Savannah News-Press • Sunday, August 29,1993 Section G
Robert J. Itruss
Rates on Existing
DEAR BOB: I have been following
your interesting articles about the VA
and FHA streamline refinance
programs. Unfortunately, my home loan
at 10.5 percent interest is owned by
Fannie Mae. I contacted our out-of-state
loan servicer and was told there are no
Fannie Mae streamline refinance
My wife and I have been struggling to
make our mortgage payments. But we
have never been late, since I have been
disabled with a back injury for about
seven months. I hope to go back to work
in a few more weeks. Since we have been
able to make the mortgage payments at
lip percent interest, why can't we get a
streamKne refinanced loan at 7.5 or 8
percent, so we can easily afford the
payments? — Conrad G.
DEAR CONRAD: Congratulations On
keeping up your mortgage payments JOSEPH TROTZ/Statf
despite your disability. Although you RENOVATION WORK: Roy Yates talks about the work he's doing on his house. At left is a completed house.
probably can't qualify for a refinanced
mortgage now because of your limited
income, a streamline loan would be
perfect for you,
As you probably know, Fannie Mae is
the nation's largest home loan lender.
"Fannie Mae offers a streamline
refinance program to our current
borrowers, but not all our loan servicers
choose to offer this plan." That's what
Bonnie O'Dell, Fannie Mae's public
"There were many days I wondered if it was such'a
information office manager, told me. In
other words, your loan servicer gave you People are now good idea," the software developer said. During the reha-
bilitation work, $700 of wiring was stolen, he added,
& When I explained your disability
situation to O'Dell, she told me you
joining tog< Stephanie Churchill, executive director of Historic S
vannah Foundation Inc., touted Davis as one of the.be
examples of current urban homesteading.
should contact your Fannie Mae loan
servicer for assistance with special plans
Fannie Mae offers its borrowers who
taking condemned "When he moved there he was really a pioneer," Chu,
chill said. "For a long time Fm sure he felt like he was liv-
ing on the moon. But now, all of the sudden, thanks to him
have difficulty making loan payments.
Unfortunately, she said, if a Joan
servicer chooses not to offer Fannie
properties and and his perseverance, it's beginning to spread."
Now, on either side of Davis at 203 W. Gwinnett, other
"pioneers" are restoring hideously dilapidated homes.
Mae's streamline refinance plan which
speeds loan processing by usually
eliminating the need for a new appraisal,
returning them to Roy Yates, 45, of Washington , is piecing back together
townhomes at 205 and 207 W. Gwinnett that were damaged
by fire, leaking roofs and vandalism. The property, with
credit report, etc., there isn't much that
Can be done. She invites you and other their former grandeur. condemnation notices still on the door, cost him $15,000,
and will cost thousands more to restore, he said,
Fannie Mae borrowers to write her at "The rnain emphasis is trying to get it to look better/'
3900 Wisconsin Ave. N.W., Washington, By ELISABETH L. VIELE Yates said. "Right now it's the blight of the neighbor-
D.C. 20016 for Fannie Mae streamline Staff Writer hood."
refinance information. He plans to tear off the existing porch, a later addition,
DEAR BOB: Thanks for sending me Less than three years ago, John Davis was dragging he said, and the back rooms of the house, also additions.
your special report about how to fix up prostitutes from under his house at 203 West Gwinnett The interior needs everything from a stair bannister ty
run-down houses and sell them for Street. new bathrooms, but still has what appears to be real plas*
profits. Last February I bought a fixer- Davis, 29, is one of many natives and newcomers that ter moldings around light fixtures in the ceiling. >
upper house from a bank for just $6,000 reclaim the urban frontier from decay and despair by pur- Yates said he and his wife, Gloria, plan to live in oradTiflif
down. My buddy and I spent about $8,000 chasing and renovating a home in hopes that more will the townhomes and rent the other. He said he expected the;
for materials fixing it up. We sold it in come and do likewise, thus restoring an area. project to take about two years to complete. f 7
June and made a net profit of almost His home, a rotting, 2,900 square foot Victorian pur- As Yates surveyed the decay, including a missing up-
$18,000. Not bad for a few months of our chased for $14,000, was an oasis of rehabilitation efforts stairs wall, another renovator two doors down the street
spare time work. There are many among ruined homes on that block of the street between hollered out through a window, "At least I have walls."
similar fixer-upper houses in our town, Barnard and Tattnall Street in 1991. Churchill said adventuresome investors such as these
but some are in slum areas. What do you Today, after $80,000 worth of renovations, the home is are needed to save the natural resources of the city.
think about buying and fixing up houses restored. Neighbors on either side have joined in the ur- "Our office receives lots of notices from the city about
in slum areas? — Joel R. ban pioneer spirit, taking condemned properties and re- houses that need to be boarded up or are so deteriorated
DEAR JOEL: Congratulations on your turning them to their former grandeur. that they need to be torn down," she said. "At the same
Davis said he worried at times if the rehabilitation
• See BRUSS, Page 2G domino effect was ever going to kick in. PIONEERS: Davises in garden of their restored home • See PIONEERS, Page2G
CENTURY 21 • CENTURY 21 CENTURY 21
\\1ii) In The \\ord Sc is M< >iv 11< >nK\'' CENTURY 21 CENTURY 21 CENTURY 21
Hart of the South • Unchurch & Assoc. First Real' First Realty First Realty Lamas & Assoc.
BEACH FROWT LOCATION •
Panoramic vtaw. On a ctaar day -
youTJ saa fotavar. 4BR, 3BA, 2
flrapiaoaa. pnVata aooata to baaoh.
Prioad to aat. Cal Batty 234-5371.
very good condition. 36R, CHAA,
range A refrigerator. Sailer pays ., OEOROeTOWH -42 BEAVER RUN
dosing. Faya Hodges 234-4807
Century 21 Upchurch A Assoc 354-
OPEN HOUSES M
13BR 2BA, formal dMng
room, fireplece, vaulted ceiling,
garden window in kitchen. In
Talk To The diningAltchen combo, family room
wfth fireplace, nice carpet central
beet A air. petto, fence, double
garaga, oomer tot priced In Vie SO*.
Hoetaes Ctaudine Hendricks 354-
(IJBOOOPfN) Century 21, But Reefy
ABOUCtD KUMOI - Pooler! 3 or
4BR, over 1700 sq- fl brick. 2 car
garage, fenced, deed end street!
beautiful sunsets in tha
Chart* Lama* 897-2022 (2240)
TALAHI ISLAND • Low country
beauty on large tovprtvate, and wal
wooded. (3/4 ecres) Molar
Woild's Real Estate
Canbjry 21 , Hart ot tta South Raaty, OREAT CONDITION - 38R home. excellent condition in mid 80's. 1829. tCH180e58) Century 21. First Qleason Heights! Call Tracey downstair*. 2BR + Bonua room
962-3486 Comer lot with 4-ea/ garage. Hostess Sandra Newman 897-0223. Reefy 364-2121. Llndler 748-8712, (TUM7REM) up*tair». 2 1/2BA, huga country
BETTBM TAKE ALOOK1 - OWar Security light with aenaor Under Century 21. Rrst Reefy 364-2121, WEST SAVANNAH - A quM oour»y C*rtury 21, First Really 364-2121. kitchen. Community dock. Much
homa In good oondtton. Corvaniant pinned foundation, Orty $49.900. OPW HOUSE TODAY 2-ePJsl aattng on t large tot w» communty RICHMOND MUL - REDUCED - moral! Steve Not* 887-5431 (2232)
locatton. 3BR, 2BA. Attacttvaty Nancy Vogel 897-3060 Century 21 M1 POINTS NORTH OR • river front recreation area only Check on Ms tovety 36R 2BA brick CAINTOM BLUFF - Private, quiet,
pftoad. Cal to aaa. AmoU Harvty Upchurch A Aaaoc. (42S) WNJ9MQTON ISLAND • ExcMng enhance this home. 3BR. 2BA. hn-a, ,
WWl Aftfc.**^ HWH puvvi WBffl •
r KJfflS uJA. S rtUge tmjT-nJ ji_ J. u^Mh * yet convenient to both downtown
887-«825. Cantury 21. Hart of «*a 22 EAST 81ST BT - Lots of new consffue*on • 3 A 46R. Some separate dMng room, fireplace in nice river view and lots of and beech, ft* atagant home M only
Soutt RaaMy. 352-3486. potential! Convert targe workshop have bonus rooms. Choose eotors. living room. appNances stay. Cafl landscaping. Rertm in your figure-6 3 yaart oM, but you'd swear r« 130!
108% LOAMS • AvaaaMa on aoma into to Law or master bedroom suite. Hurry for beat site selections. For today for your own pnVast showing. inground pool. Priced In me tow So many daagntU dateii only found
rape, homaa. In^aaton or occupant Ww ocNvtlfudstd notTNi in ntod c« directions can Jenny Hunter 897- Ben Ricketson 897-5425. flOOV Cal for more Into • jane
ptrrchaaa*. Ownar wUI financa. 5666. Model t 897-3794. Century in Netoric homes, you! fa* in lava!
some TLC. Jean Tutert 897-1571 (BR003WID) Century 21. First Herding 355-3251, (MJH5990Q)
Sterna caah rao^utrad. fw dataH cat 21. First Reefy 364-2121. Ka*iy Not* 8*7-5431 (2217)
Century 21 Upchurch A Aaaoc 354- Reefy 364-21 21. Century 21, Rrat Reefy 354-2121.
BACK TO THE »LANOt - The
AmoU 897-8B2S. Cantury 21 . Hart of 0004(461). NEWUSTB4OS MsDTOWN - Handsome brtch home OTNERurrNQB
tfw Soon R*aty, 364-3496. SPARKLING NEW IN WBJ91MTON PARK - Wwntigion is warm 4 IrwMng. 3 or 48R. 2 SOUTK*IOE • Special non-
C08MEMCML LOT - On Qardan WONDERFUL COFPtt BLUFF! - island - M«y Howard School - quaWying 3BR, 2BA tome. great this tefcnd sty* homa. aH add up to
1/2BA, aoprox. 4.000 aq. ft. Baautful
Ctty. High ttaftfc count on Highway Lge LR A DRhaa naw carpal 2 •CooUa Cuttef*. 4BR, 2BA butt by A. room w*h fireplace, gang*. Low paradise 48ft. 2SA. 2.5 garaga,
herowood floors, apaotowe room, an
00. Otdar homa on tot. Poaafeto ceramic tta baffv, gumiiiet kUcheo Davis, FfVFP, just painted exterior, equity w*h approval of owners. Eta huge kitchen, screened porch, ^1
absolute gem! CaH for your
ownar Unandng. Cat) Batty 234- wmaw aide by Ude ref A range. June new ceramk: Hoon In MtoheMsundry Turner 927-8707 (ET004NOU) aora and mora. You've gotta set »*s
5371 . Cantury 21 , Mart of *a SoUh Land 897-0171 Century 21 room. W8J bs gont before long. Just 925-7798. (DK116E55) Century 21. Century 21, fl* Reefy 364-2121. ona* $138,000. Danny Mclntoeh
Raaty, 362-3405. Upchurch A Aaaoc 364-0004(477) over HOOK. Phytss SmMh 897-1081 FHt Reefy 354-2121. NOM-ouAtrvMa EQurrr - a** 363-7537 (2225)
BINUNMQ LOTS - Tytoaa Wand. UNH8P ROVED VACANT LAND • or Mark McNeil 897-6277. horn*. 48ft, 2BA w«h screened W1J8MOTON ISLAND • *BR
Satact your own ootors. carpal ate. Comer of Coneway A Hrem Rd-2.6 (PS0686CR) Century 21, First Long fttrm IsKMnts givt you 1575 porch. $10,000 eauty w«h payment Cathedral ceifngi LMng room **r>
Cal Batty for locator* 234-5371. acres. Very ntoa area of custom butt Reefy 364-2121. p«r month T Low $513.00 PITt at 9% Converter* FP, large eaMn kitchen, ooutd ba
Cantmy 21 , Hart of «w Souti Raafly. homes. Country setting. NsWUSTteO fx> hAsMtecl^Mi! Owosff nCOTPQrV, DDOO nsB^FVOrnoocr * •f^fi
fefWt^rfkrfUh HJ1_IT_rl flh^^aBkAM^p8te«Mu4 t**A«MM 3BR with s large oen. equity non-
352-3496. Btoomtngdaie. $20.000 Jees* financing' Can for terms todayl NsJton $53-7040, (KN800BET) quafttyng loan Patt R>be* »44-
SOUTtWDEHOME - wWi room tor Brown 354-6851 Century 21 Southeide hom« and business' Girtury 21, Fhwftaaty 364-2121 9788(2243)
Tracey Lindler 748-8712.
Upchurch A Aaaoc 3544004 Beeuty shop w/separste entrance (TL182E39) Century 21 . FtaM Reefy THE LANDMO8 - Ow 3,000 >q. ft.
Mcnan w» buM-irm. Buy FHA or VA
w» artar paying otoaing. Cal Ba«y
NEW USTBM - AJtonjsfcie istend
Home. 36R. 2flA. butt in 199V
New 2 car garage, new roof, new
pair* isle of Hops/WWer/Jenkinsf
SOUTMS9DE • Ntoholeon Woods.
CENTURY 21 of l»Xg ipaca malaii m 4BR hama
trie on* for your family
ELJMNATE OMtVSHG TWE • Thii
PnVecy fence, fireplace, garage.
Perfect for tret ttme buyer Etzabeth
Trscey Llndlsr 748-8712.
fTLOOSROB) Century 21. First
Many extras and upgrades.
proteseioneJty landacaped M»m
Lamas & Assoc, Contemporary witft naw roof and
manor paint OuM tocatton. larga
homa to ctoaa to avarygiino. Smal Rewis 697-O519 Century 21 Reefy 364-2121
dome Hghttng system 12 x 32 lot PCatiy MoMt 8B7-5431 (2218)
but ntoa. Roonw ara larga. Prtoad in Upchurch A Aaaoc 897-2100 MAYPAM • ExecuBve home, 48R. 3
$30'» Cal Pat 233-1920 Cantury ONLY IIM009 - 3BR, 1BA bugs 1/2BA, Iving room. dM>g room, den •WflP pOVCfV. A fftUflt ID MHr DOfWi THE LANDtMOS - LEAVE TOUR woamcs - o*t
•vtng worn tamly room w«h Hrepteee Krmball 925-7T98 (OK037SMI) contemporary home in private away to tw baaoh w/your «wy own
21. Hart of tia South Raafry. 352- plus 24 x 31 bonus room, double
3495 apu^ped kitchen wfh seperate garage wfft workshop, aurmiiiiisei Canary 21 , Ffcet Reefy. 364-2121 oondo 1BA. 1BA at V«a Savanna^
LAAQEHOME- w» 4BR 2BA In i CHM warranty and eater ly 3.419 so^ fl Cal now* Oonfia B*act< and ftaoquat dub, Ooaan
rr*Mown araa. Good oonoVon Onty - 1118 BULL open Moor plan 0*ye Oatgen 897- front ur*. OartM Lamas W7-2622
Nmtel 925-7798 Pager 944-6190
Censury 21 Upchurch A STREET Populer tocatten old 3843(28*6). (22W)
I38.SOO Call CaMn 234-6944 (OK830KiN) Century 21, First
Camury 21 . Hart of tta Sou» AaaJty.
REDUCED CAPfTAL ST- 3BR1BA Reefy 364-2121 3,128 sq.ft. MM bul DUCLXX •
rmxr TOUMCL^ - u* *• M •
352-3496 SOUTMSiDE - Speotous family Coutd be used at t*OOO aM •«••
IQQtfX, wlTVnQ PQOdV vf^ft lOK 2
home, SBfl. 2BA, Mng room A at onty 149.900 ToSjl of SBR 2BA Sp*
CENTURY 21 GamMa 897^353 Century 21 secluded den 24 « 11 posetiis 4«h
Large paved pertang tot Cteudkw
Hendftoks 364-1829. Century 2V
Oaye Osejsr 897-3843 (2247)
DUPLEX • 9<»ESTIMS - Oood
Unchurch & Assoc. i A Aaaoc 897-2100 bedroom Lsrge sepsrste
leunoYyrworkroorn (H'6' K 14)
flret Reefy 354-2121
CMASTICAU.Y REDUCEDf • 775
ceetttaw on twj48P;.2BA Nobta 8074431 (2233)
NEW LISTWNI - LOOK NO TOWNM09JE - IBS. JBA. greet Oarage, new roof, tg oomer tot. Cat acres, prtvete roe* opening to Oeye Oetoan 897-3943 (2MB) CUT! AS A SUTTON • 29R. ISA
FU*rTHE« Ntoa etza rooms. Wood r>ow< Donna Klmbafl 925-7798 compound wr^2 9MANDB AMD BCACM horn* t» IT a«c«ianf oondWon
floors Fenced beck yard ttj*iot4, pooi, dock, cotwtnit*s4ty (OKOO1IEA) Century 21 Rnrt 3BR 4BA RIVER - Swrvreom couM 6a «itr« BA
Lsndscaped front yard Cal OenM toeated Cheaper then rent $43,000 Reefy 364-2121 patto to an^oy a^
897-2839 Century ?1 eal for deteas Teresa Paiumbe 897 1903 t S8TH STREET • BeeuWul 4 ooofc-oui rm jsftoeurt of
t 4 Aeeoc. 354-otXM &&9S Cemury 21 38 R living toom. eeBS^BB^sr tw^aeih ka^MSkri B^a^a^atM f*L^
rTS^BfsjBpr UUV'Tl. P18|W*Y ^s^BHfPVs*. \*^m Ml
M flw pool or
2»1 OQCECMEl RO • Cuto < Asecc 897-2100 or Loutee Berrow 897-3909 dock an^oy
01991 Century 21 of the Soothe**, Inc. as trustee for the NAF. ft and1* trademarks of C«rtur> 21 RM! Entat* CorporatiotL Equal HOOBOKJ EACH CENTURY 21 OFFICE IS INDEPENDENTLY OWNED AND OPERATED.