The Obama administration announced its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates.
However, experts speculate the proposal—which is expected to cost up to $10 billion and would be paid for by imposing a fee on major banks—could have a difficult time getting Congressional approval.
This proposal follows a string of government-initiated programs that have had mixed success, including the Making Homes Affordable Program. The difference is, Obama’s latest plan would assist borrowers with private (non-government backed) loans.
Under the current proposal, to be eligible borrowers must:
Have not missed a mortgage payment in the past six months, and have no more than one late payment in the six months prior;
Have a credit score of 580 or higher;
Have a current mortgage balance within loan limits for FHA-insured loans in their communities; and
The property must be your primary residence
It’s important to understand the details and restrictions of the program so you can effectively understand your options. This proposal is already getting a lot of attention by the media, and distressed homeowners may view this as a viable solution to their problems.
However, it’s important to remember that this program would require Congressional approval, which may never happen. If you have clients who are on the edge, if they are facing foreclosure and desperate for help, don’t let the media talk of this proposal distract them from finding a real solution.
Feel free to check with your local GoodBuy Homes NJ Realty Agent for the latest news and events surrounding everything that is Real Estate
If you are like me; you are a DIY’r and you will pack every box, wrap every dish and place every box neatly into that truck before you consider hiring a moving co. (the hard headed, need more convincing…lol) but I will say if you can afford it; hiring a Moving company could save you money, time, energy and piece of mind. 
Insurance companies like Geico have moving insurance through a company called Assurant. If you were renting then hopefully you already had renters insurance and it might already come with your moving insurance as apart of the package. If you do I suggest you increase your protection from 5K to 10K (just to be extra safe), it can also include additional coverage for earthquakes, floods, etc. Cost is about $200 annually (Not bad). Its better to be safe than sorry and no reason why your move should get you out of the great mood you had when you decided that your new place is now home. Just think for a small fee you can protect your valuables from damage or atleast be covered if they do.
I say select someone who is organized, prepared, on time and professional. Check there Online profiles to see if their reviews are good or bad and also make sure that they are properly insured and bonded. Some movers charge hourly rates with about 3 hour minimums, while others charge flat fees, or by the miles and hours; so make sure you do your homework. 
Important date #1: 2nd Deposit (if any) most times it is written in days after Attorney review or an actual date when this is due. Important date #2: Mortgage Contingency date; this date will be the date that you and your Loan Officer must provide a commitment to lend from your bank for the purchase of this house. If you are unable to meet this date because your loan is declined you will be able to back out of the deal without penalty, however if you allow this date to pass without being granted an extension; you will run the risk of losing any deposit monies that have been placed in escrow due to a breach in the contract. Important date #3 Inspection Contingency date This is generally around 7-10 days after the conclusion of Attorney Review where you must get the property inspected (if you choose too, remember this is optional) and negotiate repair credits etc.. (if needed) Important date #4: Closing date, this is the day that will serve as the physical closing date on the current contract; this date may be subject to change because of many factors but must always be in writing and approved by both your Attorney and the Sellers Attorney in order to be granted.
this usually cost between $350-$500 (which is a cost that you must pay out of pocket the day of the inspection.) This report is being conducted so you as the buyer understand the true and accurate condition of your dream home so there are no surprises. The home inspection will likely also check for Termites and conduct a Radon Test. To find out more about Radon Test please 
If all goes well with the home inspection your lender will proceed with your loan application and want to order an Appraisal; the Appraisal is a cost that you must also pay upfront and this will give the bank the opportunity to determine what’s the fair market value of your new home. This is done to avoid buyers from buying a home for more than its worth and also provides the lender with a report on the property and all it’s specs; Here is an example on why this is needed; Lets say you agreed to buy your dream home for $300,000 and is only worth $150,000, then the bank would not provide financing for this purchase because you will be upside down on the property and will be over leveraged. Now of course you could make up the difference; in this example $150,000 but why would you that do that right? An appraisal can cost between $300.00-$500.00.
your loan approval may come with a few conditions so be sure to speak with your Loan Officer about items that may be needed in order to obtain a clear to close status for your loan.
One of your conditions will be to obtain Home Owners Insurance; you will have to contact an Insurance Provider (We have some options available on request) to provide you with a quote and once you have decided on the carrier you will need to purchase an actual policy that needs to be valid for one year (it should be valid from the day or two before or the day of closing and valid for a year going forward from that date.) Once obtained you will have to provide your lender, Agent and Attorney with a copy as it is needed in order to close on the property. This is the final upfront fee that you will have to pay prior to closing. Cost vary but I think its safe to say you should budget between $800-$1000 for this expense.
This is done the day of closing to ensure you as the buyer that you are still buying the same home that you fell in love with a few weeks/months ago. This is done because often times buyers will go weeks without seeing the house which could be a mistake come the day of closing. Prior to this practice there were some Buyers who have actually closed without a final walk through and went to the house after receiving the keys and realized that the home was stripped of items and destroyed. At that point there is no turning back so its always best to conduct a formal walk through prior to closing and if anything is not right; take pictures and bring with you to closing as proof (Your word we will not be enough). As a precaution we advise our clients to flush toilets, turn on/ sinks & tubs faucets, turn on/off light switches and check for water leaks in the basement and Attic to ensure all is in tip top shape before you sign on the dotted line.
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