West Berkeley (Berkeley, CA)
By Bruce Methven
(Methven & Associates)
Given the terrible state of the economy and the real estate markets – and given the large number of subprime residential loans made during past years – many borrowers are looking for loan modifications as an alternative to foreclosure. Unfortunately, at least at this point there is not much that can be done for many homeowners, although this area is in flux and additional government and lender programs may become available. Obviously there is no point paying for loan modification work unless there is a good chance to modify the loan. (Where there isn't a good chance of modification, unfortunately there are limited options, such as bankruptcy, giving the lender a deed in lieu of foreclosure, possibly finding someone to arrange a short sale of the property or walking away from the propert...
Comments 0
By Bruce Methven
(Methven & Associates)
Borrowers who obtain Fannie Mae (FNMA, the Federal National Mortgage Association) loans for apartment buildings frequently receive lower-interest loans - but must comply with all of the Fannie Mae requirements. One of these is that they hire an attorney to prepare an opinion letter to the initial lender and Fannie Mae (which buys the loans after they have closed). The lender is required to hire an attorney for an opinion letter, but the borrower still must have its own attorney as well. This article is designed to provide a few tips and cautions about the process for these loans. The borrower's attorney must be licensed to practice law in the state where the property is located. If the property is located in one state and the borrower is located in another, the lender and Fannie Mae may...
Comments 1
There are a number of steps that creditors with commercial debts can take to enforce judgments they have received against businesses that owe them money. (Consumer debt collection is much more regulated and is not addressed in this article.) Collection agencies generally work on a contingency-fee basis, often charging 25% to 40% of the amounts collected. Where the amount owed is larger (at least $5,000 or more), there is an attorneys' fees clause and the debtor has assets (and particularly where the creditor has a security interest in some or all of those assets), it may cost less in the long run to hire an attorney on an hourly basis for collection. Debts incurred primarily for business purposes are not (unlike consumer debts) subject to the federal Fair Debt Collection Practices Act o...
Comments 1
By Joanne O'Donnell
(Chic Home Interiors)
Yesterday afternoon I went to an open house in Berkeley, CA where they were doing a seminar on cohousing.  The Architect/Builderspoke first and you could really see his passion for the project, which is a two home/condo structure in West Berkeley with communal entrance and courtyard.  Most of you who know about cohousing might say - only two?  But that is all he could get zoning for and so did what he could within the parameters he was given.  But what a job he did on the greening of the project, the project has been Green Point Rated at 200 points. By comparison the current average for single family projects is 109 points and for multifamily 87 points.   I give you both as I am unsure which category this falls into.  He made good choices throughout without compromising style.  From the...
Comments 2
By Brett Weinstein
(Realty Advocates)
SOLD It is an architectural rarity in Berkeley to see such a well-preserved and tastefully updated half-timbered and high-peaked Colonial Revival property. This one built in 1911 by the carpenter Arne Lundgren. Berkeley’s Architectural Heritage Association (BAHA) even produced a little write up on this one. At some unknown point in its history, it was converted to a triplex, and in 2004, a fourth unit was created in a newly enlarged basement area. But the real feature of this property is the upstairs "owner's" unit. This comprises approximately 1,248 sq feet of light-filled living space, 2+Br/2Ba, gleaming hardwood floors, spacious rooms, and entirely new electrical/plumbing/heating systems starting from 2000. The master bedroom is behind the east facing, hill-view balcony and features...
Comments 0
Berkeley, CA Real Estate Professionals