Celebrity Living Rooms Homes & Spaces: architecturaldigest.com

Celebrity Living Rooms Homes & Spaces: architecturaldigest.com

Sinatra Slept here...

And you can rent this for a mere $2600 a nite, courtesy of 

Jetsetter.com

Custom built for Frank Sinatra in 1947 by master architect Stewart E. Williams, Twin Palms Estate is named for the two towering trees in the backyard. When Sinatra was in residence, he’d run a flag up the flagpole that once divided them to alert his friends that it was cocktail hour. Though Ol’ Blue Eyes had requested a Georgian colonial look, Williams talked him into this more desert-friendly mid-century-modern abode.

The home possesses a harmonious — almost magical — warmth. Vaulted wood ceilings rise above wood-paneled walls, one of which houses a recording console given to Sinatra by Capitol Records in 1951. From there he could press a rough cut of a new song, then beam it directly to Los Angeles for mastering, via the antenna still on the rooftop. 

All furniture is era-specific (though none actually originated in the house), with genie-bottle lamps, swoop-back sofas, free-form glass coffee tables and fuzzy shag area rugs. And the tuned Yamaha grand player piano in the corner of the living room plays only Sinatra songs. When the light is just right, you can almost picture the man himself at the keyboard.

Outside, the huge mountain-view pool deck is built for a party, and with his-and-hers bathrooms, guests can keep the festivities going by changing from a swimsuit to cocktail dress without entering the house.

The Worst Business Model...

 I've been saying this for years, but here it is in black and white - finally....I am a real estate agent, licensed in two states, and I always said it was a job for rich housewives because when times got hard, real estate agents had to go begging. This is no way to do business. Why not just hire salaried employees, or give commissions and bonuses on top of a base, so that they didn't turn into such snakes?

A new paper by the National Bureau of Economic Research looks at what may happen if the six percent Realtor fee added to the price of a home sale were modified (via Freakonomics).
Lower commissions resulted in significantly higher home sales. Obviously this would benefit the economy:

A one-half reduction in the commission rate leads to a 73% increase in the number of houses each agent sells and benefits consumers by about $2 billion. House price appreciation in the first half of the 2000s accounts for 24% of overall entry and a 31% decline in the number of houses sold by each agent. Low cost programs that provide information about past agent performance have the potential to increase overall productivity and generate significant social savings.

There are other benefits associated with lower or flexible commissions that are not captured by our model... For example, lower commissions reduce transaction costs, which might lead to a more liquid housing market, improved asset allocation, and better housing consumption. Flexible commissions also provide a channel for consumers to choose services tailored to their preferences.

Read more: http://www.businessinsider.com/getting-rid-of-the-realtors-save-housing-market-2011-7#ixzz1UI2FPkXf

Your Own Private Idaho or Hawaii

Yacht Island Design presents your own private Idaho or Hawaii rather on a boat - a big boat.

The Late Great Kate Hepburn's House, but where are the Callilillies?

According to Zillow, "The Hepburn home sits on Long Island Sound with a private dock and beach.

"The six-bedroom, seven-and-a-half-bath home was completely renovated, including upgrades to the kitchen and bathrooms. With 8,300 square feet of living space, the beach home has high ceilings, architectural detailing as well as large windows and French doors that offer expansive water views."

The home faced severe damages from a Category 5 hurricane in 1938, but Hepburn loved the house so much that it was rebuilt within a year.

Hepburn passed away at her estate in 2003 at age 96.

In 2004, Barbara and Frank Sciame, the chief executive of F.J. Sciame Construction, bought the estate purely to renovate and sell it, but they ended up keeping it as a summer home for several years.

However, they split the property into three different lots. The plot containing Hepburn's home is the priciest at $18 million, but the entire 3.5-acre property can be purchased for $28 million.

Read more: http://www.eonline.com/uberblog/b249809_which_hollywood_legends_house_can_be.html#ixzz1QgC2RDjJ

Flea bitten?

The AWESOME house that Red Hot Chili Peppers band member Flea owns out in Malibu is up for sale ... and it could be yours -- if you've got a spare $4.7 million to spare. 

It's a massive property -- 2.4 acres -- and the structure is practically brand new ... because Flea had to rebuild the home after it burned down in the Malibu fires back in 2007.

Now, the new pad is pretty badass -- with 3 bedrooms, 3 bathrooms, crazy views and "mature trees" ... and there's nothing more bad ass than "mature trees."

http://photos.tmz.com/

Hot Property in the Bu for sale....

MALIBU, Calif. - Barbra Streisand says she understands that California has to sell her donated 22.5-acre Malibu ranch to help balance the budget but she hopes the buyer will preserve its "special habitat." 

Ramirez Canyon Park, which the singer donated in 1993, is on the list of state-owned properties that Gov. Jerry Brown wants to put up for sale despite fierce opposition.

The property contains meadows, gardens, a creek and three homes that Streisand customized with a wealth of architectural detail ranging from Art Deco metal panels to Douglas fir framing on a Craftsman-style house. It was valued at $15 million when Streisand gave it to the state and the Santa Monica Mountains Conservancy, a state agency that Brown established in 1980 during his first stint as governor.

But the property "does not serve any essential state function," Brown's spokeswoman, Elizabeth Ashford, told the Los Angeles Times. "The state should not be the landlord for a place that hosts mountain retreats."

"I understand Governor Brown's tough decision given the severe budget shortfalls that California is facing," Streisand said in a recent statement. "I only hope that there is little disruption to the residents of Ramirez Canyon through this potential transition and that whatever entity does purchase the land and the homes on it will preserve its special habitat."

The conservancy opened its headquarters on the property and moved to set up what it promised would be an academic think-tank called the Barbra Streisand Center for Conservancy Studies. But when interest in conferences lagged, the conservancy began renting out the estate for weddings and garden tours to pay for maintaining its five houses and grounds.

Neighboring homeowners, some of them living in secluded, multimillion-dollar mansions, complained about noise and expressed fears that traffic could block the rustic roads during fires. Streisand demanded that her name be pulled from the property.

Homeowners sued and a settlement was reached.

Currently, the ranch is only open to the public by special appointment.

The conservancy has defended its use of the property and opposed the sale. It has argued that under California Coastal Commission rules adopted last year, the ranchland must remain as open space and thus is worthless to developers.  

Streisand says she understands that California has to sell her donated 22.5-acre Malibu ranch to help balance the budget but she hopes the buyer will preserve its 'special habitat.' Ramirez Canyon Park, which the singer donated in 1993, is on the list of state-owned properties that Gov. Jerry Brown wants to put up for sale despite fierce opposition. 

Ramirez Canyon Park is located in a canyon off the Malibu coastline and is bordered by a National Park Service wilderness area. Within the site’s boundary lie both an exquisitely beautiful designed landscape and a rich coastal wilderness. Barbra Streisand donated this 22.5-acre estate to the Santa Monica Mountains Conservancy in December 1993. At the request of local neighbors along Ramirez Canyon Road, the California Coastal Commission has required that this property be accessible to the public by appointment only. Barwood

The "Hollywood" Craftsman post and beam two-story house currently serves as executive offices for the Santa Monica Mountains Conservancy. "Barwood" refers to the name of Barbara Streisand's production company. Built around existing sycamore trees, the large windows, skylights, vaulted ceilings and Douglas fir framing create the feeling of being
in a tree house. An adjoining tennis pavilion follows the same design. Barn Yellow copa del oro vines planted over 20 years ago cover the whimsical Barn building, Ms. Streisand's first and favorite house on the property. Originally stucco, the modest three bedroom structure was covered inside and out in old and "aged" wood by craftsmen and toy makers. Beveled glass doors, large picture windows and a 30' high pitched ceiling
bring nature into the main living room. Highlights include stained glass, lofts, ladders and a river rock fireplace. 

Peach House
Named for its color, this Mediterranean style villa was converted from a one-story stable. The lower two floors were a guest apartment. The upper level, accessible only by an exterior winding brick staircase, was designed as a screening room with automatic black-out curtains and drop down screen. This room has hardwood floors, a marble fireplace, Art Nouveau hand-carved detailing and beveled-glass french doors. Deco House
Ms. Streisand spent five years turning this house into a veritable Art Deco temple. Featured in the December 1993 Architectural Digest, the Deco House design includes stainless steel panels from Los Angeles' landmark Atlantic Richfield building, a carpet copied from a Bigelow original, stunning ceilings and authentic period light fixtures. Inside and out, including the black bottom pool, the color scheme strictly adheres to a palette of black to gray and burgundy to pale rose. 

Gardens and Meadows
The largest meadow, to the north is the site of the 1986 One Voice fundraising concert. Behind the Barn, Ms. Streisand converted a former corral into a garden that, like the other scattered cutting gardens, yields roses, foxglove, asters, sweet peas, and camellias as well as herbs, vegetables and fruit. Experience the tranquil garden paradise of Ramirez Canyon Park, with docent-led canyon and garden tours. The one-hour walking tour covers the historical, botanical, and architectural background of the property, as well as its broader relationship to the Santa Monica Mountains.


Visitors have an additional hour to enjoy tea on the Barn patio and to relax on the grounds. Special events and small  gatherings help maintain the property and support outreach programs designed to serve disadvantaged youth, physically-challenged visitors and seniors. Address: Access By Appointment Only
Phone: (310) 589-2850

 

Hidden treasure...Emerald Isle and North Carolina outerbanks...or Barrier Islands

http://www.emeraldisle-nc.org/

Emerald Isle Realty.com

Properties under 400k

There's plenty of bargains in Emerald Isle, NC, and condos can range under 200k.  There are vacant lots, and the island is only one mile wide, so bayside (or 'bogue') is preferable for the occasional hurricane. Most houses are on stilts to prevent flooding, and
the Camp LeJeune Marina base is nearby.

Emerald Isle is a town in Carteret County, North Carolina, United States. It is part of the Crystal Coast and is located entirely on the Bogue Banks. The population was 3,488 at the 2000 census, but as many as 50,000 visitors inhabit the area during the summer season, filling up vacant rental properties that do not count toward official census results.
Today, the oceanfront is lined with both large and small homes. While there is a scattering of condominiums, there are no oceanfront hotels, and Emerald Isle has maintained a family-oriented atmosphere.

From about 1 AD to colonial times, Emerald Isle was home to Native Americans. Later, the area was settled by a small number of whalers and fishermen.^[4]
In the 1920s Henry Fort, who owned the Emerald Isle beaches and land surrounding them, hoped to open a large summer tourist attraction and ocean resort. Fort worked with developers, but the plans never materialized. After his death, his daughter Anita Maulick inherited Emerald Isle.

In 1951, seven individuals purchased the 12-mile stretch of island for $350,000 from Anita Maulick. Emerald Isle was sliced into 54 blocks of 1,000 feet, each going from ocean to sound. The partners drew from a hat for the ownership of blocks. Because they wanted Emerald Isle to be family-oriented, the owners limited commercial development and mobile homes to five blocks each.

In 1960 ferry service began, and provided wider access to the Bogue Banks beaches of modern-day Emerald Isle. In 1971 the Cameron Langston Bridge was opened to provide access from Cedar Point to the western end of Bogue Banks and Emerald Isle. The bridge, spanning the Intracoastal Waterway, offers a great view of the Bogue Sound and Bogue Banks. The opening of the bridge increased island development.  Emerald Isle is a popular vacation spot and is also known for excellent fishing and a wealth of marine life. Notably it's beaches are a favorite location for nesting sea turtles. http://www.emeraldisle-nc.org/turtles/default.htm

 BLACKBEARD the Pirate
These two pictures (right and below) are the Hammock House and when it comes up for sale, I am buying it...It was owned by the famous pirate, BlackBeard....


Blackbeard headquartered out of what was shown on ancient maps as the "white house" which was located on what is now Taylor's creek, overlooking the inlet to the Atlantic Ocean at Beaufort.  After nearly 300 years, things have changed. Today the house is known as the Hammock House, and the the house is over 500 feet from water due to build up and filling in over the centuries.

The Hammock House, oldest home in Beaufort dates back to approximately 1700 and has been used for a variety of purposes during its nearly 300 year history. It has had 31 owners who held it for periods varying from less than one year to over 21, the average possession being a little over 9 years. It is probable that it was originally built as an "ordinary", or inn - the owners hoping to profit from sea or land travelers overnight needs. But it's been used, also, as a home, a residence for Union soldiers, a summer house and a school.
The name comes from the fact that the house was built on a "hammock", a "fertile raised area." Because its' two stories made it visible from considerable distance and it occupied land at the entry to the inlet, it served as a shipping landmark until the late 18th century.  Originally Taylor's Creek came up to the front lawn of the house and one could paddle up to the area in a small boat and dock.

There are many legends and stories connected with the house. Some people have believed it to be haunted and it is told that Blackbeard stayed here for a while with an 18 year old French common-law wife who was not a willing occupant. The pirate got so angry with her that he hanged her on an oak tree in the back yard when he departed. Some people say her screams can be heard to this day when conditions are just right. (A scale model of Blackbeard's sloop, "Adventurer", commissioned by the owners and created by Harkers Island boat builder and model makes, James Allen Rose, is on display in the Hammock House today.)

Another tale frequently told has to do with one Richard Russell, Jr., who, upon his return from a sea voyage decided to take a slave up into the Hammock House attic to punish him. The slave overpowered Russell and pushed him down the stairs, breaking his neck..
Another story has it that a British Navy Captain, engaged to a Beaufort women, upon arriving in town mistakenly thought that his fiancee has been untrue and killed her alleged lover in the upper area of the house; traces of the victim's blood can be detected on the treads of the steps.

During the Civil War Union officers were quartered in the house. Three of them set out for the building and were never seen again. In 1915 workmen digging near the back porch found their remains. Recently, during renovations, a human scapula bone was uncovered.
So many tragic stories were associated with the house that many citizens became uneasy. Was it really haunted? Could it be that the voices of all these unfortunates  can be heard from time to time?   This may account for the years of neglect, abuse and vandalism to which the Hammock House fell victim.
Blackbeard, who went by the name Edward Teach (or Thatch, depending on things I don’t understand), commanded four vessels and some 400 crewmen at the peak of his piracy at the beginning of the 18th century.  He would entwine treated cannon fuses into his hair and beard and then light them to augment his already fierce and diabolical appearance.  He captured at least 45 vessels in his career, many of which didn’t even offer a fight because of his reputation.  He once blockaded the entire city of Charleston, SC, for a week until they surrendered medical supplies to him.  He died in battle at Ocracoke Inlet, NC, with 20 sword cuts and five musket-ball wounds before being beheaded.  I’m telling you, this guy was bad, bad Leroy Brown.  And if you still have doubt, lean in closer to your computer screen and listen to me tell of the resting place of his cranium.  While his body was thrown to the caprices of Ocracoke Inlet, his decapitated head ended up shoved on a pike in Hampton Harbor, VA.  John the Baptist, William Wallace, James Earl Jones in Conan the Barbarian.  You pretty much have to shake the world a bit to have your head valued as a trophy.

Oh, and did I mention he did all of this in a time span of less than two years?  Any man that can make a myth of himself in that short a period deserves all the romanticizing that people do to him.  Including me.  So from here on out, tons of “-ly” adverbs.

Back to his house, though. The coastal town of Beaufort, NC, was founded in 1709 so that the word idyllic could be invented and used without irony.  Wild horses graze on marsh grasses there.  Boats of pleasant sizes find safe harbor there.  Seafood is inhaled like incense there.  Most interestingly perhaps, the Old Burying Ground is there.  It has nothing to do with Blackbeard, but definitely Google that one sometime when you’re bored at work.  Just about every house in the town is a few centuries old and has been christened.  You know this because each one bears a blue and white shield on the front stating the name of the house and the year it was built.  The homeowners association there must be tyrannical.  Just kidding.  Every homeowners association is tyrannical.

So what’s a scurvy pirate like Blackbeard doing in a nice place like Beaufort?

Well, living there, of course.  Blackbeard stayed for a time in what is now the oldest house in Beaufort.  It was built around the same time as the town’s founding and came to be called Hammock House because of one of the rarely used definitions of the word hammock.  Nobody’s really sure whether Blackbeard owned it at one time or just rented one of the rooms occasionally, but he definitely resided there.  Doesn’t matter, anyway.  It’s Blackbeard’s house now.  Over the course of the house’s history, it saw other-than-pirate types of violence, too, spawning quite a few tales that have inevitably evolved into ghost stories.  It’s also changed hands like 31 times in its three-century history.  Currently, it’s a private residence.  Yup, private.  Somebody microwaves macaroni where a notorious pirate once murdered one of his 14 wives.  

Why didn't the town buy it up at one of the many opportunities and turn it into a museum?

Blackbeard’s house is located on a small dead-end road called Hammock Lane.  There are only about five houses on the court, and the only reason you know which one is Hammock House is because of an obligatory-seeming sign well-hidden in an unobtrusive patch of bushes in the front yard.  It's the first house on the left, and a small “No Trespassing” sign on the front step pleads for peace.  

Other than snapping a few self-conscious photos in front of the house, there’s nothing really much else to do at Blackbeard’s place.  But you’re so not done with Blackbeard in Beaufort.  A few blocks down the road stands the North Carolina Maritime Museum. 

It’s free, and besides some nice displays on the animals, history, and shipcraft of the area, they have a small section dedicated to Blackbeardia, including a model of his flagship, the Queen Anne’s Revenge, some pop culture relics influenced by the pirate, and a massive portrait of him.

They also have relics dredged from the bottom of Beaufort Inlet from a wreck that they believe to actually be the Queen Anne’s Revenge.  It’s always been known that the ship was sunk somewhere in Beaufort Inlet during a “crew downsizing” by Blackbeard, but a possible wreck site wasn’t discovered until 1996. 

 

 You can see the inlet where the salvage is taking place from Fort Macon, a simple little civil war fort that is camouflaged as, well, flat ground.  Like the museum, it’s free, and it’s part of a state park, so it’s worth visiting for other reasons than just wringing a bit more Blackbeardia from your travels.

Real Estate Steal in Clearwater FLA

$1.9 million for this abandoned home and its a steal because it was owned by Khalil Bin Laden who fled the country after 9/11. 

Bin Laden's brother's mansion

This undated photo provided by Autumn Norris-Makin shows a five-bedroom, Mediterranean-style mansion once owned by Khalil bin Laden, one of Osama bin Laden’s brothers. Khalil, one of the terrorist mastermind’s 54 siblings, bought the home in 1980 for $1.6 million, but the wealthy businessman and his family fled their vacation spot under police escort shortly after 9/11, fearing they might be targeted because of the terror attacks. The 1920s-era mansion has sat empty ever since. (AP Photo/Autumn Norris-Makin)

John Travolta's airplane and garage

More Celebrity Homes...

John Travolta's House

Is that a house or an airport terminal?  O wait, it is a house! Yes indeed, John Travolta's house really looks like an airport terminal than a house.  Nonetheless, it is one of the weirdest houses I have ever seen.  Located in Florida, John Travolta, a movie star mogul, lives here with his family.  The home is located in a fly in community.  In an interview with a magazine writer, John Travolta's wife said that her and her daugther love to go out and watch him fly off to work each day and then watch him return.

Dell's Hell....

(FORTUNE Magazine) – Michael Dell--the 32-year-old founder of Dell Computer and, with an estimated net worth of $5.5 billion, the richest man in Texas--is probably unhappy with his local paper. The big Dell story in Austin is the feud between Dell and a county property-appraisal office over the value of the house he and his wife are building--and what their 1997 property tax should be. County appraisers say the new Dell home was worth $22.5 million as of Jan. 1, 1997, the date the taxes are based on. At that price, the Dells' 1997 property tax would be around $600,000. Appraisers hired by Dell say it should be valued between $5 million and $6 million, meaning a tax bill of $160,000 or so.
Why the discrepancy? Simply put, neither side can agree on how to measure the house's value. In most cases, figuring out a house's market price is easy--appraisers look at similar houses and subtract and add according to the differences. The problem with Dell's house is, there's nothing to compare it to. The next most expensive house in Austin is worth less than $4 million; casa de Dell may be the priciest house in all of Texas.

Without a comparable property, appraisers must create a market price. And so they did: $22.5 million. The Dells, however, argue the most anyone would have paid for the unfinished house would have been about $6 million. After the Dells' appeal of the valuation was rejected, they filed a lawsuit against the Travis Central Appraisal District on Sept. 3. According to court documents, the Dells charge that the district "arbitrarily placed a fundamentally wrong value on the property far in excess of its fair cash market value."
No one pretends valuing the house is easy. Set on 60 acres, the 22,000-square-foot structure is best described as Bauhaus-meets-spaceship-meets-community-college. It has eight bedrooms, 21 bathrooms, a conference room, and the requisite home gym. Austin eyebrows have been raised. "This is something you'd expect to see in Hollywood--or maybe old Dallas," says Austin American-Statesman columnist Don McLeese. Or Seattle suburbs like Medina, where Bill Gates recently built his fantasy compound, estimated at $53 million. Gates recently announced he would pay his taxes "like everybody else."
--Erin Davies

The Eternal Vacation courtesy of Jetsetter

Jetsetter

Located a 30-minute boat ride from the Male airport, Anantara Naladhu's 19 spacious villas – all overlooking the turquoise waters of the Indian Ocean – epitomize tropical chic with their stylish interiors and indoor-outdoor design. Just think of it as your own personal island paradise http://bit.ly/hLfKAW

 

Buy Nick Cage's House or houses

http://www.bankrate.com/finance/mortgages/they-re-rich-and-famous-and-in-foreclosure-1.aspx?ec_id=m1078089

How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do. 

"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.

Here are five of the biggest names on the of list homeowners falling to foreclosure. We've included a bit of info about the current markets where these stars once lived. You know, in case you'd like to hunt for a foreclosure deal in one of those tony neighborhoods.

Read more: Theyre rich and famous and in foreclosure http://www.bankrate.com/finance/mortgages/they-re-rich-and-famous-and-in-foreclosure-1.aspx#ixzz1HlabJ4BE

There were no takers at an auction for the actor's 6-bedroom, 9-bath property in Bel Air, California

Read more: http://www.dailymail.co.uk/tvshowbiz/article-1265212/Nicolas-Cage-home-repossessed-despite-26million-pay-packet.html#ixzz1HldkrXEp

The star: He's an Academy Award-winning actor (for "Leaving Las Vegas"), nephew of multiple-Oscar-winning filmmaker Francis Ford Coppola and the former son-in-law of Elvis.

The house: Make that "houses." In November 2009, Cage lost two New Orleans homes -- one in the French Quarter, the other in the Garden District -- worth a combined $6.8 million, according to a CNNMoney.com report. Cage was behind $5.5 million in mortgage payments and he owed $151,730 in property taxes to the city of New Orleans. Regions Banks paid $4.5 million for the properties.

The market: One in 720 homes in Orleans Parish had foreclosure filings in November 2010, according to RealtyTrac. The average foreclosure sales price in the city was close to $110,000.

Read more: Theyre rich and famous and in foreclosure http://www.bankrate.com/finance/mortgages/they-re-rich-and-famous-and-in-foreclosure-1.aspx#ixzz1Hlb6LWIZ

HARP from Mortgage News Daily...

by Jann Swanson

The Home Affordable Refinance Program (HARP) has been extended for another year according to information released on Friday from the Federal Housing Finance Agency.

The program was due to expire on June 30 but will now continue until that date in 2012. News of the extension comes while a House subcommittee is debating the end of HARPs companion program, the Home Affordable Modification Program (HAMP) and has already voted to kill the FHA Short-Refi program and the new Emergency Assistance Loan Program (EALP) which would provide 23 months of mortgage assistance unemployed and underemployed home owners.

HARP is designed to assist homeowners who owe more money on their current mortgage that the market value of their home and are thus unable to qualify for a conventional refinance. Refinancing through HARP, which is administered by the Enterprises Freddie Mac and Fannie Mae, can potentially reduce homeowners' mortgage rates and remove some of the incentives for a strategic default.

Acting FHFA Director Edward J. DeMarco that that the program will continue operating in the same manner as it has since in was started in 2009 except that Freddie Mac will exempt HARP loans from their recently announced price adjustment and Fannie Mae will conform the eligibility date to May 2009.

The use of HARP more than tripled in 2010. During the year a total of 6.8 million mortgages were refinanced nationwide and HARP, with 621,803 loan closings, represented nearly 10 percent of the total. In 2009 190,180 homeowners used the program to refinance.

To qualify for HARP you must currently have a mortgage owned or guaranteed by the Enterprises, have a one year history of on-time payments on your loan, and owe more on your loan than your home is worth. The loan-to-value, however, cannot exceed 125%.

UPDATED WITH INFO RELEASED BY FANNIE MAE...

The following changes will extend the availability of the program to additional borrowers:

* The program has been extended. Accordingly, lenders may continue to originate Refi Plus™ and DU Refi Plus™ loans with the HARP flexibilities provided the note date is on or before June 30, 2012, and whole loans are purchased by Fannie Mae no later than October 31, 2012 or in an MBS pool with an issue date no later than October 1, 2012.

* Currently, to be eligible for Refi Plus or DU Refi Plus the existing mortgage loan being refinanced had to be purchased by Fannie Mae prior to March 1, 2009 or in an MBS pool with an issue date prior to March 1, 2009. With these program changes, mortgage loans are now eligible if they were purchased by Fannie Mae prior to June 1, 2009 or in an MBS pool with an issue date prior to June 1, 2009.

Desktop Underwriter® (DU®) and the delivery system edits will be updated to reflect the additional mortgage loans that are now eligible for inclusion in the program (loans purchased or securitized by Fannie Mae between March 1, 2009 and June 1, 2009). Consequently, DU will not identify these loan casefiles as eligible to be refinanced using DU Refi Plus until April 11, 2011, and DU and manually underwritten loans meeting the new eligibility requirement can be delivered to Fannie Mae on or after April 11, 2011.