California Foreclosure Relief Opened To More Homeowners

California homeowners who refinanced their properties for cash or took out home equity lines of credit will now be allowed to participate in parts of the state's $2 billion foreclosure relief initiative. Many peopole tapped their rising equity during the boom years, using their homes as ATM's to fuel spending. The California Housing Finance Agency had initially excluded people who used their home equity in such a manner from participating in its "Keep Your Home" initiative, which launched this year with federal funds reserved for the 2008 rescue of the financial system. But California's high unemployment rate caused the agency to reconsider its policy, agency Executive Director Steven Spears said in a statement. "In the two short months since the launch of these programs, we have collected information that has helped us identify areas of improvement to make the programs more effective, particularly given the continued high level of unemployment in California," he said. The California Housing Finance Agency will now allow people who refinanced or took out home equity lines of credit to participate in three of its four Keep Your Home programs. This includes the agency's biggest inititative, which allocates $875 million as temporary financial help to people who have seen their paychecks cut or have lost their jobs, providing as much as $3,000 a month for six months to cover home payments and associated costs. It also includes a plan that would give homeowners as much as $15,000 to help them get current on their mortgages. The third program provides moving assistance for people wh0 can't afford to remain in their homes. These same programs also are being expanded to include mortgages that were originated after Jan. 1, 2009, the agency said. Homeowners who previously applied to the program and were disqualified for that reason can reapply. Those who refinanced or took out a home equity loan will not be allowed to participate in the initiative's principal-reduction effort, its second-biggest and most controversial program. About $790 million is slated for that program, which would write down the value of an estimated 25,135 "underwater" mortgages, those in which the amount owed is more than what the property would bring in a sale.

How Eco-Fabulous Can Be Eco-Nomical

Becoming eco friendly is the newest favorite pastime but while everyone has their own reasons for “going green” the underlying theme is green could be your wallet’s ally.

Everything from conserving water and energy to other essential environmentally conscious choices can put more money back in your pocket and homebuyers are considering these options when purchasing a home.

How much money could you be saving?

• Alternative powered homes like solar, wind or geo-thermal are easier to locate and much more affordable today. The initial costs of these systems can be high but when seeking a new home to buy consider streamlining your choices to include homes with alternative generated energy. A top energy saving item is the Owl Energy Monitor; this device shows you how much energy you use in your home and how much its costing you. Take for instance the solar energy systems. Many are portable systems that are utilized in high traffic areas of the home such as the family room. You could cut your energy usage in that room up to 40%. There are many other items that are surprisingly simple to install and again while the initial costs are quite high, looking for a home that is already comprised of these items can save you a bundle. Less money towards the utilities and more disposable income for you wallet.

• Indoor air quality can make a big impact on your medical expenses. Studies show that asthmatics and allergy sufferers have fewer to no breathing problems when using eco friendly materials like green flooring and low VOC paint materials. You can rid your home of most dust mites, allergens and sometimes mold just by disposing of the carpet and installing hard wood flooring. While searching for your new home you can look for greener components that will cost you less for maintenance and help keep your family healthy. A healthier home life means less money spent on medicines, doctor visits and absences from work.

• Traditional appliances have been outsourced with newer energy efficient models. Water heaters can account for 15% of your water bill and if more than 10 years old it will only work at 50% of its capacity. Toilets and shower heads, faucets and other energy efficient appliances that conserve water can be advantageous to a new home owner. While utility bills continue to increase everyone should look for ways to safeguard their money.

New home buyers can realize the positive effects of buying green with a little pre-planning. Looking for ways to save money before selecting your new home is a valid safeguard for future expenses. By seeking out those homes that already have green components installed, you’ll save a tremendous amount of time and money for years to come. And while many people believe going green is just too expensive and time-intensive the way to get around those concerns are by starting out small. Look for those items that will make the deal and save you lots of money in the long run.