Charles Street Construction at 695 Ramp Closures

On August 10, the Charles Street ramp to 695 West closed, and the roundabout entrance to that & I-83N reopened.

Traffic before had been routed coming north into the right lane to enter the Beltway, and those traveling south have used alternate routes to access I-695W since that entrance closed in early April.

According to the State Highway Administration’s press release, this new closure should be temporary, about two weeks.

The big upcoming change should come at about August 24th, when the west bound ramp from northbound Charles Street should re-open. The ramp to eastbound I-695 from Charles Street remains closed for the time being.

Weekend work will really change things. Look out for these big issues the weekend of August 27 -30 (or 9/10-13 in case of inclement weather):

Charles Street Bridge Traffic Switch – Weekend Work

• 9 p.m. Friday, August 27 to 5 a.m. Monday, August 30: Crews will shift all Charles Street traffic from the old bridge to the new bridge.  The Charles Street Bridge will remain open to vehicular traffic during the shift, with flagging operations and intermittent traffic stoppages throughout the weekend.

The ramps from southbound I-83 (Harrisburg Expressway) and eastbound I-695 to Charles Street will be temporarily detoured to the MD 45 (York Road) interchange during the weekend.  The flyover ramp from southbound I-83 to eastbound I-695 will remain open during the bridge traffic shift.

In case of inclement weather, the Charles Street bridge traffic shift and temporary ramp closures will take place the weekend of September 10-13.   This interchange currently carries more than 120,000 vehicles per day along I-695, with 55,000 vehicles per day along Charles Street.

Additionally, the left-turn ramp from southbound Charles Street to eastbound I-695 (Inner Loop) will remain closed until late fall, and the posted detour through Lutherville will continue.

FHA Refinance of Underwater Borrowers

FHA is offering refinances for qualifying underwater borrowers, according to a mortgagee letter sent out by HUD last week.

Mortgagee Letter 2010 -23 came as a result of the changes announced by HUD in March 2010 in the MHA (Making Housing Affordable) FHA program.

The letter states that the focus of the program is:

These enhancements are designed to maintain homeownership by providing borrowers, who owe more on their mortgage than the value of their home, opportunities to refinance into an affordable FHA loan. This opportunity allows borrowers who are current on their mortgage to qualify for an FHA refinance loan provided that the lender or investor writes off the unpaid principal balance of the original first lien mortgage by at least 10 percent.

Hopefully this will help a large number of people who do not want to leave their homes and can possibly make smaller payments per month to remain.

The refinances must have their case numbers assigned after September 7, 2010, and all of these qualifying loans must close by December 31, 2012.

The mortgagee letter is more than five pages long, and there are many details and eligibility requirements.

Participation is voluntary and requires the consent of lien holders. In order for a loan to be eligible, the following conditions must be met:
1.    The homeowner must be in a negative equity position;

2.    The homeowner must be current on the existing mortgage to be refinanced;

3.    The homeowner must occupy the subject property (1-4 units) as their primary residence;

4.    The homeowner must qualify for the new loan under standard FHA underwriting requirements and possess a “FICO based” decision credit score greater than or equal to 500;

5.    The existing loan to be refinanced must not be a FHA-insured loan;

6.    The existing first lien holder must write off at least 10 percent of the unpaid principal balance;

7.    The refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent;

8.    Non-extinguished existing subordinate mortgages must be re-subordinated and the new loan may not have a combined loan-to-value ratio greater than 115 percent;

9.    For loans that receive a “refer” risk classification from TOTAL Mortgage Scorecard (TOTAL) and/or are manually underwritten, the homeowner’s total monthly mortgage payment, including the first and any subordinate mortgage(s), cannot be greater than 31 percent of gross monthly income and total debt, including all recurring debts, cannot be greater than 50 percent of gross monthly income;

10. FHA mortgagees are not permitted to use premium pricing to pay off existing debt obligations to qualify the borrower for the new loan;

11. FHA mortgagees are not permitted to make mortgage payments on behalf of the borrowers or otherwise bring the existing loan current to make it eligible for FHA insurance; and

12. The existing loan to be refinanced may not have been brought current by the existing first lien holder, except through an acceptable permanent loan modification as described below.

Baltimore underwater homeowners should find out if they are eligible by a Baltimore mortgage professional. If this option is not open to you, and you still want to avoid foreclosure in Baltimore, contact me to help you. There may be other options open to you.

Maryland State Fair in Timonium 2010

The Maryland State Fair in Timonium begins August 27 and runs through September 6, 2010, bringing rides, games, and more to northern Baltimore County for 11 days!

This year, in addition to the regular concerts, one really big one is Justin Bieber, which has caused a huge stir all around Baltimore and sold out right away.

The two other Maryland State Fair concerts are Bret Michaels and Gretchen Wilson, both of which still have general admission tickets available.

A large portion of the Maryland State Fair is designated for livestock and horse shows as well as demonstrations. This year, the Timonium Farmers Market will be open each day to get local foods from local farms to enjoy!

Certain days have ride and admission specials, like a $20 wrist band for all day rides, and Food Lion has a $5 off coupon for 5 days of the Fair. Ride tickets are $1 each, and depending on the rides, they take 1-6 tickets. A book is available at the ride booth for $45 you get 50 ride tickets, and that is available to anyone on site.

Admission to the Maryland State Fair is $8 for adults, $6 for senior citizens, $3 for children 6-11 years old, and free for children under 6 years old.

Parking is $3 in the main lot, and there are many other parking lots around where one can pay to park. Just north of the Timonium Fairgrounds is the Deereco Lightrail Park & Ride, where parking is free.

The Maryland State Fairgrounds are located at 2200 York Road, Timonium, MD 21093.

Hereford Golf Center

The Hereford Golf Center in Parkton, MD provides an afternoon of fun for kids of all ages.

The driving range provides a place to practice your swing with its’ large number of tee boxes. You can get a large or small bucket of balls, sign up for lessons, or buy goods in their pro shop.

Mini golf (called Lost Falls Miniature Golf Course) helps you practice your short game with its’ complex holes and beautiful setting. There are only a handful of miniature golf places in Baltimore, and this is a great one! My son thoroughly enjoyed the course, especially because the holes have flags, just like a “real” golf course.

Hereford Golf Center is located just off York Rd a little north of the Mt Carmel Rd exit off I-83 North. It is in Hereford or Parkton, depending on whom you talk to — either way, it is a quick jaunt from 83!

Mini golf is $4 for children under 12, $5 for adults. The driving range has small buckets of balls for $5, large for $8, and $12 for an extra large bucket.

So enjoy an afternoon or evening out in bucolic northern Baltimore County. You very well may see my family there!

New FHA Mortgage Changes H.R. 5981

Beginning October 4, 2010, new FHA Mortgage changes will be coming through, due to bill H.R. 5981 signed into law August 11.

Thank you to Dan Plunkett with Prosperity Mortgage, who clarified the changes in H.R. 5981:

The new FHA Mortgage changes include a reduction in the upfront mortgage insurance premium (also known as Upfront PMI) from 2.25% to 1%. The monthly mortgage insurance premium will rise from .50% to .85% on loans with more than 5% down over 15 years. It will rise from .55% to .90% on loans with less than 5% down (which many FHA loans are, since their minimum downpayment is only 3.5%).

Dan states that the amount borrowed will be lower, but the increased monthly mortgage insurance premium could effect approvals when the borrower is close in their income-to-debt ratio for qualifications.

It also will mean that monthly mortgage payments, in general, will rise for FHA loans.

Buyers wanting to take advantage of the FHA loan standards as they are need to be under contract and make loan application by the end of September, to ensure they have their case number assigned prior to October 4. Contact me today to take advantage of the FHA loan guidelines as they stand now!

Maryland Foreclosures Up in July 2010

Maryland foreclosures were up in July 2010, an increase even over June, which was up 104%.

There were 6,961 foreclosure filings in July, up from 6,304 in June. The first half of 2010, Maryland foreclosures were up 56.2% over this same time last year.

Maryland increased 10.4% over June, while nationwide, foreclosure filings were up 4%, the Baltimore Business Journal reported. This makes Maryland the 10th hardest hit state in the US. From July 2009 to July 2010, Maryland’s filings have risen 35%.

I am still hoping to see foreclosure numbers drop as more people look to do a short sale in Maryland. This seems to be the case, as default notices have dropped consistently in the past six months, according to RealtyTrac.

Contact me for more information on how to avoid foreclosure in Baltimore. You may have other options!

Realtormarney.com is Baltimore’s Best Real Estate Blog on Zillow

Realtormarney.com was voted by readers as Baltimore’s Best Real Estate Blog on Zillow!

Though I have my issues with Zillow and the very incorrect Towson Zillow Zestimates, it is still an honor to be nominated for best Baltimore real estate blog, and even more so to have the voters choose my blog to win!

The race was very tight between myself and Jamie Smith-Hopkins from the Baltimore Sun. To have it be a close one between a full time professional writer and myself made it even more exciting to me!

The night before the final votes, I had been down a lot, and thought the contest was over. I used Twitter and Facebook to put a call out for help — and my online friends and “fans” came through to help me win with 46% of the votes!

It shows how powerful these social media sites are, and what connections you can make and relationships you can build.

I want to thank each of you who voted and got the word out to vote for me, and the amazing amount of support I received. I am overwhelmed and grateful.

THANK YOU!

Don’t forget to contact me for your Baltimore real estate needs. I am here & ready to serve!

Silo Point Baltimore Condo

Silo Point condominium in Baltimore is an amazing community located in Locust Point in Downtown Baltimore.

The amenities are abundant and spectacular. You are greeted at the front desk by staff, ready, willing, and able to help. The full service gym on the lower level has everything you could need to work out. Across the hall is a lounge with pool tables, comfy chairs, and a WINE BAR!

There are elements of the original grain silo kept throughout, making it such a unique place.

No detail has been overlooked with the variety of units from the warehouse feel to the “Roland Park” (quoted) feel of some of the larger units.

One condo even had the television in the mirror in the master bathroom!

The views are spectacular from most of the units, especially on the higher floors. You can see all over Baltimore from the Harbor to the Ravens Stadium, on a clear day even into Baltimore County north!

The Sky Lounge is a place where residents can hang out or have parties — and it is open for rent for outside groups to use as well!

Silo Point townhomes are located on the building as well, many of which are actually less expensive than some of the condo units.

I really enjoyed my tour of beautiful Silo Point. What a luxurious, fantastic piece of Baltimore real estate. If you want to buy a Silo Point condo, contact me to get started on your path to luxury!

Vacant Homes May Need Special Insurance

Vacant homes may need special insurance instead of just regular homeowners insurance.

Regular homeowners insurance is designed for homes occupied by their owners or tenants. Vacant homes generally pose a higher risk of damage, so they need to be insured differently.

Some of the risks of vacant homes include (courtesy of RISMedia):

– Break-ins: When a home has been unoccupied for awhile, it can show signs that nobody is around – unkempt lawn, full mailbox, no lights on – that can tip off burglars to an easy target.

– No emergency response: Without anyone home to call 911 or respond to emergencies, a manageable problem – such as a small electrical fire – can turn into a much larger, more costly disaster.

– Property liability: There is no one present to prevent others from entering the property or to supervise activity, which could increase the likeliness of an accident on the premises or property damage when the owner is not there.

Generally, vacant home insurance policies may be more expensive, but if a homeowner violates the vacancy clause in their contract, they could void any chance of payment or recovery of loss or damage.

If you are selling a Baltimore home and it is vacant, talk to your insurance professional to ensure your coverage is sufficient in case of emergency.

Fannie Mae Deed-For-Lease Option

Fannie Mae has a Deed-for-Lease option available for those who cannot make their mortgage payments on their homes anymore.

This is an option for people who want to stay in their homes but cannot afford to keep them. For many Baltimore homeowners, this may be a viable option.

What happens in this case is that the bank agrees to a “Deed-in-Lieu of Foreclosure”. The bank essentially buys the house back from the current owner, and rents it back to them for a period of a year or so. The good news is that the lease amount is based on rental amounts in the area — not on the mortgage payment the owner had before.

The Deed-for-Lease option is for Fannie Mae owned loans. They state on their “Know Your Options” website that:

Deed-for-Lease is an alternative to foreclosure and may be an option if:

• You are ineligible to refinance or modify your mortgage
• You are facing a long-term hardship
• You are several months behind on your mortgage payments
• You may owe more on your home than it’s worth
• You have not been able to sell your home
• You want to remain in your home and neighborhood

If you are trying to prevent foreclosure, then this may be an alternative for you. Another choice which could possibly cause less credit implications could be a short sale.

Please contact me to avoid foreclosure in Baltimore. There may be multiple options for you!

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