A Green Choice in Paint

Paint has been around for a long time. But when it comes to environmentally friendly paint, what choices do you have?

One company has come out with what they call a “premium quality, eco friendly latex paint.” This paint is made from suplus paint that’s collected at hazardous materials collection points. That means it’s not putting any more resources to create new paint, while keeping existing paint from being thrown out. At about $12 per gallon, it’s also not very expensive. They do have a limited range of colors, 12 to be exact. Visit them at: http://www.amazonpaint.com

Traditional Neighborhood Design

Hi, this is Minna, and I will be your guest-blogger for the day.  Today’s topic is Traditional Neighborhood Design (TND).  If you haven’t heard the term before, pay heed because it’s a fresh outlook on how to deal with suburban sprawl, and I have a hunch it’s going to be around for quite some time.  Let me explain what Traditional Neighborhood Design entails.

First of all, when I say the words, “community” and “neighborhood”, what comes to mind?  I think of taking a stroll through my neighborhood and waving hi to my neighbors who are outside grilling or something equally outdoorsy.  There is a feeling of vibrancy in the air.  I can walk to the grocery store and pick up a few things I might need that day, and then I can stroll back home at a leisurely pace.

I live in the ‘burbs, and this is not always possible.  One of the reason people live in the suburbs is because there is so much more space than in the cities.  The houses are bigger, the yards are bigger, and there is more room in general.  The problem with this is that subarban sprawl is not good for the environment.  When one person takes up so much space, well, it’s pretty much wasted.  In addition, a suburb is built for driving.  This means that you might have to spend the whole afternoon doing your errands as you drive from the post office to the supermarket to Home Depot.  It’s inefficient, to say the least.

Traditional Neighborhood Design puts all the essentials in one place.  These neighborhoods incorporate schools, offices, and commercial venues within walking distance.  In addition, they have plenty of paths and lanes for biking, walking, and driving.  They want to bring a sense of community back to the neighborhood, and be kind to the environment at the same time.  I think TND will be the way of the future, so learn about it now.

This website, The Town Paper, has good inforrmation on Traditional Neighboorhood Design.  It also has a list of TND cities in the country.  Scroll down for the ones in Minnesota.

Homeowner Consequences for a Successful Short Sale Vs. a Foreclosure

I have written previous articles defining short sales and foreclosures.  I will now compare the consequences to a homeowner of a foreclosure versus those of a successful short sale.

Future Fannie Mae Loan–Primary Residence

•  A homeowner who loses a home to foreclosure won’t be eligible for a Fannie Mae-backed mortgage for 5 years.
• A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after only 2 years. 

Future Loan with any Mortgage Company

• On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 which asks, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?”.  This will affect future rates.
• There is no similar declaration or question regarding a short sale.

Credit Score

• With a foreclosure, a person’s credit score may be lowered anywhere from 250 to over 300 points.  Typically, this will affect the score for over 3 years.  
• With a short sale, only late payments on mortgage will show.  After the sale goes through, the mortgage will be reported as paid or negotiated.  This will lower the credit score by as little as 50 points if all other payments are being made.  A short sale’s effect can be as brief as 12 to 18 months.

Credit History

• Foreclosure will remain as a public record on a person’s credit history for 10 years or more.
• A short sale is not reported on a credit history.  There is no specific reporting item for ‘short sale’.  The loan is typically reported ‘paid in full, settled’.  

As you can see, it’s better to have a short sale than a foreclosure.  If you have any questions regarding short sales or foreclosures, please contact me at steven@stevenhong.com.  I will be glad to help you.