The Saint Paul Condo Blog

The Treasury yesterday anounced new guidance for servicers/lender to help unclog the short sale sewer-pipe.  The website Calculated Risk has a good summary here: http://bit.ly/6WNGim but basically:

·  Borrowers would receive $1,500 from the government in relocation expenses.

·  Servicers receive $1,000 from the government.

·  Second liens holders can receive up to $3,000 of the sales proceeds for releasing their liens.

·  First lien investors can receive $1,000 from the government for signing off on payments to subordinate lien holders.

·  Borrowers must be fully released from any further liability.

·  Real estate commissions cannot be reduced.

Reuters has a good article also: http://bit.ly/7yWUl1

There is however, a small rhetorical flourish within the Reuters piece worth hoisting here for elaboration:

“Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower’s credit rating…”

Depending on how you define “preserving” this is true.

However, those considering a short sale would be wise to understand that regardless of your credit “rating” you won’t likely be getting a loan from Fannie, or Freddie, or the FHA for at least two years, and in many cases four years after a short sale.

True since at least June of last year.  You can read the memo yourself from Fannie Mae here: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

For more information, visit my website.

Alex Stenback
www.BehindTheMortgage.com

See you next year gang!

I'm working on compiling the 2009 year-in-review data and there's only a handful of condos left to close out the year.  Once I have the final numbers, I'll update the site, plus I start a new blog post with all the highlights (and lowlights) of 2009.

So far, there's going to be some surprises, both good and bad.  Stay Tuned!

I've chatted with the owner a few times, but I was starting to get nervous.  Not anymore!  There was a lot of activity in the new space all day today, I managed to snap a pic while they were at lunch.

I'm excited them them to open, as it will really make Mears Park a destination for excitement in downtown now.

Also, the work on removing the bus lane in favor of a sidewalk cafe is moving along, look for public hearings soon.  From what I've seen, the area will lose about 22 parking spaces to add the cafes.  I'm a bit torn if losing that much parking is worth it, but I am writing this when it's 11º outside.  I might have a different opinion when it's nice outside.

Anyway, back to Bin...  I can't wait to pop some corks!

Take that back, please do come a knock'n!

More interesting news coming out of Lowertown!  A while back I posted about Bin Win Bar coming, and also some musings of a super secret night club/bar, well now it's got a name Club Louie (a sort of Dakota Jazz Club for this side of the river).

The real news is what is being proposed (Mark, you must be psychic).  The Restaurant owners of the Bulldog, Barrio, Bin, and Louie are working behind the scenes to make an outdoor cafe along 6th Street, fronting Mears Park!  The plan would be to eliminate the parking on 6th between Wacouta & Sibley.  They would also ask Metro Transit that the stop be eliminated all together.  They want to extend the side walk out into the bus lane to create an outdoor cafe.  Something tells me the owners of Trattoria da Vinci is cursing their location now!

So far, reaction from a limited audience has been positive and from what I hear, they want to have this ready for the Spring/Summer patio season!

Next up for the plan is a hearing before the Development Review Committee of CapitolRiver Council on Tuesday morning (Dec 8th).