople and decorators alike, and became associated with all the other excesses of this period. Such kitsch aside, mirrors are one of the simplest and most effective ways to enhance interior architecture. But to be successful, they must be integrated into the architecture, not applied as an afterthought. 1. First, make sure you buy good-quality float or plate glass mirrors. Cheaper mirrors have ripples that distort the reflection, as well as thin silvering, which will quickly corrode. Also, for a really clean installation, attach mirrors with mastic rather than clips (you may wish to have a glazier do this for you). Mirror size is limited mainly by cost and by the clearances available in your house; floor-to-ceiling mirrors up to 4 feet wide are not uncommon. 2. When installing any mirror, take care that it's absolutely perpendicular to the walls and ceiling. Otherwise, the reflected surfaces will "bend" at the glass, destroying the illusion of continuity. 3....
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
After request for compensation is denied, does any recourse exist? Benny Kass Inman News® DEAR BENNY: I purchased vacant land (over 1/2-acre) a little away from the city in a country living-style neighborhood. At the time of purchase, the lot was overgrown and mostly couldn't be accessed except in one corner where a pumping station existed. I did not obtain a survey; I just looked at the county records/maps and purchased the land. A couple years later, a neighbor complained about one of the trees being dead on the property. The county code enforcement was after me to remove the dead tree. In the process of removing the tree, I met with the neighbor who mentioned to me about the pumping station being on my property (which I was not aware of), and he also said the previous owner was getting paid from the county every month for having the station on the land. During the process of tree removal I decided to clear the land as well. Then, I approached the county about the pumping station and asked them to pay me or remove the pumping station. The county attorney sent me a letter indicating that neither will happen because the pump existed...
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