All posts by jd

Real estate broker, civil engineer and general contractor.
Real Estate

Troubled Homeowners Get A Lifeline

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The government is changing its Home Affordable Refinance Program (HARP), making it easier for homeowners to refinance their underwater, high-interest mortgages.

Making sense of the story

  • Although HARP has helped more than 890,000 homeowners nationwide by reducing their monthly mortgage payments, there are still millions of homeowners who are too far underwater to participate.
  • Under the new rules, homeowners who owe more than 125 percent of the market value of their homes will be allowed to refinance into new loans.
  • The program also streamlines the refinancing process for homeowners who are current on their mortgage payments and reduces or removes fees that previously hindered them from refinancing.
  • Fannie Mae and Freddie Mac also will reduce the fees they charged in the past to enable borrowers to better afford the new loans.  Among the fees that will be reduced or eliminated are those for appraisals, title insurance, and closing costs.
  • Fees also will be waived for some underwater borrowers who are refinancing into 20-year or shorter-term loans.
  • HARP is only open to borrowers who are current on their payments for the past six months with no more than one missed payment in the past 12 months.  The loans must have been originally issued before May 31, 2009, and purchased by Fannie Mae or Freddie Mac.

Read the full story

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

Real Estate

Obama’s New Mortgage Plan To Help Homeowners


 

President Obama announced Monday a plan to ease eligibility rules for home owners who want to refinance to take advantage of ultra-low mortgage rates and lower their mortgage payments. The administration hopes that by broadening its requirements for the Home Affordable Program that about 1 million home owners will now be able to qualify.

Here are more details about the newly announced changes to the program:

What is HARP?

It’s a program started in 2009 that allows home owners to refinance their mortgages at lower rates without having to meet the typical requirement of having at least 20 percent of equity in their home to do so. Under current guidelines, many underwater borrowers have been ineligible for the program because their home values had to be no more than 25 percent below what they owed their lender. Also, some home owners were unable to afford the closing costs and appraisal fees to participate.

What’s changing?

Many of the extra fees to participate in the program have been waived, and home owners’ eligibility won’t be contingent on how far their home’s value has fallen.

Who’s eligible?

  • Home owners with loans backed by Fannie Mae or Freddie Mac can participate. (Home owners can visit: freddiemac.com/mymortgage or fanniemae.com/loanlookup to determine if their mortgage is owned by either).
  • Home owners must be current on their mortgage.

When will it take effect?

The changes could take effect by Dec. 1. HARP also is being extended through 2013 to allow more home owners the opportunity to qualify.

How successful will this be?

The administration hopes that by home owners being able to lower their monthly mortgage payments (with an average annual savings of $2,500 expected), they’ll be more likely to stay current on their mortgage and avoid foreclosure. Also, the administration hopes that it will then free up household money to start spending more on other things, which could provide an overall boost to the economy. However, the administration says it realizes that aiding the housing market requires much more than a refinancing plan.

“This is only one piece of a broader strategy to help the housing market,” says Housing Secretary Shaun Donovan. Donovan also notes federal efforts to help home owners who are delinquent on their mortgages and the unemployed.

Source: “A Guide to Administration’s New Mortgage-Refi Plan,” The Associated Press (Oct. 24, 2011)

 

 
Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com
 

nevada county fair

Contests, Costumes, and A Cupcake Walk at the Nevada County Fair 2011

 

By Wendy Oaks

The Nevada County Fairgrounds Foundation is hosting a costume contest at its Halloween event on Saturday, October 29, from 2 – 5 pm at the Nevada County Fairgrounds. The costume parade and contest will take place at 3 pm at the Main Exhibit Building, with prizes awarded following the contest.

There will also be games and treats for kids, face painting, and even a cupcake walk! A silent auction will be happening throughout the event. Hamburgers and hot dogs will be served and “Running for Cover” will provide toe-tapping live entertainment for all to enjoy. The Nevada County Narrow Gauge Model Railroad will be open for tours, and, weather permitting, Empire Carriage Company will provide carriage rides around the Fairgrounds.

Also at the event, Nevada Union students will also host several interactive booths, including face painting and a fun tractor booth. Chickens, cattle, lambs, goats, pigs, and horses will be on display in the mock farm setting; and the farm scarecrow will welcome children to a California agriculture experience. Don’t forget about the Pumpkin Chuckin’ event, which is a competition between Nevada Union and Bear River high school FFA students that involves catapulting pumpkins across the Fairgrounds grass area.

It’s all happening, rain or shine, on Saturday, October 29 from 2 – 5 pm at the Nevada County Fairgrounds. The cost is only $5 per person and includes food, treats, games and entertainment!  Tickets can be purchased on the day of the event at the Fairgrounds.

The Halloween Fun the Fairgrounds event is sponsored by Cirino’s at Main Street/Cirino’s Bar and Grill.  Visit www.NevadaCountyFair.com for information or call
(530) 273-6217.

Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com

Website: www.NevadaCountyFair.com
Facebook: Nevada County Fairgrounds

Nevada County Fair August 8 – 12, 2012
Draft Horse Classic September 22 – 25, 2011
Halloween at the Fairgrounds October 29, 2011
Country Christmas Faire November 25 – 27, 2011

 

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

 

 

nevada county fair

Costume Contest At Graveyard Ghoul-A At Nevada County Fairgrounds 2011

By Wendy Oaks

Join us for a ghoulishly good time at the Graveyard Ghoul-a at the Nevada County Fairgrounds on Saturday, October 29, from 8 pm to midnight. As part of the fun, there will be numerous costume contests, including one for the most original costume, one for the scariest/goriest costume, and one for the most humorous costume. Contestants will have a chance to win cash, as well as tickets to the annual Nevada County Fair and the Draft Horse Classic.

The event will feature dancing, and DJ Melo-D will be busy playing modern house music, hip hop, funky disco and new dance hits. He’ll also be taking requests at the event, so be prepared to dance to your favorite song! 

A bar will be available for beer and booooze, delicious food will be available, and fantastic door prizes will be given away, including gift certificates to Ben Franklin, The Bookseller, and Culture Shock Yogurt.

Tickets to the Graveyard Ghoul-a are $15 and can be purchased at the door. Parking is free. For your convenience, camping will be available.  Must be 21 years or older to attend.

Visit www.NevadaCountyFair.com for information or call (530) 273-6217.

 

Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com

Website: www.NevadaCountyFair.com
Facebook: Nevada County Fairgrounds

Nevada County Fair                          August 8 – 12, 2012
Draft Horse Classic                            September 22 – 25, 2011
Halloween at the Fairgrounds      October 29, 2011
Country Christmas Faire                  November 25 – 27, 2011

 

 

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

 

Real Estate

Looking To Buy A Home? Triggers For Rejection Of Your Loan


Last year, more than two million people were turned down for homes, according to federal data, often because the applicants didn’t meet certain lender requirements or because their applications were incomplete or otherwise problematic.  With lenders’ underwriting criteria becoming more rigorous in recent years, it’s important buyers know the most common triggers for mortgage-loan rejection.

  • Insufficient income: Lenders want to be sure borrowers can afford to make the mortgage payments.  Lenders typically look for at least a two-year track record of income, which could hurt those who have changed jobs recently.
  • Cloudy financial picture: Generally, total debt payments, including the mortgage, cannot exceed 45 to 50 percent of a borrower’s adjusted gross monthly income.  Overtime and bonuses are included only if the borrower has worked for the same employer at least two years, and has a history of receiving them.
  • Poor credit: Lenders typically reject applicants with FICO scores below 620.
  • Low appraisal: One of the predominant reasons buyers are turned down for home loans is because the appraisal on the property is too low.  A buyer may think he or she is purchasing a house worth $800,000, but if the appraisal comes in less than that, the lender will not loan the borrower the money.
  • Property problems: Sometimes issues turn up within a house, like a major repair or safety issue that needs to be addressed, before an application can be approved.
  • Information mix-ups: Approximately 12 percent of new mortgage applications were denied because of unverifiable information or incomplete credit applications, according to the Federal Financial Institutions Examination Council.

Read the full story


 

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

nevada county fair

Pumpkin Chuckin’ At Halloween Event At The Fairgrounds

By Wendy Oaks

Event part of Halloween Fun at the Fairgrounds on October 29 from 2-5 pm

As part of the Halloween Fun at the Fairgrounds on Saturday, October 29, Nevada Union and Bear River High School FFA students will compete in a Pumpkin Chuckin’ competition, as well as host several interactive booths throughout the afternoon event.

The Pumpkin Chuckin’ competition will involve catapulting pumpkins across the Fairgrounds grass area. Each hour from 2 – 5 pm, students will launch pumpkins and compete in accuracy contests, a funniest pumpkin contest, and a watermelon toss. Additionally, the final “chuck” at 5 pm will be a distance competition.

The public is invited to come out and watch the fun contest between the two schools. The crowd will be able to vote on their favorite chucker, with the winner being determined by the crowd vote, the different tosses, and the distance contest. Agriculture students from both schools will also have a booth set up to educate the public about the industry.

Also at the event, Nevada Union students will also host several interactive booths, including face painting and a fun tractor booth. Additionally, chickens, cattle, lambs, goats, pigs, and horses will be on display in the mock farm setting; and the farm scarecrow will welcome children to a California agriculture experience. Interactive activities and prizes will be awarded to participants.

FFA makes a positive difference in the lives of students by developing their potential for premier leadership, personal growth, and career success through agricultural education. There are more than 500 students involved in FFA in the Nevada Joint Union High School district, with successful programs at Bear River and Nevada Union High Schools.

Halloween Fun at the Fairgrounds is a family-friendly event hosted by the Nevada County Fairgrounds Foundation. The event takes place from 2 – 5 pm on Saturday, October 29 at the Fairgrounds. The cost is $5 and includes a hamburger or hot dog, treats, lots of games, live entertainment and a cupcake walk. Plus, you don’t want to miss the costume contests and a chance to win some great prizes!

Tickets can be purchased on the day of the event at the Fairgrounds.  Visit www.NevadaCountyFair.com for information or call (530) 273-6217.

Contact:

Sandy Woods, CEO, Nevada County Fairgrounds (530) 273-6217;
sandy@NevadaCountyFair.com

Luke Browning, Nevada Union High School, Agriculture Mechanics
(530) 273-4431, ext. 2110; lbrowning@njuhsd.com

Tim Reid, Bear River High School, Agriculture Mechanics
(530) 520-1820, ext. 4852 treid@njuhsd.com

 

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

Real Estate

Muhammad Ali Isn’t Happy With Home, Sues Former Owners

Picture courtesy of BBC
Picture courtesy of BBC

 

Former heavyweight boxing champion Muhammad Ali isn’t happy with his retirement home in Louisville, Ky., and he’s blaming the former owners.

Ali and his wife, Lonnie Ali, have filed a lawsuit against the former owners of the property, claiming the owners failed to disclose severe problems with the property when they had purchased it. The Alis say the home has had a range of problems since they moved in, everything from roof and chimney leaks to water intrusion and poor insulation, improper ventilation, and mold.

In the lawsuit, the Alis allege the former home owners committed fraud by signing disclosure statements that they knew were false. The former home owners said in a statement that the legal filing is a “complete surprise” and that “there are no serious defects or conditions in the home that cannot be resolved.”

The Alis purchased the home in 2006 for $1.9 million. Ken Jones, the real estate agent who represented the former home owners on the sale, told WHAS-11 News that the home was not listed for sale when the Alis inquired about buying it.

“We insisted on an inspector. They had an inspection done,” Jones said. “There were several items noted.” But Jones says all of the items on the list were corrected before the sale went through.

Source: “Realtor Is Shocked by Ali Lawsuit,” WHAS11.com (Oct. 13, 2011)
Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

Uncategorized

Scotts Flat Lake Levels 2011


Click on image to enlarge

 

I’ve watch Scott’s Flat Lake go to being full to the brim to where it’s at now for the winter. The above chart from Nevada Irrigation District shows the water levels during the summer season

 

scotts-flat-lake-dam

Image 1 of 4

Looking at the dam at Scotts Flat Lake

Click on pictures to enlarge, escape to close.

 

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

animals, Bits & Pieces

Canadian Geese Having Breakfast In Loomis, CA

httpv://youtu.be/AI9Ql_6Dl8Y

Here’s my latest video that I just made in Loomis, CA.  I just bought a new Sony DSC Hx100v camera and this is the first video with it. It’s a great camera that not only takes pictures but also takes video in high definition.

The geese comes to my girlfriend’s backyard every morning this time of the year. She has two and one-half acres, most of it in grass, which geese love to eat. Plus there are fruit trees and when the fruit falls off the trees they are right there to clean up.

More on the camera, it has 30x optical zoom, gps, Carl Zeiss lens and much more. If you are interested in the camera and it’s powerful abilities , you can read the review and specs at: Sony Cyber-shot HX100V

 

 

 

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com