Wondering who owns your Mortgage?

Many people are finding out now that the bank who made their mortgage loan is no longer the bank who owns it. While that bank may still service the loan, the actual owner may be layers deep in the mortgage market. Knowing who owns you loan is important if you want to renegotiate the terms or discuss a short sale.

According to Realty Times, "You should be able to call the phone number on your last mortgage statement or the number in your payment coupon book and connect directly with your lender. More often than not, this merely puts you in touch with the servicer – the business that collects and processes your payments. In some cases, the servicer is prohibited from divulging the true identity of your lender. In other cases, the person you're dealing with has no idea who your lender is.

Mortgages are often sliced and diced and repackaged into mortgage backed securities (MBS's) that are sold and traded on Wall Street.

To add to the confusion, the mortgage meltdown sank many banks and other lending institutions which were taken over by other banks or regulators.

So, what should you do if you're trying to track down your lender? Take the following approach:

1. Call the phone number on your most recent mortgage statement or your payment coupon book. This will put you in touch with the servicer who may also be the lender who owns your mortgage or at least be able to tell you the name of your lender. (Remember, the person may not know or may not be permitted to tell you.)

2. If you have an FHA loan, contact FHA's National Servicing Center to determine who owns your mortgage:
(800) CALL- FHA / (800) 225- 5342
Email hsg-lossmit@hud.gov

3. You can try to contact Fannie Mae. If they own the note, they may provide the identity of the investor: 1-800-7FANNIE (1-800-732-6643).

4. If the mortgage is listed as MOM or has a MIN (Mortgage Identification Number) assigned to it, you can search the MERS database by mortgage identification number (MIN), your name and social security number, or the property's address. Dial the toll-free MERS Servicer Identification System at 888-679-6377 (an automated touch-tone system) or search online.

5. If you know the name of the bank or other lending institution that owns your mortgage but have no contact information for them, check out Hope Now .

One of the most important steps to saving your home from foreclosure is to get in touch with your lender immediately. Better yet, hire a qualified attorney with experience in foreclosures and loan modifications to contact your lender on your behalf, so you have legal representation on your side."

Source: Realty Times

Earth Day

Today is Earth Day, and in Portland this is a very important and meaningful day. As one of North America's leading green cities there is a lot of attention paid to treating our planet with respect and preserving our space for future generations.

At our office we are collecting used computers and electronic devices for ecological recycling. This morning, my wife, Dianne, and I attended a breakfast sponsored by Habitat for Humanity. I learned that their new Restore in Vancouver has recycled enough used building material over the last month to keep 91 tons of material out of the landfill.

Gardening has become popular again as the "bad" economy has provoked many to consider growing their own food.

Portland has a reputation of being weird. I like to think we are quirky and intelligent.

Green Roofs

Our current issue of National Geographic just arrived and in it is a terrific article on green roofs. The article points out that green roofs not only provide for an environmental impact but also spiritual satisfaction. A garden on top of a building in the middle of the city. How relaxing is that?

Cities like Stuttgart, Germany and Basel, Switzerland are leaders in green roof technologies and either subsidize research or require greenery on new flat roofs.

Two US cities were mentioned - Chicago and Portland. A nice recognition of our city and state efforts to become a leader in green building practices.

You can read the article online at the National Geographic web site. Here is the link.

The photo above is of Chicago City Hall. It was taken by Diane Cook and Len Jenshel.

Downtown Condo Market Update

On a quarterly basis, we monitor sales activity for condominiums in the downtown area. The results for the most recent quarter reflect the slowdown in the marketplace.

The median price for a condo has drifted downward since it's peak in December 2007. currently, the median price is $335,000 meaning half of all sales are below this number and half above. It's a decline of 8% over one year, but is equal to the the median price observed two years ago.

Quarterly sales are at the lowest number since we began collecting data in early 2004. this reflects a very low month of January and February. Sales have picked up in March and we will watch to see if this increase can be sustained.

Condominium price per square foot continues to move downward for the fourth straight quarter. This is where the most pertinent market information is found. Condominium values have dropped 19% over the past one year and are down 22% over a two year period.

Buyers are getting spending less and getting more space for the money. Below are a few charts for you statistics lovers.

Welcome Signs

According to a Realty Times article passed to me by one of our faithful blog readers - "the signs are all there. Sales and pending sales of homes have turned up sharply in hard-hit markets. House prices are more affordable. Consumer confidence polls show slight but noteworthy improvements in the public's outlook".

Portland Customs House Plan

Several years ago the US government made a decision too sell the historical Customs house to a local developer who planned to convert the structure to a boutique hotel. It was a great idea and won out over other competing ideas for the property including using it as a community center.

Well after waiting and waiting for remodelling activity to start, we all figured out that the project was dead. Probably the economy.

Now we have a new proposal that seems to be gaining traction. The Portland International School has submitted an application to acquire the building. It has now been approved and the school plans to use green building techniques to renovate the empty space and preserve the historical character.

Sounds like a terrific plan. Now they just need to figure out how to raise the money. The building is being be donated to the school under a federal program but the costs to update the building will run many millions of dollars.

I am hoping they can pull it off.

- To learn more about the historical significance of the Portland Customs House go to this link - Customs House.

Condominium sales picking up

Condo sales in Downtown Portland seem to be picking up. In the first quarter of this year we saw only 73 unit sales close escrow. This is a very low number, about the lowest number of sales we've seen in over five years.

However; good news seems to be coming forth. In the past 30 days, there have been 47 new "pendings". These are accepted offers now in the escrow process. This is one of several pieces of positive news which will create a higher level of optimism about our local housing market.

On another bit of news, a local title company reports that 31% of downtown condo sales this year involved all cash transactions.

Saving the Morris Marks House

On SW 12th Ave, in downtown, sits a relic from the past. Among modern buildings and condominium towers, is a rare Italianate House. Some call it a Mansion, but it's a two-story, single-family residence in a somewhat flamboyant style. The Morris Marks House was built in 1880 by the legendary architect Warren H. Williams and is one of two remaining residences from this prominent Portland architect.

PSU's Historical Preservation club is holding an informational meeting on April 16th, 6-8pm at West Café, 1201 SW Jefferson St Portland. They are looking for ideas on how to save the house from possible demolition. The current owners have other plans for the site and are willing to give the house to any person or group that would move it to a new location.

For more information, contact Clem Ogilby at 503-572-5323 or http://www.morrismarkshouse.com/.

Photo from Preservationdirectory.com

Chicken Farmers hatch new plan

Our family loves the eggs and chicken we buy at the Hillsdale Farmers market booth, run by Kookoolan Farms. So do many others, as the egg supply runs out about fifteen minutes after the opening bell.

Recently, Kookoolan Farms owners Chrissie and Koorosh Zaerpoor announced that they are dramatically reducing the number of chickens they raise in order to pursue more natural and sustainable practices, including letting the birds spend their lives outdoors foraging on grass and insects.

The chickens will only be sold at Kookoolan Farms in Yamhill and once each month at the Hillsdale Farmers Market. Mark your calendar for April 19, the first weekend of availability in Hillsdale.

For more info on Kookoolan Farms, visit them on the web - http://www.kookoolanfarms.com/.

Source - The Oregonian

First Thursday Art Picks

Below is our list for interesting exhibits for this months' first Thursday art walk.

Art Institute of Portland, 1122 NW Davis St - Top Green Projects: an exhibit of sustainable architecture and green design solutions as recognized by the American Institute of Architects and its committee on the Environment.

Bullseye Gallery, 300 NW 13th - Glassworks by Steve Klein and Michael Rogers.

Froelick Gallery, 714 NW Davis - works by Susan Seubert (Science/fiction) and Gail Tremblay (Recycled Images/Iroquois Forms)

Blackfish Gallery, 420 NW Ninth - "Blackfish is 30". Celebrating 30 years of business and still going strong.

Augen Gallery, 716 NW Davis - Selected works by Tom Miller, Sally Cleveland, and Amy Archer.

Habitat builds first LEED home in Portland

My wife, Dianne Rodway, serves on the board of our local Habitat For Humanity affiliate and yesterday we attended the dedication of their latest project. This project was special because it involved the design and construction of two LEED Platinum certified homes. These homes are two of just a handful of LEED certified homes in Oregon and the first LEED homes in the "affordable" classification.

Primary sponsors for these homes were Bank of America and Walsh Construction while many others donated time and materials for these special homes.

We are told the energy efficiency of the homes actual exceeds the platinum standard. This project further demonstrates the Portland area's emergence as a leader in green construction and livability.