home ownership supplement

HOMEOWNERSHIP SUPPLEMENT / june 2012 H-1

SPONSOREd by

EnErgy

EfficiEnt

& HEaltHy

HomEs

H-2 june 2012 / HOMEOWNERSHIP SUPPLEMENT .com

PUBLISHERDenise Rolark Barnes

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Dorothy Rowley, Online Editor

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AssureTech /www.scsworks.com, Webmaster

Mable Neville, Bookkeeper

Mickey Thompson, Social Sightings columnist

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REPORTERS

Eve Ferguson, Joy Freeman-Coulbary, Gale Horton Gay, Barrington Salmon, Charles E. Sutton ,James Wright, Joseph Young PHOTOGRAPHERS

John E. De Freitas, Victor Holt, Roy Lewis, Khalid Naji-Allah, Shevry Lassiter

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Money-Saving Cleaning Tips to Save Energy at HomeWhether you love or hate spring cleaning, heres some good news: Cleaning could save you money. Make the following tips part of your spring cleaning list and youll cut your energy costs by getting better performance from your appliances, exhaust fans, and lights.

Dry clothes faster

Clear lint from your clothes-dryer exhaust hose. Have a flexible hose? Replace it with smooth metal ducting to improve air flow, dry clothes faster, and reduce drying energy use.

Dont make your fridge work so hard

Clean dust from under your refrigerator, the front vent at the base, and any exposed coils at the back. Another tip: Make sure products arent blocking the fan vents inside the fridge and freezer.

Clear the air

Dust bathroom ceiling fan covers and fan blades. Clean dust and grease from the kitchen stove hood and exhaust fan.

Plug your home electronics into an advanced power strip

While youre dusting your TV, computer, gaming equipment, and other home electronics, take a look at how theyre plugged in. You can stop overpaying to power these big energy users (many draw electricity even when off) by plugging them into an advanced power strip, which automatically cuts electricity to any idle equipment you choose.

Use your bath fan

Do you have mildew on bathroom ceilings? This is a sign of insufficient ventilation. If you have a bath fan, use it. If you need a fan, look for an ENERGY STAR qualified model. These fans are very quiet and use little electricity. Be sure to vent bath fans to the outdoors, or youll risk moving your mildew problem to another part of the house or attic.

Keep bulbs and fixtures clean

Dirt will absorb the light and reduce the efficiency. Another tip: Replace incandescent light bulbs with Compact fluorescent light bulbs (CFLs) and use up to 75% less energy for lighting.

Step outside

Take a look at any accessible exterior vents, such as for the clothes dryer, central-heating system, water heater, kitchen-fan exhaust, or bath-fan exhaust. Clear them of any blockage or buildup of dust, webs, leaves, and lint.

Courtesy of The District of Columbia Sustainable Energy Utility (DC SEU) www. dcseu.com

HOMEOWNERSHIP SUPPLEMENT / june 2012 H-3.com

Member FDIC

Money Matter$ By Andrea Shearin

www.industrial-bank.com

Industrial Strong

Industrial Bank

Fixed Rates First Time Home Buyer Programs Refinance Home Equity Line of Credit FHA Programs Reverse Mortgage

Keeping the dream of home ownership alive and well

Member FDIC

Apply in person, online at www.industrial-bank.com, or contact our Home Mortgage Division at (202) 722-2097

one that is more than 30 days overdue; and

zz This must be our first refinance through HARP. Loans that were refinanced under an earlier version of HARP are ineligible to be refinanced again.

In addition to the eligibil-ity requirements, our lender informed us that they were required to verify our income, employment and credit history. We were advised that approxi-mately 2 million homeowners were expected to refinance their mortgage loans through HARP 2.0, so to avoid any delays, it was important that we submit the requested docu-ments as soon as possible.

Our lender discussed other obstacles that could delay the HARP process such as mort-gage insurance and second mortgages. Borrowers with second mortgages have to get their second mortgage lender to agree to keep the second mortgage loan secondary to the HARP loan. Also, mort-gages with borrower-paid mortgage insurance must maintain the current level of mortgage insurance. Unfor-tunately, mortgage loans with lender-paid mortgage insur-ance cannot be refinanced through the HARP 2.0 pro-gram.

Thankfully, we did not face any of these challenges and within 3 weeks we were ap-proved for a HARP 2.0 loan with a lower interest rate, a lower monthly mortgage pay-ment and a shortened repay-ment term.

If you believe you are eligible and want to put yourself in a better position to endure the housing market recovery, call your mortgage lender today and ask them to help you complete a HARP 2.0 application. As always, Industrial Bank is ready to serve as your financial partner to support you as you look to invest in yourself, invest in your dreams, and invest in your future.

by Andrea Shearin Vice President Compliance & CRA Manager

My husband and I re-cently applied for a loan under the feder-al governments revised Home Affordable Refinance Pro-gram, or HARP 2.0. HARP is a mortgage refinance program designed to help responsible homeowners take advantage of todays low mortgage rates. Unlike a traditional refinance, HARP allows homeowners to refinance their mortgages even though their homes values have fallen below their mort-gage loan balances. This is known as being underwater.

We were aware that our county was one of those hit hardest by the housing down-turn in the state of Maryland. Yet, we were still stunned to learn that our house, for which we had made steady monthly payments for the past 8 years, was valued at $62 thousand less than what we paid for it, putting us approximately $20 thousand underwater. With this information, we had cleared the first hurdle to being qualified for this government mortgage relief program.

Our lender told us that to be eligible for a HARP 2.0 refi-nance:

zz Our mortgage must have been sold to Fannie Mae or Freddie Mac before May 31, 2009. This can be determined by calling: 1-800-7FANNIE or 1-800-FREDDIE or going online at www.fanniemae.com/loanlookup or www.freddiemac.com/mymortgage and using the lookup tools;

zz We must be current with our mortgage payments and have no late payments in the last six months or no more than one late payment within the past 12 months. A late payment is defined as

Understanding HARP 2.0:

A Case Study


7Member FDIC

Money Matter$ By Brian Faulcon

www.industrial-bank.com

Industrial Bank

Industrial Strong

middle credit score at 640 or

greater. Make sure that every-

thing on the credit report is

yours. If you see any negative

information on the report, try

to work it out before you start

the home buying process.

TIP #5: If you are a first time home buyer, you should try to go to

a first time homebuyer class or

seminar. You will receive valu-

able information about the

home buying process as well

as learn if you qualify for any

grants or settlement expense

assistance.

TIP #6: Find a Loan Officer that you feel comfortable with and get

prequalified for a loan. Look

up the financial institution and

the Loan Officer on the Na-

tionwide Mortgage License

System (NMLS) which is a

registry for the public to view

information about the finan-

cial institution and the loan

officer. The website is www.

N M L S C O N S U M E R AC -

CESS.ORG. All loan officers

should provide you with their

NMLS#.

TIP #7: Find a Real Estate Agent and start the home buying process.

Referrals from family, friends,

or your Loan Officer can help

you find a good Real Estate

Agent that you feel comfort-

able with.

Buying a home is still the

American Dream. The more

you prepare upfront to pur-

chase your home, the easier

the mortgage process will be!

As always, Industrial Bank is

ready to serve as your financial

partner to support you as you

look to invest in yourself, in-

vest in your dreams, and invest

in your future.

by: Brian FaulconAssistant Vice PresidentIndustrial Bank

Summer time is

here and have you

noticed that theres

an abundance of

homes for sale?

Plus, when you listen to the

news or radio, you hear that

mortgage rates are at the low-

est they have ever been in his-

tory; and the prices of homes

have decreased dramatically.

YES, purchasing a home is still

a great investment and now

is the time to take advantage

of the opportunities that are

in front of you. The home

buying process can seem over-

whelming, so I would like to

share

7 tips to consider before you

begin;

TIP #1: Commit to the home buying process. Make a decision to

continue to the end.

TIP #2: Do not start the home buying process and then begin pur-

chasing items for the house

or large items on credit before

settlement.

TIP #3: Review or create a budget to see if you can reduce your

current expenses, so that you

can save, save, and save (more)

money for Closing costs!

Closing costs in Maryland, DC

and Virginia are among the

highest in the country.

TIP#4: Get a free credit report and analyze it. Most financial in-

stitutions prefer to see your

DC Home Buyer's $5000 Tax Credit

To be eligible for this credit, a buyer must:

1) Buy a home in the District of Columbia (one must not have owned a home

in DC within one year of the qualified purchase);

2) Occupy the property as their principle residence: and

3) Meet the following income requirements:

Single Filers- with up to $70,000 in modified Adjusted Gross Income 9AGI) received

the benefit of the entire $5,000 credit. People with a modified AGI of between $70,000

and $90,000, the credit it reduced by $250 for every one thousand dollars over $70,000.

Joint Filers with up to $110,000 in modified AGI receive the benefit of the entire

$5,000 credit. Couples with a modified AGI of between $110,000 and $130,000 the

credit is reduced by $250 for every one thousand dollars over $110,000.

The $5,000 is not a deduction, but a credit to be applied towards Federal Income

Taxes (File Form 8859). If the entire credit cannot be used in the year of purchase, it can

be carried over for up to five years.

DC Homestead Exemption

To be eligible for the Homestead Exemption, a buyer must:

1) Own property in the District of Columbia;

2) Occupy the property as their principle residence:

3) Be subject to DC Income Taxation during the period the property gets the

Homestead deduction.

The Homestead Exemption gives the homeowner two (2) important benefits: (1)

$38,000 is deducted from the assessed value of the residence for purposes of calculat-

ing property taxes; and (2) the tax rate applies to the assessment is the lowest tax rate

imposed by the DC government. To get the exemption, the homeowner must complete

and file a Form FR-HD at the D.C. Department of Finance and Revenue. The exemp-

tion is not transferable and only applies to one home at a time. Property owners receive

the homestead deduction on a prorated basis the first full month following the date filing

of a property completed form. You will receive this form to complete at Settlement.

For more information on this, and other related topics, log onto www.dc.gov.

Tips To Consider Before You Begin The Home Buying Process


7 keys to get you into your new home.

Review your personal credit report

Analyze your current budget

This is a buyers market

(dont rush to buy)

Get pre-qualified for the amount of your desired monthly payment

Home inspection is a must!

Dont speculate on fixer-uppers until you know the cost of improvements

Cash is king; save money (It is important to have cash reserves for emergencies)

Contact our Home Mortgage Division today at (202) 722-2097

MEMBER FDIC

Industrial

Bank

Industrial

Strong

Since

1934

Keeping the dream of home ownership alive and well

Fixed rates First time home buyer programs Refinance Home Equity Line of Credit

Apply in person or online at www.industrial-bank.com


Martin OMalley, GovernorAnthony G. Brown, Lt. Governor

Raymond A. Skinner, SecretaryClarence J. Snuggs, Deputy Secretary

Maryland Department of Housing and Community Development

Mortgage Late?Dont Wait!

You Have options. We Can Help.aCt noW before its too late!

For more information call

18774627555 or log onto

www.mdhope.org

In commemoration of June as national homeowner-ship month, the state is offering one of the lowest in-terest rates ever on its flagship mortgage assistance program.

At 4.75 percent, the rate that went into effect June 1 is one of the best deals in the 30-year history of the Maryland Mort-gage Program, offering sig-nificant savings for hundreds of qualified homebuyers, says Raymond A. Skinner, Secretary of the Maryland Department of Housing and Community Development.

The country has recognized June as homeownership month since 2002. This years national theme, Promoting and Pro-tecting Homeownership, car-ries particular resonance in the wake of one of the worst col-lapses of the housing market since the Great Depression.

However, state officials in-sist they will not allow the cri-sis to dampen the American dream of homeownership.

In spite of the housing crisis and the high foreclo-sure rate, Governor Martin OMalley feels homeownership is still good for our families and good for our communities, Secretary Skinner says. Over the long term, homeowner-ship helps stabilize our neigh-borhoods; and for families, it builds equity, wealth, and helps create a legacy that families can pass on to their children.

The Maryland Mortgage Program features a variety of low-interest, fixed-rate mort-gage loan options for first-time homebuyers and to homebuy-ers in targeted neighborhoods in Baltimore City and Allegany, Caroline Dorchester, Garrett, Kent and Somerset counties.

The program is adminis-tered by the Department of Housing and Community De-velopment and is funded by private capital raised through the agencys ability to issue

mortgage revenue bonds. Pro-

gram loans are administered by

a network of over 50 private

lending institutions across the

state, enabling potential home-

buyers to receive assistance

through their local banks.

In addition, qualified home-

buyers can receive a no-inter-

est, deferred loan to help meet

downpayment and settlement

expenses through the states

Downpayment and Settlement

Expense Loan Program. The

loan is not due until the refi-

nance, sale or transfer of the

home.

The first step for interested

homebuyers is to call the agen-

cys Community Development

Administration at 800 638-

7781 for a homebuyers kit.

Meanwhile, officials are see-

ing signs that the state housing

market is improving, although

they warn that the market re-

mains very fragile.

RealtyTrac, an online ser-

vice that monitors the housing

market, has reported that fore-

closures in Maryland dropped

11.5 percent during the first

quarter of 2010, compared to

the previous quarter and the

states ranking improved from

10th highest in the country to

14th highest.

And the Maryland Asso-

ciation of Realtors says March

home sales increased by 29.3

percent compared to last year,

homes spent less time on the

market and prices are begin-

ning to gain traction.

We can avoid many of the

problems that precipitated the

last crisis through a strong

homebuyer education pro-

gram, says Secretary Skinner.

He noted that free home-

buyer education is a part of

every Maryland Mortgage Pro-

gram loan.

Celebrating Homeownership Month: Creating Homeowners, Preserving Neighborhoods in Maryland Interest Rates on Maryland

Mortgage Plan Loans at All-time Low


Take the Right Step

on the Path to

Homeownership

The Maryland Mortgage Program is the place to start!

Closing cost assistance of at least $5,000 and30-year fixed rate mortgages.

800.638.7781

www.mmprogram.org

Maryland Department of Housing and Community Development


pleted through the local part-ner agency or an approved contractor. All of DHCDs programs support improve-ments that address issues including: air infiltration im-provements and duct-sealing; insulation in attics, floors and walls; hot water system im-provements; lighting retro-fits; furnace cleaning, tuning and safety repairs and burner repair or replacement, and; additional health and safety items to improve energy ef-ficiency.

Additionally, the Be SMART program offers a loan program that may be used for appliance upgrades and/or replacement of heat-ing and cooling systems, win-dows, doors, insulation, ap-pliances, and other qualified ENERGY STAR improve-ments including, but not lim-ited to air source heat pumps, central air conditioning sys-tems, boilers, water heaters, refrigerators, ceiling fans, pro-grammable thermostats, and ventilating fans. Be SMART program participants may also be eligible for additional rebates related to certain ap-pliance upgrades.

All of DHCDs energy ef-ficiency programs save Mary-landers money and help them achieve a higher quality of life Marylanders like Barry Wil-hite. A resident of the Mayo Peninsula of Anne Arundel County, Mr. Wilhite has lived in his home since age seven, assuming ownership after the death of his parents. After a health issue that caused him to have both his legs amputat-ed, Mr. Wilhite was struggling to pay his heating oil bills. Some helpful neighbors did some research and suggested that DHCDs Weatherization Assistance Program might be able to help.

After an energy audit, lo-cal, approved contractors began extensive upgrades to Mr. Wilhites home. The attic received new insulation and a

The Maryland Depart-ment of Housing and Community Develop-ment (DHCD) offers a range of energy efficiency programs that can help Maryland resi-dents save money on their monthly energy bills. These programs support Governor Martin OMalleys EmPOW-ER Maryland initiative, which seeks to reduce Marylands en-ergy consumption by 15 per-cent by 2015, and the Smart, Green & Growing initiative which strengthens our econo-my, protects our environment, and improves our quality of life. DHCD partners with the U.S. Department of Energy, the Maryland Energy Admin-istration, local governments, nonprofit organizations, home improvement contrac-tors, and energy suppliers to support our energy efficiency programs.

Programs offered by DHCD include the Weather-ization Assistance Program and the EmPOWER Mary-land Low Income Energy Efficiency Program, which provide grants to low- to moderate-income house-holds, as well as the Be SMART (Save Money And Resources Today) Program which provides low-interest loans and rebates to Maryland residents. All of these energy efficiency programs generally require applicants to undergo an energy audit to receive as-sistance. This audit will be conducted by DHCDs local partner agencies or a DHCD-approved contractor. The audit will assess the current state of the property and will prioritize the most effective ways to reduce your energy costs while increasing com-fort. Depending on the spe-cific program, there may also be certain income restrictions and/or credit requirements.

Once the audit is com-pleted, the energy efficiency improvements recommended through the audit will be com-

TIPS TO SAVE ENERGY TODAY

z Install a programmable thermostat to lower utility bills and manage your heating and cooling systems efficiently.

z Air dry dishes instead of using your dishwashers drying cycle. z Turn things off when you are not in the room such as lights,

TVs, entertainment systems, and your computer and monitor.

z Plug home electronics, such as TVs and DVD players, into power strips; turn the power strips off when the equipment is

not in useTVs and DVDs in standby mode still use several

watts of power.

z Lower the thermostat on your water heater to 120F.z Take short showers instead of baths and use low-flow

showerheads for additional energy savings.

z Wash only full loads of dishes and clothes.z Air dry clothes.z Check to see that windows and doors are closed when heating

or cooling your home.

z Drive sensibly; aggressive driving such as speeding, and rapid acceleration and braking, wastes fuel.

z Look for the ENERGY STAR label on light bulbs, home appliances, electronics, and other products. ENERGY STAR

products meet strict efficiency guidelines set by the U.S.

Environmental Protection Agency and the U.S. Department of

Energy

z LED Lighting

z LEDs: A New Kind of Light. LED bulbs offer similar light quality to traditional incandescents, last 25 times as long, and

use even less energy than CFLs. Choose ENERGY STAR-

qualified LEDs for the highest quality and energy savings.

z LED bulbs are rapidly expanding in household use. ENERGY STAR-qualified LEDs use only about 20%-25% of the energy

and last up to 25 times longer than traditional incandescent

bulbs. They come in a variety of colors, and some are dimmable

or offer convenient features such as daylight and motion

sensors.

z In addition to standard screw-in bulbs, youll find LEDs in desk lamps, kitchen under-cabinet lighting, and even holiday

light strings.

Efficiency Programs Save Maryland Residents Money

special covering. Covers were added to the fireplace. Win-dows were caulked, and panes covered in cardboard were re-placed. Old, inoperable heat-ing vents were replaced. Upon installation of a carbon diox-ide monitor in the basement, a large crack was found in the original oil furnace. The fur-nace was subsequently replaced with a smaller and more ener-gy-efficient electric model. All the work was completed before winter arrived which was per-fect timing for Mr. Wilhite. As a double-amputee, Mr. Wilhites body regulates its temperature a little bit differently than most, so good, reliable home heating and cooling is a must.

After the energy efficiency improvements were in place, Mr. Wilhite immediately saw substantial savings to his home energy bills. Once struggling to pay for heating oil, Mr Wilhite no longer worries about that with his upgraded electric heat pump and system. Addition-ally, once the improvements to the home were completed, Mr. Wilhite was able to rent out his basement as an apartment, which has helped him manage his mortgage payments and ensure that he remains in the home he loves next-door to the helpful neighbors he adores.

Whether you are struggling with your energy bills, looking to reduce your monthly energy costs, or seeking sustainable en-ergy solutions for your home, DHCD and the State of Mary-land may be able to help you and your family. Visit the Im-proving A Home section of the DHCD website http://www.mdhousing.org to learn more about our energy efficiency pro-grams and to find the local part-ner agency or approved contrac-tors in your area.

You can also call DHCD di-rectly at 1-800-638-7781 for additional information and to determine which program is the best fit for you or visit www.md-housing.org

Energy


Take advantage of incentives and financing options from the DC Home Performance with ENERGY STAR program by completing energy-efficient improvements through a DC Home Performance participating contractor.

To get started, call 888-MY-DCSEU or visit www.dcseu.com.

WANT To START SAviNG moNEYAND ENERGY iN YouR HomE ToDAY?

a new kind of utility WWW.DCSEu.Com/mYDCSEu

by Ted Trabue, Managing Director, DC SEU

The average energy bill for a single family home in the U.S. is approximately $2,200 per year. If you were to add up all the hidden air leaks in the average home, they can equal a hole the size of a window thats open 365 days a year. The poten-tial for lowering energy costs in your home is huge and the District of Columbia Sustainable Energy Utility (DC SEU) is committed to helping you find ways to do just that.

This spring, the DC SEU launched the DC Home Perfor-mance with ENERGY STAR program designed to help District homeowners identify the areas in your home where you can make energy-saving home improve-ments. Improving the energy ef-ficiency of your home through DC Home Performance can help make your home more comfort-ableand save you up to 30% on your energy bills. With a $500 incentive available for homeown-ers who complete qualifying work under the program, the DC Home Performance program is an op-portunity you dont want to miss.

A typical DC Home Perfor-mance with ENERGY STAR home improvement project be-gins with a comprehensive energy audit of your home conducted by a certified Home Performance with ENERGY STAR contrac-tor. Using a number of diagnostic tests, your contractor will provide you with a home energy audit re-port. This comprehensive report provides you with recommended energy-saving home improve-ments specific to your home, along with the associated energy savings youll see from making those improvements. You will then work with your contractor to decide which improvements make the best sense for your home and budget, and your contractor will

perform the work. Sometimes, the costs of making

your home more energy efficient can put those improvements out of reach of some homeowners. To help homeowners overcome the cost barriers, the DC SEU is working with local banks to pro-vide financing that can make the investment possible and afford-able. The DC SEU has partnered with Industrial Bank to offer a special program through the Federal Home Loan Bank of At-lanta, the Energy Efficiency and Weatherization Program. This loan program provides forgivable loan funds of up to $12,000 for home rehabilitation to eligible ho-meowners. The DC SEU has also partnered with CommonWealth One Federal Credit Unions En-ergy Saver Loan program to offer DC residents loans with reason-able interest rates for energy proj-ects under the DC Home Perfor-mance program. These financing options can go a long way in help-ing you make energy-saving im-provements to your home without breaking your bank.

DC Home Performance with ENERGY STAR is a great way to save energy, save money, and go green in your home. For more information on the DC SEU and our programs and services, visit www.dcseu.com or call toll-free at 855-MY-DCSEU (855-693-2738).

The DC SEU was established by the Clean and Affordable En-ergy Act (CAEA) of 2008 and is a project of the Sustainable Energy Partnership, led by the Vermont Energy Investment Corporation and eight local partners: George L. Nichols and Associates; Ground-swell; the Institute for Market Transformation; L.S. Caldwell and Associates; PEER Consultants; PES Group; Skyline Innovations; and Taurus Development Group. For more information, visit www.DCSEU.com.

@ Home Sa

ving

Money Energy&


Lenders made millions on fees

and when they got in trouble,

they just ignored your situa-

tion. Youre not alone. Thou-

sands of Maryland families

are desperate to leave their

personal housing crisis behind

By Maryland Attorney General Doug Gansler

Youve been victim-ized by an unscrupu-lous mortgage broker or a bank/mortgage servicer.

and resume their quest for the

American Dream. For many,

that possibility just became

more real.

So, why trust the banks now?

The truth is you dont have to

but, you should at least open

their mail. A solution to your problem just might be inside the next envelope. Its already started. Over the next several months, families across Mary-land will be getting letters from their mortgage lender that might be the best news theyve seen in quite a while.

Dont ignore that letter. Open and read it carefully and then, respond. Also, I highly recommend that you discuss the letter with a free nonprofit housing counselor or a lawyer of your choice (See how be-low.). But, whatever you do, Dont Fear the Solution. The rules of the game have changed in your favor if you qualify.

Under the recent $26 billion Mortgage Servicing Settlement, Maryland extracted nearly $1 billion worth of benefits and assistance that the banks must now deliver to borrowers or pay a hefty penalty. The mort-gage servicing companies are now bound by a federal court and a court-appointed moni-tor to do the right thing and do it fast. That includes treating borrowers like valued custom-ers instead of liabilities.

The lions share of that money must go directly to ho-meowners who are in danger of foreclosure or, underwater with their mortgages or, were foreclosed upon between Janu-ary 1, 2008 and December 31, 2011. The relief comes in dif-ferent forms and each option will apply differently to dif-ferent borrowers. Under the

settlement these lenders must provide large numbers of cus-tomers either lower interest rates, loan modifications or principle reductions.

Some families whove lost homes to foreclosure may qual-ify for a cash payment of up to $2,000. In this case, a letter and then a check would come from a claims administrator not the bank with no strings attached. You can take it and still sue the lender if you have grounds to do so.

The banks must reach out to borrowers. But you shouldnt wait for them to act. Call the bank now. Get a free nonprofit housing counselor or talk to the one you have, again.

This settlement doesnt ap-ply to everyone facing mort-gage problems. You must pay or have paid your mortgage to one of these companies: Ally/GMAC, Bank of America (In-cluding Countrywide), JPMor-gan Chase (Including WaMu) and Wells Fargo (Including Wa-chovia). And, you must qualify for the relief that is being of-fered. Settlements with other lenders are in the works.

For a schedule of Free Fore-closure Workshops, find a free nonprofit housing counselor or phone numbers for each bank, visit our web site at http://www.oag.state.md.us/ or call the Office of the Attorney General at 410-576-6300.

Facing Foreclosure or Underwater?Dont Fear the Solution


Lanta Evans-Motte, MBAFinancial Advisor

4061 Powder Mill Road, Ste. 705, Beltsville, MD 20705Of ce: 301-459-2484 Branch: 301-595-8600

[email protected]/lantaevans

Raymond James Financial Services, Inc., member FINRA/SIPC

By Lanta Evans-Motte, M.B.A.

Many Americans would welcome a major housing recovery, as home equity is the way most Americans build wealth. How-ever, several factors seem to be working against that trend, in-cluding a less than robust job market, tighter mortgage lending standards, and the large number of homeowners who owe more on their mortgage than their homes are worth. More than 30% of homeowners (nearly 16 million), were underwater on their mortgage during the first quarter of 2012, according to a recent report by Zillow.

The overall economy has been improving since the 2007-2008 meltdown, albeit slowly, with record corporate profits, stable retail sales, and stabilizing unem-ployment trends. Optimists also point to several positive housing trends, including lower housing inventories, historically low in-terest rates, and better housing affordability (lower priced prop-erties are easier to qualify for).

Additional encouraging news is that a number of housing-related initiatives have recently been launched to help hom-eowners prevent foreclosure, keep homes occupied and help sustain stable communities:

zz In February 2012, President Obama announced a refinancing plan to help homeowners refinance mortgages backed by the FHA, if they are current on their mortgages. Buyers could save about $3000 annually. This is in addition to the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP), which are foreclosure prevention programs launched in previous years.

zz Also in February 2012, an historic $25 billion settlement was reached

between the federal government, 49 state attorney generals, and the countrys five largest loan servicers: Bank of America; Citibank; Ally Bank (GMAC), JPMorganChase (WaMu); and Wells Fargo (Wachovia). This settlement is the largest multistate settlement since the Tobacco Settlement in 1998. The agreement was reached after extensive investigations into mortgage fraud, foreclosure abuses, and mortgage servicing practices such as robo-signing. The settlement provides benefits to borrowers whose loans are owned by the settling banks, but has a three-year timeline for implementation. For borrowers with loans owned or serviced by the five big banks, the settlement may help millions of homeowners remain in their homes through enhanced loss mitigation programs, such as interest rate reductions, loan modifications (including principal reductions), forbearance plans, and short sales (where homes are sold for less than the mortgage balance).

zz In April 2012, the Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae to streamline several homeowner retention programs to help homeowners who owe more than their home is worth. Enhancements will include short sales, deeds-in-lieu and deeds-for-lease, which are efforts designed to help homeowners avoid foreclosure. The first phase will begin in June 2012, with additional enhancements expected by the end of 2012. The new timelines require

Homeowner Rescues on the Way: Good News for All Americans

zz For more information on the Mortgage Servicing Settlement, visit: www.NationalForeclosureSettle-ment.com; or your state Attorney Generals website.

zz For more information on Fannie Mae & Freddie Mac short sales, visit, www.fhfa.gov.

zz For more information on relocation incentives, contact your lender or servicer.

Reports of scammers trying to take advantage of vulnerable ho-meowners have already surfaced in several states. Be sure to take appropriate steps to safeguard your personal information, your home, and your money, and be-ware of unsolicited phone calls, emails and mailings.

Housing Recovery?Whether you need help per-

sonally or know someone who does, many Americans stand to

that mortgage servicers respond to requests for short sales within 30 calendar days from receipt of a short sale offer; and then communicate final decisions to the borrower within 60 calendar days of receipt of the offer and complete borrower response package. FHFA is the regulator for Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks, which provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

zz Since January 2012, several banks have announced relocation incentive programs to help underwater homeowners leave their property. Programs have been reported to offer from $2,500 to $30,000 in relocation assistance, which is generally at the discretion of the lender. Some lenders prefer these programs to foreclosures, as the process is generally more orderly and the home is often left in better condition by exiting homeowners. Other federal programs, such as Home Affordable Foreclosure Alternatives (HAFA) may also offer relocation incentives for short sales.

Getting Help and Additional Information

HUD-approved housing counselors are available (often free) to assist homeowners bet-ter understand their options, and help determine if they qualify for programs, remedies, or as-sistance (www.hud.gov). Work-ing with experienced counselors may result in better outcomes for homeowners facing difficul-ties.

zz For more information on HAMP, HARP, or HAFA visit www.makinghomeaffordable.gov.

benefit if the aforementioned homeowner initiatives are suc-cessful. As housing prices improve, homeowner equity also generally increases, along with real and perceived wealth amongst homeowners. A hous-ing rebound would also likely be good news for the financial mar-kets, as the economy generally responds well to a robust hous-ing market which typically con-tributes to thousands of jobs, income, and buying power.

Information provided is not intended as specific tax, legal, or financial recommendations for any person. Lanta Evans-Motte, MBA, is a business consultant and independent financial ad-visor affiliated with Raymond James Financial Services, Inc., Member FINRA/SIPC; 4061 Powder Mill Road, Suite 705, Calverton, MD 20705. Office: 301-459-2484.


BUY TOOLS THAT LAST: Always buy high-quality tools from reputable stores. My fa-vorite brand is Dewalt the leader in contractor power tools including cordless drills, wood-working tools and professional power tools. Look for those with lifetime warranties. You have to send in your warranty forms. I still use the same hammer of 25 years. Also, I have my circle saw for cutting all different angles and my cable saw for ripping anything, says builder Reginald James, the owner of Sweet Man-go Caf.

SOLID WOOD FURNI-TURE: Antiques represent a previous era. Dont discard them. Place them in the guest bedrooms or basement. The ma-jority of antiques are made from mahogany, cherry, and teak, the most expensive. Restore your grandmothers rattan or cane-seat furniture. Bamboo furniture from that era is highly sought-af-ter by antique dealers. Some are worth the investment. Purchase oak and pine furnishings. Avoid pressed wood furniture, its made from compacted sawdust and shavings and treated with formaldehyde, which is toxic.

CARPETS: Studies have prov-en that carpets are major health hazards, unless made from natu-ral fibers [bamboo, hemp, and grasses]. Remove old carpets from the bedrooms. Nowadays, homebuilders install hardwood floors in all rooms, and put syn-thetic or natural fiber carpets in the bedrooms. Developers and home buyers diligently look for certain carpet patterns because they know the floors underneath are made from solid oak thats priceless.

WHITE BATH/BED LIN-EN: Free of dyes and chemicals. Turkish towels are the best and most expensive. Look for tight-ly woven items. Buy organic, if possible. Water conservationists advocate recycling your towels and sheets. Change pillowcases often. Recycle your towels for a week with continuous usage.

By Misty BrownWI Staff Writer

This year has been des-ignated as the Inter-national Year of Sus-tainable Energy for All by the United Nations. And in keeping with the revered organization, here are some simple and healthy green tips that are easy and inex-pensive.

BUY EFFICIENT APPLI-ANCES:: They are classified as Energy Star. Toilets are given the Water Sense label. You can get rebates and they lower the cost of your utility bills.

OLD TOOTHBRUSHES: Superb cleaning tools for any small surface, tracks or edges such as door frames, moldings, windowsills, stovetop burners and knobs, blender bases, refrig-erator door handles and rubber sealers, says Dr. Dianne Whit-field-Locke, D.D.S.

LOOK FOR POISONOUS PLANTS: Many homes lo-cated near wooded areas might have poisonous plants [poison ivy, oak and sumac]. Look for plants with three leaves thats their customary identification. A reaction can occur immediately or take up to 25 days to develop. Know your vines. Wear gloves when cutting any vines or pull-ing any weeds. Even household plants can be toxic, if digested, especially English Ivy, Poinset-tia, elephant ears, spider plants and oleander, says Cherokee descendant, Antonio Carpen-ter, lodge keeper of the Ancient Wisdom Teachings Spiritual Lodge.

GLASS CONTAINERS: Mi-chael Lawrence, owner of Ja-maican Joes Restaurant prefers to recycle or reuse food jars and bottles theyre eco-friendly products. Glass containers are pricey. The best and most beau-tiful decanters are alcohol bot-tles. My favorites are the Tequila [bottles]. Their labels peel off easily, with a quick soak.

oils, baking soda, toothpaste, salt and bread, to name a few, have joined the list of popular non-toxic natural household cleaners proven to be effective for a variety of chores. Consider using these when tackling those common household tasks like the ones listed below:

LEMONSCountertops: Dip the cut side

of a lemon half in baking soda to tackle countertops; wipe with a wet sponge and dry. Dont use on delicate stone, like marble, or stainless steel [it may cause discoloration].

Faucets: Combat lime scale by rubbing lemon juice onto the taps and letting it sit overnight. Wipe with a damp cloth.

Garbage disposal: Cut a lemon in half, and then run both pieces through the disposal. The lemon cleans it and makes it smell great, says Linda Mason Hunter, co-author of the book, Green Clean [$13.50, amazon.com].

Laundry: To brighten whites, add 1/2 cup lemon juice to the rinse cycle for a normal-size load.

ESSENTIAL OILSI have used several essential

oils as air fresheners, but it is important to use the purest of oils such as Young Living Oils [YLO] which are 100 percent therapeutic grade essential oils, says Ayo Handy-Kendi, a holistic practitioner, and the founder and CEO of Positiveenergyworks, Inc. (www.breathepositive.com). She cautions consumers to avoid essential oils that contain alcohol or that can be heated over charcoal. Her favorite blend is called Purification, which is

By D.R. BarnesWI Staff Writer

Who has time to clean the house anymore? And, who can man-age the demands of life and clean with any kind of regular-ity reminiscent of the Saturday morning ritual once required in nearly every household decades ago? Plus, with so many choices available now for household cleaning products that are lined up on store shelves, its time-consuming just trying to figure out which are the best ones to use.

Where are the days when Mr. Clean with his bald-head, white T-shirt and buffed arms guaranteed that he and anyone who would take him home could tackle every mess in the house? Over the years, manufacturers of household cleaning products have successfully thrown Mr. Clean from his throne, while creating mass confusion for consumers who cant find enough room to store every product they purchase, let alone use them all.

This hodgepodge of plastic bottles filled with hard to pronounce chemicals that are potentially harmful to the environment and to your health have given rise to a Back to the Future cleaning revolution. Homeowners are slowly tossing these products aside and replacing them with items that could be included in a great salad or a refreshing beverage or the ones grandma use to use. And the convenience of using many of these natural products makes cleaning an adventure and not a chore.

Lemons, vinegar, essential

wonderful to put on a cotton ball or mixed with distilled water and sprayed in the air, she says.

Handy-Kendi also recommends lemon, orange, cinnamon, lavender, and rose oils to help purify and freshen the home. For those who like a woodsy aroma, she recommends sandalwood or Blend of Thieves, made from clove, lemon, cinnamon, rosemary, and eucalyptus oils, which cleanse the air while helping to calm the mind.

VINEGARVinegar is considered an

environmentally friendly and economical cleaning alternative thats effective for killing most mold, bacteria and germs due to its level of acidity. Tips for cleaning with vinegar recommended by www.vinegartips.com include:

zz Make your own scouring cleanser by combining 1/4-cup baking soda with 1-tablespoon liquid detergent. Add just enough white distilled vinegar to give it a thick but creamy texture.

zz Clean the microwave by mixing 1/2 cup white distilled vinegar and 1/2 cup water in a microwave-safe bowl. Bring it to a rolling boil inside the microwave. Baked-on food will be loosened, and odors will disappear. Wipe clean.

zz Easily clean your mini blinds by wearing a pair

Healthy Homes: Green Efficiency

A Thoroughly

See CLEAn on Page 13


vinegar outside doorways

and windowsills, around

appliances and wherever

you find pests coming in.

zz Kill germs all around the bathroom with a spray of

full-strength white distilled

vinegar. Wipe clean with a

damp cloth.

zz Soak a sponge or loofah

of white cotton gloves.

Dip gloved fingers into a

solution of equal parts of

white vinegar and warm tap

water, and run your fingers

across both sides of each

blind.

zz Discourage ants by spraying undiluted white distilled

overnight in a strong white

distilled vinegar and water

solution to remove dirt and

slime. Rinse several times

with cold water and let air

dry [in the sun if possible].

BORAX AND HYDROGEN

PEROXIDE

Shawna Lois Malone, founder

and CEO, Three60 World, Inc.,

uses hydrogen peroxide as an al-

ternative to chlorine and color-

safe bleach. It is very useful in

brightening clothes, lifting stains

and purifying the laundry, she

says. Malone also recommends,

old-fashion Borax for wash-

ing laundry. It gives a boost to

laundry detergent by adding extra

scrubbing power. It also helps

to get out stains, she adds. She

suggests using hydrogen peroxide

in a spray bottle with water as a

household cleaning agent, or add-ing essential oils or citrus peels to give it that fresh clean scent.

There are many inexpensive, healthy and safe alternatives to the commonly used harsh chemi-cals on the market today. Make your household cleaning chores a green and clean adventure by ex-ploring these options and more. Feel free to visit The Washington Informer on facebook and share some of your tips.

Clean Home

CLEAn continued from Page 12


ments of his intensive clean-ing turn homes into medicinal spaces.

I am an active participant in medical healing, he said with a laugh. I will detect an odor from the air or stuck on a wall.

Pollution, such as mold, thrives in dark or dimly lit places. So Hunter uses ultra-violet light, light sticks, and sunlight. He said hell expose and clean off reflec-tive surfaces so that the light or sunlight can bounce around and brighten up the space.

Light affects how energy is absorbed, said Hunter. I make a conscious effort to make the space actually work as medicine. I discovered this four years ago. This has a physical and psycho-logical effect on people. It can turn around depression by how I clean the house and more light means a stronger immune sys-tem.

For more information, Gregory Hunter can be contacted at 301-585-1641 or 240-899-4847 and at www.huntercleaningservices.com.

called on to provide his services to seniors. Usually the elderly spend as much as 90 percent of their time indoors which exposes them to a range of maladies.

The elderly and retired are not really cleaning their houses, he explained. The average home is not regularly maintained. That means an increase of pollution. Younger people dont spend as much time at home so they are less likely to be affected. Theres no one addressing the environ-ment people are recovering in. I disinfect the entire house and re-move particulate matter thats in the air.

Hunter, who has been in this business for 20 years, said he re-calls cleaning a house in which the occupants smoked for 45 years.

The stench was unbear-able; you could smell it from the street, he said.

He said cigarette smoke is sticky and it attaches itself to the walls and furniture, perme-ate clothes and with dust, form layer on top of layer on objects. Kitchen grease is another source of contaminants.

and elsewhere.If workers are refining hard-

wood doors, for example, the sawdust can cause inflammation and blood disorders. Indoor air pollution can be 10 times worse, he said. Someone may have head-aches, a runny nose or sore throat and not know that these have been triggered by any number of particulates.

Hunter recalls tackling the problem at one home and he said he vacuumed for four days and four nights, cleaning the ceiling, walls, floors and other surfaces.

When I was finished, there was more than one pound in the vacuum bag. People are not cog-nizant that theyre living in a toxic environment, he said.

He said dust particles have a magnetic charge and once they enter the body. They interact with blood platelets which have no charge. The dust particles turn capillaries into a magnet which causes the platelets to start stick-ing to each other. The result can be blood clots which block blood vessels and lead to strokes, heart attacks and other problems.

Hunter said the various ele-

By Barrington M. SalmonWI Staff Writer

When a persons house is dusty or dirty, that person will generally grab a mop and pail, some disin-fectant or some soap and scour the floors, walls and other areas.

While rooms and other parts of the house may have a pleas-ant smell or look clean, there are microscopic organisms, bacteria and other particles that remain and which could make a person deathly ill.

There may be wind-blown organisms, pollen, automobile exhaust, dead skin, hair and fecal matter in mice and rat urine that may be present, said Gregory Rynard Hunter, owner of Hunt-er Cleaning Services in Takoma Park, Md., which offers intensive cleaning services to a range of cli-ents locally and elsewhere.

And if one or more of the oc-cupants smoke, Hunter said, the presence of particles that can lead to serious health challenges, and even death, ratchet up expo-nentially.

Most often, Hunter said, he is

Airborne grease lines the walls and contaminants stick, Hunter said.

When someone enters the liv-ing space of an elderly person, theres much more there than just an old persons smell, he said.

Its a progression of con-tamination and the degrading of materials and carbonate being released in the air, said Hunter. People take in contaminants through their skin, and lungs, for example, and this toxic matter includes fiberglass, asbestos and titanium, gold and silver particles. The body cant break these things down and it causes damage to cells; it can cause cell death which can lead to organ failure.

His job, Hunter said, is to low-er the amount of toxins floating in the air in a persons living space and thus reduce the likelihood of relapses, heart attacks and strokes.

Hunter has at his disposal, a range of products with which to disinfect a house or living space. These products erode and degrade contaminants as he cleans every surface, win-dows, walls, carpets, furniture, under furniture, inside cabinets

What You Dont See Can Hurt YouHealthy Homes:


necessary, water slowly and

deeply, water in the morning,

prevent water from running off

landscape, repair leading hoses

and sprinklers and turn off au-

tomatic sprinklers when its rain-

ing. They also advise mowing

lawns high, controlling weeds,

mulching plant beds, planting

trees and shrubs together and

planting in the spring and fall

when temperatures are low and

water loss is reduced.

Those who would like to see

their water bills drop and reduce

time spent caring for the yard

might want to consider reducing

the size of their lawn. While the

lawn is a great place for children

to perform cartwheels and fami-

lies to enjoy picnics, it devours

resources.

Unfortunately a lawn is the

most maintenance intensive

part of a landscape and usually

requires more water per square

foot of area than any other type

of landscape landing, according

to a Maryland Cooperative Ex-

tension Service publication on

xeriscaping.

The Maryland Cooperative

Extension Service offers the

following recommendation of

drought-tolerant plants to con-

sider: trees: redbud, crapemyrtle,

yellowwood, pine oak, Chinese

elm, Atlas cedar, American holly,

Colorado blue spruce; decidu-

ous shrubs: smoketree, burning

bush, pinxterbloom azalea; ever-

green shrubs: heavenly bamboo,

false-holly, juniper; herbaceous

plants: cushion spurge, butterfly

weed and candy taft.

For more information on xeriscap-

ing, contact the Maryland Coopera-

tive Extension Services Home and

Garden Information Center at 1-800-

342-2507 or www.hgic.umd.edu. To

review their article on xeriscaping,

visit http://hgic.umd.edu/_media/

documents/XericapingHG25pfv.pdf.

By Gale Horton GayWI Staff Writer

The American Dream of homeownership often includes a white picket fence and a picture-perfect land-scape that includes a lush green lawn and a burst of color pink azalea and hydrangea bushes along with assorted flora and foliage that complement the houses exterior.

Thats a pretty picture but rarely the reality yard care is often labor intensive, costly and can demand a significant amount of natural resources to maintain.

However, theres a philoso-phy in the landscaping universe called xeriscaping thats designed to minimize water usage, and save homeowners tons of mon-ey on their water bills. Many of the practices in xeriscaping result in less labor and produce an at-tractive and healthy yard that becomes the envy of the neigh-borhood.

While common misconcep-tions about xeriscaping include the impression that these yards will be dull and lack color, ex-perts say its not all cactus and yucca in a spread of gravel. Done properly, a xeriscape yard can have a wide assortment of plants that include trees, shrubs, ground covers and flowering an-nuals and perennials. Yards can have as much robust color as the homeowner chooses. The ad-vantage: these yards require less water and less maintenance.

A well planned xeriscape not only uses less water, its attrac-tive [and] colorful and utilizes a variety of landscape forms and textures, according to the Mary-land Cooperative Extension Ser-vices website.

Ways to shrink ones lawn in-clude expanding planting beds, using non-plant materials such as bricks, stone and wood in landscape design and incorpo-rating more ground cover.

The Maryland Cooperative Extension Service offers the fol-lowing outdoor water saving tips for homeowners: plant drought-tolerant plants, only water when

Reduce Outdoor Water Usage with Xeriscaping

Solar is More Affordable Than Ever?

Solar photovoltaic costs are down from $8 per watt in-stalled to less than $5 per watt today -- almost half what they were three years ago!

Tax Credits, Local Incen-tives and Financing Make Installation Cheaper Still!

A 3 kW system saving $1000 per year on electric-ity costs means the average return-on-investment is 3 years or less! Youll be sav-ing 100% of the cost of the electricity you produce for the life of the solar -- more than 25 years.

How to Get StartedComplete the preapplica-

tion form ASAP on the DC Department of the Environ-ment website: http://ddoe.dc.gov/node/22512

if you have questions, e-mail: [email protected] or [email protected]

Get Estimates From 3 Contractors

DDOEs list of approved contractors is a good start-ing point:

http://ddoe.dc.gov/pub-lication/district-area-renew-able-energ y-contractors-and-installers

Get Solar In Your Home!

Need More Help: Contact DCs Solar Coops

DC SUN represents DCs 12 neighborhood solar coops. Our mission is to make solar accessible to all in DC -- and affordable. Go to: DCSUN.org. Well present to your Civic Association, ANC, church or community group. Its free!

DC SUN Is Making Solar Available to Anyone -- Even Without a Roof

The Community Renewables Act of 2012 will permit anyone to invest in a solar array and get credit for its electricity produc-tion on their monthly bill.

https://sites.google.com/site/dcsolarunitedneighbor-hoods/key-issues-and-commit-tees/community-renewable-energy-act-of-2012

Please join us at the DCSo-larFlare on Saturday, Juney 16, from 9:00 am to 4:30 pm at H.D. Woodson High School, 540-55th St, NE in Ward 7.

More questions e-mail me at: [email protected]

By Robert RobinsonDC SUN

Why Solar Energy?Sunlight can produce elec-

tricity (solar photovoltaics, or pv) saving 20% - 100% of what you pay for electricity. And, it can heat your water and save about 40% of what you spend on natural gas to heat water.

Is Solar Is Right for Me?The proof is your roof: if

your roof is flat; south, or east or west and in good condition, solar may be right for you. If your roof is steeply pitched, north-facing and made of slate or tile, solar may not be cost-effective.

How Much Can I Save?The more roof space, the more

solar pv: for every 100 square feet of open roof (no sky-lights or chimneys) you can install solar that generates about 1.5 kiloWatts (kW) per hour.

Solar savings depend on your home energy consumption: if you consume over 10,000 kW per year you may need to install 3 kW or more to save 50% or more on what you pay for electricity now.

For example, if you use 8,000 kW per year and install a 3kW system, you generate savings of 60%-70%; with 4kW you generate savings of 80%-90%.

Conservation and efficiency increase your solar production: solar homes that are weath-erized and use efficient tend to save 25% for every 100 sq. ft. of solar, less efficient solar homes may only save 15% per 100 sq. ft of solar.

Item Cost Subtotal

3 kW Solar System @ $5000 per kW, installed

$15000

less 30% federal tax credit -$4500 $10,500

DCs REIP rebate -$4500 $6000

SRECs sold up-front for cash -$3000 $3000

Actual Cost $3000


Unexpected financial struggles do arise making it difficult for individuals to make their pay-ments. Ward-Richardson be-lieves lenders should take this reality into thought.

The banks received thou-sand of dollars from these ho-meowners when they were able to pay. Now that they cant, there should be some compassion in the process, Ward-Richardson says. Many of these homeown-ers that are now in default had excellent credit leading up to their hardship, and that fact should be considered during this transition.

A new program exclusively designed for this purpose, Ward-Richardson says, may be a solu-tion in the future.

I foresee a major bank cre-ating a mortgage program spe-cifically geared towards hom-eowners whose homes were foreclosed due to hardship be-yond their control, a program where the underwriter looks at credit prior to the default on the mortgage that caused the fore-closure.

If you need foreclosure tips or want to see what alternative is best for you, contact a HUD- cer-tified housing counseling agency or contact the Greater Washing-ton Urban League at (202) 265-8200 or www.gwul.org.

to Lease program that allows the borrower to hand over the homes title to the bank and have the mortgage debt forgiven. Also in return, homeowners may re-main in the house and pay rent less than their mortgage pay-ments. Additionally, they dont have to pay property tax or ho-meowners insurance. Although Mortgage to Lease is a pilot pro-gram offered to a limited and se-lect group of Bank of America customers in Arizona, Nevada and New York, the program may expand to more custom-ers. Keep a look out for further developments of Mortgage to Lease programs and other finan-cial institutions that may follow this model.

As the Director of Housing and Community Development at the Greater Washington Urban League, Jacquelyne Ward-Rich-ardson says, It is the duty of the servicers to supply such as-sistance. The banks have a moral obligation to assist homeowners with transition from home own-ership to renting.

FEdERaL aSSISTaNcEAlong with the lenders, the

federal government has pledged itself to help make home owner-ship more affordable and fore-closure avoidable. Under the

HOME TRaNSITIONIf remaining in your home isnt

an option, servicers are available to assist you with your transition from your home to more afford-able housing. Bank of America and Wells Fargo offer tips and alternatives to foreclosure for homeowners who are transition-ing out of their houses. Through a short sale, the homeowner sells the property for less than the amount owed. The lender and the borrower agree that selling the real estate at a loss is better than foreclosing.

The bank may also assist you with a deed-in-lieu of foreclosure in which the borrower transfers the ownership of the property to the lender without going through foreclosure. Some lenders also offer the Cash for Keys program in which the lender pays the bor-rower money to move out in a timely manner and with less ex-pense. The borrower has money to cover moving costs, and both the lender and borrower avoid the prolonged eviction process.

cONSIdERINg THE HaRdSHIPS

Some of the alternatives men-tioned above will negatively af-fect your credit, but credit can be rebuilt with time and patience.

Jackie Ward Richardson, GWUL Director of Housing and Community DevelopmentNick Westbrooks, GWUL Intern

Youve had the high credit score and the income. You have been current on your mortgage payments. But, an unexpected financial hardship happens to you making you unable to make your pay-ments. As a result, youre faced with the threat of eviction from your home. Foreclosure can be a long and stressful process, but it doesnt have to end this way. There are alternatives and services available to assist hom-eowners encountering foreclo-sure.

OWN TO RENTFor the homeowners who

want to avoid foreclosure but remain in their homes, lim-ited servicers offer programs in which the borrower remains in the home but transitions from owner to renter. Participants of Fannie Maes Deed for Lease program transfer their homes title to Fannie Mae and sign a one-year lease with the possibil-ity of month-to-month exten-sions afterwards.

Similar to Deed for Lease is Bank of Americas Mortgage

Obama administrations Making Home Affordable (MHA) plan, borrowers have several pro-grams available to them based on their specific financial situ-ation. Eligible participants may qualify for reduced mortgage payments, principal reductions if the home is worth more than the owner owes and refinancing regardless of whether the value of the home declines.

The bank foreclosure fraud settlement reached between five major banks, the state attorneys general and the federal govern-ment in February was supposed to offer relief to foreclosure cli-ents. The settlement prohibits the lenders from foreclosing on homeowners while negotiating mortgage modifications. The deal also provided funds to the states for foreclosure preven-tion tactics such as lowering mortgage balances and interest rates. Borrowers who lost their homes were eligible for payouts, but instead of receiving fund-ing to replace their homes, each client was supposed to receive $1,500--$2,000. A study released in April and updated in May by Enterprise Community Partners, an affordable housing group re-vealed that many of the states are diverting the funds to fill budget gaps.

Navigating the Foreclosure Maze


Department of Housing anD Community Development

To learn more, call (202) 442-7200 or visit www.dhcd.dc.gov.

Government of the District of ColumbiaVincent C. Gray, Mayor

Providing gap financing Increasing first-time homeownership opportunitiesProviding funding to rehabilitate single-family and multi-family homesSupporting communities through neighborhood based activitiesAddressing vacant and abandoned propertiesOverseeing the administration of rental housing laws

Creating and preserving opportunities for affordable housing and economic development and revitalizing underserved communities in the District of Columbia

dhcdDepartment of Housing and Community Development

BUILDING ENDURING COMMUNITIESwww.dhcd.dc.gov

Celebrating June as national HomeownersHip montH!

affordable for low-to-moderate income residents. Our signature program is the Home Purchase Assistance Program (HPAP) which provides up to $44,000 in down payment and closing cost assistance. District govern-ment employees have the option to participate in the Employer Assisted Housing Program (EAHP), which provides up to $10,000 for down payment assis-tance, and also provides match-ing grant funds of up to $1,500.

The Negotiated Employee Affordable Home Purchase Program (NEAHP) provides between $3,000 and $26,500 as a second trust mortgage to District government employ-ees whose position is covered

hancement funding is an eligible activity under President Obamas American Recovery and Rein-vestment Acts second round of Neighborhood Stabilization Program.

DHCD also funds communi-ty-based organizations to pro-vide housing counseling. These organizations, located through-out the city, provide pre-pur-chase counseling to ensure that buyers are prepared for hom-eownership, administer foreclo-sure prevention counseling to help keep at-risk owners in their homes, and offer credit coun-seling to help residents manage their finances.

The Department is fully com-mitted to fulfilling its mission

Being well equipped with knowledge is the key to making informed deci-sions about your housing needs. The Government of the District of Columbia and the Depart-ment of Housing and Com-munity Development (DHCD) are committed to providing re-sources to its low and moderate income residents for affordable housing, homeownership op-portunities and foreclosure pre-vention. The city has a wealth of information, programs, and services that support residents throughout the homeownership process.

DHCD has a full suite of homebuyer assistance programs that help make home ownership

by specific collective bargaining agreements. Additionally, the Home Purchase Rehabilitation Program allows HPAP buyers to purchase homes that require limited repairs to address health, safety and building code viola-tions by using HPAP in conjunc-tion with FHA 203(k) Streamline Loan. The minimum rehab loan is $5,000 and the maximum is $35,000. This program allows homebuyers to purchase vacant or foreclosed properties.

Lastly, DHCD has a tempo-rary HPAP Enhancement, where assistance levels in designated census tracts in Ward 5 and all of Ward 7 and Ward 8 are increased up to $77,000 for down payment and closing cost. HPAP En-

of creating and preserving op-portunities for affordable hous-ing and economic development and to revitalizing underserved communities in the District of Columbia. Residents can visit to get more information on the Departments programs by visit-ing us online at dhcd.dc.gov or in person. The DHCD Housing Resource Center is available at our Ward 8 headquarters, locat-ed at the corner of Good Hope Road and Martin Luther King, Jr. Avenue, SE. The Center is open Monday-Friday from 8:30 a.m. 3:30 p.m. Residents can also browse affordable housing units anytime at DCHousing-Search.org.

Department of Housing and Community Development (DHCD) Provides Resources


turn the key on your first homeBuying your first home is exciting, especially when you have a trusted local bank and experienced mortgage professionals working with you. from the right loan options for your needs and your finances, to walking away with that new house key in your hand, an eagleBank loan officer with decades of mortgage loan experience can make your first mortgage loan experience a really great one. eagleBank local, trusted, stable, credible.the riGht PArtner for your first home.

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By Carla Labat

Ready to buy? Not sure you should? Well, its time to get off the fence! The opportunity for first-time home buyers to purchase in one of the strongest real estate areas in the nation is NOW. Why? You may not be aware but the District of Columbia and Mary-land offer a number of loan programs and incentives to first- time home buyers and state em-ployees. Now is the time to take advantage of this close-to free money, before it is all gone.

The District of Columbias Home Purchase Assistance Pro-gram (HPAP) offers low in-terest, five year deferred loans to qualified buyers with up to $44,000 in financial assistance that can be used towards down payment and closing costs. The Employer-Assisted Housing Program (EAHP) provides for all District of Columbia govern-ment employees matching down payment funds up to $1,500 and a deferred second trust loan up to $10,000. For more information on loan amounts, eligibility fac-tors and how to apply, visit www.gwul.org.

The District also grants tax-abatements to purchasers begin-ning in the next full tax year after filing. That means you may be exempt from paying real estate taxes on your new home for 5 years! Here is another great part to this deal; you are exempt from paying the 1.1% (of the purchase price) recordation tax; and the sellers 1.1% (of the purchase price) transfer tax is credited to you at settlement. Qualifying fac-tors including household income limits and your sales purchase price is capped at $356,000. For more information, visit www.dc.gov. Still need more incentive to buy now? Read on!

Did you know many lenders are offering credits of up to 3% to be used towards your closing cost for only a slightly higher in-terest rate? Even better, a qualify-ing credit on a conventional loan can be used towards the payment for an upfront single insurance premium, which would eliminate those monthly private mortgage

insurance (PMI) payments. Now thats worth investigating! Make sure you consult with your lender to see if these and other options are available along with other conditions required for these types of credits.

The State of Maryland of-fers 0% interest loans for first-time home buyers through their Maryland Community Devel-opment Administration (CDA) mortgage program. In addition to providing low interest rates, the state affords down-payment and closing cost assistance and spe-cial incentives for state employees totaling up to $13,500. For more information, visit www.mmpro-gram.org.

National programs are avail-able to our area as well. The Federal Home Loan Bank At-lanta (FHLBank ) provides up to $5,000 for down-payment, closing costs, or rehabilitation as-sistance and counseling with the purchase of an existing unit by a qualified first-time or non-first time homebuyer. The FHLBank recently launched several new programs exclusively for veter-ans or active duty members of any branch of the U.S. military that are currently serving or have served in an overseas military intervention, or their surviving spouses. Up to $15,000 worth! To find out more about these grant programs, check out the list of local member financial institu-tions that can be found on the Banks website at www.fhlbatl.com/setaside.

The Neighborhood Assis-tance Corporation of America (NACA) continues to provide one of the best loan programs around. In addition to super low interest rates, NACA offers no down payment, no closing costs and no fees! This presents an exceptional savings to the buyer, giving you more money in your pocket for new furniture, custom paint, landscaping and anything else your heart desires to transfer your new house, into a home.

Carla Labat is a full-time real estate agent with Long and Foster, Re-altors. To see how she can help you pur-chase your first home or sell your exist-ing one, contact her at 202.361.8538, [email protected].

Show Me The Money!

202.361.8538 Cellular 202.363.9700 Office

[email protected] www.CapitolHomesDC.com

www.facebook.com/CarlaLabatRE

C A R L A L A B A T D C / M D R E A L E S T A T E

How First-Time Home Buyers Can Take Advantage of Todays

Real Estate Market

Carla Labat is a full-time real estate agent with Long and Foster, Realtors.


Achieving Your Best Life (AYBL) is the first program designed specifically to prepare public housing residents for homeown-ership. Families who qualify for

the program have up to five years to purchase a home. The rent that the head of household normally would pay as a public housing resident will be deposited into an escrow account. When a family is ready to graduate and purchase their own home, they will receive the escrow funds to use toward their down-payment.

The homes at Elvans Court totally change the concept of what affordable rental housing should look like. The townhome style apartments come complete with hardwood floors and have decks constructed from Trex weather-resistant material. The 20 green townhomes have Energy Star heating, air conditioning, appliances and hot water heaters and closets with hook-ups for resident-supplied washers and dryers. They also have sid-

ing and roof tiles made from recyclable materials as well as Low-E windows and insulated exterior doors.

DCHA will provide case management and ex-tensive education programs to help AYBL resi-dents advance in their jobs, improve credit scores and take other steps to make them successful and confidant as they move toward homeownership. When participants are ready to graduate from the program, they will move out of Elvans Court to make room for new AYBL homeownership fami-lies to move in.

There are currently 11 participants in the pro-gram, and DCHA has committed up to 32 prop-erties. There are eight participants at Elvans and three participants living in the newly renovated Columbia Road apartments. Congratulations to all of our future homeowners out there on taking that first step.

For more information visit: http://www.dchousing.org/

Helping Residents Along the Way toHomeownership


Accredited by the National Center for Construction Education and Research

PHONE 202.340.5657 EMAIL [email protected]

Connecting industry, community, school and government partners

to deliver:

Career and Technical Education for high

school youth

Registered Apprenticeship Program

for professional development

Skilled Job Training for the new industry workforce

Learn more at dcstudentsctf.org

A charming, two-story, single-family home is coming up for sale in Washingtons Brightwood Park community in fall 2012. The property is both new and his-toric. It is the first house built by students in the Academy of Construction and Design at Cardozo Senior High School. On a prime corner lot on 13th Street Northwest, the approxi-mately 2,000 square-foot, 3 bedroom, 3 and 1/2 bath home features a family room, open floor plan, sunny rear deck and off-street parking. Miller & Long Concrete Construction, Donohoe Construction, TW Perry and other local contrac-tors donated building materi-als and provided professional craftsmen to teach Academy students how to build a house while gaining technical skills. Proceeds from the sale of the home will be reinvested in the Academys annual home build-ing program.

Academy Director Shelly Karriem describes the program as an experience that offers students many life lessons, too. Our students have met and ex-ceeded every expectation weve set for them, she said. The Academy has a 90 percent high school graduation rate in pro-grams that launch students into work, college and careers.

The nonprofit DC Students Construction Trades Founda-tion operates the Academy in partnership with D.C. Public Schools. The foundation and its training partners brought skilled trades back to District schools with the opening of the Academy of Construction and Design at Cardozo Senior High School in 2005. The founda-tion also operates a Summer In-stitute for youth and a District-based registered apprenticeship instruction program for indus-try professionals.

Combining academic and technical achievement moti-vates many students to think differently about their fu-ture. When Dominic Wright enrolled in the Academy of Construction and Design, he

avoided speaking up in class because other students laughed at him. Wright quickly found that Academy instructors were very interested in what he had to say and would not let him stand on the sidelines. This year, the Class of 2012 senior won the top $4,000 award in the Academys annual scholar-ship competition, which rec-ognizes work or college bound seniors demonstrating out-standing educational achieve-ment and citizenship. In his winning essay, Dominic wrote, My skills in carpentry helped me to learn more about myself. This program helped me find what I wanted to do after high school. He plans to work for Miller & Long after graduation.

Glen W. Sutcliffe, a Real-tor with W.C. and A.N. Miller, A Long & Foster Company, is managing the sale of the stu-dent-built house. This house means so much to the students, instructors, sponsors and vol-unteers who made it a reality, said Glen. It also offers excel-lent value in a great location for new homeowners. For a buyer preview, call (202) 966-0400, or email [email protected]

Build a House Build a FutureD.C. Construction Academy Offers First Student-Built House for Sale

Dominic Wright, Dreyfuss Scholarship Winner and his mom/ Kea Taylor

Chester installs an outlet in the house/ Fred Lewis/DCPS

Andrell uses a saw/ Fred Lewis/DCPS


Self-Help creates and protects homeownership through fair lending practices, honest research, and advocacy for borrowers.

Want to own a home? Know folks who do? Have a straight forward discussion today Call 1-866-265-3488 or visit www.Self-Help.org

12-088

Knowledge, service,ownership.

By Charlene Crowell

Although Congress en-acted the federal Com-munity Reinvestment Act in 1977, its goal of requiring banks to serve the entire com-munity where they accept de-posits, not just the wealthy parts, has remained a contentious is-sue nationwide. CRAs goal to include low-and-middle income borrowers in access to fair and sustainable loans has now trig-gered a series of local ordinanc-es that target lending within their jurisdictions. More commonly known as responsible banking laws, these ordinances empower local officials to monitor and when warranted, challenge lend-ers on their levels of service and access for their communities.

The two most recent cities to pass these local ordinances are also the nations most populous: New York City and Los Angeles. These cities now join others such as Boston, Berkeley, Cleveland, Kansas City, Philadelphia, Pitts-burgh and San Diego, Seattle who have either enacted or are considering similar ordinances.

According to New York City Council Member Al Vann, spon-sor of its Responsible Banking Act, In order to ensure the eco-nomic health and vitality of our cities, we need banks committed to addressing the financial needs of our neighborhoods. It is es-sential that localities encourage responsible banking behavior, particularly through the leverage of their financial dealings with banks.

On the other side of the coun-try, Los Angeles City Council unanimously passed a similar ordinance last month. Originally introduced in 2009, their local law will not preclude any bank from doing business with the city; but it will require those in-terested in municipal accounts to provide specific information on their work in the city.

While some opponents may argue that these local initiatives double regulations and place unfair reporting burdens on lenders, a 2011 research report by the Association for Neigh-borhood and Housing Devel-opment (ANHD) found that in New York City alone, a $4.4 billion decrease in reinvestment by banks in the nations financial capital occurred, despite a $38 million increase in local deposits over a two-year period. Other ANHD 2009 findings showed:

11 of the citys largest mort-

gage banks reduced this form of lending from $7.0 billion to $4 billion a nearly 43 percent reduction;

Only 132 mortgage loans worth $7.34 million were made to low-income borrows a drop of over 70 percent;

Commercial banks such as Capital One, Valley National and M&T Bank dedicated less than 1.5 percent to either CRA investments or community de-velopment lending.

The non-profit Center for Community Self-Help, an affili-ate of the Center for Responsi-ble Lending and headquartered in Durham, N.C, has proven for years that sensible lending to lower-income families and mi-norities can be successful. This claim is backed by research by the Center for Community Capi-tal (CCC) at the University of North Carolina. CCC analyzed 50,000 CRA-type loans made by Self-Help and purchased by Fan-nie Mae, and found that these loans performed much better than subprime mortgages made at the same time to similar bor-rowers.

Self-Help is also building and renovating homes in several states, and then offering these homes to low-and-middle in-come borrowers with fair, af-fordable financing based on a thorough assessment of the bor-rowers ability to repay the loan. The guiding principle is that lower-income borrowers can become successful homeowners with mortgages that are designed to last.

When CRA was enacted, it was a response to redlining, the exclusion of low-and-middle in-come and people of color from mainstream lending. The goal of expanding community reinvest-ment and offering the American Dream to more people benefits everyone by strengthening com-munities and the economy at large.

Through local banking ordi-nances, better federal monitor-ing and organizations like Self-Help, the American Dream will be preserved for this and future generations.

Charlene Crowell is a communica-tions manager with the Center for Re-sponsible Lending. She can be reached at: [email protected].

Preserving the American Dream:Local initiatives, CRA and community partnerships


HOMEOWNER ALERT! Get Your Foreclosure Reviewed

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HomeFree- USA is a HUD approved, Government funded 501(c)(3) not- for- profit housing counseling organization.

If you were in foreclosure in 2009 or 2010

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Beware of anyone who asks you to pay a fee for any foreclosure review service such as completing the Request for Review Form. Learn more at www.IndependentForeclosureReview.com

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1Dont miss the Independent Foreclosure Review deadline. If you were in a foreclosure process on your primary residence between January 1, 2009 and December 31, 2010 you may qualify for a free Independent Foreclosure Review. The review determines if a homeowner suffered a financial injury and should receive compensation. If you were in a foreclosure process during that time you should find out if you qualify for the review. Hurry! There is a deadline. You must request a re

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