Audrey's Adventures in Real Estate

Silver Spring OPEN HOUSE Sunday 1-4pm

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 10 Jul 2009 17:27:34 -0500

Audrey June-Forshey | RE/MAX Reatly Group | 301-921-2672

2100 Marymont Road, Silver Spring, MD

OPEN HOUSE Sunday 1pm to 4pm Luxury One Level Living! Gleaming Hardwood Floors, New Gourmet Kitchen. Four En Suite Bedrooms. Swimming Pool!

5BR/4.5BA Single Family House

offered at $650,000

Year Built	1948
Sq Footage	Unspecified
Bedrooms	5
Bathrooms	4 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	127,631 sqft
HOA/Maint	$0 per month

DESCRIPTION

Large Custom Rambler, with new kitchen. Maple Cabinets, granite, Thermador 5 burner cooktop, double ovens.
Beautiful Sunroom across the back of the house over looking back patio and pool.

see additional photos below

PROPERTY FEATURES

• Central A/C	• Central heat	• Fireplace
• Walk-in closet	• Hardwood floor	• Tile floor
• Family room	• Living room	• Bonus/Rec room
• Dining room	• Breakfast nook	• Dishwasher
• Refrigerator	• Stove/Oven	• Microwave
• Granite countertop	• Attic	• Basement
• Washer	• Dryer	• Laundry area - inside
• Balcony, Deck, or Patio	• Yard	• Swimming pool

OTHER SPECIAL FEATURES

• All Brick Construction

• Built In Swimming Pool

ADDITIONAL PHOTOS

Front	Living Room w/fireplace
Kitchen	Sunroom
Rec room w/firplace	Swimming Pool

Contact info:

Audrey June-Forshey

RE/MAX Reatly Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 10, 2009, 2:19pm PDT

2100 Marymont Road Silver Spring MD 20906 Remodeled from Top to Bottom!

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Mon, 25 May 2009 21:02:23 -0500

Audrey June-Forshey | RE/MAX Reatly Group | 301-921-2672

2100 Marymont Road, Silver Spring, MD

Luxury One Level Living! Gleaming Hardwood Floors, New Gourmet Kitchen. Four En Suite Bedrooms. Swimming Pool!

5BR/4.5BA Single Family House

offered at $650,000

Year Built	1948
Sq Footage	Unspecified
Bedrooms	5
Bathrooms	4 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	127,631 sqft
HOA/Maint	$0 per month

DESCRIPTION

Large Custom Rambler, with new kitchen. Maple Cabinets, granite, Thermador 5 burner cooktop, double ovens.
Beautiful Sunroom across the back of the house over looking back patio and pool.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Hardwood floor	Tile floor
Family room	Living room	Bonus/Rec room
Dining room	Breakfast nook	Dishwasher
Refrigerator	Stove/Oven	Microwave
Granite countertop	Attic	Basement
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard	Swimming pool

OTHER SPECIAL FEATURES

All Brick Construction

Built In Swimming Pool

ADDITIONAL PHOTOS

Front	Living Room w/fireplace
Kitchen	Sunroom
Rec room w/firplace	Swimming Pool

Contact info:

Audrey June-Forshey

RE/MAX Reatly Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: May 25, 2009, 5:54pm PDT

Absolutely Fabulous Home 22 Inkberry Circle, Gaithersburg, MD 20877

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 06 May 2009 14:04:05 -0500

Audrey Forshey | RE/MAX Realty Group | 301-921-2672

22 Inkberry Circle, Gaithersburg, MD

Absolutely Fabulous Home

3BR/2.5BA Townhouse

offered at $389,000

Year Built	2003
Sq Footage	1,924
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	1,867 sqft
HOA/Maint	$83 per month

DESCRIPTION

Absolutely fabulous home! Large home with a 3 level bump out. Center island kitchen is the hub of the house w/ sunroom & FRoom - with fireplace off of the kitchen. Large living room welcomes you right into the home. New trex style deck off of the kitchen level. Enormous MBR suite, bath with large jetted tub. Lots of storage. Rough in basement only needs fixtures, floor & bath finished.

see additional photos below

ADDITIONAL PHOTOS

Photo 6	Photo 1
Photo 2	Photo 3
Photo 4	Photo 5

Contact info:

Audrey Forshey

RE/MAX Realty Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: May 6, 2009, 9:42am PDT

Super Home In Mint Condition 4302 Independence Street, Rockville, MD

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 06 May 2009 14:00:02 -0500

Audrey Forshey | RE/MAX Realty Group | 301-921-2672

4302 Independence Street, Rockville, MD

Super Home in Mint Condition

3BR/1BA Single Family House

offered at $289,000

Year Built	1955
Sq Footage	8,067
Bedrooms	3
Bathrooms	1 full, 0 partial
Floors	2
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$0 per month

DESCRIPTION

Super Home in Mint Condition!!! Light and bright with floor to ceiling windows. Freshly painted and new neutral carpet on the main level. Hardwoods on the main level too. Updated bathroom, new vinyl siding and soffits. Off street parking and carport! Beautiful BIG backyard!! Full finished basement with plenty of storage. NOT A SHORT SALE OR REO!

see additional photos below

ADDITIONAL PHOTOS

Photo 1	Photo 4
Photo 2	Photo 3
Photo 5	Photo 6

Contact info:

Audrey Forshey

RE/MAX Realty Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: May 6, 2009, 8:42am PDT

Turn Key Condition Germantown, MD 20874

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 06 May 2009 13:57:02 -0500

Audrey Forshey | RE/MAX Realty Group | 301-921-2672

13703 Creola Court, Germantown, MD

Turn Key Condition!

2BR/2BA Condo

offered at $264,900

Year Built	1990
Sq Footage	1,629
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	3
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$57 per month

DESCRIPTION

Turn Key Condition. Come see this model like townhome condo. Skylights and big windows let the sunshine in!! Freshly painted, brand new carpet and new pergo floors make this home shine. Generous sized bedrooms with tons of closet space. Upper level has large loft that could be family room, office or you could close it off for 3rd bedroom. Lender letter & financials. NOT A SHORT SALE!

see additional photos below

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 4	Photo 1
Photo 2

Contact info:

Audrey Forshey

RE/MAX Realty Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: May 6, 2009, 8:13am PDT

Breathtaking Home

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 06 May 2009 13:51:41 -0500

Audrey Forshey | RE/MAX Realty Group | 301-921-2672

7509 Boxberry Terrace, Gaithersburg, MD

Breathtaking Home

4BR/3.5BA Single Family House

offered at $567,000

Year Built	1993
Sq Footage	2,401
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	7,374 sqft
HOA/Maint	$0 per month

DESCRIPTION

Breathtaking home! This home has everything!!! Gorgeous hardwoods on the main level. Gourmet kitchen with 42inch cabinets, new appliances, corian, ceramic tile and it's open to family room with vaulted ceilings, skylights and a fireplace. Beautiful deck, patio and landscaping all backing up to parkland.

see additional photos below

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Audrey Forshey

RE/MAX Realty Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: May 6, 2009, 9:35am PDT

Designer Top Floor Loft Condo Germantown, MD 20874

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 06 May 2009 08:07:17 -0500

Audrey June-Forshey | RE/MAX Reatly Group | 301-921-2672

20412 Shore Harbour Drive, Germantown, MD

Two Story Loft Condo Completely Remodeled from top to Bottom. High End Designer Finishes through out. Chef's Custom Kitchen, Maple Hardwood Flooring

2BR/3BA Condo

offered at $310,000

Year Built	1992
Sq Footage	1,780
Bedrooms	2
Bathrooms	3 full, 0 partial
Floors	2
Parking	1 Uncovered spaces
Lot Size	Unspecified
HOA/Maint	$320 per month

DESCRIPTION

Top Floor Condo flooded with Light, big paladian windows. Granite counter tops, built in top of the line kitchen appliances. Every pull out, spice drawer, lazy susan you could want in the custom 42 inch Maple cabinets. Slate flooring in the kitchen, extra storage, sky lights. Custom bathroom vanities with marble tops and vessel sinks. High end fixtures through out

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Granite countertop
Stainless steel appliances	Washer	Dryer
Laundry area - inside	Balcony, Deck, or Patio

COMMUNITY FEATURES

Guest parking	Clubhouse	Storage space(s)
Swimming pool(s)	Tennis court(s)	Lake
Playground

OTHER SPECIAL FEATURES

Heated Kitchen and master Bathroom Flooring

ADDITIONAL PHOTOS

Living Room	Kitchen
Master Bedroom	Master Bath
Loft	Fall Lake

Contact info:

Audrey June-Forshey

RE/MAX Reatly Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: May 5, 2009, 8:31pm PDT

Five Tips To Be a Successful Landlord in Montgomery County Maryland. . .

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Tue, 05 May 2009 21:08:36 -0500

When I meet with sellers these days the discussion of renting their home has become a popular topic. Maybe they are in a situation where they cannot sell and clear enough money to justify selling the home, but they are in a situation where they can keep their current home and still move on to their next home. sell.

In order to do this there are some financial requirements your next lender will require of you in order to qualify for your next mortgage, please consult with a competent mortgage professional to make sure you qualify and help you make sound decisions about your mortgage situation.

In the event you decide to become a landlord because it makes financial sense for you some of the things you will want to consider are ;

1. Get a good accountant. They will be a Godsend at the end of the year for the items that will now become tax deductible to you. Things like capital improvements, depreciation, writing repairs off etc. When you have these types of things to consider as a landlord, you don't always have to get even steven rent to mortgage payment. For me personally, I lose a little on one property but it comes out in the wash at the end of the year and I have a great tenant, which is worth it's weight in gold to me.

2. You will need to emotionally detach yourself from the property. You notice I called it a "property"? It is not your home so much anymore, think of it as an investment. I will tell you that you will need a strong stomach to be a landlord. One reason is that most people will not love your property as much as you do and you may have to deal with a tenant that doesn't pay the rent on time and you may have to juggle the payments sometimes.

3. Make sure that each person interested fills out an application that lets you verify their employment and their credit. You will want to make sure that your potential client has a steady job and that they make the income that they say they do. There are a couple of ways that I verify this as an agent. The first thing I will do is ask for a copy of identification and two copies of pay check stubs. That way you can see that they get paid about the same amount every couple of weeks. If the potential tenant wants you to verify their employment with a phone call to a supervisor, make sure you call the main company phone number and ask for the human resources department to verify their income and employment. You will want to make sure they don't have you calling their friend. Get something in writing from the HR department verifying the information.

4. Pull Credit. When you have pulled credit on the potential tenant, you will want to review their credit. If you do not know how to read a report, contact the person who pulled the report and ask them to explain it to you. Optimately you will want to have someone with a score near or above 700. That is the number I look for. This will show that they tenant has a good track record of paying their bills in a timely fashion. It is really the only gage that shows how timely they pay their bills. It is not a guarantee, but it is probably your best gage of how timely you will be paid.

5. The last item I make sure that EVERY landlord in Montgomery County Maryland knows about is the fact that you must have a license to be a landlord. It costs $95 a year and you have got to have it. The county says so, and it is part of a standard Montgomery County lease. If you, as a landlord, have a dispute with your tenant - I am even talking about whether or not the rent has been paid or not - and you do not have a license you may not be able to make a claim on the back rent. You will need to consult an attorney, but I personally know someone that lost thousands of dollars by simply not having their county license to be a landlord. If you need an application Click here for one now.

These are basic tips to get you started as a landlord. Remember the people living in your house are people and have feelings. I find that by treating my tenants with respect, fixing things immediately if they are broken they in turn take better care of my property and treat me with the same respect in turn.

If this information seems like too much for you to deal with, you can always hire a professional property management company to manage the property for you. They will most likely charge you a monthly fee, but will be the person that screens the applicants, fields the calls in the middle of the night when the A/C breaks for you so you don't have to deal with these items.

If you would like information on property management companies feel free to contact me and I can put you in touch with a professional management company.

Germantown MD Top Floor Condo Price Reduced to $169,000

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Sun, 26 Apr 2009 10:32:12 -0500

Audrey June-Forshey | RE/MAX Reatly Group | 301-921-2672

18020 Chalet Dr., Germantown, MD

Fabulous Top Floor 2 BR 2BA Condo

2BR/2BA Condo

offered at $189,900

Year Built	1989
Sq Footage	Unspecified
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$170 per month

DESCRIPTION

This 2 BR 2 Full Bath condo is light and bright with skylights in the kitchen and eating area. Newer appliances in kitchen. Cozy fireplace in living room. Full size laundry room with full sized washer and dryer. Large bedrooms, master with walk-in closet. Balcony and storage for all of your extra things. Neutral decor throughout.

see additional photos below

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 6

Contact info:

Audrey June-Forshey

RE/MAX Reatly Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 24, 2008, 10:20am PST

Open House 4/26/2009 7509 Boxberry Terrace Gaithersburg, MD 20879

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Sun, 26 Apr 2009 10:10:31 -0500

Come See this Country French Beauty today from 1:00 to 4:00

Audrey June-Forshey | RE/MAX Reatly Group | 301-921-2672

7509 Boxberry Terrace, Gaithersburg, MD

Country French Beauty

4BR/3.5BA Single Family House

offered at $567,000

Year Built	1993
Sq Footage	2,401
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	3
Parking	Unspecified
Lot Size	7,374 sqft
HOA/Maint	$29 per month

DESCRIPTION

Immaculate and lovingly cared for home by original owner. The large gourmet center Island kitchen is the hub of the home. You will love the hardwood floors on the main level. Also, the kitchen has 12" ceramic tile on the diagonal for a custom look. You will love sitting on your large deck amongst the beautiful blooming trees. The spa like master suite will make any owner happy. Turn key, ready to move in, truly a lovely home and aggressively priced to sell.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Bonus/Rec room	Office/Den	Dining room
Breakfast nook	Dishwasher	Refrigerator
Stove/Oven	Attic	Basement
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Garage parking	Swimming pool(s)	Tennis court(s)
Playground

OTHER SPECIAL FEATURES

Paver Patio With Firepit

ADDITIONAL PHOTOS

Exterior	Kitchen
Dining Room	Family Room
Rec Room	TV/Media Room

Contact info:

Audrey June-Forshey

RE/MAX Reatly Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 26, 2009, 6:52am PDT

Spending Some Green, Making Some Green, and Keeping Mother Earth Green . . .

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 22 Apr 2009 00:09:19 -0500

Seems I have been green longer than I care to admit. Ever since I was a kid, like 40, there I said it, years ago. My mom is from Germany and they have always recycled and reused as part of their culture for years before we showed up.

We never wasted anything, brown grocery bags, they were our trash bag, when they changed to the plastic kind, ditto. If we ever got food in those plastic containers, we reused them to save leftovers. We always found at least a second use for everything. Thanks Mom, who knew you were so cool??

We had those grocery bags that you took to the grocery store way back when. However, when I went to the grocery store we would never use them back then, they weren't so cool. None of my friends did it , you know what I am talking about. Now it is the THE thing.

Fast forward to today, I am the recycle police in my office. Actually, I am pretty obnoxious about it and making sure others follow the green rules as well. Living in Montgomery County Maryland, it is pretty easy to recycle. They provide residents with recycle bins for paper and plastic and we have free pick up once a week.

I was showing a condo in a high rise in Bethesda and there was a representative from the county speaking to the building manager. He was telling, actually insisting, the manager that they need to have the paper recycle bin next to the mailbox area in the lobby so the residence could automatically throw away their junk mail/paper right there in the lobby.

If you are a business in Montgomery County, MD it is mandatory that you have recycle bins for paper and plastic. I swear I will pull regular paper I find in the trash can and put it in the bin. My assistant thinks I am a nut. Too bad, I have my convictions.

I was looking for a marketing idea for a "Pop by". If you are a Buffini student you will know what a pop by is. For those of you who are not, a pop by is when you have an item of value to drop off to your past client. One day I had an "Aha Moment" for a great pop by idea and it was a very green one that I thought I would share with you.

I was in Whole Foodsand they had the reusable grocery bags. You know the ones I wouldn't be caught dead with when I was younger? Well there they were, .99cents each. I bought 150 of them for my pop bys.

So what I did was group the bags in twos and made a postcard that said the bags were from me. I tied them together with a ribbon with the note that said they were a way to pay it forward to our Mother Earth. Then drove around to my past clients homes and dropped them off. Some of my folks were home and it was fun to see them too.

I will tell you that I got the most calls and emails from those bags. I still need to do another run to more of my clients and will because I had such a great response from the bags.

The good news is that you spend some green and everyone is happy to help Mother Earth breath a little easier.

By TwitterIcon.com

Social Networking and The Montgomery County Women's Council of REALTORS(R)

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Thu, 16 Apr 2009 23:11:27 -0500

I was asked by the Montgomery County Maryland Women's Council of REALTORS® to give a presentation about what I have learned about social networking in the last couple of years. I was honored to be asked and so I went last Wednesday to see the members of WCR

I put my presentation together, keeping it simple for myself and for the members to not be overwhelmed by the massive amount of information that goes along with social networking. I thought Blogs, Social Networks and Micro-blogging would be the a good place to start. I am far from being and über geek or any kind of expert, but I have taken many classes over the last year, and still do now, to learn about this ever evolving way of doing business.

I put my presentation together, simple and what I hoped would be clear for the members to understand. My RE/MAX broker was great and loaned me the projector for my presentation. I got there, set everything up, had my cup of coffee, waited for the meeting to be called to order and wouldn't you know the bulb burns out in the projector!! Never a good thing for a presentation, let alone my nerves. Trying to fix it, to no avail, we decide to just us my laptop, turn down the lights and press on.

My main focus of the presentation was what Social Networking was, why we should care about it, and how can someone get started.

My suggestions for the group, that have worked for me personally were:

ActiveRain because it is a real estate community
RealEstatetomato because of the extensive training
Facebook because we all need friends and exposure
Twitter is easy and part of my social network

I told the members that social networking was the future of real estate marketing not only for Listing and selling homes, but also for branding ourselves in our community.

I think several understood what I was saying and asked me several questions. I told them I was not a technical person but would find out the answers for the things I did not know. I think one of the biggest things I had going for me was that I am not a technical computer person, I am a REALTOR® who can explain this type of information in a way that non technical people can understand. We speak the same language of marketing homes not html.

I had a great time with the members and was flattered to be asked. Funny though, I think if I am involved with these groups, I think I am pretty mainstream, but I found that it is not popular as I thought. I hope the members found my information helpful and will become active in social networking.

I hope that the members will take some time to explore these networks that I have shared with them. I think they will be amazed at the support that they will receive from others who are already active in Social networking, there is nothing to be intimidated about, jump in! I hope the members of WCR will try to join one network at a time, slowly learning how to be a participant in the paradigm shift of our industry.

Besides, I got new followers on Twitter :)

Fabulous Top Floor Condo

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Mon, 30 Mar 2009 11:02:11 -0500

Audrey Forshey | RE/MAX Realty Group | 301-921-2672

18020 Chalet Drive #301, Gaithersburg, MD

Bright Top Floor Condo

2BR/2BA Condo

offered at $169,000

Year Built	1989
Sq Footage	1,062
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$170 per month

DESCRIPTION

Fabulous top floor condo. Light and bright with skylights in kitchen eating area. Newer appliances in the kitchen. Cozy fireplace in the living room. Full size laundry room with washer and dryer. Large bedrooms, Master with walk in closet. Balcony and storage room for all your extra things. Neutral decor throughout. Great price --- shows well. Lender letter and financials with offers.

see additional photos below

ADDITIONAL PHOTOS

Cozy fireplace	Spacious living room
Newer appliances	Skylights in kitchen
Full size washer/ dryer	Lots of light

Contact info:

Audrey Forshey

RE/MAX Realty Group

301-921-2672

For sale by agent/broker

Equal Opportunity Housing

Posted: Mar 30, 2009, 7:54am PDT

First Time HomeBuyers Tax Credit - $8,000 Homebuyer Tax Credit - The specifics

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Sat, 28 Mar 2009 22:23:33 -0500

Thanks to Jeff, here is a clear concise list of the details of the First time home buyer tax credit.

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

First Time Homebuyers - In my opinion, this is one of the best times to buy in the last 10 years. Here are a few reasons why.

Home values are done 10% to 15% in many areas

Many foreclosures to choose from, possibly getting a better deal

Mortgage interest rates are just about the lowest in 25 years - interest rates from 4.5% to 5.5%

$8,000 first time homebuyers tax credit - Up to $8,000 depending on your purchase price

The tax credit was revised in the 2009 stimulus bill. So how does the first time homebuyers tax credit work and how different is it from last years $7,500 tax credit? It's very simple and I won't got into full details, just the basics. But let's first define a first time home buyer - someone who had not owned a home 3 years previous to January 1st, 2009. In regards to the $7,500 tax credit, you couldn't own a home from July 2, 2005, through July 1, 2008. This revived tax credit is good for any first time homebuyer buying after December 31st, 2008 and up to November 31st, 2009.

So what do you need to know?

The maximum tax credit is $8,000 for either a single taxpayer or a married couple filing jointly. It is 10% of the purchase price. So in order to get the maximum credit, the purchase price must be $80,000 or more.

This tax credit is not paid back like the first one of $7,500.

There are income restrictions which can range from $150,000 to $170,000 for a joint return or from $75,000 to $95,000 for a single return. There are other factors involved when determining the actual income restrictions.

This credit can't be used if you are buying a home from a close relative, which is to include a spouse, a grandparent, child, or even a grandchild.

You can only use this tax credit for your primary home, not for a second home or an investment property.

Purchasers who utilize revenue bond financing can use this credit. With the $7,500 credit, this was not allowed.

If you sell your home within 3 years of the purchase date, the entire credit is recaptured.

There are a few ways to obtain this first time homebuyers tax credit. You can certainly file for your monies after you buy your dream house. You can also file an amended return if you buy your home after April 15th. But there is one other way to obtain some of this tax credit before you buy your home. Here is how.

If you believe that you are buying a home prior to the deadline date of December 1st, 2009, you can actually reduce your income tax withholdings. You can reduce up to the amount of the credit allowed, which will allow you to accumulate cash. This is done by raising your take home income, in which the money accumulated can then be applied to the purchase of your new home.

I am not a tax accountant, so it is mandatory that you speak to your accountant. But you would need to adjust your withholdings amount on your W-4 through your employer or if self-employed, through your quarterly estimated tax payments. Here are the rules and guidelines for your income tax withholdings. IRS publication 919 in how to adjust your withholdings. Keep in mind, if you don't use this money, you will have to repay it back. Overall, the $8,000 tax credit should be thought about when buying a new home.

Disclosure : This information is based on what I have read in regards to the new stimulus bill of 2009. Please talk to your tax accountant when it comes to the specifics of this tax credit and in regards to gifts and what is allowed before being taxed.

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger

Long and Foster Head to take over reigns at FHA...Obama got this one right !

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Sun, 22 Mar 2009 19:45:32 -0500

My Friend John MacAurther from Long and Foster, posted this announcement. I thought I would pass it along to show one of our local folks will be heading up FHA.

Via John MacArthur Branch Manager (Long and Foster Real Estate, Inc.):

Long & Foster Leader to Get Top FHA Post

By: Diana Olick, CNBC Real Estate Reporter | 21 Mar 2009 | 08:01 PM ET

President Obama is planning to name the head of Long & Foster Real Estate to lead the Federal Housing Administration, CNBC has learned.

Dave Stevens

Dave Stevens, president and chief operating officer at Long & Foster, likely will be named to the post Tuesday or Wednesday, sources said.

With housing at the centerpiece of the White House's economic rescue plan, the leader of the housing agency will be critical in making sure the plan is implemented.

Among Obama's goals are to help rescue homeowners facing foreclosure and to improve the regulatory process in the mortgage industry. FHA would be central in dealing with many of the issues the president has outlined.

David H. Stevens is a personal friend of JMac while also serving as President and Chief Operating Officer of the Long & Foster Companies which includes Long & Foster Real Estate and its' Affiliated Businesses including Mortgage, Title, Insurance, and Home Service Connections, and David joined the Long & Foster Companies in July, 2006 as President of Affiliated Businesses. Prior to joining The Long & Foster Companies, Stevens was Executive Vice President, National Wholesale Manager responsible for all sales, operations, and finance for Wells Fargo Home Mortgage's wholesale channel.

Prior to his joining Wells Fargo Home Mortgage, Stevens was Senior Vice President of the Single family business at Freddie Mac where he was responsible for all sales, marketing, affordable lending, product development, communications, and loan prospector for the firm. In this role, David served as lead spokesperson for the firm and managed all aspects related to sales, customer management, market share, and business strategy.

Stevens began his career at World Savings bank, where after 16 years; he was promoted to Group Senior Vice President, National Sales Manager for the mortgage division.

Stevens was the founding Executive sponsor of the Woman's Mortgage Industry Network, and coordinated the first Latino initiative joint venture with Freddie Mac and Latino mortgage industry leaders. He currently sits on the Board of Directors for Long & Foster and the Real Estate Settlement Service Providers Council.

Who Should Attend The Home Inspection. . .

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Sat, 21 Mar 2009 23:21:26 -0500

Today I had a home inspection. I was there with the inspector and the buyers. I don't do much other than let everyone into the house and answer questions about what the seller is obligated to do as per our MAR contract. That is about it.

The last inspection I went to, the same group of folks, me, the inspector, and the buyers. However, the inspection I had last week the listing agent was also present. I didn't think much of it at the time, but as I was driving back to the office I started to remember that the last few inspections I have had when I have sold homes from this particular company, the listing agent has been present? I will have to ask the listing agent the next time, but wondering if this has become a company policy?

While I don't really mind them being there and 9.5 times out of 10, I have a great relationship with an agent I do a transaction with, I think it hinders my buyers inspection?

I know that the inspector did not speak as freely as he normally does when a listing agent is not present. While there are no hard and fast rules that I have read on the contract, I don't think the seller nor the listing agent should be present at the inspection. I am sure if the company has a policy there is a reason, but I don't think that the buyer or the inspector feels as open during the inspection if someone is there "watching over" them.

I have read on some posts, where in some areas it is not customary for anyone but the inspector to be at the inspection so the inspection is not influenced in anyway. To that train of thought, I think it is good for the inspector to show buyers preventive maintanence items and helpful homeowner hints. If the inspector finds something, I think it is important for a purchaser to be there with the inspector so that the purchasers can see the item in question.

When I am the listing agent, I tell my sellers that they should not be at the inspection. I find that the seller takes everything so personal anyway. I tell them what they are responsible for in the contract and that the inspector is going to find something wrong with the house, it is their job to find defects, not to take it personal

I believe the if the buyer pays for the inspection that they have the right to be present at the inspection and shoudl expect some privacy during the inspection.

Social Networking Helps To Build Your Online Relationships . . .

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Sat, 21 Mar 2009 19:11:45 -0500

What we all do here on Active Rain, Facebook, Linkedin and Twitter - those are the ones I use the most - is, of course, called Social Networking.

With social networking there are many different aspects of it and why we do what we do and who we interact with. I started here on Active Rain and then all you know what broke loose. I found my inner geek and have never looked back. Not coming from a technology background, I had no idea what a widget was, much less what to do with it, but now I do. Well, at least I have an idea.

Nervous as I started, I started commenting and then final tried my hand a writing a blog or so. Amazed, I found this entire new world of people, who I now consider family and friends. The best part of social networks is that most people share their knowledge and insight with me about technology and in turn, I try to share some of the real estate knowledge I have with them. It works, and we all are more successful by helping and sharing. Helping and sharing, that is what it is all about.

So we are social inside of our computers, but there comes a time when we need to close our computers and go to things like and Inman Conference, or a REBar Camp. Currently you are reading about the Real Estate Tech South Confernce in Atlanta. If there is a conference like this near you and you can get there, GO. You will meet the Jeff Turners, Mike Simonsens, Ines Hegedus-Garcia, and Natalie Langfords of the social networking world. They are, I can not say it enough, the nicest people you will ever meet. When they talk and share with you, they are sincere and talking to you.

Social means meeting and interacting with the people you have realtionships with face to face, belly to belly with real live humans is the crux of all of you online efforts.

Having attended a few meet ups, a Confernce and REBCVA, the most fun is meeting the folks who live in your computer IRL( in real life). I got to meet my friend Nannette Sauders and have never looked back. I cannot tell you how attending one of these events will make all of the blogging and networking that you do, come full circle. You will have the best time to meet everyone and spend time with them. Most everyone you know here is a hundred times better IRL. Engaging with the folks that you read here and other sites will teach you even more things when you are in a social setting. It makes the connection real.

If you cannot attend one of these types of conferences, check to see if Dakno.tv is attending. They have been doing live feeds and you can sit and watch these conferences right from your computer. Ain't technology great. With that said, going is much better than just watching it on your television.

I encourage you to go to the next Tweet up, Meet Up, REBAR Camp, Confrence, NAR convention, you will have so much fun, meeting the people you interact with on a daily basis. You will be greeted with hugs and smiles. After you go, you will be so glad that you did. Look for me at the next get together, I know I will be excited to see you there.

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Consumer Quickies: Five Things You Need To Know About The Mortgage Market Right Now!

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 20 Mar 2009 23:22:40 -0500

If you are planning on shopping for a new home in today's real estate market these are the things you need to know in order to obtain financing. Every person's situation is different, but this is a great run down of the need to know information as you are shopping for a home. If you have more questions for what you qualify for specifically, give Jason a call and he will qualify you.

Via Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans):

If you are going to boogie, learn to dance.

As many of you know, the Mortgage Market is changing faster than Tom Welling's Superman character into his "get-up" in the television show, Smallville. It's truly a jungle out there and you'll need a Machete, Cargo Field Pants, and the proper Guide to navigate you through the ever growing foliage. As a guide in the jungle that is the Mortgage Industry, I wanted to give some simple bits of information to arm you on your journey.

In no particular order, please take note of the following as they may be pertinent along your travels:

As of April 1st, 2009, FHA will reduce the LTV's (loan amount compared to the value of your home) on cash-out transactions. It currently is 95% but that will be cut back to 85% real soon. To ensure you can get in before the guideline changes, an appraisal case number must be assigned to your home before said date.

100% Financing is still available! Yet, the only two products currently sporting this popular product are VA & USDA Loans. For more information and shameless self-promotion on the latter, click here. Might I add that if you are going to utilize 100% Financing, try to ensure you have money in the bank after the fact. Being a homeowner bears certain responsibilities. God forbid something goes wrong and you don't have Lenny The Landlord to fix the issue. You don't when you own a home. The responsibility falls on you.

Know your Credit Score. I can't stress how important that is these days. I got word from one investor today who has changed their minimum credit score on ALL Mortgage Products to 660. Most are at 620. A few still may go below that but proceed with caution. Know the rules and learn to use them to your advantage. For more extensive insight on Credit, grab that mouse and left click right here.

Pay close attention to what homes like yours are selling for (not just being listed for) in your area. That's a good indicator of what your home is currently worth in this market.

While the media may give you the heads up in the drop in interest rates, contact your Mortgage Professional to get the real scoop. Taking the anchor of CNN's advice on where Mortgage Rates are at are akin to asking me what the weather will be like tomorrow. By the way, you can expect a balmy day with hints of fog glazing the ides of morning... turning into a slightly breezy, overcast, but generally nice day. High will be 99 Degrees. Low will be -20. But don't quote me on that.

If you are considering buying a home in the least bit, be aware of the First-Time Homebuyer Tax Credit. It could prove to be another incentive (in addition to low interest rates and a large amount of inventory) to take that next step in owning your own home. It isn't a reason in of itself, yet it is icing on what could be a very delicious piece of cake.

I will be writing about five more useful tips very soon. I wanted to keep this short and sweet, like Ryan Seacrest:) Besides, you only have so much time on your hands while you sift your way through this jungle.

And if you aren't already a homeowner, you may want to take that leap. If you have the right Guide, you aren't just drawing on faith when you are in mid-air.

About The Author: Jason Sardi has been on the lending side of the Real Estate Business for over eight years. His passion for helping people and general disdain for con-artist blowhards has kept him trying to do right by as many people as possible along the merry way. You can reach this happy chap by email @ jsardi@ihmci.com or by phone @ 610-439-2166 ext. 229. He's a survivor in that jungle out there and has the scars to prove it:)

Growth Leader Week Three

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 20 Mar 2009 23:07:10 -0500

The prospects were really good this last week. I got a lot of information from the prospects. I ended up emailing back and forth with two of the clients. I am hoping for appointments in the next week. One person was looking to get the value of their home for a refinance, that is okay you never know if they may need my help in the future?

I took the 201 class and it showed us how to sign the clients up for automatic listing alerts. You can set it up for your clients or they can set themselves up for the auto alerts. I am set up for the 301 class this week, I will be reporting on that next week.

I think this tool will be helpful even for my own clients that are looking for homes that do not come to me through the system. It can also show sellers how many times my clients have looked at virtual tours of their homes, if the buyers I have and the sellers I have are in the same price range and area.

I am still working with it, not feeling like an expert, but it is a great tool and think it will be an effective part of my marketing. Let me know if you have questions.

The Kentlands in Gaithersburg Maryland 20878

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 20 Mar 2009 22:21:45 -0500

If have been shopping for a home in Montgomery County Maryland, then The Kentlands was surely one of the stops or considerations you made. If you are not familiar with the Kentlands it is a Neo Traditional Neighborhood.
The Neighborhood is designed where you could Live, play and work in one area. Smaller yards, sidewalks and all of the amenities and shopping are within walking distance. The Kentlands is a very active, social community in the heart of Gaithersburg.

There is shopping of every kind from food to lawn mowers. Office space is available to run any and all businesses. The warmer months bring out the Farmer's market, you have Whole Foods and Giant Grocery Stores. Lots of restaurants and pubs as well.

There are several differnent styles of homes. Everything from condos to Luxury single family homes and towns are available for all tastes and lifestyles. The Kentlands even has a senior apartment community.
The condos start, these days, in the low $200,000s and the single family homes can go up to the low $1,000,000. The style is a colonial Williamsburg theme through the neighborhood. The homes sit on small lots, we refer to them as zero lot lines.

Read the rest of the article here

Short Sale Lender Retains Right To VOID The Sale AFTER The Sale!!

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 20 Mar 2009 15:59:31 -0500

Martha Brown, one of my AR favorites was so good to bring this to this our attention. Short sales are very difficult and this is just adds one more piece to the puzzle. If you are shopping for a home and the one you want is short sale, please be aware of this situation.

Via Martha Brown Annapolis and Anne Arundel County RE (Long & Foster Real Estate, Inc.):

Do what?? Please read and share your thoughts. This is crazy!!

SHORT SALE APPROVAL LETTER CONTAINS UNACCEPTABLE CONDITION

We have just been alerted to the fact some lenders have a new form of short sale approval/estoppel letter, in which the lender now attempts to retain the right to invalidate a transaction for events which may have occurred at the loan's inception or in our transaction. In one particular demand, the following condition was found in paragraph 16 and read as follows:

"If the property was acquired by any means of fraud, [lender's name] reserves the right to pursue any and all actions available to it to pursue any and all actions available to it to offset its losses. If it is determined that Sellers and/or Buyers participated in any way to the fraud, this short sale will be void, and the Note and Security Instrument will remain in full force and effect."

If a similar provision or other conditional language appears in a payoff/estoppel letter from your short sale lender, you are NOT authorized to close the transaction unless the letter is amended in writing to remove the offending provision.

First American cannot insure the new purchaser or the lender, if the short sale lender purports to reserve the right to void a conveyance and maintain its lien after closing and disbursement.

While few provisions have been so blatant as to purport to void the transaction, it serves to remind all of us of the importance of carefully reviewing not only your short sale letters but also all of your lender's closing instructions, as these traps are sometimes buried in vague language deep in the body of the letter.

We have also been advised of IRS payoff/estoppel letters in short sale transactions which state they will refuse to satisfy an IRS lien if it is determined after closing that the value of the property to the IRS was greater than they thought.

All of this is yet another reminder that all short sale approval letters have conditions for the lender's agreement to take a short pay off to be effective. If there is ANY provision which purports to allow the lender or the IRS the right to refuse a reconveyance after closing, do not complete your closing without contacting your local First American counsel.

The above notice is courtesy of First American Title.

I Got Punked At My Office Yesterday

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 20 Mar 2009 00:48:38 -0500

It happened yesterday and I feel for it hook line and sinker. I was on my office phone when my cell phone rang. My assistant Tracey picked up my cell phone and answered it for me. She told the caller that I was on another line and could she take a message? The caller said no that they would hold.

So, I get off the office phone and answer my cell phone. The caller had an accent that I could not make out, but struggled a bit to understand what was being said. So the first thing that was said to me was that "your assistant is rude, are you as rude as your assistant?" I was a bit thrown off by the comment and knew my assistant was not rude.

Then the voice said "I want to see your listing." I asked which one? "They said how many do you have?" I said 6, they said all of them. Can we go this afternoon?" Next I started the qualifying question. Like WHAT IS YOUR NAME? "I am not telling you my name". ARE YOU WORKING WITH AN AGENT? - thinking please say yes!! " No, I just want to deal with the listing agent." HAVE YOU TALKED TO A LENDER? "Yes, I can buy whatever I want."

Now I am starting to get annoyed but want to be polite about getting off the phone. So I ask one more time what is your name? And the little high pitched accent voice says Chris Kelley. Chris is an agent in my office who is the biggest prankster. I have caught him before, but this was the best he has pulled on me.

He was good too, his answers and demands were all of the pet peeves that we all scoff at in our industry. It was funny, I was totally punked.

West Riding Subdivision Gaithersburg, Maryland 20878

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Fri, 20 Mar 2009 00:15:12 -0500

When I think of the word "neighborhood" I think of West Riding. It is an established neighborhood located in the heart of Gaithersburg. It is part of the City of Gaithersburg. There are different home styles in West Riding. There are two styles of Colonial, a split colonial, split foyer, rambler and a raised rambler. The homes were built in the late 1960's and early 1970's.

When you look in West Riding at homes, you will see that most of the homeowners have updated and remodeled many of the homes. You will find new kitchens, replaced windows, roofs, HVAC systems. The homes sit on lots that are close to a half acre.

Those are some of the asthethics of the neighborhood, but the people are really spectacular. Whenever I have a listing in the neighborhood you can be sure that the neighbors will stop by and say hi. They are some of the best critics of my listings and are always eager to share the things they have done in their homes.

The other special part about the community is that they know each other, you know like the old days. There is a Moms group that all support each other and socialize together. I know that one of my past clients had a baby and the baby was born with some difficulty. The Moms group pulled together and helped the family while Mom had to go to the hospital to be with their newborn. Cooking meals and that sort of stuff.

A real tribute to the neighborhood is that the kids that grew up in West Riding are now adults and are buying the homes in their old neighborhood to raise their families. I think that is are real testament to the neighborhood.

West Ridging is one of my favorite neighborhoods to sell in because people get so much more than just a house.

The Metrowest Massachusetts Real Estate Market What Does The Future Hold

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Thu, 19 Mar 2009 22:36:13 -0500

This is such an excellent analogy of why buyers and sellers should not wait to sell or purchase right now. Bill explains this in an easy to understand logical way. Bill wrote it for his market in Massachusetts, but it applies to all buyers and sellers no matter where they live.

Great job Bill.

Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):

Working as a Metrowest Massachusetts Realtor one of the questions I am asked most often is when I think the market will turn around? While I don't pretend to have a crystal ball or a magic hat and certainly am not an economist, it is easy for me to see that the Real Estate market in Metrowest Massachusetts will not be changing all that much in the next year.

Let me say that this is not about being a pessimist or being negative. This is about being very realistic and honest. Over the last six months I have gone on a number of listing interviews where the seller has decided not to sell their home because they want to wait "till the market comes back". One of the things that I find amusing is the belief by many that the market is going to come back overnight.

Here in Metrowest Massachusetts the Real Estate market peaked in the Spring of 2005. The years prior to 2005 were marked by a run up in home values like we had never seen before. There were years during this time where property values increased by over 10%. These values were not sustainable much like other areas around the country.

Depending on what town you are located in values have dropped by around 20-25% since the peak. Are we near the bottom? That is anybody's guess at this point but if I were a betting man my money would not be on a recovery this year.

One of the things that I find most fascinating about the decision process is a sellers unwillingness to part with the lost equity on their current home, even though they will be turning around and purchasing another home under the same conditions.

In the article I wrote selling your home in a buyers market this concept is explained in greater detail. It seems that people get so caught up in their loss that they forget that when they go ahead and buy another home that property would have also dropped in value.

Another way to rationalize the Real Estate market and what kind of appreciation is necessary to get back to where we were at the market peak is to look at stocks.

Lets say you purchase a stock for $100 dollars and it goes down by 25%. The stock is now worth $75 dollars. Many would incorrectly assume that if the stock goes back up by 25% it would be worth $100 again. WRONG - it would be worth $93.75. The stock needs to appreciate around 33.5% just to get back to break even! It works the same way with housing folks but on a larger scale.

If you owned a home worth $500,000 in the Spring of 2005 and it has dropped by 25% it is now worth $375,000. Well guess what if the market goes up 25% the home will be worth $468,750. Still a long way off from $500,000.

Most economists predict that once we do finally hit bottom we will only see a more historical norm of 2-3% yearly appreciation on our homes. Do the math - with this kind of reality check it is very easy to see why it is going to take a very long time to get to the levels were were at prior to the Real Estate correction.

Some food for thought. As of this writing interest rates are outstanding hovering near 5%. There is talk that due to the massive influx of capital into the credit system that interest rates could be headed to 4.5%!!

If you have wanted to sell your home for whatever reason and are not because you don't want to lose the equity you once had then you could be making a huge mistake.

Interest rates are at a once in a life time level. When the economy does finally improve interest rates this low will not last. Interest rates should be a big X factor in your decision making process.

Seriously folks it could be 5-10 years before we get back to the levels of 2005. What are the chances that interest rates will be where they are when that finally happens? When your home finally does get back to 2005 levels so will all the other homes in the area.

Stop worrying about lost equity if you really want to move.

______________________________________________________________________________________________________

About the Author: The above Real Estate information on the Metrowest Massachusetts Real Estate Market what does the future hold was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Metrowest Massachusetts Real Estate and homes see Metrowest MA Realtor. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.

IF YOU CAUSED THE MORTGAGE MESS, YOU GET BAILED OUT. IF YOU ARE A HOMEOWNER. . . . . .

Audrey June-Forshey, GRI, Gaithersburg, MD (RE/MAX Realty Group) — Wed, 18 Mar 2009 10:34:38 -0500

This is from Lenn Harley, the smartest, plain speaking broker I know. Our system is so lopsided. Our elected officials are a big part of the mess we are experiencing these days.

Via Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:

COMPARE . . . .

THE GOVERNMENT BAILOUT FOR AIG - $170,000,000,000 so far.

No accountability

No audit

No budget

No receipts

COMPARE TO THE GOVERNMENT MORTGAGE MODIFICATION BILL FOR AMERICAN HOME OWNERS -

Home Affordable Modification Program Guidelines

Monthly Payment Reduction Cost Share:

Servicer Incentive Payments and Pay for Success Fees:

Borrower Pay-for-Performance Success Payments:

Current Borrower One-Time Bonus Incentive:

Program Payment Conditions

Pooling and Servicing Agreements:

Origination Date of Loan Subject to Modification:

• The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).

• The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill).

• The home may not be investor-owned.

• The home may not be vacant or condemned.

• Borrowers in bankruptcy are not automatically eliminated from consideration for a modification.

• Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.

• First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:

o 1 Unit: $729,750

Loans can only be modified under the Home Affordable Modification program once.

Servicers should follow any existing express contractual restrictions with respect to solicitation of borrowers for modifications.

The servicer may use, at its discretion, either one of the government sponsored enterprises (GSEs) automated valuation model (AVM) - provided that the AVM renders a reliable confidence score - or a broker price opinion (BPO).

The borrower's income will be verified by requiring a signed Form 4506-T (Request for Transcript of Tax Return) and obtaining the most recent tax return on file for each borrower on the note.

A standard NPV Test will be required on each loan that is in Imminent Default or is at least 60 days delinquent under the MBA delinquency calculation.

There is no requirement to use principal reduction under the Home Affordable Modification program;

THE DIFFERENCES ARE ASTOUNDING

The power groups on Wall Street and in the Congress and the White House groom these actors to play parts, not think. Geithner is an actor in the financial farce playing in the White House this year.

The attention to the AIG bonuses merely obfuscates the act of Senator Christopher Dodd in inserting language in the authorization (the Dodd Amendment) that gave $Billions to AIG that specifically exempted these bonuses.

I don't believe that trying to tax the AIG employee bonuses is even legal. There are constitutional barriers against acts such as these on the part of the government. Bills of Attainder, or ex post facto taxes probably wouldn't withstand a consitutional test. But, then, what do I know??

Every day it becomes more and more apparent that the persons in positions of directing the $Billions of tax payer money to their cronies. They view the tax payers in America as suckers who have no power, no influence and no brain. Too often they are right.

Sooner or later, however, the American tax payer is going to wake up and have an "Eureka" moment and we'll sweep the entire bunch of these fools out and put a new bunch of fools in.

The more things change, the more they stay the same.



                              "Honey, are we going to be able to modify our mortgage?"

                            "I don't believe so Dear. We owe more than 105% of the value"