21 December 2009

San Leandro Point of Sale Ordinance

San Leandro to Consider Point-Of-Sale Ordinance: On Monday, Dec. 21, the San Leandro City Council will review a Climate Action Plan. Part of the plan is a recommendation that the city adopt a residential energy conservation ordinance that could require property owners to install energy efficient devices prior to selling or remodeling their homes.

We need your help to convince the San Leandro City Council there are other ways to improve energy efficiency that won't negatively impact homeowners or real estate transactions. If you live or do business in San Leandro, please contact your city council member and explain that the current real estate market can not handle the problems that a point-of-sale requirement would bring to a transaction.

Go to http://www.ci.san-leandro.ca.us/slcitycouncil.html for contact information for the San Leandro City Council.

For more information about the Climate Action Plan and residential energy conservation Ordinance, call or email us.

For more information about this issue or if you want to testify at the city council meeting, please contact David Stark at davids@bayeast.org or (925)730-4068.

18 December 2009

Foreclosure sale and eviction suspension

 Just in from CAR Legal!

Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010. To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted. Freddie Mac's suspension of evictions will be limited to properties up to four units.  Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns. Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors. Given these developments, other lenders may follow suit, so check with the lender if appropriate.

09 December 2009

Fannie Mae's Deed for Lease program

Fannie Mae announced a new program it has designed to further assist homeowners facing foreclosure. The Deed-for-Lease Program (D4L) allows qualifying homeowners to remain in their homes by signing a lease in connection with voluntarily transferring the property deed back to the lender.

Fannie Mae

According to a press release from Fannie Mae,

“The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.

Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.”

To learn more about D4L please visit www.efanniemae.com. There you will find program details, eligibility requirements, and a helpful FAQ document. You may also want to take a look at recent articles from CNNMoney and the Wall Street Journal.