Sandy Springs Now: Life, Business, & Real Estate in Sandy Springs, GA & Metro Atlanta

NEW REFINANCE OPTIONS If You Owe More Than the Home’s Worth

Lee Davenport — Fri, 03 Sep 2010 11:00:23 +0000

FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth. Beginning Sept. 7, 2010, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence. Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500.

The first lien holder must agree to write off at least 10 percent of the remaining amount owed under the mortgage, bringing the combined loan-to-value ratio of all mortgages to no more than 115 percent. The LTV for the new FHA mortgage may not exceed 97.75 percent. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens.

With this program, be aware that, as with any loan forgiveness action, the short refinancing under this program may be reflected as a negative feature on a borrower’s credit score. Also, ideally you should consult with a tax advisor regarding the cancellation of debt and possible tax consequence. Read more from the HUD website by clicking here or call 1-800-CALLFHA (225-5342).

Need help determining your home value? Contact places2love@gmail.com or 404.444.5777 for more details.

This article can also be found at my website SandySpringsNow.com

AFTER A SHORT SALE - When Can I Buy A New Home?

Lee Davenport — Wed, 01 Sep 2010 11:00:44 +0000

Here is a question from a concerned homeowner, “If I go through a short sale, how soon can I purchase another home? I was told that if I did a short sale instead of allowing the home to be foreclosed on, it is not as bad“. Answer, “It all depends“.

Typically, if you want to purchase a home using a FHA Loan (which allows for only 3.5% down instead of the 10% or more required by a conventional loan), you would have to wait 3 years after either a short sale or foreclosure. If you decide to do a conventional loan, many conventional lenders are attempting to use the same criteria of 3 years as FHA loans for both short sales and foreclosures.

However, both with FHA loans and conventional loans, exceptions can be made when there is a short sale. These exceptions can be based on isolated incidents such as an illness, death in the family, or job loss - exceptions will be determined on an individual basis.

Need more help on what a short sale is or need help determining how you should list your home? Contact places2love@gmail.com or 404.444.5777.

This article can also be found at my website SandySpringsNow.com

Events to Love: September Events in Sandy Springs

Lee Davenport — Mon, 30 Aug 2010 19:37:44 +0000

Mark your calendar now for the 2010 Sandy Springs Festival scheduled for Saturday, September 25 and Sunday, September 26. Visit www.sandyspringsfestival.com for more information. That same day, the Sandy Springs Tennis Association will hold the Sandy Springs Tennis Festival on Saturday, September 25 from 2-10 p.m. at the Sandy Springs Tennis Center located at 500 Abernathy Road. Registrations forms are available online at www.sandyspringstennis.org/forms. Proceeds from the event will support SSTA’s youth tennis programs.

The Sandy Springs Police Department and the Sandy Springs Fire Department will battle it out during the “Guns and Hoses” Chili Showdown on Saturday, September 11 from 8:00 a.m.-12:00 p.m. This event will be held at the old Target parking lot on Johnson Ferry Road . All proceeds from the event will benefit the Sandy Springs Police Department and the Sandy Springs Fire Department.

Act 3 Productions will present, “Lorca: Alone in a Dream,”an original play written and directed by Walton High School Alumnus Sydney Mitchell, Friday-Sunday, September 24-26. Tickets are $10 for students and $15 for adults and may be purchased at www.act3productions.org.

Georgia Power and the Sandy Springs Conservancy will host the annual River Clean-Up at the historic hydroplant at Morgan Falls, 380 Morgan Falls Road on Saturday, September 18 from 8:30 a.m.-1:00 p.m. Join the fun and help keep our river clean and beautiful. Canoes and water safety gear will be provided. The event includes lunch and a t-shirt for all registered participants. To register, visit www.sandyspringsconservancy.org.

The Sandy Springs Police Department will host a Sandy Springs Crime Prevention Seminar on Tuesday, September 14 from 6:00-8:00 p.m. at Sandy Springs City Hall. The seminar is free and open to all resident and business owners. For more information contact Senior Officer Larry Jacobs, Crime Prevention Specialist, larry.jacobs@sandyspringsga.org.

This article can also be found at my website SandySpringsNow.com

OWNER FINANCING: Tips On How to Make It Work

Lee Davenport — Thu, 26 Aug 2010 01:01:35 +0000

Whether you are a Buyer with less than perfect credit, a Buyer with not enough down-payment funds or just a Seller eager to sell, owner-financing maybe a viable option. Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction.

The rental amount must be determined by a property appraisal with the credit for the down payment clearly calculated as the difference between market rent and actual rent paid for 12 months. For instance, if market rent is $1,000 and rent paid is $1,200, $200 could be credited monthly toward the down payment.

The rent/purchase agreement must be for a minimum of 12 months. The contract must clearly specify a rental amount as well as the portion to be credited toward the purchase.

The buyer will need copies of canceled checks or money order receipts for 12 months, proving rental payments to persuade the bank to credit the funds toward the down payment.

Source: Creative Investor, Rodney Williams (08/23 2010)

This article can also be found at my website SandySpringsNow.com

FREE Events to Love: SANDY SPRINGS’ MOVIES BY MOONLIGHT

Lee Davenport — Mon, 16 Aug 2010 21:42:41 +0000

Leadership Sandy Springs presents MOVIES BY MOONLIGHT, which is a family-oriented outdoor movie series serving the Sandy Springs community. The movies are freeand take place in the heart of Sandy Springs on the terraced lawn of Sandy Springs United Methodist Church’s Hitson Activity Center.

Food, concessions, and local entertainment are offered before each movie, beginning at dusk. Past crowds have numbered 1000 to 1500. Guests are encouraged to bring their own lawn chairs and blankets to sit on the lawn.

2010 Sandy Springs Movies by Moonlight schedule:

•September 10th: Marmaduke

•October 1st: Blindside

•October 8th: Karate Kid

In case of uncertain weather on the day of the movie, please call 404-256-9091 for an update. Information will be posted around 6:00 pm that day. Look forward to seeing you at the movies!

This article can also be found at my website SandySpringsNow.com

STOP HOME LOSS SERIES: You May Qualify For HUD’s New Interest Free Loans

Lee Davenport — Fri, 13 Aug 2010 13:26:29 +0000

The Obama administration will offer $1 billion in zero-interest loans to help homeowners who’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas. The Department of Housing and Urban Development plans to make loans of as much as $50,000 for borrowers in the hardest hit areas to make mortgage, tax and insurance payments for as long as two years through the HUD Emergency Homeowners Loan Program. This new program will complement Treasury’s Hardest Hit Fund (announced in Feb. 2010) by providing assistance to homeowners in hard hit local areas that may not be included in the hardest hit target states as listed below. Those areas are still being determined.

Some of the states eligible to receive funds through this additional assistance are as follows:

Alabama
California
Florida
Georgia
Illinois
Indiana
Kentucky
Michigan
Mississippi
Nevada
New Jersey
North Carolina
Ohio
Oregon

Rhode Island
South Carolina
Tennessee
Washington, DC

The HUD Emergency Homeowners Loan Program will work through a variety of state and non-profit entities and will offer a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist eligible borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months.

Under the HUD Emergency Homeowners Loan Program, eligible borrowers must:

1. Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;

2. Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;

3. Demonstrate a good payment record prior to the event that produced the reduction of income.

HUD will announce additional details, including the targeted communities and other program specifics when the HUD Emergency Homeowners Loan Programis officially launched in the coming weeks. The initiatives will help “a broad group of struggling borrowers across the country and in doing so further contribute to the administration’s efforts to stabilize housing markets and communities,” Bill Apgar, HUD’s senior adviser for mortgage finance, said in the statement.

Source: HUD Press Release

This article can also be found at my website SandySpringsNow.com

Places To Love: THE VIEW AT CHASTAIN

Lee Davenport — Mon, 09 Aug 2010 13:00:48 +0000

Looking for a luxury high-rise community in Metro Atlanta with discounted prices just minutes from all the shops and restaurants of Buckhead? Then The View at Chastain is a must see.

Conveniently situated in Sandy Springs on Roswell Rd. near Piedmont, The View at Chastain condominium features upscale units at below construction costs. These units feature both multi-level/townhouse-styled floorplans and apartment-style floorplans. At The View at Chastain, you will love the trendy loft living, spacious 12-ft ceilings, sparkling hardwood floors, the stylish Quartz countertops, the efficient Bosch stainless steel appliances, the 24-hour onside management, the roomy clubroom, and the state of the art fitness area and swimming pool. Best of all you will love the breath-taking views of Atlanta.

What more information on The View at Chastain? Feel free to contact places2love@gmail.com or 404.444.5777. Happy house hunting!

This article can also be found at my website SandySpringsNow.com

STOP HOME LOSS SERIES: Need Help with Your Current Mortgage Payments? FREE EVENT

Lee Davenport — Tue, 03 Aug 2010 16:44:14 +0000

On Saturday, August 21, 2010 the NID Housing Counseling Agency/Atlanta Metro in conjunction with NAREB will host a unique foreclosure counseling event unlike any other. The appropriately tagged, ‘You’re More Than A Number Loan Modification Assistance Event’ with help from Bank of America, Chase and Wells Fargo/Wachovia, is a free event that will rally the whole community to come out and get personal attention from knowledgeable housing counselors on-site.

‘You’re More Than A Number Loan Modification Assistance Event’ is scheduled for Saturday August 21, 2010, from 8:00AM-3:00PM at the Wyndam Garden Atlanta South Hotel in Atlanta, GA on Old National Highway. This event promises to bring a personal touch to all who participate as housing agents from Bank of America, Chase and Wells Fargo/Wachovia will be available to provide face-to-face counseling along with HUD to discuss how going green can save participants money. No matter who the original lender is, the NID Housing Counseling Agency/Atlanta Metro is on hand to help. Unlike other loan modification events, ‘You’re More Than A Number Loan Modification Assistance Event’ represents the human approach to loan modification giving added face value to each situation and ongoing support.

“I’ve been in the business for twelve years and I’ve seen a lot of events like this, but it’s refreshing to see an organization finally get what people really need”, said Personal Finance Expert and CNN Contributor Clyde Anderson, who is also the events Special Guest. “Compassion is missing…, but if we take the time to educate and walk people through the modification process, I believe you would see a lot less stress and negative attitudes, so we can get down to offering resources people really need to make it”.

Tired of feeling like just a number? Visit www.nidatlmetro.org to register and reserve your place. For more information call 1-866-251-1027. Listen to Praise 102.5FM for announcements. Register today for a chance to win free gas gift-cards!

This article can also be found at my website SandySpringsNow.com

Family Fun at Sandy Springs’ Newest Attraction

Lee Davenport — Thu, 22 Jul 2010 18:06:13 +0000

The City of Sandy Springs will hold a ribbon cutting along with the City’s Fifth Anniversary Celebration at its newest park: Morgan Falls Overlook Park. The event will be held Wednesday, July 28, 2010, from 4:00 – 7:00 p.m. at the park—200 Morgan Falls Road. Parking is at North Springs United Methodist Church, on the corner of Roswell Road and Morgan Falls Road. A shuttle will be provided. There will be no on-site parking.

The new 30+-acre riverside park features a boat dock, playground, walking trails, restrooms, a large picnic pavilion, handicap accessible swings, a historic chimney and spectacular views from the bluff. The ribbon cutting will be held at 4:00 p.m. Join the Mayor, Councilmembers and other dignitaries for hot dogs, soft drinks, games, prizes and other giveaways in celebration of the City’s fifth birthday. All festivities will last until 7:00 p.m. But even if you cannot make the opening ceremony, you will still love the visit the park on your next free day. But even if you cannot make the opening ceremony, you will still love to visit the park on your next available day.

For more information on the City of Sandy Springs or any of the City’s other parks and/or recreation programs, visit www.sandyspringsga.org or call 770-730-5600.

This article can also be found at my website SandySpringsNow.com

Places to Love: City Walk Heights

Lee Davenport — Tue, 20 Jul 2010 13:38:29 +0000

It you have been looking for a great deal in the Metro Atlanta real estate market, you will find one at Sandy Springs’ City Walk Heights townhomes. Situated conveniently behind Sandy Springs’ City Walk Shopping Complex and a across from Heritage Green, City Walk Heights features townhomes that have high-end finishes for a fraction of the cost. These brick, 3-story townhouses have gated parking, an outdoor waterfall/park area, and are in walking distance to all of the shops on Roswell Rd., Hammond Dr., and Johnson Ferry Rd.

Once in the breath-taking homes of City Walk Heights, you will quickly want to call these deeply discounted units home. You will love the hardwood floors, the granite countertops, the 10-ft ceilings, stainless steel appliances, spacious rooms and open floor plan.

What to learn more about City Walk Heights? Contact places2love@gmail.com or 404.444.5777 for more details. Happy House Hunting!

This article can also be found at my website SandySpringsNow.com