Listing all posts with label Restore Amador County fire damage. Show all posts.
  1. ALERT! "IMPORTANT INFO FOR FIRE VICTIMS"

    We need to get the word out as fast as possible. With over 1,888 homes damaged in the fire we need to get the word out fast BEFORE the foundations are removed. We need those foundations to best serve the community.

    I lost a business, a 5,000 SF brick warehouse full of stuff I had took 45 years to accumulate, to a tornado about 10 years ago in NC, it took everything we had stored in the warehouse, everything, there wasn't anything we could salvage, what wasn't destroyed in the tornado was runied after sitting in the rain for three days before the fire department could render the walls safe for us to return and see what could be saved. What wasn't blown away was now so covered with mold it was a 100% loss. The catestrophic loss is demoralizing at a minimum. 

    In this case and due to what we learned in the devastation left by Hurricane Katrina it is important that we move very fast to help those who want it.

    DO NOT LET THE CITIES OR COUNTIES COME IN WITH BULDOSERS AND CLEAR THE LAND, THIS WOULD CUT OUT A NUMBER OF GREAT OPTIONS FOR THE OWNERS OF THOSE PROPERTIES. KEEP THE FOUNDATIONS !

     Fire damaged - perfect for a 203k

    If we save the original foundation, or most of it, we can likely use the FHA 203k and HomeStyle Renovation Mortgages to rebuild the homes. We prefer the entire foundation but it is important NOT to remove the debris by scraping the ground that would take out the foundations.  These are 203k projects, every one of them. MY Team is willing to do that initial look for FREE to see if we can use that foundation or not. 

    The photo in this post is a home that has looked like this for over 15 years. It was fire gutted and still remains to this day a blight on the eyes of the community. This is NOT what we want for our latest fire victims. Lets get it fixed ASAP. 

    If this area is going to be declared or has been declared a disaster area which it is (from what I'm reading it appears this has already been accomplished), we can employ the 203h which is a 203k on steroids, very fast to close.

    We can help get these people back in business and back into their homes. Don't wait for the government to do it, Katrina is a great example of what happens if you wait for the government to fix something. New Orleans residential homes are still sitting there waiting for the government to do something. The help isn't coming.  YOU can't wait till the government reacts, it just isn't going to happen. Hurricane Sandy devastation still has thousands of homes that haven't and won't likely be rebuilt anytime soon. The photo op was just that, a photo op. We are all about action and no photo ops are required or desired. Lets just get in there and get this done. 

    Like anything else it is first come first served. Who, in that area, can get us a place to hold a town hall meeting and explain how these homes can be rebuilt quickly and efficiently. 

    There will be many who will take the insurance money, and move to another area to start over... THOSE people could donate their land to the person who wants to rebuild it so they can write them off once the insurance company has paid them off or sell them for the taxes they may owe and with the foundations we can rebuild them. This process will allow more affordable housing for those who may want to rebuild here. DON'T just walk away and wait for the foreclosure process as that will keep the area from recovering for a number of additional and unnecessary years.

    Others will use these programs to rebuild their homes and keep the cash from the insurance company in their bank thus being better off than they were before. Yes they will have a mortgage but they will have a mortgage on a brand new home and have money in their savings account too. Maybe use part of that money to keep their mortgage payment where they want it. Others will rebuild and own their homes free and clear. There are so many options. Just keep the foundations to open up many more options. Remember our maximum loan limit for renovation loans is $3,000,000, NOT $35,000 as some may have you believe. Our team is ready to assist.
    Our Team is ready to provide an initial FREE visit to your property and go over your options. NO Obligation whatsoever.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


  2. I hear allot about the "limited 203k" loans falling appart as they require more money than the $35,000 cap. There are other potential solutions for the home owner. 

    I was reading a blog post on another site where  a young man was discussing purchasing a triplex that he planned to live in and another purchasing a four-plex to live in one of the units. This is all good but then they talked about the "limited 203k" loan as being their best shot. 

    Look at this scenario - purchase with the Limited 203k and go for the $35,000 (acutally $34,200) including contingency if your lender requires a contingency and many do. Now you only fix the minimum repairs that get you in control of the property. Once you are in control of the property get a Title I loan. Title I loans are also fixer loans. You get all the money up front and have six months to complete the work.  How much can you get under this program? $12,000 per unit or another $36,000 less costs and fees for the triplex or $48,000 for the four unit property. For a single family home you can get up to $25,000, but two units would only get up to $24,000.

    Remember that you already did some of the work so this new work MUST be disctictly different work and this loan is typically a shorter term of 20 years but in all cases it must be shorter than the remaining mortgage on the first loan. Yes, this is a second loan.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


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