Archive for August, 2011

HUD Extends Unemployed Mortgage Relief Program

Wednesday, August 31st, 2011

As Alex reported 9/3/2011 on Property Source Radio.  – Daily Real Estate News | Tuesday, August 30, 2011

The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.

The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday.

The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.

Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program. Home owners must still be able to contribute $150 per month toward their mortgage. (Learn more about eligibility requirements and the participating states at

Source: “HUD Extends Deadline for Unemployed Mortgage Assistance,” HousingWire (Aug. 29, 2011)

Report: ‘Fixing Housing Crisis Will Create 1 Million Jobs’

Thursday, August 25th, 2011

As Alex reported 8/27/2011 on Property Source Radio.  – Daily Real Estate News | Tuesday, August 23, 2011

A new report argues that if banks wrote down the mortgage principal of underwater borrowers it could pump $71 billion per year into the economy and create more than 1 million jobs annually. The report, “The Win/Win Solution: How Fixing the Housing Crisis Will Create One Million Jobs,” comes from The New Bottom Line, a campaign that represents about 1,000 nationwide faith-based and community organizations.

The campaign argues in the report that by lowering home owners’ mortgage payments by an average of more than $500 per month–or $6,500 per year–that it would free up about $6 billion dollars per month that home owners could then spend on such items as buying groceries, household necessities, school supplies, etc.

“Home owners across the nation are struggling to pay their boom-era mortgages with their recession-era salaries and the economy is suffering for it,” according to the report. “Writing down the principals and interest rates on all underwater mortgages to market value would serve as the second stimulus that America so desperately needs, only without added costs to taxpayers.”

The group is pressing State Attorneys General, who are currently in settlement talks with the nation’s largest banks over allegations of foreclosure abuses, to stand firm on its request for principal reductions for underwater borrowers.

Source: “Fixing the Housing Crisis Would Create One Million Jobs Annually,” RISMedia (Aug. 21, 2011)

Lana Torre Brings Bayles Leather House on PSR – Listen Now

Thursday, August 18th, 2011

3rd Saturday of the month = Lana Torre on Property Source Radio!

Join House and Coyne as they welcome Alan Brandt, owner of Bayles Leather House in Victor at 7275 State Route 96, as he talks on what you should look for when buying leather! Good information and you will probably say – I did not know that!

Property Source radio is live on the radio Saturday Mornings from 9-10am on Sportsradio 950AM ESPN or you can stream the show from our website.

Listen to this PAST SHOW now!

Freddie Offers Cash Incentives for Buying Condos

Thursday, August 18th, 2011

As Alex reported 8/20/2011 on Property Source Radio.  – Daily Real Estate News | Tuesday, August 16, 2011

Freddie Mac’s HomeSteps unit is offering cash to buyers willing to purchase one of its foreclosed condos that has been lingering on the market. HomeSteps is hoping to unload some of its high inventory of foreclosed condos through the incentive program, known as HomeSteps Condo Cash.

Through the “Condo Cash” program, condo buyers of HomeSteps properties can get up to $1,500 to help pay for standard home owner association dues.

The offer is only valid to owner-occupant buyers and on HomeStep condos that have been on the market for at least 120 days. To participate, buyers must submit offers between Aug. 15 and Nov. 15, and close escrow by Dec. 30.

Some of the homes also come with a two-year Home Protect home warranty to cover electrical, plumbing, air conditioning, heating, and other major appliances and systems. Home Protect also is offering up to 30 percent discounts on the purchase of new appliances (see for more information).

Miller Brick on Property Source Radio

Friday, August 12th, 2011

Join House & Coyne this Saturday from 9-10AM on Sportsradio 950AM ESPN as they welcome Miller Brick to the show. Mike Kczanawicz talks about new products and different solutions for your outdoor space. Miller Brick is located at 734 Ridgeway Avenue. Visit their website for hours and directions.

You can listen to this show now.