By Brown Dave

There are many approaches to preventing moisture and water seepage from creating a wet basement. Michigan is particularly vulnerable due to the high levels of annual precipitation and the abundance of homes with basements. Waterproofing basement interiors has been a challenge in the construction industry for decades. While many new surface application products and basement crack injection methods have recently been developed, one of the most dependable and permanent solutions has been a variation of the traditional French drain system.

The French drain is named after Henry French who was a lawyer, judge and a farmer in Concord, Massachusetts. In 1859 he wrote a book on the subject, “Farm Drainage”. Since a version of this system was used in ancient Rome, he cannot rightfully be credited as the inventor or discoverer. But, he certainly can lay claim as the one who updated the process and first demonstrated the usefulness on this low-tech approach to relocating large quantities of unwanted water.

Originally, a French drain was nothing much more than a ditch filled with rocks and stones, sloping away from an area of excess water accumulation to a receiving area. Since gravel and stones are much less dense than soil and with the assistance of gravity, water will tend to take the path of least resistance and head for the French drain. This is similar to the way standing water on a counter top is absorbed into a sponge. Over the years, the process has been refined as is now considered to be one of the most effective and economical tools that basement waterproofing contractors have for waterproofing basement interiors and foundations.

The most cost-effective approach is to create a trench around the perimeter of the basement on the inside. It is best to be about 12 to 16 inches from the wall and about 12 to 18 inches deep. The trench is then lined with a fabric to keep the soil in place. Next, a bed of stone is applied. Drain tile (perforated pipe) goes on top of that and is covered with another layer of washed stone. The fabric filters the water flowing to the drain tile, keeping soil from washing through and clogging the drain system. Regularly spaced clean-outs should, nonetheless, be installed at specified intervals for routine maintenance. Once a proper French drain system is installed, water from the outside can no longer run under the foundation to the basement floor.

Additionally, it is best to drill weep holes through cinder block foundation bases to facilitate drainage of any water that makes its way inside the blocks. It is released and directed into the drain tile system. Moisture that makes its way through the foundation wall above the French drain system simply passes through a gap in the newly poured concrete floor perimeter into the drain tile. Foundation crack repairs will eliminate that problem from occurring in the first place.

Finally, basement waterproofing contractors will use a sump pump to eliminate the water flowing through the drain tiles. It is buried below the entire drain system and sends collected water outside, where it belongs!

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By Sean A. Kelly

Refinancing your existing mortgage can be intimidating enough even when the market price for your home is well above the amount of your mortgage. You might find it even more daunting when you are trying to refinance upside down mortgages. What is an upside down mortgage?

An upside down mortgage is when the current market value of your home is much lower than the amount of your current mortgage. For example, five years ago you bought a house for $300,000.00 and put a down payment of $50,000.00. You took up a loan for $250,000.00 to pay on the balance of the house. However, after five years you find that the current market price for your home now is only $120,000.00 but, you still owe your lenders $200,000.00. If you encounter this situation, it is when your mortgage is upside down.

Refinancing upside down mortgages may pose quite a challenge but it is not entirely impossible. When the market price of your home is significantly lower than the balance of your loan, your home will have negative equity as you owe your lender more than the home is actually worth. In order to approve a refinancing loan, lenders generally will require a certain amount of equity in your home. So the chances of your application being approved by lenders are very slim.

Under certain circumstances, you might be eligible for refinancing assistance, especially now that the Federal Government has announced the ‘Making Home Affordable’ program that is partly designed to provide refinancing assistance to homeowners with upside down home mortgages. However, you might want to check with your lenders.

To see if you may actually still qualify for a mortgage refinance even when your mortgage is upside down, you might want to evaluate the total extent of your upside down mortgage. The rule of the thumb is that you may not be upside down in your loan by more than 5%. If you find that your mortgage is upside down by more than 5%, you might have a more difficult time to find any mortgage provider that may be willing to refinance. You will fall under the high-risk category. Especially now, in the current economic situation, few lenders may be willing to take the risk of refinancing an upside down mortgage with a percentage of higher than 5%.

You may also check the current interest rates first, even if your mortgage is only upside down by less than 5% because, there might be a chance that you are actually paying a lower rate now than if you refinanced. There are also the costs involved with refinancing that you might want to consider before deciding. These costs will inadvertently add to the amount of money you might have to spend if you decide to refinance. So in the long run you might actually end up having to pay more than if you had stuck with your current mortgage.

If you really insist on having your upside down mortgage refinanced, you may contact the Federal Housing Administration (FHA) to assist you in refinancing your home. Normally, the FHA might allow you to get a second mortgage on your home for the difference between the current market price of your home and the amount that you owe. This gives you the option of refinancing your home with another lender at the current value of your home and the FHA may give you a loan worth the difference of what you owe your lenders.

It is advisable that you consult with a professional to get the best advice on how to handle your particular financial situation before resorting to refinancing an upside down mortgage.

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By Simon Volkov

Fannie Mae Homepath is a government-sponsored home buying program that offers discount-priced foreclosure homes. Buyers can apply for financing through Home Path Mortgage to receive special incentives and low-interest mortgage loans.

Additionally, many of the Fannie Mae Homepath properties are eligible for Neighborhood Stabilization Program grants offered through the Department of Housing and Urban Development.

First time home buyers find Fannie Mae homes attractive because they are often priced 10- to 20-percent below market value. Although foreclosure houses often require repairs, these costs are factored into the purchase price.

One attractive financing feature offered through Home Path Mortgage is the option to apply for renovation loans to offset repair costs. When buyers purchase houses requiring repair work through conventional mortgage lenders they may not qualify for construction loans.

Those who do qualify are often forced to pay higher interest rates and then refinance mortgages into a conventional home loan once repairs are complete. This can add a substantial sum to the overall cost of the mortgage loan.

First time home buyers who have not established a strong credit history find Home Path Mortgage a good option because lending criteria is not as stringent. This program has a minimal down payment requirement which makes it attractive to those who cannot afford a large down payment.

Fannie Mae Homepath homes can make the perfect first home, but buyers should take time to thoroughly research the property and obtain repair cost estimates. The Fannie Mae website provides pertinent information which should be reviewed by first time home buyers who have never undergone the process.

Buyers of Fannie Mae foreclosure real estate will need to obtain preapproved financing before submitting purchase offers. It is important to realize that “preapproved” does not equate to “approved” financing. Instead, it shows lenders how much buyers can afford and reflects they may qualify for financing as long as the purchase price falls within a specific price range.

One consideration of submitting purchase offers for Fannie Mae Homepath properties is chances are high multiple offers will be submitted for the same property. Many of these houses are sold within days after being listed on the Fannie Mae website. It is strongly recommended to submit the highest offer upfront.

Fannie Mae rarely entertains offers for less than the asking price. The only possibility of buying these houses for less than the asking price is if substantial damage is discovered during property inspections that were not revealed when property was repossessed.

Buyers who purchase Fannie Mae homes in communities where foreclosure rates are high might qualify for NSP grants. Each state receives allocated funds annually which must be used to buy, sell, or rehab foreclosure homes which meet the criteria. This is a great way to offset repair costs or reduce the overall cost of foreclosure homes. Interested buyers can review details of HUDs NSP grant program at HudNSPHelp.info.

Fannie Mae Homepath properties can be a rewarding choice for buyers uncertain of whether now is the time to buy a house. Declining property values have scared many people from buying houses, along with financing restrictions.

Only you can decide if now is the time to take the plunge. If so, take time to research availability of NSP grants and Home Path Mortgage financing options. Combining these programs with the purchase of Fannie Mae Homepath properties can potentially yield substantial savings.

About the Author: In addition to being a good option for first time home buyers, Fannie Mae Homepath can be a good choice for investors. Real estate investor, Simon Volkov shares additional information and resources about buying foreclosure homes via his investing website at SimonVolkov.com.

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