Homeowners Insurance In Metairie

Louisiana eases bonding rules for home elevation firms

The state of Louisiana is revising new bonding requirements it recently imposed on elevation contractors, recognizing that while the regulations protect homeowners from shoddy house-lifting work , they are also running smaller firms out of business. On Nov. 1, the state's troubled Hazard Mitigation Grant Program began requiring all participating firms to carry performance bonds .

That, the state said, would prevent the companies from collecting an 80 percent advance payment on a grant only to walk off the job without finishing.

But smaller firms have been complaining even before the policy took effect that they couldn't find or couldn't afford the bonds the way larger companies could.

The state is now offering homeowners an alternative to keep using smaller contractors who can't get bonds.

Companies that show proof that they cannot get surety or performance bonds will no longer be able to collect 80 percent of the grant up-front, but if a homeowner agrees to waive the bonding requirement, the contractor can collect 25 percent up front and get additional payments as they complete portions of the work, state spokeswoman Christina Stephens said. The state will also limit companies without bonds to six jobs at one time, she said. All companies will still have to meet new insurance and warranty rules.

State Commissioner of Administration Paul Rainwater told The Times-Picayune earlier this week that he wanted to find a way to protect homeowners without stifling competition or giving larger firms an unfair advantage.

The bonding requirement was imposed this month thanks to pressure from state Sen. Julie Quinn, R-Metairie, who also works as legal counsel and chief operating officer for the most powerful elevation company in the program, Orleans Shoring.

It was Quinn who sent Rainwater an email in August imploring him to "PLEASE take immediate action and require bonding" and stop "feeling sorry for these 'smaller' companies." She also sent the state program's lawyer a sample of a bonding agreement that she wanted the state to require. While the state developed its own bonding documents, emails show the state lawyer checked back with Quinn to get her input on the final policy before it was announced.

Wells Fargo Short Sale Process – Metairie Short Sale Realtor ...

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Metairie Avoid Foreclosure Realtor®

Wells Fargo Short Sale Process

Metairie Avoid Foreclosure Realtor®, Abraham Walker video blogs about Wells Fargo Short Sale process. If you have a Wells Fargo mortgage/loan on your property the Short Sale process can be summed up into 7 steps:

Fill out a Wells Fargo Prelisting Short Sale Packet – This packet will contain most (if not all) of the documents I will need to submit a complete Short Sale Package to the lender. It is very important to get these documents filled out in the beginning of the process and as quickly as possible. Negotitate the Buyers offer – Homeowners must keep in mind that we are trying to get Fair Market Value for their home. Every offer is not an acceptable offer. Often times, investor and unsavy buyers will place ridiculously low offers on properties just because they think that Wells Fago will take any offer. The bank wouldn’t accept these offers if they owned the property after the become owner. Submit a Complete Short Package to Wells Fargo – This part of the process is one of the biggest reason Short Sales Fail. Incomplete Short Sale Package can bring the complete Short Sale process to a halt. You will need a combination of documents from the original Short Sale Prelisting Package, to the executed Agreement to Purchase and a Preliminary HUD Settlement Statement. Wells Fargo just started accepting documents through the Equator system fro traditional Short Sales. Equator is an online document/trasaction/messaging center designed to streamline the Short Sale process. This is a huge plus and a joy to work with (in my opinion). Equator keeps all of the documents in one place for everyone to access (including the homeowner). NOTE: Homeowner’s will have to sign up for individual account through the Equator system to complete task assigned to directly to them. Negotiate the Lender(s) Offer – Homeowners should make a mental note at the beginning of the process that every offer they receive from their bank is not a good offer. The bank is not interested in looking out for your best interest. Homeowners are usually given 2 weeks to respond to offers from Wells Fargo through Equator. It is very important that your Short Sale Specialist handling your Short Sale checks Equator and a regular basis. The Normal Part of Transaction begins – After we recieve the Short Sale Approval letter from Wells Fargo the Buyer receive written permission to start the normal part of the transaction. The will start to remove the contingencies set forth in the original Agreement To Purchase. NOTE: It is very important that the Buyer’s agent maintain contact with the Buyer throughout the transaction to insure that they are still credit worthy when it time to perform the the closing. It’s Closing Time – Congrats! The transaction is complete. All you will need to do is show up to the title company, sign some documents pretaining to the transfer and start your new life. Follow up with your lender in 3 business days after the sale to insure that they have received the funds needed to satisfy your loan. (You can request a copy of the wiring instructions from the Closing Attorney and request a confirmation to be sent to you for CYA). Wells Fargo move to Equator shows that they are trying to improve their Short Sale process. You will need a Short Sale Specialist with experience in dealing with Wells Fargo and the Equator system. Keep this in mind when you are ready to choose a Short Sale Specialist to handle you Wells Fargo Short Sale.

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