Thursday, August 9, 2012

New Long Island and Queens Homes On The Market – August 9, 2012

A few great homes came on the market today. As I am sure everyone has heard whether it is real estate in Long Island NY or Real Estate in Queens NY there are still great deals.
Today in Bayside NY a two family home came on the market on 61-30 220 Street. It has five bedrooms and 3 bathrooms and it situated on a 3442 square foot lot. The asking price is $689,000. A Expanded Cape on 53-15 217 St Bayside NY came on the market which is asking $868,888. It has 4 bedrooms and 2.5 baths and is situated on a over 6000 square foot lot.
As far as Real Estate in Roslyn NY, a wonderful property came on the market on 6 Wren Dr Roslyn NY, it is a Colonial in Nob Hill asking $985,000 It is in a great Location and the interior square footage is 4000 square and has a Slate Courtyard Entry On a half Acre Property. This is a True Center Hall Colonial Features 6 bedrooms and 3 bathrooms. The rooms are Oversized Rms For Entertaining!

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CitiMortgage Said To Bring About Home Rental Program as Foreclosure Alternative

As I walked into the office this morning I saw Robert sitting at his desk. He was staring at his computer with his cup of coffee in his ever so desirable mug with a picture of his family on it. I approached Robert and asked how his morning is going, he said it was find and told me that there was news regarding told CitiMortgage. He said CitiMortgage told the public about the launch of their Home Rental Program, which is a system with the purpose to give an alternative to foreclosure and perhaps give eligible borrowers to stay in their houses.
Carrington Capital Management LLC is managing the system and CitiMortgage and Carrington brought about this system as a pilot.
With this system, the eligible borrower gives title of the house to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P. A lease will then be brought about for the home with a reasonable monthly payment.
Lease payments will be determined by local market rates but are expected to be lower than the borrower’s mortgage obligation. Carrington will work with borrowers to establish a length for each lease.
The system will be tested in 6 of the biggest-hit markets to determine its effectiveness. The areas are the following Arizona, California, Texas, Florida, Nevada, and Georgia. Carrington will seek contact to property owners who are eligible.
In order to qualifyfor the system, homeowners must: Live in the Home; owe more than their home is worth; be delinquent for one hundred twenty days; and not have the ability to get an affordable loan modification while still having the resources to give their rental payments. Also, home owners must have a loan in the pilot portfolio serviced by Carrington.
To implement the system, CitiMortgage has changed the ownership of debts in its portfolio through the sale of over one hundred fifty million dollars in loans to the Carrington/Oaktree partnership.Hopefully this will help the housing recover quicker.