Property Damage & Disaster Restoration Blog: Long Island & New York City

Foreclosure House Repairs: Get a 203(k) Loan

Posted on Fri, Feb 13, 2009 @ 04:05 PM

Foreclosures in Nassau County, Suffolk County and the NY Metro area continue to increase due to the struggling economy. As a result, some homes become neglected over time and develop situations that subsquently require a restoration company to perform repair work. Initiating necessary foreclosure repairs for a property can be accomplished by a potential homeowner applying for a mortgage related to the 203(k) Program.

203(k) Mortgage
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs like a 203(k) mortgage. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.
One Mortgage Loan
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods.

The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.

Advanced Restoration Corporation is a full service property damage restoration company that has the abiltiy to execute all necessary repairs to a property that qualifies for a 203(k) loan. For more information on FHA 203(k) loans and how Advanced Restoration can partner with you, please contact Gary Matzelle at (800) 693-6263.


Advanced Restoration Corporation is a family-owned and operated full-service property damage restoration company with a combined 75 years experience in dealing with Fire Damage Restoration, Water Damage Restoration, Flood & Storm Damage, Mold Remediation, Smoke Damage Restoration and Reconstruction. We service Long Island (Nassau County, NY; Suffolk County, NY) and the New York Metro area.

When disasters strike, Advanced Restoration is ready to respond 24 hours a day, 7 days a week. You are guaranteed to speak with one of our knowledgeable, caring team members, day or night. Our immediate response to a claim/property loss helps minimize the damages to the structure, contents, and ease the sometime catastrophic effect that a disaster may have on an owner or occupants.

Our company is dedicated to serving our clients with courteous and prompt service. We take the utmost pride in the craftsmanship of our work. As certified specialists in water mitigation and fire/smoke restoration, we have the knowledge, expertise and experience to deal with all types of property damage. Our professional staff is also trained in all aspects of mold remediation and damage appraisals.

Tags: disaster, foreclosure, 203(k) loan, remodeling, property damage, advanced restoration, advanced restoration corporation, emergency service, homeowner tips, restoration company, home repair

Fire and Carbon Monoxide Alert

Posted on Fri, Jan 30, 2009 @ 05:49 PM

The Consumer Product Safety Commission Released Information Related to Fires and Carbon Monoxide Hazards With Home Heating...

Source: CPSC


NEWS from CPSC
U.S. Consumer Product Safety Commission
Office of Information and Public Affairs
Washington, DC 20207

FOR IMMEDIATE RELEASEJanuary 28, 2009 Release #09-109
CPSC Recall Hotline: (800) 638-2772CPSC Media Contact: (301) 504-7908
CPSC Warns of Deadly Fire and Carbon Monoxide Hazards with Winter Home Heating

WASHINGTON, D.C. - According to the U.S. Fire Administration (USFA), there have been more than 150 residential fires that resulted in more than 200 deaths since Thanksgiving. These statistics have led the USFA and fire chiefs to declare the holiday season and start of the new year as one of the deadliest in recent memory.

As families look for ways to save money in these tough economic times, the concern over additional fire deaths and carbon monoxide poisonings from alternative heating sources is heightened. The U. S. Consumer Product Safety Commission (CPSC) is urging consumers to keep safety in mind when it comes to heating their homes this winter.

Home heating equipment is among the top causes of fires and CO poisonings. From 2003 through 2005, there was an annual average of 57,300 fires and 270 fire deaths associated with portable heaters, central heating systems, and fireplaces and chimneys. There were also 68 deaths, on average, from carbon monoxide poisoning each year associated with these products.

CPSC urges consumers to:
Schedule a professional inspection each year of all fuel-burning home heating systems, including furnaces, boilers, fireplaces, wood stoves, water heaters, chimneys, flues and vents.

Take precautions when using space heaters, fireplaces or other heating sources to help stay warm this winter.

Install smoke alarms and carbon monoxide (CO) alarms in the home and check that the batteries are fresh and working.

2009 is just weeks old, yet there have already been dozens of deaths from fires in the home.

Reports of residential fire deaths in January include:
Eight people died including a mother, her boyfriend and her four sons age 6 months to 10 years old, in their Richland, New York home. There were no smoke alarms in the home.

A woman was killed in her Detroit home by a fire believed to have been caused by a space heater that was too close to a chair.

Three people, including 13- and 15-year-old sisters and their older male relative, died in their Oklahoma home. Space heaters and an electric stove were being used for heat.

CPSC urges consumers to follow these home heating safety tips:

Space heaters:
Place space heaters on a level, hard and nonflammable surface (such as a ceramic tile floor), not on rugs or carpets or near bedding or drapes. Keep the heater at least three feet from bedding, drapes, furniture and other flammable materials. Keep children and pets away from space heaters.
To prevent the risk of fire, NEVER leave a space heater on when you go to sleep or place a space heater close to any sleeping person. Turn the heater off if you leave the area.

Never use gasoline in a kerosene space heater. Even small amounts of gasoline mixed with kerosene can increase the risk of a fire.

Use a space heater that has been tested to the latest safety standards and certified by a nationally-recognized testing laboratory. These heaters will have the most up-to-date safety features; older space heaters may not meet the newer safety standards. An unvented gas space heater that meets current safety standards will shut off if oxygen levels fall too low.

Do not use portable propane space heaters indoors or in any confined space unless they are specifically designed for indoor use. Always follow the manufacturer’s directions for proper use.

Fireplaces:
Have flues and chimneys inspected for leakage and blockage by creosote or debris.
Open the fireplace damper before lighting a fire and keep it open until the ashes are cool.

An open damper may help prevent build-up of poisonous gases inside the home.

Store fireplace ashes in a fire resistant container and cover it with a lid. Keep the container outdoors and away from combustibles.

Stoves and Ovens:
Never use electric or gas stoves to heat the home. They are not intended for that purpose and can cause fires and CO poisoning.

Stay Warm and Be Safe!

Advanced Restoration Corporation is a property damage/disaster restoration company that specializes in Fire and Smoke Restoration in the New York Metro/Long Island area. Call us at (800) 693-6263, or visit us on the web at www.AdvancedRestoration.com. We are committed to Making Disaster Temporary and Restoration Permanent.

Tags: disaster, smoke detectors, property damage, fire restoration, restoration companies, water damage restoration, nassau county restoration, advanced restoration, advanced restoration corporation, suffolk county restoration, emergency service, homeowner tips, restoration company, fire protection, cpsc recall, smoke restoration

Going Green Around the Holidays

Posted on Tue, Dec 09, 2008 @ 03:19 PM

Every day, more and more Long Island businesses and homeowners are "going green" in order to provide a healthier environment for residents of Nassau & Suffolk County.

The world has a fixed amount of natural resources, some of which are already depleted. So as population growth greatly strains our finite resources, there are fewer resources available. If we intend to leave our children with the same standard of living we have today, we must preserve the foundation of that standard of living. Saving clean air, water, fuel sources and soil for future generations is essential, and everyone needs to start thinking green.

Some of the greatest threats to future resources come from things we throw away everyday. Household batteries and electronics often contain dangerous chemicals that may, if sent to a local landfill, leak through the bottom barrier and pollute the groundwater. This can contaminate everything from the soil in which our food grows, to the water which will eventually come out of aquifers and into our tap water. Many of these chemicals cannot be removed from the drinking water supply, nor from the crops that are harvested from contaminated fields. The risks to human health are tremendous and educating the public will help to alleviate those risks.

Simple ways to increase the energy efficiency of a home during the building or remodeling process include:

Lights
Turn off unnecessary lights , indoors and outdoors, to conserve electricity. Install lighting timers or sensors to automatically turn off lights when not needed.

High-Efficiency Heating/Cooling System
Installing high efficiency heating and cooling equipment also conserves electricity. Use programmable thermostats to minimize energy use, especially when no one is home.

High-Efficiency Windows and Appliances
High-efficiency windows reduce heating and cooling costs by minimizing the impact the outside environment has on a home.

Low-Water Consumption Fixtures
Low-consumption or dual-flush toilets, low-consumption or waterless urinals, and low-flow bathroom, sink and shower faucets all help to reduce water use.

Fluorescent Bulbs
Using compact, fluorescent bulbs use less power and last longer than conventional bulbs.

Advanced Restoration recently joined various green organizations and is looking to explore green relationships in New York with other business entities.

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