Real Estate Place

Grants to Make House Payments + Bonus Report!

2009-03-25T15:24:00.001-07:00

Pay Your Mortgage and Keep Out of Debt Forever!  www.lesko.com/home1

Recently laid off?
Facing unemployment?
Struggling to pay your bills?

If you are struggling financially and are behind on your payments you can
keep your home - if you know the right steps to take. Taking action now can
help protect your home - your most valuable possession.

Let Matthew Lesko show you where to go.  He's created the country's single
source of knowledge that tells you where this help is and how to get it.
10,000 Little-known Government Money Programs that Give Grants, Direct
Payments, and Other Free Money to people of all ages and incomes. Find out
at: www.lesko.com/home2.

For a limited time, receive a free report! www.lesko.com/home1

A Guide To House Repossession & Mortgage Arrears

2009-02-11T15:05:00.001-08:00

People in today’s society will have differing attitudes to debt and debt repayment. There will always be those individual’s who take a very ‘relaxed’ attitude to debt and debt repayment, however the vast majority will take the matter very seriously and in the case of property ownership, they will take any realistic action to make their mortgage repayments on time. Unfortunately there will always be situations out of the control of even the most conscientious borrower.

Individuals fall into arrears on their mortgage for many different reasons; accident or sickness, redundancy or unemployment, death of a spouse, insolvency or hikes in mortgage interest rates to name just a few. The most common reason for property repossession in current times can be attributed to general high levels of consumer debt. This comes in two forms, secured and unsecured debt. Whether this is due to the borrower making payments on their unsecured debts in priority over their mortgage or a level of mortgage borrowing taken out which their income cannot afford.

But how can a few missed payments on the mortgage lead to property repossession?

Very rarely will a property be repossessed over an isolated incident of a couple of missed payments. The advice given to borrowers who fall behind on their mortgage repayments is to contact their lender at the earliest possible opportunity. Speedy action on the part of the borrower can often reduce the potential arrears and put them on the road to recovery. Delaying action is likely to result in increased mortgage arrears and ultimately could lead to property repossession.

Borrowers have a number of options available to them in the early stages of mortgage arrears. These will include:

* Capitalising the arrears;

* Coming to an agreement with the lender to make good the missed payments over an agreed period of time. This is usually only a viable solution if the borrower can afford to increase the monthly mortgage payments;

* Paying the mortgage on an interest only basis for an agreed period. Of course this will only be an option open to those paying the mortgage on a repayment basis. This method is viewed as an immediate short term solution to relieve the immediate pressure as the arrears will still be outstanding;

* Increasing the term of the mortgage. This will take the effect of reducing the monthly payments, thus making them more affordable;

* Downsizing to a cheaper property. This could allow the borrower to use the cash raised to settle the arrears. This of course is not always a viable option as it is dependant on the seller finding a buyer for the property and so on;

* Surrendering an investment policy – such as an endowment or an ISA attached to the mortgage. Surrendering such policies will usually result in a significant loss to the investor as very rarely will he or she receive the full value of the policy. Consideration must then be given as to how the mortgage will be repaid at the end of the term with no repayment vehicle;

But what happens if an agreement with a lender cannot be made, or a solution found to clearing the arrears?

Handing back the keys to the lender is rarely a good idea. The borrower will still be responsible for paying the mortgage until the lender has sold the property. This will lead to more arrears and arrears charges being made. It must also be understood that prices obtained for repossessed properties will usually less than the market value – The lenders primary aim in this case is to sell the property as quickly as possible in order to recoup their funds.

If an arrangement is not made and the arrears situation escalates then it is highly likely that the lender will seek a legal remedy through the County Courts. The borrower will first be notified of this through a letter from the lender’s solicitor.

In order for the lender to take possession of a property, it is first necessary to petition the County Court for a possession order. The borrower will usually receive a court date for the hearing. Before the County Court will even consider granting a possession order it first has to be satisfied that every avenue has been explored by the lender and borrower. The County Court will take the view that possession should be the very last resort.

The County Court may take one of three course of action:

* It can grant an outright possession order. This will enable the lender to take possession of the property which will usually happen within 28 days;

* It can grant a suspended possession order. This will place an obligation on the borrower to make payments in accordance with the court’s decision, with the suspended possession order enforceable if the borrower fails to keep up the repayments.

* It can adjourn the case until a later time.

Once a possession order has been granted the court will also decide a date on which this order is enforceable. The lender can then take steps to take possession of the property.

Once the lender has obtained vacant possession of the property, they will then follow there possession procedures which will include; changing the locks, disconnecting utility services, taking gas and electric meters and informing the local police of the possession.

Even after the property repossession, the borrower can still redeem the mortgage up until the point of sale. This can sometimes happen if the borrower has been organising a remortgage during this process.

In the event of the lender losing money on the proceeds of the sale, it may take further action if it believes the borrower has the financial means to make good the loss.

5 Things You May Be Surprised To Know That Help You Get Approved Or A Lower Rate For A Mortgage Loan

2009-02-11T15:01:00.001-08:00

Buy Life Insurance - Although life insurance is not a requirement for most mortgage lenders, it is definitely something that many lenders will take into consideration when evaluating your mortgage application. By demonstrating that you have enough life insurance to cover the mortgage, there is a higher likelihood that they will approve your application, because they know there is less of a chance they’ll have to go through the difficult process of handling your mortgage if you were to suddenly pass away.

Don't Close Any Accounts During the Mortgage Process - Since lenders are evaluating your present financial situation, the closing or canceling of any existing accounts, regardless of balance, may trigger a red flag with the lender. If you want to close any accounts or cancel any contracts, do this either before or after the mortgage application has been approved.

Request That Credit Bureaus DO NOT Accept Unauthorized Credit Checks - If you’re like many average Americans, you receive countless “pre-approved” credit card solicitations and loan ads in your mailbox every day. This is because these companies have software that scans consumer credit reports based on criteria that they feel will result in a list of good potential new customers. Although these inquiries may not directly lower your credit score, it does show up when a mortgage company pulls a copy of your report. Your best option is to prevent these companies from accessing your credit report altogether.

Don't Move Your Money From One Bank Account To Another - Any transfer of money from one account to another generates a paper trail that will require further explanation when the mortgage company receives copies of your account statements. Even if the transfers are within your own accounts, try to avoid moving the money if at all possible. This is especially true when moving money from a savings account to a checking account because it may appear to the lender that you’re preparing to use that money.

Avoid Using “Credit Repair” Services - Many people with credit that is less than perfect are attracted to organizations that offer to fix your credit in record time and improve your overall score. This is not always the case. When lenders see on your credit report that you are working with a consumer debt counseling company they actually look less favorably upon such notations. To the lender, the only way to interpret this information is to assume the borrower cannot pay the existing bills, therefore how could they possibly afford a mortgage payment? Your best bet is to work directly with the credit card or loan companies to arrange a repayment plan.

Understanding How a Buyer's Agent Can Help You

2009-02-08T13:29:00.000-08:00

When purchasing a home, most people will have an opportunity to interact with one or more real estate sales people (often referred to as real estate agents or "realtors"). It is very important for a home buyer to understand the roles and responsibilities of a real estate sales person, especially who they represent in the real estate transaction. This article provides a brief overview of "typical" representation in a real estate transaction, and describes a buyer's agent and the valuable contributions that they can make helping a home buyer to purchase a home.

A real estate sales person acts as an "agent" for one or more of the parties (buyer and/or seller) in a real estate transaction. An agent is an individual who works on behalf of another individual. Under the law of agency, which governs client/agent relationships, an individual acting as an agent for another individual must work to protect the "best interests" of their client (the person for whom they are acting as an agent). They are said to have a "fiduciary" responsibility to their client.

Typically in a real estate transaction, a real estate agent will obtain a listing from the seller of a home. The realtor and seller enter into a listing agreement whereby the realtor agrees to act as the agent for the home seller to help them to sell their home (listing their home in a listing service, marketing their home, holding open houses, showing their home etc.). This realtor is often referred to as the listing agent, listing realtor, or listing broker. In the listing agreement the home seller agrees to pay the listing agent for their services, typically a percentage of the selling price of the home. Since the listing agent often is not the individual to actually sell a home, the home seller also typically agrees to pay the agent who actually sells their home (the selling agent) for their services, also typically a percentage of the selling price of the home.

It is important for a home buyer to understand, that in the absence of any disclosure to the contrary, the listing agent acts as an agent of the home seller. The selling agent acts as a sub-agent to the listing agent. This means that both the listing and the selling agent are working for, and looking after the best interests of the home seller. Many buyers mistakenly assume they are being represented by the real estate agent who is showing them homes, when in fact that individual is usually working for the home seller. For this reason, many states require by law that real estate sales people disclose who they are working for to all parties to a real estate transaction at the beginning of any relationship. The National Association of Realtors (NAR) also requires in their "Code of Ethics" that realtors disclose who they are working for at the first meeting between a realtor and a seller or buyer.

Many home purchasers are not happy with the typical "arrangement" whereby real estate agents are representing the seller, and they are left to represent themselves. Many home buyers prefer to have a trained, experienced real estate professional representing them in their real estate transactions. It is for this reason that many home buyers choose to hire a buyer's agent (also referred to as a buyer's broker or buyer's representative). A buyer's agent is an individual who is hired by a home buyer to represent them in a real estate transaction. Similar to a home seller, a buyer typically enters into a contract with the buyer's agent. The contract should stipulate what services the buyers agent will provide, and what compensation the home buyer will give to the buyer's agent if they successfully help them to purchase a home. Buyer's agent compensation is typically a percentage of a home selling price. Buyer's agent contracts typically have a term and provisions for how either party (the buyer or the real estate agent) can sever the contract.

A buyer's agent acts as the agent for the buyer in a real estate transaction. Services that they provide include:

Understanding a buyer's home buying needs and desires.
Helping buyers to understand what they can comfortably afford.
Researching and helping to locate suitable homes in the appropriate communities that meet their buyer's needs.
Answering questions about homes, communities, the home buying process, and more.
Helping a buyer to understand if a prospective home is fairly priced and helping them to formulate an offer for a home.
Filling out all of the appropriate purchase offer documents and presenting them to the selling agent and home seller.
Helping the buyer with negotiations or negotiating on behalf of the buyer.
Providing lists of qualified individuals for other services needed such as attorneys, and home inspection services.
Facilitating the flow of contracts between seller and buyer attorneys.
Assisting the buyer in obtaining financing for their home purchase.

A buyer's agent should not, however, provide advice on matters for which they have no training or expertise. They should not, for example, be providing legal advice. Buyers should work with qualified attorneys for legal advice. Buyer's brokers can, however, assist a buyer in finding an appropriate attorney.

For their services, a buyer's agent is compensated by the buyer. What typically happens in practice, however, is that the buyer and buyer's agent will build into the offer a provision for the seller to provide the compensation to the buyer's agent. Remember that a typical seller has already agreed to pay a selling agent commission when they entered into a listing contract. That means that there is typically money available to compensate the buyer's agent for their efforts on behalf of the buyer. If the seller has made available less money than the buyer's agent is entitled to by contract with the buyer, then one of several things can happen:

The seller can agree as part of the negotiations to pay the discrepancy in order to sell their home.
The buyer pays the additional amount out of their own pocket.
The buyer's agent agrees to accept less compensation than was originally agreed to to allow the transaction to go through.

Dual Agency, A Special Condition

A special condition can sometimes arise where a real estate agent is contractually obligated to both parties in a real estate transaction, as would be the case of a buyer's agent showing one of their own listings. In this case "dual agency" is said to exist. The real estate agent is an agent to both parties. When this condition arises, a realtor should disclose the dual agency condition and obtain consent from both buyer and seller that they accept this condition. In many states, failure to disclose dual agency is a violation of the law for which a real estate agent can lose their license, be fined, and potentially receive a jail sentence. In a dual agency condition, the real estate agent acts as a neutral third party, not representing the interests of either party, but simply facilitating the transaction. Many consumer advocates are not happy with such arrangements because nobody is looking after the best interests of the consumers, in this case the buyer and the seller.

Conclusion

Buyer's agents serve a very useful purpose helping to protect the interests of real estate buyers in real estate transactions. Individuals seeking to purchase a home who do not have a lot of experience with real estate should seriously consider hiring a buyer's agent to represent them, and help them through the process, negotiations, and real estate transaction.

REALTOR® is a trademark of the NATIONAL ASSOCIATION OF REALTORS®.

The Most Important Form in Real Estate

2009-02-08T13:28:00.002-08:00

Those who are involved in real estate are aware that the process of transferring ownership of properties is a very sensitive matter. From the time the home owners decide to sell the house to the time you relinquish the keys to new owners, expect every step of the process to be recorded and formalized through the use of various real estate forms.

However, of all the forms home sellers will encounter, nothing will give them greater joy than the much anticipated “offer to purchase real estate form”. Once home sellers receive an “offer to purchase” form, it means that they one of the several buyers whom they have entertained through phone or met during one of the open house events, is seriously considering to buy the property.

The offer to purchase form is very important, not just because it could signify the start of a sale, but also because this piece of paper will have a marked effect on the lifestyle of the buyer and the seller. The offer to purchase will indicate the price which the buyer is willing to pay for the property, and will also outline how the money will be paid. The proposed down payment, deadline for payment of the balance, the method of payment (cash, bank cheque, bank transfer) and deadline of payment are but a few of the details that should be indicated in an offer to purchase form.

The details included in the offer to purchase form are not yet final. The seller, if he is not particularly pleased about the details indicated, can present their own counter offer, for the buyer’s approval. The process of sending counter offers will continue until both parties reach a compromise, or find a middle ground where both are happy and satisfied.

Though individual home buyers can opt to prepare their own offers to purchase documents, it is best that they consult with a real estate lawyer or real estate agent first, in order to verify if the format and contents conform to state or federal standards. Another option that can be taken is to use the ready-made offer to purchase forms which can be purchased or downloaded from the internet.

The ready to use offer to purchase forms are as good as those prepared by lawyers or agents. These contain all the information that are vital in the purchase transactions and follow the standard formats of traditional documents. If a particular state has a specific offer to purchase format, there are state-specific forms that can be obtained from the internet as well. Offer to purchase real estate forms can be purchased per piece or as part of a complete set. The choice on whether or not the full set or individual pieces are to be downloaded will depend on the user.

Incidentally, all counter proposals to the first offer to purchase should be recorded and attached to the first document presented to the home seller. These supplemental documents will serve as additional support and will form part of the final purchase contract.

State Real Estate Auctions - Tips for Buyers

2009-02-08T13:28:00.001-08:00

State real estate auctions sell off real property that has been seized, abandoned, or forfeited. The Department of Treasury has been designated as the state department to handle such auctions. Typically, they conduct 100 auctions a year.

The funds obtained at state real estate auctions help support local and state police and other areas of the city. The placement of a successful bid at a Department of the Treasury auction establishes a legally binding contract between the successful bidder and the Government.

Here are some basic rules and policies:
To be eligible to bid you must be 18 years of age and not an employee of the state.
You cannot be the contractor, subcontractor or vendor or their agent who has access to information about the property.
A bidder registration form must be submitted for approval. If bidding for someone else, the form must be notarized.
Buyer is to inspect property prior to placing a bid.
Changes may be made on the day of the sale.
The Government reserves the right to withdraw from sale any of the property listed.
The buyer understands the property is sold on the “AS IS” basis.

A lot of rules and regulations govern state real estate auctions, and it is wise if you take the time to research them prior to attempting to attend. Each registered bidder will be issued a bidding number. This is your lifeline to what is important on that day. Don't lose it.

Most importantly enjoy yourself at a state auction. The properties auctioned off are very valuable and should bring you a good return.

How Appraisals and Assessments Differ

2009-02-08T13:27:00.001-08:00

Many people think appraisals and assessments are the same thing or at least that they should be for the same amount. The truth is they can vary greatly. Let’s look at each of them.

Appraisals

An appraisal is an estimate of market value. An appraiser can use many methods for coming up with this estimate. For income producing property, the appraiser may capitalize the value of the income stream. (It would take “x” dollars of capital invested at a “y” rate of return to produce an income equal to the rental income generated by this property.) For other properties, an appraiser may use “replacement value.” (It would cost “x” dollars to build this structure if it were being built today.)

Appraisers usually use “comparable sales” when evaluating the market value of a home. They look at nearby properties with similar characteristics, which have sold in the recent past to see at what price they sold. They typically give the most weight to the property they deem to be most like the property they are appraising.

Buyers and sellers generally encounter appraisals when the buyer’s lender has an appraiser make an evaluation of the market value of the property being sold. The lender wants to be sure of the value of the collateral for the loan. An interesting feature that comes into play in this situation is that one indication of value is at what price two unrelated parties will agree to buy and sell the same property. In other words, what is the contract price the seller and buyer of this property agreed on (if they are not relatives).

Assessments

An assessment is the value your local government puts on your property for the purpose of taxing it. How this value is derived varies from jurisdiction to jurisdiction. Some communities say the value is the same as market value. Some say the value is a percentage of market value. Some appear to actually do what they say they do, and some do not.

I was once a partner in an investment property that we were offering for sale at the time the county re-assessed it. Imagine my annoyance when the assessment came in at one hundred and forty percent of the offer price. We weren’t dummies. The partners were real estate professionals. I appealed the re-assessment, but my appeal was turned down. I offered to sell the property at the assessed price to the appraiser the county had hired to handle the appeals when he was telling me why he could not reduce our assessment. He did not take me up on my offer. Our property sold at the listed price months later. We had paid six months’ taxes on the property at a higher than market value.

On another occasion I helped some elderly people sell a farm they’d lived in all their adult lives. The farm sold for a price a great deal higher than the value at which it had been assessed.

I believe the two examples are fairly typical. Many jurisdictions will “puff up” assessments for businesses and investors and “low ball” assessments for people who have lived in their homes for a long time. Sometimes there are formulas for doing this. “Land use” is one such concept, i.e., the property is taxed at its value as a farm and the fact that it is ripe for dense residential and commercial development is ignored or deferred. Sometimes there are no formulas. It is just done.

For these reasons, it is usually not a good idea to put too much credence in the assessed value of a property when you are trying to figure out market value. They may be the same. They may be vastly different.

Home Foreclosures and Big Profits? Just Another Myth

2009-02-08T13:26:00.001-08:00

Everyone would like to find a way to make a lot of money without doing a lot of work. Getting rich quickly seems to be the American dream. And if you watch a lot of late night television, you might think that you have found the ticket to fast riches by investing in foreclosed homes. There are advertisements that offer to tell you the "secrets" of buying distressed property with no money down and five figure profits in as little as 48 hours. Other advertisements state that foreclosed houses are available "in your area" at rock-bottom prices or that some troubled owners are "desperate to sell." Can this be true? Is there easy money to be made buying and selling foreclosed property?

Home foreclosure is the process by which a home is taken from a buyer by someone with a lien against the property. Most of the time, the lender initiates this when the buyer has not made payments on the mortgage for an extended period. Lenders are not really interested in taking back houses; they would much rather have cash. As a result, foreclosed houses are usually sold at auction in so that the lender might recoup their investment.

Due to rising interest rates and rising house prices, many people have found themselves with mortgages that they cannot afford. But are people really letting houses go at auction for pennies on the dollar? Can you buy a foreclosed home today and sell it next week for a huge profit?

The truth is quite a bit less exciting then the advertising would suggest. Here are some reasons why buying and selling foreclosed property isn't all it is made out to be:

There is tremendous competition at the auctions. Believe it or not, you will not be alone if you appear at a real estate auction. In fact, in these times of sky-high prices, bidders will be plentiful as everyone is trying to save a few dollars. Most of the time, the hammer price on such auctions will be very close to, and sometimes higher than, average market prices. The competition is fierce.

You must pay, in full, right away. If you do purchase a home in a real estate auction, you will be expected to pay for it, in full, immediately. If you don't have six figures in liquid cash sitting around, this might not be for you.

A lot of such property is damaged. Property damage is common, and you may not be permitted to do a full inspection of the property or the damage ahead of time. This is truly a case where "buyer beware" can apply.

There may be title issues. It may or may not be possible to obtain a clear title on the property. Most professionals who buy such property spend countless hours doing title research, thus putting a dent in the notion that you can make money this way on a part time basis.

What about the owner who is desperate to sell before the lender forecloses? The current market is still pretty lively. No one is going to sell you property at one third off when they can just put a "for sale" sign in the front yard.

The idea of making a fortune buying and selling foreclosed property is lucrative for those people who market books about the topic. For everyone else, it's an expensive, risky, time consuming job. If you are looking for a quick dollar, you won't find it in foreclosed property.

Getting your dream home was never so simple

2009-02-08T13:25:00.003-08:00

With the excessive amount of pressure to find an ideal place for living, it has really become so emphatic that you invest your money in the right kind of option. As you can see that getting a place for living is the need for every one and if you are looking for a place that would be more close to a natural environment , then you must not worry about it as it is quite simple nowadays. You will find hundred of people offering you their services; however, you must only try the one who suppose to give you the best value for your money. As, it is your hard earned money and only you can understand that where you should utilize it to get most out of it, to get the best, you can switch to Rainforest Holdings.

When you will consult with Rainforest Holdings you will certainly be amazed to know about the enormous amount of land they have on offer and that is also with the best view of greenery around as they place the special emphasis on that, so you can get the refreshing experience. You will certainly be able to find the resorts, villas and apartments without much ado and that’s too in diverse regions.

You can also fancy living in the place that can be rated as most happening and attractive for every one who visit India, the place is GOA. An amazing residential project is ongoing in Goa that can certainly provide you with the best of the locations where you can have a home of your own and can also feel the beauty and grandeur of the Sea and the waves that will leave you thunderstruck for sure.

You must keep one thing in mind that investing on your dream home is not something like a waste of money, however, you should be discreet enough in choosing the right one for you that can let you make some of up gradation as easily as possible, as every one needs to get a step forward in life so that should be the case with your house as well, after all, it is not something that you will change after every single month, will you? And that is the very point that people at Rainforest Holdings keep in mind and endeavor to provide the best utility home for every one. With the industrious frame of mind, they come up with the best solution that would be appropriate for you. Whatever you have in mind, they have the tricks and the zeal to bring your imagination to life.

So, whatever, your plans are about your home and about the location; you can certainly come to them with all the confidence as they will respond in the best possible way and you will be able to achieve the most desirable dream of your life, also, another good reason to go to them is that they know the technicalities that you will have to go through while finalizing a decision about a property, so, you best chances of doing it in the easy way is with their collaboration.

For Sale By Owner Check List

2009-02-08T13:25:00.001-08:00

Many people believe that in order to get the best price for their home they need to sell it themselves. Why pay thousands of dollars to a broker for a job that they can do themselves? Even though close to 25 percent of the homes sold last year were sales by owner, at least half said they would hire a professional the next time around.

This is not to say you cannot complete a successful sale without a professional, but a home owner needs to understand the risks and be as organized and as knowledgeable about the sales process as any agent. Here are some of the main points to consider before you make your decision to fly solo:

Property Value

Realistic pricing of your home is crucial to the successful sale of your property. If it's priced too low, you could potentially lose money. If it's price too high, you may also lose money due to accumulated costs from the home remaining on the market for an extended length of time. Two years ago, when I sold my last home, there was a sale by owner in the same neighborhood. The property was priced much higher than it was worth, and last I heard, the place was still for sale.

Determining the value of your home involves an in depth understanding of your market area. You can begin by doing comparative studies of similar properties that are for sale or that have sold recently in your area. It's probably a good idea to hire an appraiser to give you an accurate market value.

Marketing

A good realtor will advertise your home on their own web site, the MLS web site, in print, as well as through word of mouth. You have to compete with this strategy in order to effectively promote your property. Your home needs to stand out amongst all those realtor listings and the longer it remains for sale, the more it will cost you in marketing.

A good place to start is with one of the numerous online 'sale by owner' type sites that offer reasonable advertising packages. You may also want to promote a cash incentive for a sale initiated by a realtor; otherwise you may experience some sparse open houses.

Commitment

One of the key contributors to a home remaining on the market longer than necessary is the owner's lack of commitment to show the home regularly, and this includes organizing and promoting open houses. A certain amount of time needs to be dedicated each day to selling your home.

Dealing With the Customers

One thing realtors do very effectively is filter out the serious buyers from the window shoppers or lowballers. You will have to learn how to deal with these people and not fall for an offer that you'll regret down the road.

Providing useful information to the potential buyer will lend to your credibility. A realtor is always waiting in the wings to field questions on financing options, costs of home repairs related to the purchase, recommendations for house inspectors, lawyers, etc.

Meet the Professionals

Get familiar with any inspectors, lawyers or title reps involved in your sale. You don't want a delay in process because you've chosen the wrong people to deal with.

Knowledge of the Legal Process

Many closings have fallen apart due to inaccurate or incomplete paperwork. Have the necessary legal documents ready and know the process inside out. Any financial incentives, or inclusions need to be documented, signed and dated; verbal agreements don't count.

If this all sounds like a lot to think about, it is. Don't worry, many successful sale by owner transactions are completed every year, by home owners who took the time to educate themselves on the process and details of an effective property sale.

Easy Way To Sell Your Home

2009-02-08T13:24:00.001-08:00

It is not pleasant when you want to sell home but nobody is interested in. Selling a home need not be a bitter encounter. We should healthily treat it as a source of marketable commodity, a money-generating property, a real estate. We should see our property as not just a plain house or a shelter, but as a fortress! In selling a home, we should also let other people (especially prospective buyers) get the same home sweet home experience we had.

Here is the first action you should do to have a good move in selling a home is to first cut off your personal attachment from it. Have it ready for others to see and in time, they’ll consider buying it.

Most people usually are not searching for big houses. They might consider the size more important if they have a large family, but most probably they’ll look for the comfort and homey feeling it brings. In selling a home, remember to restore its best features – just like the way it looked when you first stepped in.

You should remove all posters and frames of photos and de-personalize before selling a home and presenting it to prospective buyers. Make sure you have a final walkthrough to see if all personal memorabilia has been removed. Then try to see the parts of your home that need some re-conditioning.

All the clutter should be removed too as it is also a major step in selling a home. Sadly though, this part is also the hardest to do for homeowners as they have become emotionally attached to it. On the part of the buyer, seeing clutter is a very negative thing that will drive them away from the idea of buying. In selling a home, highlight all spacious area of the house and clear away all visible clutter.

In selling a home, you will most likely meet two types of realtors. Realtor Type #1 will present and come up with prices much lower than what you’ve estimated and will strongly strengthen their statements with sales records of homes similar to yours. Then here comes Realtor Type #2 who perfectly agrees and matches with how much value you are expecting to get, or sometimes they may even declare a higher value. Study their Competitive Market Analysis before you decide.

A last tip for selling your home is to take action now! Review your plans, pair up with the right realtor, and in just a short time you will feel much more comfortable in buying and selling real estate.

Nowadays, home buyers are having more choice about the homes they will buy. In the real estate market, competition is tough now to find a buyer that sees the potential in a home that needs a little work, without substantially lowering your asking price.

There is a reason why you cannot get a fair price. In many cases buyers expect your home to be in 'move-in' condition before parting with their money. They see new carpets and freshly painted walls in showrooms and are judging your home with the same measuring stick. It changes what people are willing to pay. You receive offers subject to negotiations - meaning you have more work to do before the sale takes place. Others may simply try to give you a ridiculously low offer if they buy 'as-is'.

If you have pressing circumstances that mean you cannot do the work or cannot afford the time it would take to have the work done you may take one of these offers, losing thousands of dollars of value just because it was the best offer on the table.

Real estate investors know the market you are selling in. They are not put off by stains on the carpets, fading paint or any of the other typical wear and tear that comes with lived-in homes. You can find real estate investors who will take on all of the hassle of cleaning and prepping your home for new buyers - all the while taking over your payments so you don't have to wait for the closing before moving on.

You save yourself the hassle of finding a buyer that's willing to give you a fair price for your home while also being relieved of the work involved to make it look what its worth. This can be very important when a move needs to be made right away but you simply don't have the time or ability to fix things up.

It is better to find a realtor that can sell your home on the date you choose, giving you a fair price and doing the fixing up for you! All they can do is listing your home to the market - the market will decide what they will pay, not the realtor. Instead you may be talked into doing the work yourself or lowering your price - not always an option.

Remember that an investor is a buyer - you will not be paying them to list your property, they will be purchasing it from you or taking over the payments until a buyer is ready to purchase. You will not pay commission fees and other usual closing costs - you just sell your home. Have your home evaluated and find out the process involved - its easier than you think!

Descriptive Terms in Real Estate Ads – What Do They Mean?

2009-02-08T13:19:00.000-08:00

If you are buying or selling a home, the chances are good you struggle with the meaning of descriptive real estate terms. Here’s the first in a series of articles explaining them.

The Wise Seller

Be very truthful if you are a seller advertising your home. Mention your home’s best features, but do not exaggerate. If someone comes to look at your home and feels disappointed, they are not apt to buy. You are probably wasting your time and advertising money if your ads mislead.

The Wise Buyer

Take advertisements with a grain of salt and don’t get too excited until you’ve seen the property. Many sellers do not take the advice given above.

Now let’s examine some of the terms themselves and what they commonly mean.

“Open Floor Plan”

Describes a home in which rooms open out of each other and it’s possible to see from one room to another. Often entertaining rooms (living room, dining room, sun room, entrance foyer) are open to each other, and family living areas (kitchen, breakfast room, family room) are open to each other, while bedrooms have doors and open off a hall in a more traditional way.

“Traditional Floor Plan”

Used to describe a home with rooms opening off a hall or halls. Each room can usually be closed off with a door.

“Split Bedroom Plan”

A term often used to describe a home (usually one level) with the master bedroom on one side of the living areas and the rest of the bedrooms on the opposite side.

“Dormer Window”

A window in an upstairs room that has a slanting ceiling which follows the slope of the roof. The window is in an upright position, but that causes it to stick up above the roof, so it gets its own little roof (usually a gable roof) that is tied into the main roof where they meet at right angles.

“Shed Dormers”

These are often seen in Dutch colonial style houses and are flat roofed dormers. Sometimes these dormers are single windows, but often they are two or three windows side by side with one flat roof.

“Blind Dormer Window”

Sometimes builders construct fake dormer windows to add architectural interest to new houses. They are at attic level but can’t be seen from the attic because the roof of the house covers access to them.

“Oversize Garage”

Ads often say how many cars a garage will hold. Then they add the word “oversize” as in “oversize 2-car garage.” What is usually meant is that there is room for storage, or a work bench in addition to space for the cars. Occasionally it simply means you can open a car door wide enough to actually get out with both cars in the garage!

“Gourmet Kitchen”

This phrase is intended to convey the idea that a very good cook can happily work here. That may or may not be the case, but it does usually mean that the kitchen is fairly large and attractive.

“Great Room”

I’ve seen this used in two distinctly different ways. The first is to describe a living room, dining room, and kitchen in a very open floor plan. The area typically has a high ceiling. The second way I’ve seen it used is when what we’d normally call a family room has a high, often coffered, ceiling, a fireplace with a dramatically massive mantle, and perhaps an upstairs balcony overlooking it. I think this may stem from the idea of a “great hall” in old English houses.

“Living Room” & “Family Room”

When a home has both a living room and a family room, we know which is which. It used to be that when an ad mentioned a family room, we could assume it also had a living room. Now some builders are building houses with something akin to the first use of “Great Room” above and calling it the “Family Room” on the floor plan. Thus houses and their terminology seem to be evolving. I suppose in the new builder speak we should just think of the room as an informal family living room.

“Patio” & “Terrace”

Both are outdoor living areas paved with something like slate or brick. A patio is level with the ground around it. A terrace has adjoining areas of ground which are higher, or lower, or perhaps both.

“Solarium,” “Sun Room,” “Florida Room”

These terms are used to describe rooms with lots of windows (often on three sides). Many times these areas also have skylights. The choice of what to call them seems purely personal. They tend to be charming, bright, sunny places in which to over winter plants and sit in the garden in chilly or downright cold weather.

“Jack and Jill Bath”

A bathroom with two doors into it. It is frequently situated between two bedrooms with doors to each. Sometimes the doors are into a bedroom and into a hallway.

“Waterfront” vs. “Water View”

Waterfront property actually has a common boundary with (frontage on) the water. Sometimes the property line actually goes into the water. Water view just means water can be seen from the property. Sometimes there is a beautiful view. Sometimes it means the water can be seen from one upstairs window when the leaves are off the trees! Also, many times a new structure might block the view at some time in the future unless there is a protective covenant or something to prevent it.

“Plantation Shutters”

Refers to interior shutters with large, moveable louvers that can be used much like Venetian blinds. Often they’re used only on the bottom half of the window.

“Palladian Window”

A tall window that is rectangular except for an arched top and has wooden muntins separating the panes of glass. It is based on a revived classic style of architecture and the work of Andrea Palladio. Builders often use them as the window over the front door in homes with two story entrance foyers.

“Pocket Doors”

Doors that open by sliding into a slot in the wall much as a serving tray fits into a vertical slot built into a kitchen cabinet. It leaves wall space unaffected by opening and closing doors. I’ve seen them on bathrooms in modern houses. I’ve also seen them used in pairs that meet in the middle when closed as they were in older houses. Between a living room and dining room might be a good place. My grandmother had one between the front and back parlors in her home in Richmond, Virginia. Now that was a neat old house. It could always expand to accommodate one more family member or friend.

“Fireplace,” “Wood Stove,” “Wood Stove Insert”

A fireplace can burn wood, coal, or gas (natural or propane). If gas, it may or may not be vented to the outdoors. It is generally thought to be dangerous to have a non-vented gas fireplace in a bedroom and is against “code” in many areas. A wood stove burns wood, is free standing (on a non-flammable surface), and is vented to the outside. A wood stove insert is generally fitted into an existing fireplace designed to burn wood or coal. Preferences have to do with perceived beauty, convenience, heat production, and safety.

Cut Utility Bills By Auditing Your Home

2009-02-08T13:18:00.000-08:00

Most people are shocked these days when they open their utility bill. By auditing your home, you can turn a monstrous utility bill into a minor annoyance.

Home Energy Audit

It happens every month. You pick up the mail and see an envelope from the utility company. Oh, the agony! Should I open it now and ruin the day or just wait. An energy audit can make the pain of getting your utility bill go away or at least become a dull ache.

Unlike a tax audit, you can conduct an energy audit by yourself. Simply walking through your home and paying close attention to energy issues can really pay off. Let’s take a look at some obvious problems that can save you a bundle.

The number one energy waster is a leak. Much like a leak in the tire of a care, even one leak from the interior to exterior of the home can raise your utility bill by as much as 30 percent. The most common area you will find such leaks are windows and doors.

Windows and doors are undisputedly the area where most air leaks occurs. The first issues is whether air is actually leaking out through the framing of windows or the area around the bottom of the door. You can typically tell this by feeling for a notable temperature difference in these areas. If is significantly cooler, you have a leak.

As people in cold climates know, having sealed windows is simply not enough to control heating costs in the winter. Most windows on homes are designed for year around use, which makes them huge energy wasters in the winter. Going with energy-efficient windows can make a huge difference in keeping the heat in and the cold out.

If you’ve walked through your home and haven’t found any significant problems with your windows and doors, you may still have one. To really give your home an efficiency test, you can hire contractors to perform a pressurization test. The test essentially raises the pressure in your home and looks for leaks.

Fixing any leaks you find will depend entirely upon the nature of the problem. Some fixes only require additional caulking or insulation while others are unique. Regardless, making your home more energy efficient will significantly cut your utility bill this year and for years to come.

Creative Financing - Ten Ways

2009-02-08T13:17:00.000-08:00

How many ways are there to finance real estate? Who knows, but here are ten creative financing techniques to get you started.

Do all the creative financing techniques you hear about really work? Yes, actually. They probably have all worked somewhere for someone at least once. The point isn't if they will all work for you. The point is to know what is possible, so you can find your own creative ways to invest in real estate. Here are ten methods to get you thinking.

1. Hard money lenders. You can ask around or find these online. They specialize in short-term loans at high interest. You typically use this type of financing for a "fix and flip." You can often get the money fast, and if you make $30,000 on a project, who cares if you paid $10,000 interest in six months.

2. No-doc and low-doc loans. No (or low) documentation of your income or credit required. Again, you can find banks that do these online now. The catch is that you will only be able to borrow up to 80% of the purchase price or property value. If you have 10% in cash, you might be able to borrow the other 10% from a friend or the seller.

3. Seller-carried second mortgages. Sometimes a bank will loan you 90%, and allow the seller to take back a second mortgage from you for 5%, leaving you needing only 5% for a downpayment.

4. Land contract. Called "contract for sale" or other names as well, this just means the seller lets you make payments, and delivers the title upon payment in full. I sold a rental this way for $1,000 down, because I wanted the 9% interest, and the higher price I got this way.

5. Credit cards. If a seller will take $10,000 down on a fixer-upper that you expect to make $20,000 on, why not use credit cards? This is a true 0-down deal for you, and if you turn the project in six months, you will have paid $900 in interest on an 18% credit card. Don't let $900 get in the way of making $20,000.

6. Retirement accounts. The laws get pretty complex in this area, but you can check with a tax attorney to see how you might borrow from your own retirement account to finance real estate investments.

7. Friends and family. Keep it all business, if you use this source, but loaning you money at 7% isn't a gift if their money is getting 2% in the bank.

8. Note buyers. The seller needs cash. He raises the price, and sells to you for $100,000 with no money down, taking back two mortgages from you for $90,000 and $10,000. He arranged (or you did) for a note buyer to pay him $80,000 cash for the first mortgage at closing, getting him the cash he wanted. You pay two payments now, one to each note holder.

9. Get a loan on other property. Interestingly, if you take out a home equity loan for a vacation, and then forget to use it for that, you can use it for the downpayment on an investment property, without violating the rules of the bank that gives you the primary mortgage. In other words, you got in with no cash of your own.

10. Partnerships. For bigger projects, you could arrange for five investors to each put money into a partnership, with your share being the management responsibility instead of cash.

Do This Before Listing Your Home

2009-02-08T13:12:00.002-08:00

Want to Increase Your Equity When Selling Your Home? - Think of Your Home as a Financial Asset

A transition takes place when you begin the process of selling your home. You see your home not as a home, but as a financial asset, and the question becomes how do your get the most equity out of your house?

This one piece of advice will make all your home selling decisions come into sharp perspective. When selling a home, the biggest reason that a home doesn't sell at the best price on the market, or within a reasonable time frame, or with equitable terms, is because of this one simple decision isn't make by the seller(s).

Your first decision when you decide to sell your home is to separate yourself from the personal feelings you have about the house. Often when you talk with realtors about buying real estate, we'll refer to your new property as a "home." When you sell a property, we'll often refer to your property as a house. While buying a home is often an emotional decision, selling a house is a financial decision, one for which emotional detachment is needed. Potential home buyer don't care and don't want to know about the memories, or sentimental attachment you have in your home. In fact, the best way to sell your home is to make it seem like you don't live there. More about that in the next section.

When you decide to sell your home, resolve to yourself that your home no longer belongs to you. When you think of your house as another financial transaction such as a currency trade or a commodity trade, you think more clearly about all the decisions you need to make before you close on escrow. Buyers, on the other hand, invest emotion into the purchase of their new home and it is in your best financial interest to do everything possible to allow them to see your house as their new home. The downside to not detaching yourself emotionally from selling your house is that the process becomes more difficult for you, and at times, unconsciously, you can either drive potential buyers away, reduce to opportunity for all potential buyers to see your house or unintentionally create other situations that take it longer than need be to sell your house.

Beware of Being Fooled By Home Staging

2009-02-08T13:12:00.001-08:00

According to a report just out, it is too easy to be fooled by home staging. Home staging is a term that we are gradually becoming familiar with. It is the idea that we try to create the best impression of our home when selling the house. It used to be just run the vacuum over it and do the dishes but nowadays there is a whole set of rules to follow!

The idea is, that a staged home stands out from all the others and therefore gets sold more quickly. It certainly can be carried to extremes with reports of sellers hiring storage units to cart their junk off to. Larger items of furniture are encouraged to be put into storage by professional 'home stagers' so that the house looks bigger and more spacious

Another instruction is to remove anything personal like photographs, so that the prospective buyer can visualize the house as their own. Closets are de-cluttered so that they look more spacious and all bathroom paraphernalia is supposed to be gone from the counter top! Garbage bins are even removed and hidden from sight.

However it has been suggested that home staging can also be deliberately used to hide a multitude of sins!

The National Association of Exclusive Buyer Agents (NAEBA, who solely represent buyers in the realty business) has suggested that as much as 82% of buyers are sidetracked from the important issues by a well-staged house. This organization also concedes that home staging nets more cash and faster sales - so it works!

Some of the underhand tricks used in staging can include using smaller furniture to make a room look larger, placing rugs over damaged parts of the floor, or using curtains to hide rotting sills. Also specified is the practice of putting a cheap paint job on to cover defects. Your realtor is legally obligated to let you know of any defects, but only if he actually knows about them!

Buyers are urged by the NAEBA to be cautious and to remember that when the house is sold, the stage is taken away. The tricks of home staging do not improve the floor plan, or the square footage of the home or the quality of the neighborhood, and these are the qualities that you will be re-selling at a later date.

Are You Ready For A Home?

2009-02-08T13:11:00.001-08:00

Have you spent years renting homes or apartments and have grown tired of paying all that rent money to someone else? If so, then it might be your time to consider purchasing a home, and keeping that cash for yourself. However, you do need to ensure that you are prepared on more than one level before jumping into the equity market. There are many financial considerations to make note of before you start looking for a home. But, if you can arrange your finances into a sensible plan and secure a mortgage then this can ultimately be the most rewarding purchase you have ever made or will make.

Finance plays a huge role in the decision to purchase your first home. This is to be expected as if you are purchasing your first home you will not likely have a few hundred thousand dollars sitting around and will have to find a mortgage of some sort. You should really make sure that you are prepared for the application for a mortgage as it will involve a thorough investigation of your past credit history. If there are any issues that you know of with your credit then you should take care of them before you apply for the mortgage. Sometimes this is a simple case of oversight, some things have been taken care of and not recorded as such, and sometimes there can be some debts that you will need to see to. Once these are taken care of, be sure to get a letter of release that you can show to the mortgage broker or company if necessary. If there are no issues with your credit then that will only make the process easier.

There is no stronger tool in the home buying process than having all your financing in line before you start shopping. This is a great attraction for sellers as they want their homes to sell quickly and without incident or trouble in the money phase, a buyer with ready-to-go financing's offers will hold greater favor with almost any seller. If you are mindful of these things then when the time comes to make your offer, the whole affair will go much more smoothly and you will be able to dedicate your time to what is important. How to decorate your new home.

Avoid Foreclosure: An Option That Many Do Not Know About

2009-02-08T13:10:00.000-08:00

Avoiding a home foreclosure is one of the hottest topics in the real estate market, however many do not understand that you have options to avoid a home foreclosure. One of these options is a Lease Purchase Agreement, or commonly called a Lease Option it may be one of your best options.

Looking down the barrel of a foreclosure, if you are among one of the over 1.4 million homeowners facing this same issue, there may be a creative technique to save your home. Save your home and salvage your equity so that you can fight again. The last thing that you want to do is give your home back to the lender.

If your financial hardship has left you in a position whereby you are not able to pay your mortgage payment, whatever the reason may be, then you cannot afford to live in your home. Foreclosures are growing dilemma for many homeowners in the Untied States today; foreclosures are at an all time high. Alan Greenspan has made comments that the US may be heading for a recession in 2008.

Some lenders out there have not been playing fair, and some even to the point of unethical practices. These unethical practices are a primary reason that foreclosures are at an all time high and not expected to slow down in 2008, from what most experts have said.
On the bright side of things, you may have an option that may allow you to keep your home, even if the foreclosure process is already under way. Something that has been around for many years, and you may possibly utilize to save your home and equity. You may need to wait a year or two in order to cash out the equity on the property, but it is better then the alternative.

This option is referred to as a Lease Purchase Agreement, find a tenant to lease your home from you, with an option to purchase the home at the end to the agreed period or time; usually 12 to 24 months. You set a price for them to buy the house when the agreement is signed; this will allow you to set the price so you can save the equity and by some time to recover. With a tenant that has the option to buy your home you may be able to:

1) First and foremost is the avoidance of a foreclosure

2) Since renters are paying less today due to the high foreclosure rates, this may be a way to increase the monthly rent, due in light of the purchase agreement

3) A one-time payment, up-front as a non-refundable deposit, this is usually 1% - 3% of the sales price. The best part of this is that even if they decide not to buy your home, you still keep the money

4) Quickly locate a buyer for your property, most times faster then trying to sell you home in the traditional manner

5) Someone else will be paying the mortgage payment, and potentially a few hundred dollars a month more

Lease Purchase Agreements usually work well in any real estate market; these agreements referred to as a "lease option" as well. This is a very valuable strategy to keep in mind, especially during market that in a distress.

While there may be many other reasons to take advantage of a lease option, they are definitely an excellent way to avoid foreclosure, and salvage your home from the bank. In a foreclosure, your credit will be destroyed for years to come, and the additional financial repercussions can take a tool on your personal life.

Bankruptcy And Buying A House - Is It Smart To Buy A House After Bankruptcy?

2009-02-08T13:09:00.002-08:00

Each year, millions of people file bankruptcy as a means of erasing their consumer debts. While this approach may relieve stress, a bankruptcy is damaging, and will hang over your head for the next ten years. Still, it is possible to overcome bankruptcy. The key is making smarter financial and credit decisions. With this said, some people choose to purchase a home after a bankruptcy. Here are a few pointers to consider when buying a home.

Reasons to Delay the Buying Process after Bankruptcy

If you consult with mortgage or financial experts, they will likely discourage you from buying a home following a bankruptcy. After your bankruptcy is discharged, there is a black cloud that looms over your credit report.

When any prospective lender reviews your report, they will be notified of your recent or past bankruptcy. In some instances, this justifies an immediate denial. On the other hand, there are lenders eager to help you establish or rebuild your credit. Thus, they will approve a loan request. Nonetheless, the penalties are steep.

Higher mortgage rates can be anticipated when purchasing a home after bankruptcy, especially if you have not established other credit accounts. Mortgage lenders consider two factors: credit scores and credit reports.

Although a bankruptcy appears on your credit report, having a high credit score will increase your odds of getting a comparable rate. Unfortunately, if you buy immediately following a bankruptcy, you will not have the opportunity to boost your score.

Reasons to Buy a Home after Bankruptcy

Lenders will approve mortgage loan applications one day following a discharge. Therefore, it is possible to get a home after a bankruptcy. Buying a home is perfect for rebuilding credit. Moreover, it is the quickest way to increase your credit score.

After a bankruptcy, the average person has a credit score below 600. Good credit consist of credit scores 650 and above. Maintaining current mortgage payments will gradually increase your score. After two years of regular payments, you will have established a good payment history. Hence, you may qualify for a low rate refinancing, which may lower your mortgage payments.

Are FSBO's Worth The Time & Effort?

2009-02-08T13:09:00.001-08:00

Many people have asked whether or not FSBO's are really worth the time and effort involved in the sale. The simple answer is, Yes! It stands to reason that the FSBO industry is based on some amount of success or else it would never have grown to the size it currently is. And the industry is growing in size every year. Part of the reason for this phenomena is the fact that home sellers are becoming more and more educated on the involved process and as such are demanding a level of service that many real estate agents are not willing to provide, or able to provide due to a high number of clients.

The resolution to this problem has been the education of sellers and the drive to eliminate the middle man. For years people were convinced the the only way to sell a home was to contact their local realtor and then wait for the offers. But what if that agent was not providing enough service to sell the home in a timely manner? Was there any real way to ensure that this was being done? It can be hard to trust someone in such a way when nothing appears to be happening. But you can trust yourself right? So, why not give yourself the tools you need to become your own real estate agent?

The part that cannot be stressed enough is the need to educate yourself on the process before you undertake the selling of your own home. Start investigating the rules and regulations concerning real estate contracts and conveyance. Find out about liens and easements and inspections. In selling your own home there are a lot of hats that you will have to wear. Of course it never hurts to get legal advice and guidance from a lawyer educated in real estate law. There is also an abundance of information available online to help guide your education. The web is a great resource for almost every aspect of the home sale process so take the time to investigate these things to the full extent. Good luck!

Basics Of Home Buying

2009-02-08T13:06:00.001-08:00

The most important investment you will ever make is probably the purchase of a home. Finding the right home for you can be a long and arduous process, but there is no getting around that.

Know Your Wants And Needs

Before embarking on your journey of house hunting, you must know what you really want to find. Sit down with pen and paper and list all the features you care most about, such as:

- Location (in a particular city, school district or neighborhood)

- Size -- how many bedrooms and bathrooms

- Parking -- a 1-car garage or 2?

- Style -- 2-story house or ranch style home?

- Heating -- central heating and/or air conditioning?

Equally important, on a new sheet of paper list all the features you absolutely do not want in a house. For example:

- high-traffic area.

- high noise area (airport, train station or highway in close proximity)

- maintenance -- major repairs needed

As you look at houses, keep both lists in mind. Your lists may change over time as you do more looking. You'll want to add or remove features, or perhaps you'll become willing to make compromises. Realize that you most likely will not find the "perfect" home. Experienced homebuyers will tell you, perfect homes are not found, they are made perfect through hard work.

Get Your Credit Report In Order

Prior to looking at properties, you must get your finances in order. This is the time to review your credit report and clean it up, if need be, to maximize your credit score. Many people do not realize how important it is to check your credit report periodically to make sure it is accurate. You should pay off any past due amounts, or negotiate a settlement price to close the debt. Get such agreements in writing, before paying any settlement. Keep all receipts for any settled items from your credit report since it may take months to get the debt actually removed.

Research Your Home-Buying Options

Decide what kind of property you are interested in. Do you want a HUD property, a foreclosure, real estate, or property for sale by owner?

A number of web sites list homes according to city, state, or price range. Visit these sites to see pictures of homes, many with virtual tours, and review the listing features.

Get Pre-Approved For A Loan

You're ready now to find a lender and get yourself pre-approved for the loan. Being pre-approved offers a number of advantages. It will clarify the price range you can afford. Also, once you find the home you want, you can place an immediate offer. If you have to wait for pre-approval, someone could buy the house right out from under you.

Several special programs are often available from lenders, such as the FHA or Ameri-Dream, that can save you money in the closing. Ask the lender about any special programs before you decide on a loan.

Find A Good Real Estate Agent

It is wise for the first time homebuyer to work closely with a real estate agent, no matter what type of property you're looking for. A knowledgeable real estate agent will make your house-hunting much easier. A good real estate agent is usually a good negotiator, and will be able to help you with the complicated paperwork involved in placing an offer on a house or in closing a deal.

It's essential that you have a real estate agent working for you as the buyer, rather than relying on the seller's agent for the house you want to buy. The latter can involve a conflict of interest, which usually works to your disadvantage.

To select a real estate agent, you should check with your friends and neighbors for recommendations. Find an agent you feel comfortable with and who is knowledgeable about the area you hope to buy in.

These are just the basics of home buying. You will find many details you need to master as you move through the buying process, but having these basics under your belt will give you a head start.

Things To Know Before Buying A Home

2009-01-15T16:24:00.001-08:00

If you are taking the next step in life and purchasing a home, chances are that you are feeling the pressure and the anxiety that goes along with this difficult decision. Those who buy homes are very anxious, eager to get any information they can about real estate. Before you buy a home, it always helps to learn all that you can.

The first thing you’ll need to do when buying a home is to find out just how much you can qualify for or afford to borrow. You should also make it a point to check your credit and know where you stand. If you have any problems, you should strive to correct them for you attempt to borrow money for a home. The higher credit rating you have, the lower your interest rates will be.

If you can, you should always attempt to get pre approved by a mortgage broker or lender, as this will show your commitment to the mortgage. Also make sure to look for any payment or prepayment options that can help you take a few years away from your mortgage. Once you have been pre approved for a mortgage and know where you stand with your monthly payments, you can start shopping for property.

When you shop for a home, you should only buy real estate that is perfect for you. Before you start looking, you should always make a list of everything you want your home to have, based on what you want and what you actually need. You should also make sure that you mark out any areas that you are willing to come to a compromise on, just in case you have to.

To assist you with finding the perfect home, you should enlist the services of a reputable real estate agent. When you meet with your agent, you will go over how much you are willing to spend, and what type of home you are looking for. You’re agent will know where ideal properties are, and help you find the home that is best for you.

Your agent will supply you with a list of potential properties that meet your budget and your features. Once you get the list, you should drive by the homes and check out both the home and the neighborhood. You should consider the appearance and location of the home, safety, access to the freeway, schools nearby, commute time to work, local shopping, and even recreational activities.

If you don’t find something that interests you the first time, you should keep looking until you find the home that is best for you. Your agent can help with tours of homes and such, even tell you information about neighborhoods that you aren’t familiar with. If you have chosen a good real estate agent, he will care about helping you find a home and go out of his way to ensure that you get exactly what you want.

To get the most from buying a home, you should always hire a real estate agent that you can trust. Your agent will go a long way in helping you buy a home, from finding properties to giving you pointers and tips along the way. Good real estate agents will care about your satisfaction, and will do all that they can to help you find the home of your dreams. You can always buy a home without a real estate agent, although it will take you longer and you won’t get the help and other amenities that a real estate agent will bring to the table.

The Truth About Rent To Own

2009-01-15T16:23:00.000-08:00

Most of us are very familiar with the term “rent to own”. Places such as Prime Time and Rent A Center have built an empire with rent to own merchandise, although the buyer normally ends up paying double what the merchandise is actually worth. While this may be great for those who have bad credit, most of us prefer to avoid going this route. Homes are no exception, especially if you are buying a home on a rent to own basis.

Even though rent to own may be good for a short period of time, it proves to be an expensive way for someone to buy something they intend to keep. Rent to own merchandise for example, may sound quite compelling at a few dollars a week. The agreement is normally for around 15 - 20 months, which is where the company makes their money. Although you may be paying just a few dollars a week, the total amount quickly adds up to nearly twice the cost of the item.

Along with paying rent, you’ll also have to pay applicable sales tax as well. Like merchandise, rent to own real estate has it’s disadvantages. Even though it can be great for those with not so great credit, you’ll normally end up paying back a lot more than you would with a mortgage. You’ll still have to pay back your lender with a mortgage, although that amount won’t be nearly as high as it would if you decided to get a house on a rent to own basis.

In most cases, rent to own houses are put up on the market by the owner. This way, you’ll deal directly with the owner. It will start out as a traditional lease, then proceed to a rent to own basis if you decide you want to keep the home. You and the owner will then work out an arrangement, which will normally be quite a few years. Some owners are very flexible and will work with you just to get the price they want for their home, while others will charge you quite a bit more, in order to make a hefty profit.

If you have bad credit and can’t get approved for a mortgage, then rent to own would be your next best option. Although some don’t like to do it due to the price, for many it’s a better alternative than an apartment. With rent to own houses you are paying money towards the home, instead of just paying rent. In some cases this is fine, although you should make sure to double check with the owner before you agree or commit to anything. This way, you’ll know how much you’ll be paying for the home - and for how long.

VA Streamlined Mortgage Refinance

2009-01-11T15:26:00.002-08:00

The unfortunate fact is that not everyone is eligible for VA streamlined mortgage refinance. If, however, you prove to qualify then you stand to enjoy various advantages.

5 Benefits of Getting VA Streamlined Mortgage Refinance
VA streamlined mortgage refinancing is different from other types of loans because of the unique benefits it offers, some of which are listed below.

No Appraisal Requirements
Property assessment has always been part and parcel of the loan application process but VA streamlined mortgage refinancing is a definite exception. As long as you prove to meet the requirements for the loan, an appraisal of your property is no longer necessary. Automated valuation or a drive-by assessment would more than do.

No Credit Check
VA doesn’t care about your current credit rating. This may be bad news for those who have worked hard to maintain a stellar credit score but it’s sure to be good news for those with poor credit scores.

The absence of a credit check, however, doesn’t mean you don’t have to meet any other credit-related requirements. To become eligible for VA streamlined refinancing, you need to have an existing loan than you’re currently paying for. If you don’t have a loan then what you need is financing and not refinancing. Secondly, you must prove that you’ve been able to pay on time for the last twelve months or at the very least, you haven’t submitted your payment later than 30 days following your supposed deadline more than once.

No Income Documentation Requirement
VA doesn’t care about where you’re getting your income from either. Unlike with other creditors, you won’t need to email or fax proof of your income. It doesn’t matter if you’re receiving cash income. It doesn’t matter if you’re self-employed. It doesn’t matter if you’re completely reliant on the financial support provided by your loved ones.

No Job Verification
In connection to that, one thing you shouldn’t have to prove is the existence of your job. In fact, there’s no need to lie. If you’re currently unemployed then so be it. The VA won’t care. They use a filtering process for loan applicants different from other creditors.

No Immediate Payment Required
Depending on your financial situation, current circumstances, and eligibility, the VA might be generous enough to give you up to a 2-month grace period before you’re required to make your first monthly payment for your loan. This might not seem much at first glance, but just imagine how much easier budgeting can be if you won’t have to worry about settling your monthly dues for two months!

Get Refunds
This is not, however, applicable for any situation. In particular, the VA may be able to refund your money if you have an existing escrow account.

Easy Loan Closing Process
You won’t have to worry about closing costs and delays when it comes to VA streamlined refinancing. Firstly, you can leave it to your future mortgage provider – the VA in other words – to take over the closing process. Secondly, if there are any closing fees you have to pay, the VA shall take care of that and they’ll simply add the total to your refinance loan balance. You won’t have to pay for them immediately either; they’ll be part of your monthly payment instead.

One thing you should be aware of, however, is that VA streamlined mortgage refinance does not offer cash out options. If you want that, you’re better off with a VA cash-out refinance loan!

Lowest Mortgage Refinance Rates

2009-01-11T15:26:00.001-08:00

Here are a few tips and tricks to help you qualify for the lowest mortgage refinance rates.

Choose the Right Mortgage
Indeed, there’s no better way to obtain the lowest mortgage refinance rates than by choosing the right mortgage for your needs. The wrong mortgage could give you a lower rate, but it will not make you debt-free in the long run. Eventually, you’ll be forced to take out another mortgage to rectify your mistake.

The Different Types of Mortgages
To make accurate and smart decisions, make sure that you are comparing rates for the same type of mortgage. It’s important to know as well what the pros and cons of each type of mortgage as these can help you determine whether you’re in the position to pay your loan on time.

Fixed Rate Mortgage
If you never want to compute for next month’s interest rate and if you’d like to avoid being taken by surprise by changes in your monthly dues then a fixed rate mortgage is the best for you. Fixed rate mortgages allow you to pay the same amount each month. Their structures, however, are rigid and if you wish to change a particular condition regarding your fixed rate mortgage, you’ll need your creditor’s approval first.

Fixed rate mortgages are generally long-term, often allowing borrowers to pay off their loans in a span of thirty years. Some of them require you to make balloon payments in the end; in such cases, you can take advantage of low-interest monthly payments but be sure you have enough cash to pay off the remaining balance of your loan at the final payment date.

Adjustable Rate Mortgage
Also known as variable mortgage, an ARM has fluctuating interest rates. They are ideal if you wish to take advantage of the exceptionally low interest rates for a given period but you’re also equally confident of your ability to pay off your loan even when the time comes that your loan’s interest rate increases. There are different types of ARMs available today, including but not limited to buy down mortgage, graduated payment mortgage, two-step mortgage, and negatively amortizing loans.

Interest Only Loans
Interest only loans may have fixed or variable interest rates, but they’re unique in the sense that they allow borrowers to pay only the interest for a specified period of time. When the allotted time expires however, the borrower will be given three choices: he can pay off the entire loan in one lump sum, refinance the loan, or proceed with a monthly installment plan which includes interest and part of the loan principal.

Conventional Loans
These are different from other types of mortgages mainly because of their source. Conventional loans are offered by well-established companies and they therefore adhere strictly to the guidelines set by the Federal National Mortgage Association.

The requirements they set for borrower are similar to what you’d expect to comply with for bank loans: you need to offer evidence of your abilities for providing the down payment for the loan as well as proof of your assets, submit income requirements, and establish your borrower credit.

To choose the right refinance loan, remember to quote the lowest mortgage refinance rates you’ve acquired with the current interest rate you’re paying for your existing loan. Don’t be afraid to ask questions!

How Soon Can a Mortgage Be Refinanced?

2009-01-11T15:25:00.001-08:00

There are many advantages to having your mortgage refinanced. Of course, the most important and obvious reason is the lower rate you'll enjoy. When applied at the right time and opportunity, having a mortgage refinanced can save you thousands of dollars in the long run. However, since timing plays a crucial role in refinancing, it's important that you understand the factors that can affect how successfully you can take advantage of it. So how soon can a mortgage be refinanced and should you?

The right time
Getting a mortgage is not for sissies. This type of loan, whether you're taking it out to purchase a car or a house, is easily one of the biggest financial decisions you'll ever make in your life.

If you're taking out a home mortgage loan and are considering getting it refinanced later, you'll be glad to know that you could probably do it at any time you want. But once you have a mortgage and interest rates begin behaving in a manner that is favorable to you, you shouldn't automatically apply for refinancing.

First, the difference in the new interest rate and the current interest rate should be enough to actually give you some advantages. Second, most lenders will probably advise you to refinance only after your loan has matured for a minimum of 12 months or so.

However, it's good to consider this only if interest rates have remained more or less the same. If, at any time after you have taken out a mortgage loan the market trend begins tipping to your advantage, you should consider refinancing your loan. Remember that interest rates are rather volatile and if you wait too long for them to dip further, you could miss out on a very good opportunity to get a good deal.

Consider the 2 percent rule.
Just because interest rates have fallen a tiny bit does not automatically justify your decision to refinance. Consider refinancing only if the new interest rate is at least 2% lower compared to the rate you're currently paying. A 1% difference in interest is not sufficient reason to make the switch.

Remember that there are costs associated with a new loan. When you consider refinancing for your mortgage, remember that you will have to pay extra for closing fees. An interest rate as low as 1% will not cover the expense.

You have no late payments.
You could go ahead and refinance a mortgage provided you have paid your loan faithfully for the last 12 months. If you have never had a late payment during the last year, you could make the shift and have your mortgage refinanced.

You have already built up equity.
If you want to refinance a mortgage soon, try to examine if you have already built up equity. You should have a minimum of about 5% or 10% equity (depending on the lender) before you could consider refinancing as a feasible option.

So is refinancing an option for you?
Of course, you can always consider refinancing your mortgage at any time you feel most comfortable. The key is to consider the time factor, along with the type of opportunity being presented by the market. After all, refinancing is really getting a new loan. Just be prepared for the procedures and costs that you will have to go through all over again.

The Real Truth about Termite Damage

2008-12-30T17:33:00.001-08:00

So you want to know the real truth about termite damage? Can you handle the truth? The only reason we ask is because it really is disturbing when you think about these unwelcome guests coming into your home and eating to their heart’s content without even bringing a dinner gift.

Some estimates place the annual damage to homes at over $500,000. Others say it is well over a million dollars. Most of the worst termite damage is located in the Southeast portion of the United States as well as arid savannah regions in places like Africa and Australia.

It doesn’t matter where you’re located, termite damage can be utterly devastating for the homeowner. It is true that the worst damage can take years to cause problems, but still, that damage can cause a home to become unsafe to live in.

One woman tells us that she had no idea about the amount of damage a termite can do. She never even thought about it until she felt a floorboard that was loose. She went outside and saw a swarm of bugs around the foundation of her house, and she began to do some research.

A pest control company was called in and she found out that she did, indeed, have a termite infestation. What surprised her the most was when the termite inspector showed her the amount of damage that a termite could do as she looked into the hole the inspector had cut into her wall. She was amazed and shocked.

Not only will termite damage cause a structure to be unstable, it can – and, if left untreated – even cause the structure to collapse around you. It’s frightening when you think about it.

Those worker termites get inside your home and start burrowing through the studs, the door frames, and the drywall of your home.

They gnaw through the material your home is made of and make trails through the wood that can weaken the wood itself causing problems with the integrity of the wood.

The amount of damage a termite can do is multiplied by the fact that there is more than one termite working on the wood. They work together to get food for the colony and thus cause a huge amount of damage to your structure.
That is why it is so important to pay attention to what is going on around your home and always check for signs of termite damage. Many people don’t do this. They just sit around hoping that their home is safe.

Infrared Technology in Termite Detection

2008-12-30T17:32:00.002-08:00

One of the most exciting innovations in the pest control industry is the use of infrared technology and termite inspection. Infrared technology is used to detect heat in small spaces and is perfect for use in the termite inspection because it can detect colonies that are massed together and make it easier for the pest control operator to pinpoint the location of the infestation and effectively get rid of the problem in one fell swoop.

Finding termites can be difficult, yet knowing where they are located is important when deciding on the correct eradication program. The traditional method is to simply tap on the wood with the back of a screwdriver, or to poke holes in walls or even pull them apart.

Infrared technology and termite inspect now offers a new, high technological detection system that is quick, effective and does not require any damage to houses.

Infrared technology and termite inspection is being used with an increased frequency because it can easily detect the presence of termites by simply inserting a small camera at the end of a thin rod and then manipulating the camera around to find the termite swarms.

Because termites mass together to work on the wood, where there is one, there is always more. That’s why infrared technology and termite inspection go hand in hand.

Thermal imaging technology detects heat patterns. When termites invade buildings, the normal heat patterns of the walls, floors and roof are changed due to the presence of termites. The thermal camera records this change in heat patterns and indicates the exact location of any termite infestation.

A color image shows hot spots as red or yellow and cold spots as blue or purple and these heat patterns indicate termite infestations. That means that infrared technology and termite inspection can be much more effective than the normal ways of doing a termite inspection.

However, termites are considered cold blooded insects, so how can they generate heat? Termites are hosts to bacteria, which live in their gut, and these bacteria help break down and digest cellulose, the main component of wood. It is this digestion and chemical reaction that generates the heat.

Termite Prevention

2008-12-30T17:32:00.001-08:00

Keeping termites away from your home in the first place can be the best way to save money although you will still want to have at least annual treatments to make sure that they don’t come around in the first place. But taking measures to be sure that conditions are not conducive to their survival just makes sense.

First, don’t feed them. Whether you know it or not, by having certain conditions present in and around your house, you are giving the termites a food source that will sustain the colony and keep them reproducing making more and more termites that will damage your home.

Keep your gutters clean. Wet leaves provide moisture and food for the pests, and since the gutters are attached to your home, it's an easy point of entry. Clogged gutters can also contribute to moisture problems by soaking wood off the roof and fascia boards.

Wood piles and construction debris, boards left touching the ground or fences without proper ground clearance can all be food sources. Cardboard is also a favorite food of termites and damp cardboard around or under a house could provide an ideal opportunity for termites.

Building a deck? Make concrete barriers part of your plan and be sure to use borate-treated, pressurized wood. The USDA's Forest Service has a bulletin on subterranean termites with helpful hints on construction practices.

Your contractor may also have suggestions for preventing termite infestations. Stucco facades extending near or into the soil surface provide a haven for termites, allowing them to move into a home undetected.

Termites love moisture which is why they feed on damp wood. Make sure the air conditioner tank is at least four inches from your house. Don't let it leak near your house. Dryers should vent away from the house -- the warm air is moisture-saturated from dried clothes. Washers should drain away from the house, too.

Check for leaky faucets and make fixing them a priority. Flat roofs are a bad idea; they harbor moisture and invite infestation.

Summer sprinkler play is fun for kids, but make sure the faucet is turned off --tightly -- after the water games are finished. Insulation around pipes should not extend all the way from the house to the soil. After cold spells are over, the insulation should be removed or at least have a gap large enough to allow homeowners to detect termites.

Do-It-Yourself Termite Treatment

2008-12-30T17:31:00.000-08:00

We are increasingly becoming a world of people who like to do things ourselves. Whether it’s because we want to save money or just like the satisfaction of taking care of our own things, sometimes we like “getting our hands dirty” and learning how to do new things.
Even termite treatment is possible for the avid do-it-
yourselfer. There are a variety of commercial products on the market with professional strength that you can use. They are available in many places, but we suggest you look in a home improvement store to find the best selection.

There are two ways you can approach do-it-yourself termite treatment: termite baiting and chemical application.

Let’s first take a look at termite baiting. Since this is probably the easiest way to approach do-it-yourself termite control, it seems like a logical place to start. You won’t be working directly with chemicals, so it is probably the safest way to start as well.

Take a quick survey of your property. Draw a rough graph of the home. On this graph...you can show locations of doors, windows, gutter down spouts, air conditioning drains, stumps, firewood, bushes, etc.

As you walk around the perimeter of your home, take note of damp conditions which are conducive to termites caused by shade, poor drainage, air conditioner condensation, etc. Mark these on your graph.

s a rule, you should position bait stations at 8-10 feet intervals. However areas that are conducive to termites such as the following conditions, it would be advisable to have bait positions placed at closer intervals.

Treating for Termites

2008-12-30T17:30:00.002-08:00

While you can try treating your house for termites yourself, you will probably want to leave it up to a professional so that you know it’s done right. There are many pest control companies who specialize in termite eradication and control. Much like choosing a termite inspector, you want a company you can trust.

Again, ask for credentials and certifications. See if the company is a member of any pest control societies and organizations. Do they have recommendation letters from previous customers? If so, ask to see them. They’ll probably be more than willing to whip them out for you. You can even take it a step further and call the Better Business Bureau to see if any complaints have been filed against the company.

You’ll probably want to know what the company will do to get rid of your termite problem. The easy thing to do is just ask them for a complete explanation of their treatment methods. But we’ll cover some of them in this section if, for nothing else, just general information so you know what they are talking about.

If you have a particularly bad termite problem, the exterminator may suggest that you have a tent fumigation done. This is for bad infestations that extend throughout the structure, and it is probably the most radical of all termite treatments.

With tent fumigation, you will be required to leave your home for a minimum of three days. The chemicals that the company uses are strong although they won’t cause damage to anything in your home except for exposed food.

Termite baiting is becoming increasingly popular as a way to treat for and prevent termites. Instead of attempting to protect a structure by creating a barrier between it and the termites, baiting targets the termites themselves. Termite baits are designed to suppress or eliminate the termite colony living in the soil.

Commercial termite bait systems are a relatively new technology. The most widely used bait products are applied very similarly. The initial installation of any baiting system involves plastic stations being inserted into the ground around the periphery of the structure approximately every 10 feet.

Inside these stations are untreated wood monitors. The stations are usually inspected every month for termite activity. If live termites are found in the station, a toxic bait will be placed inside and the infested monitor may or may not be removed.

The idea is to get the termites that have been recruited to the wood monitor to now pick up the bait instead. Certain bait products are intended to be used by themselves, while others can be used in combination with spot applications of liquid termiticide (applied only to areas where termites are active) or a complete liquid treatment.

How to Detect Termites

2008-12-30T17:30:00.001-08:00

Besides the obvious presence of small ant-like insects or flying swarmers, you can look around your home to try and find out if termites have taken up residence with you in your home or building.

Basically, termites are discovered by property owners in one of three ways. First, when a colony swarms in the first warm part of early spring, winged adults can be seen on the inside or outside of a building moving toward the light, a window, or other lit opening.

Second, as we have already said, termites build mud tubes to travel between the ground and a structure. These mud tubes can often be found on the outside of a slab between the earth and brick line, or on piers which form the foundation of a building.

Finally, because termites like to eat the paper surface of sheetrock, pin holes are left behind when sheetrock has been damaged. There also will be some tubes in the wood indicating that termites have been eating through the wood and making their way from one side of the area to the other.

You will probably rarely see any actual termites because they tend to avoid light and open air spaces. The tunnels give them the ability to go virtually undetected while reaching their food source, wood. Therefore, destruction can be "undetected" as well.

If there is any area of your home where water has accumulated, chances are good that termites are going to be in that area. We’ll talk about prevention later on, but just about the only way you can tell on your own if you have termites is to look for tell-tale signs that they may be around.

What Are Termites

2008-12-30T17:29:00.000-08:00

In the basic definition, termites are small, burrowing insects that eat wood – especially damp wood – and resemble small white ants. But there’s so much more than that! In actuality, termites are social creatures – just like we are – that live with a specific social order to take care of the colony that they live in.

That’s right – there are actually levels of termite hierarchy, just like in human life. Because they are social insects, this type of setup works best for them because they don’t possess the same skills that we humans do in order to get things done. But, get things done, they certainly do!

There are basically five levels of termites: the worker, the soldier, the reproductives, the king, and the queen. Each distinctive level has its own duties when it comes to the colony. Termites have long been referred to as “little white ants”, and there are a few – very few – similarities between the two species.

Ants also live in colonies with each level performing specific functions within the community. They all work together to make sure that they all live in relative peace having food and protection. Not so unlike humans, right? But termites as well as ants can be damaging to our structures which is why we don’t want them around.

That’s why we need to better understand how the colonies work. When we understand this part of their living environment, we can better combat them.

Is the Economic Recession Getting You Down?

2008-10-12T19:25:00.000-07:00

Discover the Secret to Weathering a Recession and Walking Away with Your Bank Account, Your Retirement Fund, Your Investments and Your Pride!

Exclusive Offer!

Never Before Revealed Information!

When you’re unprepared for the impact of recession on your life and your business, the consequences can take you completely by surprise.

The economic recession brought on by over eager lenders, under-prepared borrowers, and overzealous government and an economy that cares more about its bottom line than its citizens has been pummeling Americans from coast to coast, and it doesn’t show any signs of going away any time soon.

Are you sick and tired of counting your pennies? Looking for a way to be free of the constant fear that one day you’re going to walk into your office and find a pink slip sitting there waiting for you? Would you like, just once to be the once sitting back and making a profit instead of the one worrying about whether this will be the week your business is going to have to close its doors?

Let Me Show You How...

Did you know that economic recessions aren’t anything new? The lifecycle of the business world very closely resembles the lifecycle of the average insect-it circles around, and around, and around, and…well, you get the picture. There are many stages inside that circle that keep business flowing smoothly and the wheels of progress turning the way they’re meant to.

An economic recession is only one of these stages.

Economic recessions are a vital part of the well being and health of our economy, and a study into our history will show that they actually happen on a fairly regular basis-and they usually don’t leave much damage behind. Why, then, do we panic so badly at the thought that this time might be our turn to weather an economic recession?

Because we don’t know what to do about it!

Business magnates understand that economic recession, a time when consumer spending is going to decrease for one reason or another and have a negative impact on the life and health of their company, is a necessary stage of life. From the moment they step into their corner office they’re carefully grooming and preparing the company for the moment when recession is going to rear its unattractive head and take a bite out of their profits.

Those of us who haven’t finished our MBA usually aren’t that well informed.

Without being aware of the necessity and the inevitability of an economic recession, most of us don’t realize that sooner or later recession is going to happen, and it’s going to impact all of our lives. We’ve been lulled into complacency by the constant boom and growth of the American economy, and we’re so focused on finding instant gratification for our desires that we don’t see when recession starts to creep up until it is far too late.

Strings of layoffs
Dramatic dips in the profits of your company
An increase in outsourced labor
The disappearance of expendable cash
A crashing housing market
Rapidly falling stock prices
Decreasing values of 401Ks and other retirement accounts
Companies going bankrupt

Everyone knows about the negative impacts of an Economic Recession. But what about the positive ones?

When you’ve walked into an unemployment office and seen hundreds of people filling out paperwork in the hope that somehow, someway, someone in that office will be able to help them find a job, it can be hard to believe that there are actually benefits to an economic recession. They are there, however, and if you’re a savvy business person you’ll be able to figure out how to take advantage of them. How do you think so many companies manage to stay in business when recessions happen at least once a decade?

Major corporations around the globe has learned how to weather an economic recession and keep making a profit, and now you can do it too! Regardless of whether you’re an entry level janitor or the CEO of a major corporation, the recession is going to have an impact on your life personally. The question is, what are you going to do about it? Are you going to let the recession bowl you over and leave you struggling for a way to keep your job and pay your bills? Or are you going to look at it as an opportunity to expand your horizons, stretch your wings and show the world what you can really do?

That was a choice I had to make for myself not too long ago

Two years ago I was sitting pretty. I had a good government job working as a contractor for the military, a good retirement plan, a salary that more than met our needs and an insurance program that kept my kids in antibiotics and vaccines.

All in all, life was looking pretty good. Then the recession hit.

I don’t know if any of you out there were unfortunate enough to be a part of this, but over the last two years military contractors have been steadily laying off hundreds of employees in an attempt to trim the fat from their bottom line and help them stay afloat as government contracts began to be canceled left, right and sideways. Because I had just accepted a new position within the company I was considered to be the new kid on the block, even though I had been working for them for years, and my job was among the first to go.

I was devastated.

Suddenly there I was, with a family to support and no income other than what I had coming in from our investments. I’m not ashamed to say I panicked at first. I couldn’t see how, at my age, I could possibly pick up and start all over again in another job. I’d invested too much time and effort to get where I had been, and the thought of having to climb that ladder all over again was enough to make me want to lock my door and hide for a year or two.

My general fondness for eating on a semi-regular basis got me out the door soon enough, however, and it wasn’t long before I was roaming the streets looking for another job. I was fortunate. I had remained in touch with many of my old college buddies, and one of them happened to work for a firm that had just lost one of its key employees and was looking for someone qualified who would be able to fill his place-quickly.

My friend’s recommendation and my own experience had me inside a new job within a month, but over the course of that month I saw hundreds of other contractors I had worked with who weren’t as lucky. They were out of work for months, many of them taking jobs that were far below their skills, their education and their experience just to have a paycheck.

And then there were a few of them that decided to start their own companies and offer their services to the private sector. A few of them started new careers in real estate. When I first heard what they were planning I thought they were out of their minds, but it wasn’t long before they started turning a profit-a big one.

I was astonished. If the U.S. government was losing money hand over fist and having to shut down its operations, how on earth were these little start-up companies managing to not only survive, but to thrive?

They were able to do it because they figured out how to take advantage of the recession!

I would never have believed that there would have been anything about an economic recession that would allow a company or a private entrepreneur to thrive, but as I talked with my old friends I realized that there was a side of the recession that we never saw-and that side could make the difference between surviving and thriving in the middle of an economic recession.

This is the ultimate guide to showing you how to thrive when everything else seems to be falling apart!

It’s really not fair that only a small percentage of the population has the knowledge they need to hang on to their jobs, increase their net worth and help their company thrive-especially when all they really need to do is change their mindset!! That’s why I decided to write Recession Suvival - How To Proft From An Economic Recession. I figured it was high time the rest of the world had the chance to learn what the major players already knew-the secrets for surviving an economic recession without going into debt!

But don’t take my word for it…

I don’t expect you to take my word for it. Hey, a recession can be scary stuff! That’s why I’m offering Recession Suvival - How To Proft From An Economic Recession complete with a 90 day money back guarantee. Buy the book. Read it. Put the strategies I’m going to show you into play in your own life!

Give investing a try
Grow your stock portfolio exponentially
Make yourself so indispensable your boss will never fire you!
Give your company the momentum it needs to get through the recession and go into the future with a bang

The secrets I’m going to show you in this book are the same business tricks and strategies that major corporations like Macy’s and J.C. Penney have been using to survive economic recessions for decades. Don’t you wonder sometimes why these companies have been in business for years? Wouldn’t you love to know what secrets are keeping their managers in the driver’s seats when hundreds of other companies are closing their doors? Let me show you!

There’s nothing in this book that requires you to throw thousands of dollars into some strange investment opportunity that’s “guaranteed to secure your future”.

Just plain, simple, easy to use tricks and strategies to help you ride out the recession and come out on top on the other side.

All this for only $17!! What are you waiting for? ORDER NOW!!!

What to Look for When You’re Buying Real Estate

2008-10-12T19:24:00.000-07:00

When you‟re going shopping for real estate in the middle of an economic recession you can pretty much guarantee that whatever you purchase, you‟re going to be able to make a profit. There are certain parts of the country that take a little longer to be affected when a recession strikes, but sooner or later every place is going to start to feel the pinch-which means you can basically stick a pin in the map when you‟re trying to decide where you want to make your investment. Of course, just because you can make a profit just about anywhere doesn't mean that you shouldn't take measures to maximize that profit. If you were sitting in the middle of a giant room of sweets that were yours for the taking absolutely free, would you go for the Godiva chocolate or the M&Ms? When you have the choice between a property that you‟re going to make a minimal investment on and a property that you will make an incredible profit on when the economy starts rising up again, go for the property that‟s going to bring you the best return! Where are you going to find the best deals? Urban properties and homes in the suburbs of these urban areas are always more highly in demand than those that require a lengthy commute to get to life‟s essentials. Homes in the suburbs of Washington, D.C. are going to sell for a greater profit (and much more quickly) than a home in a small town like Rexville, NY. (Don‟t worry if you've never heard of it-most of the rest of the world hasn't either!) When you first begin investing it‟s usually recommended that you pick a property close to home, where you know the neighborhood, the general ambiance and, most importantly, what sells! If you choose to do your own rehab this is particularly important, as there are many areas in the country that are particularly prized for their historical value and which will bring a much lower return on your investment if they've been stripped and decked out in the latest style than if they‟d been carefully restored. An experienced rehabber will know this. A beginning investor will not.

Techniques In Rental Property Investing

2008-10-11T17:33:00.004-07:00

Rental property investment is one of the best investment options for investors who are concerned about negligible gains of the stock market. The major ideas behind any property investment are to regulate tax savings and cash flow. Rental property investment is the property investment that offers you both the benefits simultaneously. There are several categories of the rental property investment, such as multi-story residential rental properties, single-family rental properties, holiday homes and commercial rental properties. If you are planning to invest some money in the rental property investment, this article will help you by providing some techniques in rental property investing.

The single-family rental properties include single family renting for a long period and the multi-story residential rental properties include buildings and apartments for many families. The commercial rental property category includes renting office buildings and shopping centers for the commercial purposes. You can rent your property for one of the purposes.

If you browse the internet, you will find a wide collection of articles regarding techniques in rental property investing. It is advisable to make sure what it takes to be a property owner, before renting your property. The rental property investment is not only buying a home, giving it someone on rent and then expecting dollars while relaxing in a chair. Bagging a rental property and collecting a good rental income for a long term is really an unimaginative task. It requires great efforts to maintain a constant rental income until one sell his or her property.

One of the basic techniques in rental property investing is to find tenants and do everything to keep them satisfied, if you want to save your property from being a vacant rental property. This includes finding the demands of the tenants and making repairs in the home regularly. If your rental property is there in your own city, then it is really beneficial for you. It will help you collect the rent at any moment, the tenants also will be available easily, and it will be close to your residence. It is better if your renting property is close to a college or university, as you will have a massive range of tenants round the year. In short, rental property investment is to

* Analyze the locale
* Keeping the tenants contented
* Doing whatever is needed to rent the property
* Finding different ways to minimize the vacancy period

If there is only one tenant in your property, then you cannot expect a considerable cash flow from the property. However, it can help you maintain your current expenses and the mortgage. You will have to make a financial planning of the maintenance of the renting property for a year in advance. This planning involves repairing, expenses on property maintenance, emergency and vacancy. In the apartment investments, the major profit comes from the rental cash flow. The financial evaluation and property management are the most important factors in this case. You can also hire a manager for the management of the property, if the cash flow is constant and the number of tenants is massive. In this way, it is always better to learn about techniques in rental property investing before investing money in it.

Rules For Rental Property Investing

2008-10-11T17:33:00.003-07:00

In actual terms buying a rental property is investing in that property. However, before deciding to invest in a rental property it is very important to know few things that can be termed as rules for rental property investment.

* Generally, you tend to invest your money in the property for three purposes such as cash flow, appreciation and for saving the income tax. By investing in rental property, you can get all these benefits at the same time.
* One might come across different categories of rental properties such as single-family rental properties and multi-unit residential rental properties such as apartments, holiday homes and commercial rental properties including shopping centers and office buildings.
* Rental property investment is not limited to just buying a house/building, giving it on rent and gaining the cash and relax. If you want to earn regular income for several coming years, you need to maintain the rental property very carefully.
* You can take the guidance of an expert or from various resources such as a local newspaper, local appraiser, local bank or Mortgage Company, county tax assessor and the local multiple listing services.
* However the rules for rental property investing stress that one should gather all the essential information and know about basic principles of investing and need a significant research and decisions prior to initial purchase of rental property.
* The vital aspect in investing is to assess your financial condition and the goals for the profit. You should calculate the money that you are planning to spend; you also need to confirm whether it will be sufficient to cover the maintenance and other expenses so that your investment does not go to waste.
* It is very essential to understand the flow of cash from the rental property along with knowing about the profit and loss factors that can affect the investment of the rental property.
* Experts recommend that the person should start with calculating the expenses that he/she will have to face while investing in the rental property. These expenses may be of various kinds like operating expenses, depreciation and mortgage interest expense.
* One also needs to calculate the interest on the mortgage loan.
* Importantly while you invest in some rental property, you should select the property that will be liked by everyone. Choosing an appealing, descent area are some of the important points to be taken into consideration. The property in which we wish to sty in should be well maintained with all the main places like grocery store, medical shops etc in the nearby areas.
* You should also take into consideration the significant financial planning such as expenses of repairing, management of the property, emergency and vacancy.
* Rental property investing can be a good source of constant cash flow. In recent years, this kind of investment has become very popular as investing in the rental property is quite rewarding.
* If you want to be investor in the rental property and gain its fascinating benefits, you need to know about all the important rules for rental property investing.

Rental Property Investing

2008-10-11T17:33:00.001-07:00

Rental property investing is a good way to increase your financial assets. Ideally it is a very safe investment and will surely improve investment portfolio. However, for this you need to choose a good property to invest in. If you choose a wrong one you will have to bear a loss instead of gaining. The following article will give you some idea about the basics of rental property investing.

Rental property investing is buying a property and then renting it out to some tenant. This way you get fixed monthly income from the rent which your tenant will pay you. Alternatively you can also take a property on rent and then re-rent it to someone else at a higher value.

Whenever you invest in a rental property, the most important thing which you need to consider is your time horizon. The time for which you are going to hold that property will play a very important role. This is because if you are planning to hold onto it longer you will have to spend more on its maintenance, improvement and repairs.

For example, if you hold the property for at least 20 years you will definitely need to put a new roof which can be costly. On the other hand a short time investment may prevent this if the property you buy is not previously in need of renovation.

Finding a suitable property for investing is a difficult task. To make sure the property that you buy is profit making one remember the following things:

* Invest in an area which has a convenient access to facilities like school, market, hospital, work places, etc. A city is such a place and therefore you should invest wisely in the city. If you invest in a lonely place outside the city limit, it will be very hard to find tenants for it.

* Invest in areas where capital values of property are quite high and therefore more and more people prefer renting a property instead of buying one. In such places though you also may need to spend more money for buying a property, however you can be sure that you will derive good profit.

* Before opting for rental property investing consider whether the property you are about invest needs any repair or not. If it requires a repair how much amount do you need to spend for it, etc. All these things add up to your investment and so can lower your returns.

* Checkout the expert reports about trends in the real estate sector of the concerned area. You may find an area where rates are quite low currently, however it is going to be major hot spot in the near future. Such areas are the ones which bring in the highest profits. Such reports can also be helpful to you to know about the future prospects of the property and whether you will be at loss or profit.

* Legal issues can trouble you and therefore check them out before purchasing any property. Do consult a lawyer while purchasing a property.

* Never jump directly into rental property investing. Prior observe the property market of your area for some. Read the property adds, news, etc as this will develop your understanding about rental property investing.

Rental property investing can be considered as one of the best options investment for the common people as it is one of the safest. Also it is an investment that anybody can make. This is the reason why it is getting popular by the day.

Precautions In Rental Property Investing

2008-10-11T17:32:00.002-07:00

In actual terms, rental property investing is probably one of the best options available these days. But before deciding to invest in a rental property it is very important to know few things that can be termed as precautions in rental property investing.

Read on to know more about the precautions that need to be taken while investing in a rental property.

* Generally, you tend to invest your money in the property for three purposes such as cash flow, appreciation and for saving the income tax. By investing in rental property, you can get all these benefits at the same time.

* One might come across different categories of rental properties such as single-family rental properties and multi-unit residential rental properties such as apartments, holiday homes and commercial rental properties including shopping centers and office buildings.

* Rental property investment is not limited to just buying a house/building, giving it on rent and gaining the cash and relax. If you want to earn regular income for several coming years, you need to maintain the rental property very carefully.

* You can take the guidance of an expert or from various resources such as local newspaper, local appraiser, local bank or mortgage company, county tax assessor and the local multiple listing service.

* However the precautions in rental property investing stress upon gathering all the essential information and know about basic principles of investing and need a significant research and decisions prior to initial purchase of rental property.

* The vital aspect in investing is to assess your financial condition and the goals for the profit. You should calculate the money that you are planning to spend and whether it will be sufficient to cover the maintenance and other expenses so that your investment is not wasted.

* It is very essential flow of cash from the rental property thus knowing the profit and loss factors that can affect the investment of the rental property.

* Experts recommend that the person should start with calculating the expenses that he/she will have to face while investing in the rental property. These expenses may be of various kinds like operating expenses, depreciation and mortgage interest expense.

* One also needs to calculate the interest on the mortgage loan.

* Importantly while you invest in some rental property you should select the property that will be liked by everyone. Choosing an appealing, descent area are some of the important points to be taken into consideration.

* The property in which we wish to stay in should be well-maintained with all the main places like grocery store, medical shops etc in the nearby areas.

* You should also take into consideration the significant financial planning such as expenses of repairing, management of the property, emergency and vacancy.

* Rental property investing can be a good source of constant cash flow. In recent years, this kind of investment has become very popular as investing in the rental property is quite rewarding.

* If you want to be investor in the rental property and gain its fascinating benefits, you need to know about all the important precautions in rental property investing.

Management In Rental Property Investing

2008-10-11T17:32:00.001-07:00

Rental property investment is considered one of the most advantageous investment options nowadays. It is best for the investors who are worried about the negligible gains of the stock market. Tax saving and cash flow are the main goals behind any property investment. That is why management in rental process investing is a very important task and every investor should do it with great care. The rental management fees change around the country and regarding the property type. Managing your rental properties by your own can save many expenses, especially when you own a collection of single-family rental homes. If you do rental management yourself, the obvious benefit is that you save the property management fees.

You can also hire a good property manager for management in rental process investing. If you have a rental property manager, you will get more time to find the next deal, as there will be someone to care of the details for you. While hiring a manager for the management in rental process investing you should ask him or her several questions, such as

* How much are his or her fees?
* What properties does he or she manage?
* Are there any extra charges?
* What kinds of advertising are used?
* What is needed for owner approval?
* How are accounts set up?

You should be sure that the fees of managers are clearly stated and understood. It is always good if the manager handles rental properties same to yours. It is advisable to drive by their properties in order to look how they are maintained. One person for handling your buildings is a nice idea and he should have enough experience and skills. You should be getting his name. At the same time, you should ask a manager if there are any additional charges.

The inquiry about the management in rental process investing also includes when and how fees are collected. This inquiry also includes will fees be reduced from the account directly. You can also make sure, if the fees are reduced monthly or quarterly. While planning for management in rental process investing, you will have to ensure what type of advertising is used in it as well as how much does it cost you. How much time and cost is required to prepare units. You will have to ask about the typical cleaning fees for a vacant unit. At the same time, you can ask how long it will be cleaned generally before it is rented out again.

Making Money Through Rental Property Investing

2008-10-11T17:31:00.000-07:00

Rental property investment consists of buying a house, giving it on a rent and then making huge profits. It is very important to maintain the property in order to have financial rewards throughout the period of your ownership. The main aim of any property investment is the appreciation, cash flow and tax saving. It is the best option for the investors as compared to the sudden changes in the stock market. Basically, there are four categories of rental property such as single-family rental properties, commercial rental properties, multi-unit residential rental properties and holiday homes. The first category consists of long term renting of a family while the multi-unit residential rental properties includes buildings, apartments for multiple families. Holiday homes are normally for a long-term renting purpose. There are many ways to make money through rental property investing.

To make money through rental property investing is mostly about the analyzing the locale, doing a survey of requirements to rent your property and by keeping your tenants happy. It is also about maintaining the property so that it can be rented year after year by reducing the vacancy period. Here are some strategies for the real estate investors to make money.

* Purchase a property in a good area and bring a good engineer or an architect for renovation.
* The best way to increase the value of the property is by increasing the rent by giving additional features to your property as per the desire of the tenants. For instance providing a security alarm, whiteware, garage etc.
* For price advantage make your property look clean and tidy.
* Ensure that the basic utilities such as electricity, gas and water pipes are in working conditions.
* To make money through rental property investing make sure that you purchase property in the area where you can get high rents.
* Decide whether to buy a commercial or residential property.
* To make money purchase property near a college as many students tend to find rental house near their college. This will lead to large number of tenants throughout the year from which you can earn huge profits.

The value of the assets grow with time. So it would be wise to buy a property and wait. As the area develops with time, the price of the assets also appreciates. This helps in making money through rental property investing. The real estate investing allows the investors in many ways to make as well as to save money. One of the advantages of investing in property is that the price of the asset does not fall down and always keeps on rising.

The key in making money through rental investing is by buying and holding. In rental investment, a good tenant can fetch you good wealth by paying for the insurance, mortgage, and taxes along with the monthly fees through their rental payment to you. To make money through rental property investing you can browse through the various sites on the Internet. Thus, there are many ways of making money by renting your property.

Guides For Rental Property Investing

2008-10-11T17:30:00.004-07:00

Rental property investing is a cool way of achieving steady rental income. There are many who purchase a property, rent it and collect net profit year after year. You can definitely make a lot of profit and multiply your money if you invest in rental property.

Guides for rental property investing are:
* Internet
* Books
* Estate agents

If you want to know the tips and techniques of rental property investing then you must browse the internet. You will find a number of websites that provide a lot of information about investing in rental property. On these websites, you will come to know about things you should consider before investing in rental property. You will be surprised to know that this investment can provide various types of tax benefits.

Purchasing a property and renting it out, is like running a business, which can be profitable only if you follow the guidelines provided by solicitors. Even on the internet enough information will be provided on which location you should purchase a property in order to get maximum rent. For instance if your property is right in the heart of the city, you can demand a high rent from your rentals. They will also inform you about how to manage a rental property effectively so as to maximize the profit. The internet is indeed a complete guide for rental property investing.

An estate agent can also be one of the effective guides for rental property investing. The person can also tell which properties are suitable for renting. These agents have thorough knowledge about the market values of properties. They can also help you in determining the rent of your new property. If your property is providing amenities like T.V and refrigerator then obviously you can ask for more rent. They will also be able to give you an estimation of the income that you may generate with the property.

Books written on rental property investing are useful and can be a good guide for rental property investing. Reading these books will make you more careful and vigilant when doing this investment deal. If you are buying a second hand property then the book mentions that it is necessary to check whether the property is in correct shape.

It is essential to inspect the house thoroughly so as to make sure that it is structurally strong. If you buy a house that is not in good condition then to generate revenue out of it would be a daunting task, as most rentals will hardly pay anything. Make sure that the building in which your apartment is located has followed all building codes.

These inspections are necessary so that you don't regret your decision after you rent out the property. These books also mention that how to advertise your rental property to attract tenants and make money from the investment. It is also necessary to hire a property manager once you buy the property and he or she will attend the problems that might be faced in your building. These books say that the property manager plays a crucial role if you are living out of town. Therefore, if you are in search of good rental properties then you must take the help of these guides for rental property investing.

Commercial Rental Property Investing

2008-10-11T17:30:00.003-07:00

Renting out houses, offices, buildings or other property in the form of investments for commercial purposes is known as Commercial rental property investing. In simpler words property rental can be stated as buying a house, office or building and then renting it to others to earn good returns. For most of the people Commercial rental property investing has become a lucrative business venture. The investment of properties for both commercial and non-commercial purpose fetches investors good amount of returns.

The income due to property rentals depends on several factors like the location of the property, the size of the office or the building etc. The major advantage of property investment is that every year the prices of the property are rising. There is never a downfall of prices, so the property owners are also increasing the rate by certain percentage every year.

Finding a right rental property that will suit your needs is a time consuming affair and it requires plenty of research. Following are some of the important tips, which will help you, find good investment property for commercial purposes:
* Before buying any rental property, you should consider the time factor. Before you rent out any property you should have the idea of how long you're going to rent it out. This will help you adjust the price with the dealer.
* Location also plays an important role in finding the property, you should find the location which will suit your requirements and needs. For example if you're planning to rent a building for office, you should see that it is near the distributor's place so that your employees do not find it too far away from their residence. Also, see to it that the rental is spacious enough for carrying out your business smoothly.
* You should take care that there are less or no noise problems in the neighborhood. Selecting a peaceful area plays an important role as it does not drive away the attention of your employees or distract your clients.
* For commercial purpose, it is better to select those places, which are not in poor condition with unfinished repairs. If so, the building or the office you rent may not leave a good impressions on your clients.
* You should take care that there is enough place for parking for your employees or clients vehicles. Go for those places that have provision for visitors' parking.
* You should see to it that there are enough outlets for electrical appliances, sufficient number of phone jacks. Also check if there are any internet connections available near the location.
* Fire safety and security should also be taken into consideration. You should also find out if there is any good renter's insurance policy available.
* Also, see to it that the washrooms and restrooms provided are clean and hygienic.
* You can opt for those rental properties, which are already well furnished. This will not only help you to save money for furniture but also attract clients.
* You can also find number of Commercial rental property investing agents nearby your locality, which will help you to select the perfect rental.

If you want to know in detail about the outcomes of commercial rental property investing and some useful tips for choosing an appropriate rental for commercial purposes, try to get in touch with experienced property agents or real estate solicitors.

Calculator For Rental Property Investing

2008-10-11T17:30:00.001-07:00

A calculator for rental property investing is used to evaluate the different options available while you consider investing in a rental property. This calculator is used to help screen rental applicants to help them understand how they can plant out their monthly payments or rents while taking into account both income and expenses.

The calculator for rental property investing will also tell you how much housing benefit and council tax benefit you should get. For example, if you are paying house rent on a monthly basis then this calculator can tell you whether it is feasible to purchase the house right away with the existing burden of paying monthly installments to the bank coupled with the saddle of monthly rent.

The result of the calculation is based on the number of assumptions and additional information. You will need to do some sensitivity analysis using a base set of best guess values and then changing some key variables like rent, capital growth and inflation rates, to judge the effect of these changes to these conditions. Some initial purchase costs need to take into consideration when you use a calculator for rental property investing. They are as follows :

* Land and building costs – This cost is found on the property valuation. You can also ask your real estate agent for assistance.
* Depreciation – For the purposes of the calculator for rental property investing depreciation is based on the opening tax value of buildings only.
* Chattels cost – This cost is also found on your property valuation. If you don't have a property valuation then you can ask your agent. Also, make a list of chattels and approximate second hand values. The calculators have a specific depreciation for chattels for tax purposes. Unlike the building the chattels wear out and therefore the calculator for rental property investing includes an annual payment equivalent to some 10% of the value of the original chattels for cash flow purposes. The percentage is subject to change,
* Legal fees(deductible) – These include all expenses that were incurred while arranging a mortgage and drawing up a tenancy agreement.
* Legal fees (non-deductible) – These are the legal costs involve in buying or selling a property that are not deductible. These costs are added with the cost of the property and capitalized in the calculator for rental property investing.
* Valuation and survey fees – These include the valuation, survey and building fees. These costs are also added to the cost of the property and are capitalized on the calculator for rental property investing.
In this way, even the mortgage has details that need to be considered in the calculator for rental property investing. You also need some ongoing information like your gross annual income, inflation rate, real capital growth rate, weekly rental, occupancy rate, property management fees, annual rates, maintenance, insurance and other expenses.

You also need to calculate the cash flow from the rental property investment so that you know whether the investment is a good one. In this way, you can see to your rental property investing in a good way. There are many calculators for rental property investing on the web that can help you to decide on a property that is profitable.

Advice For Rental Property Investing

2008-10-11T17:29:00.000-07:00

Rental property investing can be a good source of constant cash flow. In recent years, this kind of investment has become very popular as investing in the rental property is quite rewarding. If you want to be an investor in rental property and gain its fascinating benefits, then you need to get good advice for rental property investing.

Generally, you tend to invest your money in a property for three purposes such as cash flow, appreciation and for saving income tax. By investing in rental property, you can get all these benefits at the same time. If you seek advice for rental property investing, you will have to look across different categories of rental properties such as single family rental properties, multi-unit residential rental properties such as apartments, holiday homes and commercial rental properties including shopping centers and office buildings.

Rental property investment is not limited to just buying a house/building, giving it on rent, gaining the cash and relax. If you want to earn regular income for several coming years, you need to maintain the rental property very carefully. You can get expert advice for rental property investing from various resources such as local newspaper, local appraiser, local bank or mortgage company, county tax assessor and local multiple listing services.

Smart advice for rental property investing suggests that you should have enough information about basic principles of investing and need a significant research and decisions prior to initial purchase of rental property. The first important aspect in investing is to assess your financial situation and goals for profit. You should calculate money that you are planning to spend and whether it will be sufficient to cover the maintenance and other expenses so that your investment is not wasted. It is very essential for you to create and understand the model of cash flow from the rental property by considering the positive and negative factors which can affect the profitability of the rental property.

It is recommended by the experts that you should start with calculating the expenses that you may have to incur while investing in the rental property. These expenses may be operating expenses, depreciation and mortgage interest expense. Then you should calculate the interest on the mortgage loan. The operating expense may include property tax, insurance and repairs.

You may subtract these expenses from the amount that you are going to charge in the annual rent to get the taxable income. Multiply this rental property loss by the federal income tax rate which gives your deductible rental loss. Your expected cash flow from the rental property investment is addition of annual income and deductible income minus mortgage payments and operating expenses. If the cash flow is found to be an ever increasing figure, then your investment will be potentially successful.

While investing in the rental property, you should select a property that will appeal several people. Choosing an appealing, decent area is very important as most people wish to live in the well-maintained locality which is near the shopping centers, office and schools. While investing in lucrative rental property, you should think about significant financial planning for years ahead such as expenses of repairing, management of the property, emergencies and vacancies.

Buying Unfinished Homes

2008-09-13T20:25:00.002-07:00

Unfinished homes present a great way to save a lot of money and get yourself a new home in the process. If you buy an unfinished home, you can keep your monthly mortgage payment low and also lower your initial investment. You may also be able to buy a larger foundation size as well, which you can easily add on to and save money in the process.

Normally, unfinished starter homes leave the upstairs area unfinished. The question here, is just how much equity you want to put into an unfinished area. Sometimes though, an unfinished home may leave the roofing, framing, plumbing, or electrical aspects unfinished. Before you make a purchase, you should always decide how much money you have to finish what needs to be finished.

If the home you are looking at has plans for a garage, you can save thousands if you decide not to go with the garage. On the other hand, if there is another attached room that is planned to go onto the house, you can save just as much if you decide to forgo it. There are always ways that you can save money just by looking at the plans. Unfinished homes may have other planned on additions as well, in which you can save a lot of money just by leaving them out.

The is something that you should always keep in mind. When builders acquire a piece of property that they plan to build a home on, they will do everything they can do make as much money as possible on their homes. You might be able to get them to agree to some of these ideas, although they probably won’t agree to all of them. Building homes can be a very profitable business - which is why most companies like to build their homes exactly as the plans call for.

When looking at unfinished homes, you also need to look at what banks are willing to accept. If you are planning to get a mortgage, most banks will need to ensure that the home is up to local codes and in living condition. What this means, is that there will need to be a living room, bedroom, and other rooms finished. If the home is lacking quite a bit in terms of being unfinished, most banks won’t give you a mortgage.

Most banks are also known to turn down unfinished home mortgages that they feel will have trouble selling in the event that you default. Normally, the entire downstairs area will need to be finished, along with most of the landscaping. You might be able to do some of it yourself and save money, although in most cases the home builder will need to do a majority of the topsoil and grass just to satisfy the bank. Banks have strict requirements when it comes to unfinished homes, which is why you should always check with your bank before you invest in an unfinished home.

As most of us already know, buying an unfinished home provides an excellent way to get into the housing market and get your very own home. Unfinished homes also allow potential buyers the chance to grow into their home along with their family. If you are interested in saving money, you should be sure to talk to the builder. This way, you can go over the plans and decide what doesn’t need to be there. In most cases you can save a lot of money and still get a home that will provide years and years of memories for yourself and your entire family.

Home Shopping The Smart Way

2008-09-13T20:25:00.001-07:00

When shopping for a home, there are quite a few things that can snatch your attention. When you look at a home, it’s very easy to fall immediately in love with it. New homes are clean, decorated perfectly, and many are what you pictured in your dreams. If you don’t shop the smart way though, you’ll end up like many other home owners and find faults shortly after you move in.

When you look at your potentially new home, you’ll want to check and see if you can fit your furniture in the way you want. A lot of homes these days are configured so that the furniture will only fit in one position. Often times, this leaves a television or other device in a weird location, sometimes making your furniture nearly impossible to fit through the doors. This is surely something to bear in mind, as you certainly don’t want to have to buy entirely new furniture.

You’ll also want to be sure that you get the right home for yourself and your family. Even though you may be a young couple now, you may want to get a house with enough room in case you decide to have kids later on down the road. If you don’t get a big enough house and end up having to move, you’ll find that moving with kids is a hard task indeed. If you have babies when you move, you’ll find moving to be even more difficult.

Once your children start to leave home, you may want to look into getting a smaller house. The choice is entirely up to you, and what will work the best for your needs. Anytime you purchase a house though, you’ll want to think about the size of your new home and consider the future needs of your family as well. This way, you’ll have everything covered for years to come and won’t have to look into getting a new home.

You may also want to look at any extras as well. Things like a pool and a hot tub may be a great thing to have, although you should look into the money that regular maintenance will cost you as well. There are a lot of things that may be great to have along with your home, although you should always look at long term costs before you purchase.

Location is also something you’ll need to consider as well. Some prefer to live out in the country, while others prefer the city life. Some prefer to be close to stores and such, while others prefer to be miles and miles away. The location of a home is very important, and in most cases will have a big impact on the price. Living in the city will cost quite a bit of money, although a home out in the country can cost just as much if there is a lot of land included with the property.

Whenever you decide to buy a house, there is a lot of things that you’ll need to consider. Buying a home is no easy feat, with a lot of things you’ll need to decide on. If you give yourself enough time and plan out your budget and the type of home you want, you’ll have plenty of time to make that very important decision. You never want to rush the process, as you could end up with a home that is less than perfect. If you take your time and look at several different houses, you’ll end up in your dream home before you know it.

Tips For Buying An Overseas Vacation Home

2008-09-13T20:24:00.002-07:00

A majority of us have dreamed of owning an overseas home at home point in time. Owning a home overseas represents a different way of life, in a sun drenched tropical location that is teaming with activities and plenty of things to see. For many of us, owning real estate overseas is a dream that we all look forward to at some point in our lives.

If you have been considering buying a home in a foreign land, there are some things you should be aware of. Anytime you decide to buy a home in a far away land, there are traps and pitfalls that you need to be aware of. If you are aware of these pitfalls, you’ll go a long way in securing your home – safely and securely.

If you want to buy overseas real estate for the value, you should always keep in mind that real estate fluctuates – some months the value may go up, while other times it may go down. Not all countries have the same real estate economy, which makes it in your best interest to look into the economy before you buy a home. This way, if you are buying for the value, you’ll know whether or not your purchase will be profitable.

Legal systems are also something you should be aware of as well. Different countries do things differently, which is why you will need to look into the different legal systems before you decide on a property. The last thing you want is to purchase a home and find yourself totally unaware of how the proceedings go in the area you have chosen.

If you are buying your home to make some extra money, such as using it for a vacation or holiday home, you should always pay attention to the accessibility factor. If you plan to visit the home yourself for vacations, you’ll want to make sure that your property is easy to reach. If your property is hard to reach by automobile or plan, it will decrease in value and popularity over time. On the other hand, if your property is easy to access, it will be great for you and anyone else you decide to rent the property out to.

If you want the process to go as smooth as possible, you can always enlist the services of a real estate agent. Even though you may be buying an overseas home, a real estate agent will know the area and he can answer any questions you may have. Chances are that you aren’t familiar with most overseas areas, which makes a qualified real estate agent a very worthy investment. Your agent can also make recommendations based on what you are looking for – and show you the homes that you wouldn’t be able to locate without his services.

Termite Damage And Real Estate

2008-09-13T20:24:00.001-07:00

Termite damage, no matter how small it may be, is never good for a home. During a real estate inspection, if any termite damage is found, it will affect the outcome of the home. In most cases, the buyer is told that the seller will fix the problem. Although this may sound good to some buyers that the seller will treat for termites, other buyers often wonder.

Of course it’s nice that the seller will pay to have the termite problem treated, which will normally cost around $1,000 or so. Even though the termites will be gone, you have to wonder about the damage to the structure. In the more severe cases, damage to the structure can cost up to 50 times the cost of the treatment. The last thing you want is to move into a home that you know has been treated for termites, only to find the structure to be in very bad shape.

If any type of damage was done to the wooden structure of the home, you may need to get immediate repairs. While some damage may be visible, there are other types of damage that may seem invisible to the naked eye. To find out just how bad the damage is, carpets and rugs will need to be lifted, furniture and appliances moved, walls and ceilings will need to be opened, and even some types of excavation may be needed. This is the only way to tell the extent of the damages, especially in cases of termites. If you don’t inspect every area of the home, you could be moving into a home that has severe structural damage - which can cost you thousands to repair.

There could also be latent damage present as well. To determine this, you’ll need to have invasive and destructive testing performed on your home, which will performed by qualified contractors and specialists. This will help to determine the extent of the damage and the cost of any needed repairs. This can be very costly however, although it’s the only way to find and repair any latent damage.

Destructive and invasive testing can cost you an arm and a leg, although you’ll need to have it done if you suspect termites or know for a fact that the home was treated for them. To protect yourself, you should always get a treatment and repair history before you purchase the home. If you are renting the home, you’ll need get written documentation from the specialist that details the damage to the home and cost of repairs.

Before you buy a home, you should always have it checked for termites. There are a lot of termite inspection companies out there, many of which go above and beyond to check the home for any type of termite damage. You don’t want to buy a home only to find out that it has been infested with termites. If you have the proper inspections performed before you make the purchase, you’ll know for a fact that you don’t have to worry about termites or termite damage.

If the inspector or contractor doesn’t find any termite damage, you should always have it documented. This way, if termite damage does exist, you’ll have the documentation to back you up. Termites can be very destructive to your home, especially if you are looking towards a log home. Termites can destroy wood in little to no time at all, which is why you should always do what you can to have your home treated as soon as you suspect any type of damage. If you know a home has been infested with termites before - you should really make sure that the structure isn’t damaged and the termites are gone before you commit to buying.

Reasons To Stage Your Home For Sale

2008-09-13T20:23:00.002-07:00

If you’ve been thinking of selling your investment house or your home, you should make sure that you take full advantage of home staging trends. There are several advantages to home staging trends, which we will take a look at below.

One of the best things about staged homes is that they sell in less time. This is great news for sellers, as these types of homes will sell really fast. In most cases, you won’t have to worry about your home staying on the market for a long period of time. Research has shown that staged homes sell nearly 40% faster than other homes on the market.

Staged homes also sell for more money. Homes that have sat on the market for a long period of time will normally get lower offers due to the fact that home buyers will begin to think there is something wrong with the home. Staged homes on the other hand, don’t sit on the market for long at all. Once they are listed, they pretty much draw attention to themselves - resulting in a fast sale.

A staged exterior will also draw viewers. When home buyers first arrive at a home that is up for sale, they instantly make up their mind whether they should get out and look around, or drive off. If the yard is staged with flowers and the yard is manicured and properly taken care of, chances are that buyers will want to see more. If you entice your buyers by showing them how nice the home is outside, they will surely want to know what the home is like on the inside as well.

Once a buyer has stepped inside of the home, he will know within a matter of seconds whether or not he likes the home. To get the buyer’s attention, you’ll need to stage your home to the buyer’s liking. You don’t want the buyer to feel rushed or get the wrong impression, which is why you should always set the stage and entice the buyer to take his time and get a good look at the home.

Staging the living rooms and kitchens will also help to sell the home. Buyers love living rooms, which is why you should always make sure that the living room is the center piece of your home, and decorate it accordingly. Kitchens on the other hand, is where you should really go all out, decorating with fruit and such. You should always make sure that everything is in place as well. Buyers love to see homes that are ready to move into - and not ready to be worked on.

Staged homes will also attract more real estate agents and get more advertising as well. If a real estate agent loves your home, he will want to show it off. If you stage your home, chances are that real estate agents will eat it up. When they do, they will advertise your home more than others, just to get you some deserved attention. This way, you can benefit from a lot of exposure at absolutely no extra cost.

There’s no other way to look at it, other than staged homes sell. They attract more buyers, more real estate agents, and they give people the feeling of home. When you go out of your way to make the buyer feel that your home is his dream home, he will know it. Homes that aren’t staged may sell, although staged homes sell much faster and for more money. If you’ve been looking to sell your home, you should look into staging it and get the ball rolling in the right direction.

Buying Pre Foreclosures

2008-09-13T20:23:00.001-07:00

Pre foreclosures are known as properties that have reached the final stages before they get repossessed or taken back by the lender or bank. The owner is still in complete control of the property or home, although the bank or lender will repossess the home if the owner doesn’t attempt to rectify the situation. Normally, if the owner makes things right with payment, the pre foreclosure will settle and things will go back to normal.

When buying real estate, there are several benefits to pre foreclosures. Although there are several ways that you can buy a home, pre foreclosure is one of the best. Even though it is one of the best ways to buy property, many people miss out simply because they aren’t familiar with pre foreclosures and all of the benefits that come with them.

The best thing about pre foreclosures is the prices that are associated with them. In most cases, the owner has no choice but the sell the house, and therefore will listen to just about any offer that he receives. Due to this very reason, you can find pre foreclosures for sale at nearly 50% off market value. This is an ideal time to purchase, especially if you are looking to save a lot of money.

Along with the great prices you can get with pre foreclosures, you’ll also have the luxury of dealing directly with the owner - no third parties involved. This is a great advantage, with buyers being in total control of pre foreclosure sales. In the event that the home owner decides to turn down your offer and cannot find another buyer, he will lose everything. Even if you offer the owner a small price, he will be able to make a little bit of money selling the home.

You can find pre foreclosures that up for sale pretty much the same way that you can find homes in which the bank already has control of. You can look in the local newspaper, on the Internet, or by calling the lender directly. There are several options that you have in terms of finding pre foreclosures, giving you plenty of options. Once you have found a pre foreclosure for sale, it’s up to you to seal the deal and get the home of your dreams at a very affordable price.

When you compare foreclosed properties with pre foreclosed properties, you’ll find that there is less competition involved with pre foreclosures. Pre foreclosed homes are a great purchase, as they will normally come at a very affordable price. Those of you who have been looking for a new home shouldn’t hesitate to check out pre foreclosed properties. They are a great investment - and can indeed be very profitable in the long run.

Spanish Investors in Ciudad Vieja

2008-09-04T15:38:00.000-07:00

There’s a lot to draw you to Ciudad Vieja, the historic center of Montevideo, Uruguay. Tango clubs, where the singing and dancing goes on until sunrise, will compete for your attention with the symphony performing at the national theater. An open-air artisan market will hope to draw you from the high-end boutiques and art galleries, while tiny cafés—where old men sip cappuccino and argue world events—will be thriving a block from city’s best fine dining. The choices are many, varied, and wonderful.

Long-time readers will remember when we first started talking about Ciudad Vieja back in 2004, identifying the great potential in Uruguay’s capital city. Now, in 2008, the mainstream investor is catching on, and the opportunities are expanding dramatically. And not just for big-time investors, but for anyone who has more than $30,000 to work with.

Leading the pack of buyers are the Spanish, who are staging a virtual invasion. At this time, 50% of the total sales in Ciudad Vieja are to Spanish buyers, according to Isodoro Kosak, a real estate investor and owner of one of the city’s largest real estate companies.

What’s bringing them to Montevideo? The most important motivator is probably the declining real estate market in Spain, which is now forecast to last through 2010 according to a recent newspaper article in El País. Spanish investors are looking for a quality market in which to invest their capital. And they’re picking Montevideo because of its good geographic location and seaport, solid legal system, stable government and predictable “rules of the game.” And, of course, they’re also attracted by the huge inventory of restorable buildings in Ciudad Vieja, as well as the good city services and infrastructure.

But doesn’t this all sound familiar? Aren’t those the qualities we’re all looking for when we buy real estate? In fact, we’ve got a lot in common with the Spanish right now, given the declining real estate market in the U.S.

The name of the game in Ciudad Vieja right now is restoration projects. And the reason it’s a good time to invest is because the entry prices is low…but the cost of the finished product (after refurbishment) has risen substantially. The Spanish are buying primarily to sell into the luxury hotel market or the increasing demand for premium office space…but I personally prefer the opportunities found in restoring homes, condos, and small commercial spaces. Not because it’s a better investment necessarily, but because it suits my personal preference and budget.

Here are a few opportunities that are on the market today:

Kosak (mentioned above) is offering a 1,100-square-foot house with two bedrooms and one bath for an asking price of $30,000. He’s suggesting that it be refitted for use as a store or office. He’s also got a three-story house with a store on the first floor and apartments on the second and third. The asking price for this one is $70,000. For something a bit larger, he lists a house with 30 bedrooms, currently functioning as a hotel, for $150,000. For more info, see www.kosak.com.uy. Remember, these all need work.

Reynolds Properties has a number of buildings in this category, as well. (And Reynolds has an English-speaking staff.) For example, on Calle Cerito it has a three-bedroom, two-bath home selling for just $38,000. A six-bedroom home in the classic old architectural style of Montevideo is going for $145,000. An eight-room house with a marble hallway and terrace located just one block from the river is only $117,000. For more info, check out the site at www.uruguay-real-estate.com.

So whether you prefer opera or tango…the tiny café or the fine restaurant, you’ll find what you’re looking for in Ciudad Vieja. And it’s the same with properties. Whether you’d like to restore a grand, old hotel or fix up a small house to escape to during the North American winter, Ciudad Vieja will have something to offer you.

Lee Harrison
Roving Latin America Editor, International Living

Editor’s Note: Lee will be speaking at the Live and Invest Overseas Conference in Long Beach, California, Oct. 3–5, where he will tell you everything you need to know about living and investing in Uruguay. Follow this link for more information on this event.

Homeowners: Your Foreclosure Options Reviewed

2008-08-09T13:41:00.002-07:00

Are you a homeowner who is facing foreclosure? If so, you may be unsure as to what your options are. Now is the time to find out. Why? Because you may be surprised how many ways there are to avoid foreclosure. When foreclosure is avoided you can either retain your home, keep your credit in good standing, or do both.
When facing foreclosure, the first step you should take is to approach your bank. It is best if you do this before the issue of foreclosure arises. Once it does, it is still not too late to schedule a meeting with the chief loan officer at your bank. If you can prove that you intend to get your mortgage back in good standing or that your financial troubles are only temporary, your lender may hold off on foreclosure.
Even if your lender is willing to work with you, keeping your home may not be in your best interest. If you are having long-term financial hardships, it may be within your best interest to sell your home before it enters into foreclosure. When making this decision, you may want to talk to your lender. They may agree to allow you to proceed with a pre-foreclosure sale. In fact, they may hold off on the process of taking your home, giving you ample time to find a new buyer. When selling your home as a pre-foreclosure, your home can be listed as for sale by owner or through a professional realtor.
Even if you do not consider a pre-foreclosure sale to be an option, you should expect to hear from hopeful buyers. When you are delinquent on your mortgage, especially to the point of foreclosure, this information becomes public knowledge. Some buyers, namely professional investors, seek out those in trouble. Although having a stranger appear at your door or call offering to buy your home may be rude, it is a decision that you may want to give serious thought to.
Another option that you, as a homeowner, has during foreclosure to hire the services of an attorney. When doing so, see those with specialties in foreclosures or real estate. A lawyer can advise you on what steps to take. They can help you understand the pros and cons of pre-foreclosure sales. In some states, attorneys can use bankruptcy as a tactic to stop the foreclosure proceeding. Although not a long-term fix, it may buy you more time to make a decision. It is important to note that bankruptcy, by itself has a whole list of pros and cons.
Most states have what are known as redemption period laws. These are designed to protect homeowners. They give you a grace period to reclaim your home. If you can make good on your mortgage payment, the foreclosure proceedings will stop. States that have these laws often enable you to reclaim your property even after it has been sold at a foreclosure auction. This is provided that you act within the allotted time frame.
If you reside in a state where you are not given a grace period or a redemption period, you always have the option of buying your home again. Anyone can place a bid at a foreclosure auction. With that in mind, placing a bid and being the winning bidder are two different things. It often takes a significant amount of cash to reclaim your home. Your financial lender will also likely attend waiting to pounce. If the bids are not high enough, they will buy your home themselves. This is done to minimize their money lost. Later, your home will be available for sale as a REO (real estate owned) home.

Seeking Professional Foreclosure Assistance and Advice

2008-08-09T13:41:00.001-07:00

Are you one of the millions of homeowners who are now facing foreclosure? Unfortunately, the fact that you are not alone is not comforting. What may be comforting is the professional assistance that is available to you. In fact, many homeowners facing foreclosure are surprised to see what their options are. Many are also surprised to learn that help is even out there for them, but it is.
If you are facing foreclosure, the first thing you need to do is sit down and look at the situation. How far behind are you on your mortgage? Is there anyway that you can make an immediate payment? Chances are you don’t have the money just laying around or else you would have used it already. What you can however do is rely on the help of close friends and family members. If you owe a small amount, such as around $1,000, can you borrow the money and repay it in small increments?
Making timely payments on your mortgage is one of the best ways to stop foreclosure in its tracks, but that may not be an option for you. What you will want to refrain from doing is automatically tossing in the towel. Preparing to move is a step that should only be used as a last resort. First, talk to your bank. When doing so, be sure to make an appointment in person. Yes, it may be embarrassing to show your face at the bank when you owe money, but it is a step that you must take. Speak with the loan officer or even the bank president. Determine what they are willing to accept to keep you in your home. See if alternative payment arrangements can be made.
If you do not find success by speaking with your mortgage holder, your first step should involve contacting the United States Department of Housing and Urban Development (HUD). The purpose of HUD is to increase home ownership. They accomplish this goal by fighting discrimination against homeowners and by working to keep housing affordable. HUD is often considered the starting point for seeking help or avoiding foreclosure altogether. They will point you in the right direction.
As for which direction you will be pointed in, it depends. For starters, the state in which you reside in may have an impact on the professional assistance received. Each state has trained housing counselors that are knowledgeable on the laws, rules, and restrictions concerning foreclosure in their assigned state. Foreclosure counseling is usually offered for an affordable fee or free of charge. Due to the high rate of foreclosure scams, it is recommended that you only speak with a HUD approved housing counselor.
There is also special assistance for veterans. This includes active service members. The VA Loan Guaranty Program is designed to help eligible men and women buy homes. However, they are occasionally known to provide assistance to those facing foreclosure.
There are also times when legal representation or legal advice is recommended. Have you made payments that put your mortgage in good standing, but are still facing foreclosure? Are you not a homeowner, but a renter who is being threatened with eviction? If so, it is imperative that you seek legal advised. The United States Department of Housing and Urban Development (HUD) can connect you with affordable or pro bono lawyers in your area, namely those with a specialty in housing or foreclosures.
There is also the option of filing a complaint with your state’s Department of Consumer Affairs. This should be done if you feel as if you are being scammed or given the runaround. Do you suspect that your mortgage holder isn’t as reliable and dependable as they look? Have you fallen for a foreclosure scam? If so, file a complaint.
As you can see, there are numerous places that you can turn to seek professional foreclosure help and assistance. As a reminder, the best way to get started is with HUD.

How to Avoid and Stop Foreclosure on Your Home

2008-08-09T13:40:00.000-07:00

Are you a homeowner who is experiencing financial difficulties? If those difficulties are making it impossible to pay your mortgage, you may find yourself facing foreclosure. This is if you haven’t already been served with a foreclosure notice. Although it is difficult to associate foreclosures with good news, there is some. In some states, it is never really too late to stop foreclosure proceedings.
Before focusing on a few of the many ways that you can stop foreclosure in its tracks, it is important to touch on prevention. There are multiple ways that homeowners, just like you, can avoid foreclosure. At the first sign of financial trouble, homeowners should schedule a meeting with their lenders. Lenders do not want a home to enter into foreclosure, so many are willing to work with borrowers. The sooner you ask for help, the better your chances are for receiving it.
In addition to speaking with your financial lender, there are other steps that you can and should take. Did you lose your job? Whether you were laid off or fired, you need to start looking for work right away. In the time being, you may want to apply for part-time jobs. Of course, lenders want all of the money that they are owed, but some are willing to temporarily accept smaller payments. Selling a few of your valuables, prioritizing your spending, and eliminating unnecessary purchases can free up money that can and should be applied to your mortgage.
As for how you can stop foreclosure, the best chances of you doing so are in the pre-foreclosure stages. This is before the courts have approved the proceeding and ruled in favor of the mortgage lender. Until this point in time, you are still the resident and owner of the home in question. If you do not feel that you can come into money, either by getting a second job or a loan from those that you know, now is the time to try and sell your property. Many in your shoes will try to sell their homes independently, but you can benefit from the services of a professional real estate agent.
When selling your home, whether you do so independently or with a real estate agent, you will want your home to be reasonably priced. The better the price, the quicker your home will sell. With that said, do not lose money. You need to make sure that you have enough money to pay off your mortgage in full. Not only that, you need to examine your moving expenses. How much do you need to rent an apartment? What about moving costs or storage fees? Only sell your home when you are able to make a small profit, even if that profit will be spent to provide you with new shelter.
Even if your home is slated to be sold at an auction, know that you may be able to stop it from happening. Some states have redemption laws. They provide homeowner, like you, with a grace period. This period allows you to get your mortgage back in good standing. When you do so, the foreclosure proceedings will stop, even if an auction has already occurred.
As a last resort, you may want to schedule an appointment with an attorney that specializes in foreclosures and real estate. Many will suggest filing for bankruptcy. Some states offer protection to homeowners. This protection may excluded their home as an asset or at least temporarily stops the foreclose proceedings.

Homeowners: Steps to Help You Avoid Foreclosure

2008-08-09T13:39:00.002-07:00

Are you a homeowner who fears losing your home? If you are in the middle of a financial crisis, your fears may be founded. Before deciding to throw in the towel and let your home enter into foreclosure, there are some steps that you will first want to take.
For your convenience, a few of those practical and easy to implement steps are outlined below.
1 – Eliminate Unnecessary Purchases
If you have yet to receive a foreclosure notice or warning from your financial lender, now is the time to start saving money. Eliminating unnecessary purchases is the best way to do so. In addition to eliminating extras, such as a cup of coffee on the way to work each morning, look at your utilities. Can you lower the package for your telephone, internet, or television? If so, do so.
All money that you save should either be applied towards your mortgage or saved for when you approach your lender.
2 – Get a Second, Part-Time Job
If you are already on a limited spending budget, eliminating unnecessary purchases can only go so far. For many homeowners, a second job is required. Yes it may be hard being an office manager by day and a grocery store clerk by night, but you must do what you can to save your home. The good news is that this job does not have to be permanent, but just until you get on your feet.
3 – Sell Your Assets
If you are unable to have a second job, such as if you are a single parent, you should start examining the valuable assets in your home. Do you have an extra vehicle that just sits in your driveway? Do you have jewelry you can sell? If so, do it. If you are in serious need of money, consider hosting a yard sale. This allows you to sell and profit from items that aren’t valuable, but still buyable.
4 – Schedule an Appointment with Your Financial Lender
When you know you will have a problem making your mortgage payment or when you receive foreclosure warnings, approach your lender. Surprisingly, they may be able to work with you. In most cases, banks want to avoid foreclosures just as bad.
Bring the money that you saved in the above mentioned steps with you to your meeting. Use it as proof that you are serious about keeping your home. When you show drive and determination, your lender is more likely to work with you. This may include reworking your loan to give you more affordable monthly payments.
5 – Consider a Pre-Foreclosure Sale
If your financial lender is unable to help or if you still can’t meet their requirements, do not wait for foreclosure to happen. You will still lose your home, but you should be able to retain your credit rating with the sale of it. You will use the money to payoff your mortgage in full. Depending on the selling price, you may make a small profit.
As you can see, there are a number of steps that you can take to avoid foreclosure on your home. These steps are the easiest and most practical for homeowners, just like you. For expert advice, schedule an appointment with a housing counselor approved by HUD or with an attorney that specializes in real estate foreclosures.

Homeowners and Foreclosure: When to Seek Help

2008-08-09T13:39:00.001-07:00

Are you a homeowner who is experiencing financial difficulties? If so, foreclosure should be a concern of yours. Unfortunately, many homeowners believe that foreclosure will go away. Yes, many truly know this will not happen, but some do convince themselves that the best thing is to do nothing. Do not make this mistake. To protect your credit and your home, you need to know when and where to seek help.
Today’s economy is hurting many companies, such as those in the auto industry. For that reason, many employees are finding themselves laid off. If this happens to you, you need to seek help immediately. That help should come from your mortgage lender. This is important because even if you are able to draw unemployment, there is often a waiting period. Let your lender know that you will be unable to make a full payment for the next month. Be sure to state that you intend to either find a job or use your unemployment check for your mortgage.
Another issue that should be discussed with your mortgage lender is injury. Are you injured and can’t work? Whether you will receive disability or worker’s compensation, there is a waiting period. In fact, this waiting period may take up to six weeks or more! In this time frame, you may miss one or two mortgage payments. Do not let your mortgage lender get the wrong impression. If you will be able to return to work in a few months, bring proof. Have a notice from your doctor, as well as from your employer. When a mortgage lender can see that you will be returning to work and your previous financial status soon, they should be more willing to work out a temporary payment plan with you.
In addition to speaking with your financial lender, advice can be sought from a real estate agent. If you are facing long-term financial problems, as opposed to short-term, it may be within your best interest to sell your home before you are faced with foreclosure. Depending on the value of your home, the realtor you hire, and the amount you owe on your mortgage, this is a sale that you may be able to profit from. At the very least, get enough money to pay your mortgage in full and relocate.
Once your home is in the stages of foreclosure, a lawyer is usually the only professional who can get you out. With that said, lawyers are faced with limited options once foreclosure has begun. They may be able to stop the proceedings by having filing for bankruptcy. Action can be taken if you and your attorney can prove that your mortgage lender discriminated against you or took illegal actions. Otherwise, it may be time to start looking for a new home.
Speaking of relocating, many homeowners don’t know what to do or where to go. This is despite the fact that many saw foreclosure coming from a mile away. What you will want to do is contact the United States Department of Housing and Urban Development (HUD). Their mission is to make sure that all Americans have access to safe and affordable housing. You can speak to a HUD approved housing counseling who can help you review your options.
As you can see, you don’t and shouldn’t have to face foreclosure alone. No matter what stage in the process you are at, there are professionals who can help.

Foreclosures: When to Consult an Attorney

2008-08-09T13:38:00.004-07:00

In the United States, foreclosures are hitting an all-time high. What does this mean? It means that you may be impacted, if you haven’t already been. When it comes to foreclosures, many homeowners and renters do not know where to turn. There may come a point in time when you need to consult with or hire an attorney.
Most media attention surrounding foreclosures is focused on the property owner. Yes, many of the individuals facing foreclosure are owners of single-family homes that they live in, but not always. A large number of rental property owners are finding themselves in foreclosure. As a renter, you may be curious as to what your rights are. If you want professional assistance, an attorney should be contacted.
In keeping with renters facing eviction due to foreclosure, proper notice must be given. Regardless of who is trying to have you evicted, whether it be the bank or the new property owner, proper notification is a must. In most states, a written, legal eviction notice is needed. Depending on your state, you may be given up to a month or more to move. Generally, you will not be expected to move out overnight. Also, until an eviction notice has been served, you cannot have your belongings moved from your apartment or have your utilities shut off. If this occurs, contact an attorney right away.
If you are a homeowner facing foreclosure, it may be in your best interest to consult with an attorney right away. As soon as your bank issues intent of foreclosure, it is best to explore your legal options. Remember, however, that you may want to work out an agreement with your financial lender, as they too want to avoid foreclosure.
One of the many reasons why you are encouraged to contact a lawyer, namely one who specializes in foreclosure, is because they have legal tricks up their sleeve. A lawyer can help you stop foreclosure proceedings in their tracks. One of the ways that this is done is by declaring bankruptcy. Bankruptcy can temporarily put a hold on foreclosure proceedings. In some states, homeowners can receive protection when filing for bankruptcy, meaning that their home cannot be touched. Since there are various rules and restrictions concerning this exemption, professional legal advice is recommended.
Unfortunately, another issue that homeowners facing foreclosure have to deal with are foreclosure scams. There are individuals and companies out there who claim to be professionals who can help you get back on track. They may offer to buy your home or and draft up a new mortgage for you. Many times though, homeowners end up paying more money than before. Do not let yourself become a victim and if you do, contact an attorney immediately.
Better yet, companies implementing the above mentioned foreclosure scams will require that you sign documents, which may essentially turn over ownership to them. Never sign anything without reading it yourself, but have an attorney take a look as well. When doing so, do not use the lawyer recommended to you. Instead, choose a lawyer that is locally based and well-known and trusted throughout your community. Ask those that you know for recommendations or find ratings and reviews online.
As previously stated, you may want to contact an attorney who specializes in foreclosures as soon as you spot trouble on the horizon. This is important, as even the best lawyers have their hands tied when the foreclosure proceedings actually start. Remember that a warning of intend to start foreclosure, does not mean that the process has already started. That is why it is vital that you seek professional advice as soon as possible.
In short, a lawyer specializing in foreclosures can provide legal assistance to both renters and homeowners. Don’t let yourself fall victim to foreclosure scams or get taken advantage of by your financial lender or landlord; be sure to seek legal help and do it fast.

Foreclosures: When to Accept Your Fate

2008-08-09T13:38:00.003-07:00

Millions of homeowner are currently in danger of losing their homes. Why? Because of foreclosure. Due to the high unemployment rate, poor job outlook, rising fuel and food costs, many homeowners just can’t afford their homes anymore. If you find yourself in this situation, you may be unsure as to what you should do.
One of the most common questions asked by those facing foreclosure is when you should just accept your fate. In all honesty, this is a step that most homeowners are advised against taking. Before deciding to give up on your home and move, it is important to know and familiarize yourself with your options. First, know that there is help for you. This help can come from an attorney specializing in real estate or foreclosures, a HUD approved housing counselor, or even your financial lender.
If you are a homeowner, foreclosure should not come as a surprise to you. You will receive numerous phone calls and letters from your financial lender, even before the foreclosure process begins. If you intend to act, now is the time to do so. If you are faced with only temporary financial hardships, such as an injury that will keep you out of work for three months, speak to your lender. They may be willing to workout a temporary payment plan with you. This plan may result in short-term lower payments. Remember, the sooner you act, the better your chances are. Lenders are less likely to work with you when you already owe them a large amount of money.
As it was previously stated, you may want to seek help from an attorney that specializes in foreclosures. Many are familiar with steps that you can take to stop your bank from foreclosing on your property. One of those steps may involve declaring bankruptcy. In some states, this is enough to cause a bank to hold off on the process of foreclosure. Also, an experienced lawyer may make it so that your home cannot be touched during bankruptcy.
Regardless of which action you decide to take, you should do so with the assistance of a trusted professional. However, it is important to make sure that you seek that assistance in a timely matter. For example, in some states foreclosure proceedings cannot be stopped once they have started. That is why as soon as you notice financial problems or receive an intent to file foreclosure notice from your lender, you need to act and fast.
Once the foreclosure proceedings have started, like when you see your property listed for sale online or in the newspaper under foreclosure auctions, you may need to start accepting your fate. Many of your friends and family members will encourage you to stay and fight, but you may suffer legal consequences for doing so. Banks and new property owners can legally have you evicted from your home and you will need to move.
This is also the point in time when many homeowners are thinking of ways to stay in their home. Renters are encouraged to speak to the new property owner to see if they can continue renting and living in the rental unit. This approach often works for renters, but it is unlikely to work for you. If your home is a single-family home, it will likely be lived in, not used as a rental property. Although you can ask or even beg to stay in the home, you may want to start getting your belongings and finances in order.
Rental apartments usually require security deposits. Make sure you can afford this required deposit. Look into other fees and expenses, such as the cost of renting a moving van. Start looking for affordable apartments or make arrangement with friends or family members right away. If you are not prepared or choose to ignore your eviction notice, you may, literarily, find yourself out on the street, if not in jail.

Foreclosures: How to Get Your Lender to Help

2008-08-09T13:38:00.001-07:00

When homeowners are facing foreclosure, the mortgage lenders often become referred to as evil, heartless people. While this anger in understandable, it could be in the way of you keeping your home. Unless you foresee having financial problems for years to come, you will want to make nice with your financial lender. After all, they may be able to provide you with an alternative. This alternative can keep your home out of foreclosure or stop the current process right in its tracks.
The first step in getting your lender to work with you, to avoid foreclosure, is speaking with them. You will get nowhere by avoiding them. Whenever you receive a warning or an intent of foreclosure notice or a phone call, start making plans to contact your lender. While you may want to head straight to your local bank branch, you may want to take a few hours or a day to reflect on the situation. This will allow you to develop a plan of action, a plan of action that will be successful.
Before meeting with an official at your bank, it is important to know what you will say and how you will say it. This is key to keeping your home out of foreclosure. Although financial lenders want to avoid foreclosures at all costs, they don’t want to keep on losing money. Lenders are usually unwilling to work with those who don’t show true interest in rectifying the situation. That is why a plan of action is required.
As for that plan of action, collect as much information as you can about your current financial situation and the cause of it. For example, are you currently laid off, but looking for a new job? Take your updated resume to with you. It can help to show that you are actively looking for a job and trying to save your home. Let them know of any upcoming interviews you may have scheduled as well.
If you are out of work due to an injury and that injury is only temporary, get notices from your doctor and your place of employment. This will prove to your lender that you still have a job waiting for you and will be able to return to work soon. Proving that you do intend to make your mortgage payment in full and as soon is possible is key to avoiding foreclosure or stopping it.
Next, it is important to consider your appearance and your attitude. Starting with your appearance, it is important to walk into the bank with your head held high. You will also want to dress professionally. Women should wear dresses or pantsuits. For men, pantsuits are also recommended. Avoid casual clothing. For many financial lenders, a borrower who carries himself or herself in a professional manner shows responsibility. Responsibility is another important key to getting your lender to work with you.
As for your attitude, make sure that you don’t have one. As previously stated, financial lenders often become the bad guys when foreclosure is threatened or when the process gets started. No matter how angry you are with your lender, do not let your anger show.
If you learn that your financial lender is willing to work with you, to help you avoid foreclosure, they may offer their own suggestions. You can take these suggestions, but don’t get in over your head. Reduced mortgage payments are nice, even if they are only temporary, but make sure that you can pay them. If a strict deadline is set for the return of the originally agreed upon payments, make sure you can make those payments too. If not, the whole foreclosure warning process will start again.
In short, always approach your financial lender if you suspect foreclosure is on the horizon or as soon as the proceedings start. Since lenders lose money on foreclosed properties, they want to avoid foreclosure just as much as you do.

Foreclosures and Renters: What Are Your Rights?

2008-08-09T13:37:00.003-07:00

When you hear about foreclosures on the news or read about foreclosures in the newspaper, you will see that most of the attention is placed on the homeowner in trouble. Unfortunately, it seems as if renters have simply just been forgotten. That doesn’t, however, mean that they are exempt from foreclosure related evictions. If you are a tenant of a rental property, foreclosure should be a concerned of yours.
The most common fear of renters is coming home to a sign on the door stating that they must be out within twenty-four hours. Typically, this will not happen. Many states have laws that are designed to prevent this from happening. Although it does vary, depending on the state, banks are usually required to post foreclosure notices on the building within twenty days. These are notices that you should be able to spot.
Another way that you can know if your rental unit is headed for foreclosure is by regularly examining listings. These foreclosure listings are easy to find online. Properties in foreclosure should also be listed and be available for viewing in your local city, town, or village offices. Although you may want to refrain from outright asking your landlord if he or she is facing foreclosure, especially if no signs are showing, it may help to calm your fears.
Even if your building is being foreclosed on, you may not necessarily have to start packing your bags. Some states make it so that your lease trumps the foreclosure. This protection often occurs when a new owner is unable to afford their mortgage. For example, is your one or two year lease with the previous owners? If you entered into the rental agreement before the mortgage in question was obtained, the buyer of the foreclosed property may have to honor your lease.
Renters are also provided with a small amount of foreclosure protection when they rent from a rent stabilized unit or when they are a part of a federal housing program. In many states, those on Section 8 cannot be evicted from the rental unit without reasonable cause, even when ownership is transferred. Some states and local governments also state that foreclosure is not a good enough reason to evict those in rent stabilized housing units. Since these exemptions vary depending on local and state governments, be sure to verify this information ahead of time.
Although you may be offered some protection as a renter, the new owner of your property may have other plans. Know that you cannot be threatened or forcefully removed from the premises until a proper eviction notice has been served. In most areas, this is not something that just happens overnight, so you should have some notice. Until that time arrives, you should not have your locked changed, have your belongings moved from the premises or have your utilities shut off. In the event this does happen, contact the authorities and a lawyer. In the event your utilities are shut off, the health department can and should be notified.
Another concern that renters have, concerning foreclosure evictions, is their security deposit. Since most rental properties require the payment of a security deposit, those forced to move unexpectedly are often left in a pinch. In all honesty, it doesn’t matter how well clean or cared for you kept the rental unit, you may have difficulty recouping your security deposit. New owners are often exempt by law from having to pay it. You can sue the previous owner, your last landlord, but this process can be time consuming and costly.
As you can see, you do have multiple options when facing foreclosure, as a renter. For more assistance, you will want to consult with a housing counselor that is approved by HUD (The United States Department of Housing and Urban Development) or a lawyer. If and when you consult with a lawyer, select one that has experience handling legal matters that concern housing and tenant rights.

Foreclosures and Moving: What to Do

2008-08-09T13:37:00.001-07:00

Are you a homeowner who has been receiving multiple phone calls and letters from your mortgage holder? If so, are you facing foreclosure? Many homeowners say that they are surprised to be facing foreclosure. With that said, the telltale signs are often there. Most reputable financial lenders, including locally owned and operated banks, will do just about anything to keep borrowers in their homes. Unfortunately, this is an important point that many either do not know or just do not take into consideration.
If you are a homeowner who has received an intent to foreclose notice, you may want to start packing your bags right away. Yes, this does sound like the most logically step to take, but it isn’t your only option. As a reminder, financial lenders want to keep borrowers in their homes, especially those that are only facing temporary financial hardships. That is just one of the many reasons why you should pick up the phone and schedule a meeting in person with the bank’s chief loan officer.
Before your property enters into foreclosure, homeowners are also encouraged to try and sell their property. In some states, the process of foreclosing on a home and it acquiring a new owner can take up to 120 days. This does leave you room to try to find a new buyer. You may have nothing to lose by placing a for sale sign in your yard or by placing advertisements in your local newspaper. You may even want to use the assistance of a professional real estate agent.
When trying to sell your home at the last minute, there are some important steps that you must to take. If you want to sell your home at any costs, remember that you still need enough money to payoff your current mortgage. For example, if you owe $50,000 on your mortgage, you cannot sell your home for $45,000. It is also important to take your moving and living expenses into consideration. Make sure that you walk away with enough money to help you find a new home, even if it only involves renting an apartment.
As it was previously stated, the entire process of foreclosing on a property can take up to 120 days or more in some states. Instead of moving right away, you can use this time to try and make good on your outstanding mortgage. Consider selling your valuables or getting a second job. At the very least, stay in the home and save as much money as you can. Remember, you need to have access to some money to move and rent a new apartment.
There are also a select number of states who give foreclosed property owners time to essentially reclaim their home. These laws are referred to as redemption period laws. If your state has these laws in place, you may not even be required to move right away after your home is sold at a foreclosure auction. With that said, if you not anticipate being able to re-buy your home or get your mortgage in good standing, you should start making arrangements to leave the property.
As for when you do move, there are a number of important steps you will want to take. First, remove all of your belongings from the home in a timely matter. After a set period of time, you may lose ownership of these items due to abandonment. Losing your home to foreclosure can be a stressful, frustrating, and maddening experience. No matter how mad or upset you are, no good can come from “trashing,” the property before you leave. In fact, you may face legal repercussions for doing so. Be sure to leave with your head held high.
As a reminder, foreclosure laws and the rights that homeowners have vary by state. Before you pack up and leave your home it is important to review these laws or speak with an expert.

Foreclosure: Your Options As a Renter

2008-08-09T13:36:00.002-07:00

Are you a renter who is concerned with foreclosure? With the recent media attention it has received, you may be and with good reason. Although many renters are blindsided by a foreclosure eviction notice, others may have seen the signs coming. Whichever side of the fence you are on, it is important to know what your options are.
One of the most common decisions made by renters who have either been served with a foreclosure notice or see it coming is to throw in the towel and move. Many decide this is the safest and easiest approach to take. With that said, know that you may face a number of obstacles. Unless your landlord has received a foreclosure notice, they do not need to let you out of your lease. If this happens, you legally need to continue paying rent.
Next, you may find it difficult or impossible to retrieve your security deposit. This may be a problem if you weren’t anticipating to move, as you may not have the funds needed to pay a new security deposit on a new property. This doesn’t mean that you will be left homeless or put out on the street. Remember that you don’t have to move until you receive a legal eviction notice. Next, talk to prospective landlords about your situation. If your current landlord can vouch that you do make on time payments, you may be able to make your security deposit in affordable installments.
As previously stated, you do not legally have to move from your rental unit until you have received an eviction notice. For that reason, many renters, especially those who were unprepared, make the decision to stay and stand their ground. If you want to do this, know that you may face some resistance from the bank or new property owner. With that said, until you receive an eviction notice, you cannot be forcefully removed from the property, your utilities cannot be shut off, and the locks cannot be changed on you.
Another option that you have is to approach the financial lender in question. Your best luck is when dealing with either a locally owned or operated bank. When dong so, you will have two different options. Ask to stay in the home or rental unit. Unfortunately, some banks will automatically start the eviction process as soon as a property enters into foreclosure. This is party due to fear that the property will not promptly sell. Many banks don’t want the hassle or liability of having to deal with a renter. If you are a long-term renter, plead your case, which should include prompt and on time rent payments.
Next, you can offer to buy the property. Even if you aren’t in the best financial standing or if you are unprepared to make the often required down payment, the lender may be willing to work with you. Once again, your chances improve when dealing with a locally owned or operated bank. If you are a long-term renter and can prove that you have made consistent on time rent payments, have the money needed to pay for a mortgage or home loan, the lender in question may be able to work with you. After all, they want to sell the property and recoup their lost money as quickly as possible.
Although some banks will start the eviction process right away, others will not. This is normally when they believe they can sell the home quickly, like in an auction. If this occurs, you may want to wait and workout an agreement with the new owner. If you are in an apartment complex or a multi-family home, your chances of being able to stay are pretty good. However, if you rent a single family home, the new buyer may intend to move him or herself in.
As an important reminder, you can always throw in the towel and start preparing to move when your rental unit is facing foreclosure, but you don’t have to. As a renter, you have a number of legal rights, as well as options.

Foreclosure Scams: How to Avoid Them

2008-08-09T13:36:00.001-07:00

Are you a homeowner who is facing foreclosure? If you are, you may literally be desperate. You may try anything to save your home. Of course, you are urged to do so, but it is important to not let desperation get in the way. Homeowners who do often find themselves the victims of a foreclosure scam.
When it comes to foreclosure scams, the best way to protect yourself is to know what to look for. Although foreclosure scams come in a number of different formats, many are easy to spot.
One type of scam that you will be on the lookout for is when an individual or a company approaches you offering to help. When doing so, they will offer to provide you with a loan. The only problem is that a loan is not what you may be getting. The documents you sign may actually turn over ownership to the individual or company in question. However, you often end up agreeing to rent the property at a very high rate. When you cannot afford to make those payments, you will be evicted from a home that you no longer own.
Another foreclosure scam involves having an individual or company coming to your rescue. They will offer to negotiate with your lender for you. During this period, you are asked to pay the individual or company in question, which may be referred to as a rescuer. The only problem is that individual or company isn’t in contact with your mortgage lender at all. What they are doing is pocketing your money and you will still end up facing foreclosure.
Similar to the foreclosure scam listed above is one that involves strong-arming your home from you. In this aspect, the individual or company in question isn’t necessarily after your money, but more your property. They will instruct you not to contact anyone for help, aside from them. You are instructed not to speak with a lawyer, not to talk to or make payments to your mortgage company, and so forth. Right before the foreclosure proceedings start, the scammer will then take every step possible to get your home.
One mistake that you will not want to make, concerning foreclosure scams is believing that the individual in front of you is different. Desperation and despair can cloud one’s judgment. If you are presented with a contract or legal document to sign, do not do so until you can have it reviewed by an attorney. Be sure to choose your own attorney. Do not rely on the advice of an attorney suggested to you, as they may be in on the scam, if they are even a real attorney to begin with.
The three above mentioned foreclosure scams are just a few that you may run into, but they do have the potential to cause the most damage and the most heartbreak. The good news is you now know what to look for. This means you can avoid falling victim to these types of scams. As a word to the wise, never agree to do business with someone who approaches you. A reputable lawyer or housing advisor will wait for you to come to them. No one who comes knocking on your doorstep is likely to have your best interests at heart.
As a recap, foreclosure scams are out there. Typically, the only way for you to legally avoid foreclosure to speak with an attorney or to make arrangements with your financial lender.

Foreclosure: How and Why You Should Talk to Your Bank

2008-08-09T13:35:00.003-07:00

Are you homeowner who is facing foreclosure? If you are, your first thought may be to start packing. Yes, this is the only choice for some in foreclosure, but that doesn’t mean it is yours. Before you throw in the towel, make an appointment in person to speak with your financial lender. You may be surprised how much help, assistance, or advice you may receive when doing so.
First and foremost, it is important to know that banks and other financial lenders are not evil. It may sound silly, but this is how many homeowners feel when facing foreclosure. Many want to know how another human being can force them to leave their own home. In the heat of the moment, many do not realize that banks want to avoid foreclosures just as much as homeowners do. Financial lenders often lose money on foreclosure properties. That is why it is imperative that you schedule an in person meeting with your lender.
As nice as it is to know that you should meet with your financial lender when you feel that you are facing foreclosure or know for sure that it is looming, you may be unsure how to proceed. For starters, many homeowners want to know when the discussion should start. In all honesty, it should start as soon as you know that you will miss a mortgage payment. It is best not to wait until the foreclosure process starts. If you can make payment, but need to do so a few weeks late, be sure to make your actions known. This will prevent your lender from even considering foreclosure right away.
One of the many reasons why homeowners are facing foreclosure is because of the job market. Long-term employees are now finding themselves standing in the unemployment line. If you are laid off from your job, schedule a meeting with your mortgage holder immediately. They may be walling to work with you, provided you will be taking proactive steps to find a new job. Often times, you may find your monthly mortgages payments temporarily reduced.
When your home enters into foreclosure, you will see signs posted on the building. With that said, this is not the first notice that you will receive. As a reminder, banks want to avoid foreclosure just as much as you do. That is why they will likely call and send regular notices to your home. As embarrassing as it may be to admit that you cannot make your mortgage payments, it is important to answer the phone. Remember, your bank may be willing to work with you and create a temporary payment plan. This is often the case when you can prove your financial hardships are only temporary. For example, are you temporarily unable to work due to an injury? Were you laid off, but looking for a new job? If so, make it known.
It is also important to determine how much you need to pay to stop the foreclosure proceedings in their tracks. Since banks want to avoid foreclosure, they may accept a portion of the money that you owe. With that said, this is where you need to proceed with caution. If the bank requires full payment the following month, make sure you can make that payment in full. If not, the process will simply just restart from the beginning all over again.
When discussing your options with your bank, it is important to do so in person. You will want to show your lender that you intend to get back on track financially, but this is difficult to prove over the phone. Walk into the bank with your head held high, dress professional, and be very confident. You need to prove to your lender that the words coming out of your mouth are true. Just because you say you are looking for a new job, it doesn’t mean that you are.

Foreclosure: Can It Be Stopped?

2008-08-09T13:35:00.001-07:00

Are you a homeowner who has been ignoring the warning letters and telephone calls from your bank? If you are, you may find yourself in the middle of a foreclosure crisis. At this point in time, fear may automatically set in. What will you do? Where you will live? Can you afford to move? Before you let fear take over, it is important to know that foreclosures can be stopped. Although this process is not easy, it can be done.
It is advised that you speak with your financial lender as soon as you find yourself experiencing financial difficulties. For example, when you get laid off or fired from your job, schedule an appointment to meet with your lender and develop a plan, before any problems arise. At the very least, communication should be made when you start receive intent to foreclosure notices. Even if you have a sign on your home stating that the foreclosure process has officially begun, you can still talk to your financial lender. In this instance, the sooner you do so the better.
As for why you should talk to your financial lender, even at the last minute, they want to avoid foreclosure as much as you do. Often times, lenders lose a considerable amount of money on the sale of foreclosure homes. If you can prove that your financial troubles are only temporary, your lender may give you a reprieve. They may stop the foreclosure proceedings for you. As for what can lead to this, you or your spouse getting a second job can help.
If you are dealing with a locally owned and operated bank, which you have been a loyal customer of, it is important to outright ask what can be done. Offer suggestions yourself, if you do not receive them. Could you continue making all future mortgage payments on time, but develop a payment plan for your past due amount? Can you only pay interest for the time being? Can you be given time to sell your home, as opposed to simply just losing it? These are all important questions that you should ask.
Another way that foreclosures can be stopped, in most states, is with a declaration of bankruptcy. However, this step is one that should not be made on a whim. It is first important to meet with an attorney specializing in bankruptcy. If you file for bankruptcy will the foreclosure proceedings stop? Can you make it so that your home is not considered an asset in bankruptcy proceedings? If so, this is the avenue that you may want to take. However, since bankruptcy can negatively influence your credit, it should only be used as a last resort.
Before you take any action with the hopes of stopping foreclosure, you need to closely examine the situation at hand. For starters, would you like to get out from under your property? If it is a money-pit that needs constant repairs, it might just be easier to go the route of foreclosure or even outright allow your bank to sell the property. If you want to keep your home, make sure that you can honestly do so. It is recommended that you take forty percent of your income and apply that towards your living expenses, this includes mortgages and taxes. If this isn’t possible for you to do, the avoidance of foreclosure now may result in the process starting again in a few months.

Facing Foreclosure: How to Find Advice Online

2008-08-09T13:34:00.003-07:00

If you are a homeowner who is on the brink of foreclosure or if your lender has already started the proceedings, you may not know where to turn. If you are limited on financial resources you may be unable to hire a lawyer to provide you with expert advice. Although nothing is better than professional help, you can turn to the internet.
When using the internet to find advice about foreclosure or to learn what your rights as a homeowner are, visit the website of your state. This should be the official website. Perform a search on the site for information on foreclosures. You should be provided with information on foreclosure laws in your state of residence, as well as detailed information on the process works. This information may also be available from other sources online, but you know the information is accurate and up-to-date when you get it directly from the source.
Another type of website that you may want to checkout is that of foreclosure attorneys or those who specialize in real estate. Many lawyers will share important foreclosure information and tips on their websites, available to you free of charge. For example, a current search of foreclosure attorneys will tell you that in some states foreclosure can be stopped right in its tracks when bankruptcy is declared. Although not all attorneys are willing to divulge all of their secrets, you may be surprised how much information you can find online.
The internet can also be used to help you find and hire a lawyer. As previously stated, those facing foreclosure don’t always have the financial resources needed to hire a lawyer, but there are ways around this. Some lawyers will accept cases pro bono and others will work out a payment agreement with you. As for when you should hire an attorney, you should do so if you fall victim to a foreclosure scam or if you believe that your lender is treating you unfairly and illegally. As a reminder, lawyers specializing in real estate and foreclosures are recommended.
Credit counseling websites are another resource that you can find available online. This is a controversial and sometimes risky approach, but help may be out there for you. Some credit counseling companies may try to work with your lender for you. This may result in more affordable monthly mortgage payments for you. With that in mind, there are many scams that surround these companies, even those that claim to be non-profit organizations. For that reason, do the proper amount of research online first or check with the Better Business Bureau (BBB).
The website for the United States Department of Housing and Urban Development (HUD) should be visited as well. There you will find a lot of information that is not only from a reliable source, but accurate. This website can be found at HUD.gov. There, you can not only review your options before, during, and after foreclosure, but you can be connected to valuable resources, including a HUD approved housing counselor.
Also online, you will find a number of websites that are operated by individuals just like yourself. Many have dealt with foreclosures firsthand, some came out on top, while others didn’t. These types of websites can be used to provide you with valuable resources, as well as support. Hearing how to deal with foreclosure firsthand, through someone who has been there before, may be a source of comfort for you.

Facing Foreclosure: Where You Can Turn

2008-08-09T13:34:00.001-07:00

Are you facing foreclosure? If you have received an intent to foreclose notice from your bank, you may be feeling a wide array of emotions. These emotions may include fear, anger, and sadness. Regardless of how you feel about the situation, now is the time to take action. Depending on how soon you act, as well as what steps you take, you may be able to avoid foreclosure.
When facing foreclosure, one of the first places you should turn to is that of the United States Department of Housing and Urban Development, also known as HUD. There you will find experts who can help to point you in the right direction. One direction that you may be pointed to is that of a HUD approved housing counselor. A HUD approved housing counselor can give you tips on how to avoid foreclosure. However, if you have reached the point where foreclosure cannot be stopped, assistance on picking up the pieces and finding a new home will be provided.
Another professional that homeowners facing foreclosure should turn is to that of an attorney. Should you decide to contact an attorney for legal advice, it is vital that you select one who has experience dealing with real estate and foreclosure cases. As for how a lawyer can help you, they may be able to stop the foreclosure process. There are a number of ways this can be accomplished. An attorney can and should be contacted in the event you find yourself a victim of a foreclosure scam or if you feel you are being discriminated against by your mortgage lender.
Although it is best that you seek professional assistance, such as the assistance of an attorney or a HUD approved housing counselor, you may want to turn to those around you. As embarrassing as it may be to admit that you may lose your home, now is the time to receive support and encouragement from close friends and family members. In fact, they may be able to help you avoid foreclosure. Can you borrow money from someone that you know? If so, just make sure that you pay it back and in a timely matter.
Returning back to seeking professional foreclosure advice and assistance, real estate agents can also be approached. However, it is best if they are contacted as soon as you notice a problem. If you suspect you may fall victim to foreclosure, contact a real estate agent immediately. Before your home enters into the official foreclosure stage, it is known as being in pre-foreclosure. You can still try to sell your home. You can list your home as for sale by owner, but the knowledge and expertise of a professional real estate agent can help you sell your home faster.
Out of all of the places that you should turn to seek assistance with avoiding foreclosure, the bank is the most important. Financial lenders want to avoid foreclosure. Why? Because they almost always lose money on the sale of foreclosed properties. For that reason, schedule a meeting, in person, with your lender. Make sure you meet with someone who is high ranking in the branch, such as the bank president or the chief loan officer. If you can prove that your financial hardships are only temporary, do so. This may help to convince your mortgage lender to give you more time.
The internet can also be used to seek foreclosure help and assistance. When using the internet, it is important to proceed with caution. You, honestly, never know if what you find online is true. With that said, many states clearly outline their foreclosure laws and homeowner options on their websites. You may also find detailed information online from homeowners who have been in the same place as you, facing foreclosure. Other homeowners may share the ways that they were able to successfully stop foreclosure. In addition to carefully reviewing all information provided to you, do not pay anything. Foreclosure advice can easily be found online free of charge.

Whitney Houston With Two Mansions in Foreclosure

2008-07-01T08:04:00.000-07:00

Pop singer Whitney Houston, famous for numerous hit singles such as “Didn’t We Almost Have It All” and “I Have Nothing,” is now set to lose two of her mansions to foreclosure only a few years after the six-time Grammy Award winner signed a $100 million contract renewal with Arista Records in 2001.

Houston filed for divorce from fellow pop singer Brown in September after 14 years of marriage, punctuated by well-publicized drug arrests and stints in rehab.

On November 7, the five-bedroom, five-bath Atlanta mansion bought by the couple for $1.1 million in 2003 was sold on the steps of the Fulton County Courthouse.

Houston had financed the home through Wachovia Mortgage.

The mansion is already back on the market, just days after the auction, for $1.398 million.

The sale did not represent the end of Houston’s foreclosure woes, however.

The pop diva who once scored seven straight No. 1 hits now is more than $1 million behind on the mortgage of a 10-acre New Jersey estate bought for $2.7 million in 1987.

The 43-year-old Houston owes roughly $83,000 in property taxes from 2006 on the 10-acre estate to Mendham Township.

She was sued in June by the service agent for Chevy Chase Bank, where Houston had borrowed $975,000.

The star of stage and screen is currently staying in Los Angeles to work on a collaboration album with her cousin, 60’s pop icon Dionne Warwick.

Houston is also seeking custody of her 13-year-old daughter with Brown, Bobbi Kristina, with visitation rights for the father.

House Approves Proposal to Help Homeowners

2008-05-12T09:51:00.000-07:00

The House on Thursday (May 8, 2008) passed a contentious foreclosure-prevention package, which still faces a veto threat from the White House and an uncertain fate in the Senate.

Lawmakers approved a proposal to let the Federal Housing Administration (FHA) insure up to $300 billion in new loans over four years if lenders agree to reduce the mortgage principal.

To qualify, the lender would have to cut the debt to no more than 85% of a home's current appraised value. If the FHA-refinanced loans went into default, the FHA would pay the lender the remaining principal owed.

While 1.4 million loans are likely to be eligible for such a program, the Congressional Budget Office estimates such a measure would end up insuring 500,000 borrowers. The CBO estimates the FHA expansion program would cost taxpayers $1.7 billion.

You can read more about this proposal here: http://money.cnn.com/2008/05/08/news/economy/frank_omnibus_housing_bill_vote/index.htm?cnn=yes

Help For Ohio Residents

2008-05-05T11:15:00.001-07:00

The Ohio NeighborWorks Foreclosure Prevention Initiative offers a variety of programs to help residents facing foreclosure. Contact the HOPE Hotline at 888-995-HOPE and they will do the initial assessment and refer you to counselors in your area who can help. They offer the Ohio Home Rescue Fund which is a loan of up to $5,000 to help you get your mortgage back on track, but you must agree to mortgage counseling and have the ability to maintain the home. The Cuyahoga County Foreclosure Prevention Program provides everything from budgeting advice to refinance counseling to help homeowners keep their homes. Cuyahoga County residents can call 211 or visit www.dontborrowtroublecc.org for more information.

In addition the Ohio Housing Finance Agency provides an Opportunity Loan Refinance Program for those who have adjustable rate mortgage so they can refinance to a 30-year fixed rate mortgage. You also may be reimbursed for any out-of-pocket expenses for an appraisal, credit report, or other costs. There are income limits which vary county to county in Ohio, but can go as high as $80,750. To learn more call the Ohio Housing Finance Agency at 888-362-6432 or online at www.ohiohome.org

Down Payment & Closing Cost Help for Virginia Homebuyers

2008-05-05T11:14:00.000-07:00

The Virginia Housing Development Authority (VHDA) has Fiscal Year 2008 funding allocations still available under its HomeStride program for eligible first-time homebuyers in Loudoun County. The program provides low-interest second mortgages for down payment and closing cost assistance up to $25,000 or 10% of the sales price, whichever is less. The loan program offers zero payments and zero interest for the first 3 years with repayment for years 4 through 30 at a 5% interest rate. Applicants must be first-time homebuyers; use HomeStride in conjunction with a VHDA First Trust loan product; and meet VHDA's standard eligibility requirements. To learn more, contact: VHDA; (877) VHDA-123; http://www.vhda.com/vhda_com/apps/DocumentLibrary/document_load.asp?docid=1952 or Department of Family Services; 703-771-5916; chris.vogel@loudoun.gov
Application: http://www.vhda.com/vhda_com/apps/DocumentLibrary/document_load.asp?docid=1953
Income Eligibility: Determined on a case-by-case basis.

Your Slice of the Pacific for $36,000

2008-05-02T14:33:00.000-07:00

Thanks to Nicaraguas President, Daniel Ortega, You Can Now Buy an Ocean-View Lot in the Country's Premier Community, along the Riviera Pacifica for only $36,000

The same magical stretch of Pacific Riviera that has
prices in Costa Rica marked at a premium.

Friday, May 2, 2008

Dear International Living Reader,

Daniel Ortega, the former Marxist we love to hate, responsible for the best ocean-view deal I've seen in ages along Nicaragua's stunning Pacific coast? True, albeit indirectly.

Let me explain

When Ortega was elected president of Nicaragua in November 2006, fears of his left-leaning politics gave a lot of would-be buyers a serious case of the jitters, sending them to the wings to wait and watch which way the wind would blow in Nicaragua.

Their knee-jerk reaction, it turns out, could be your second-chance at a ground-floor real estate deal in Nicaragua, for the simple reason that those doom-and-gloom forecasts just haven't played out.

On the contrary, Ortega has been won over to capitalism and is openly embracing tourism and foreign investment.

According to the Latin Business Chronicle, a U.S.-based publication, Nicaragua's current competitive business environment and strong integration with global markets bode well for the country's future

Nicaraguan exports continue to rise

Tourism has surpassed coffee exportation as the country's leading revenue source

Nicaragua's Law 306 (enacted in September 1999) is the most attractive--and most aggressive--tourism-incentive law in Latin America. Law 306 is sweeping in scope and offers hard-to-beat benefits for entrepreneurs who take advantage of the program. For one-if your business qualifies, you pay no income or real estate taxes for up to 10 years, and you can bring in (or buy locally) all the supplies you need--from furniture and boats to linens and cash registers--tax-free.

The south Pacific Coast of Nicaraguaone of the most stunning seacoasts in the
world, perfect for swimming, surfing, snorkeling, fishing, sailing, sunbathingor
just wandering along the seemingly endless, empty beaches. This is the type of
private Pacific Coast retreat most people can only dream of.

And the World Bank feels so positive about current prospects in Nicaragua, it is helping the country buy back more than $1.3 billion of its foreign commercial debt at 4.5 cents on the dollar.

Even the mainstream media is jumping on the Nicaragua bandwagon!

US News and World Report recently named Nicaragua one of the top 10 retirement destinations in the world. An MSNBC report called it the world's best-kept retirement secret.

And late last summer, the New York Times Travel Section heralded The Rediscovery of Nicaragua, a staggeringly beautiful country emerging as an idyllic vacation spot. Ortega has changed, he is now President of a different Nicaragua', but this destination is still earmarked as the next Costa Rica'.

The reality is, a little over a year and a half later, those fears of Ortega's politics don't appear to hold any substantive ground.

The mainstream media are looking again to this country's unspoiled coastline, majestic scenery, and colonial cities. As we have seen before it is only a short matter of time now before buyers and investors will follow. The tide is just starting to turn again for Nicaragua's boom.

In the last few years, as Americans on the prowl for second homes, or just an investment, have found places like Costa Rica already overrun by their own kind, a boom has started in the country just to its north.

New York Times

The Rediscovery of Nicaragua

Developers sat tight during the flattened real estate market following Ortega's election, but the tide is turning, and they're now putting their prime real estate back on the market. They are relaunching at low prices but will quickly ratchet them back up as interest returns, which given the media interest already there, won't be long.

This situation has created a unique second chance for you to pick up a piece of real estate along Nicaragua's stunning Pacific coast at a pre-Ortega, ground-floor price. It is like turning back the calendar a decade in Nicaragua...

Lots at Rancho Santana started selling in 1998 for $19,000. Those same lots a few years later were being flipped for $200,000. We can expect to see values soar once again, with the Rediscovery of Nicaragua,but for now the window is wide open for you to cash-in on incredible real estate at history book prices.

Right now you can lock down a Pacific Ocean view lot for only $36,000.

The developers of Rancho Santana, are once again opening up opportunities to buy into the Grand Dame of oceanfront communities along Nicaragua's Riviera Pacifica. This is an established community built on prime coastal real estate with five expansive private beaches. And here, ocean-view lots are currently still available at only $36,000.

If you've ever priced property along Central America's Pacific coast, you'll immediately understand the immensity of this dealand why it's bound to have forward-looking investors soon scurrying to Rancho Santana.

Elsewhere along Central America's Pacific coast, ground floor deals on ocean-view properties just don't exist anymore.

The developers at Rancho Santana have just announced the release of 27 one- to three-acre ocean- and valley-view lots in this first-class development--with prices starting at only $36,000.

That's a sensational bargain (almost a steal, really) when you consider that just 50 miles to the south in Tamarindo Costa Rica, similar ocean-view properties are a premium commodity selling for as much as $575,000 and upward.

Don't think for a moment, though, the lower prices here mean you have to settle for less. Rancho Santana is the benchmark of gated communities in Nicaragua and is set in a stunning 2,700-acre reserve of lush rolling hills and cliffs above five secluded beaches.

The wave breaks along this stretch of the Pacific attract surfers from all over the worlddramatic rock formations and ridges present unparalleled ocean vistasand the brilliant scarlet and orange sunsets are truly jaw-dropping.

The lots are laid out to enhance and preserve the natural beauty of the developments rich tropical landscape and to allow you take full advantage the stunning ocean, mountain, and valley views that are the signature of Rancho Santana.

Nicaragua is an exotic landwhere the sun shines all
day longon rugged landscapes, tropical rivers, and miles
and miles of undeveloped, pristine nature.

You'd be hard-pressed to find a more beautiful location in Costa Rica (or elsewhere, for that matter)--particularly for as little as $36,000.

An unspoiled private oceanfront development five years in the making

If you are an International Living reader, you've certainly already heard about Rancho Santana. The property was purchased about 10 years ago by Bill Bonner (International Living's founder) and a handful of private investors made up primarily of International Living insiders. In fact Bill retains his own personal getaway right here on the beach.

Savor fine wines and good food in your own private sanctuary

Since then, the transformation of the landscape at Rancho Santana has been amazing, but one thing hasn't changed. The beaches and the surrounding land are as beautiful as ever. With its dramatic coastline and pristine views, Rancho Santana remains an extraordinary piece of real estate. It is, simply put, one of the most beautiful places I've ever been, anywhere in the world.

Join an established, thriving community

Rancho Santana is a growing, thriving place. Visit anytime, and you won't want for dinner company. With over 300 lots already purchased, 26 homes and 17 casitas dotting the lush landscape, and an additional eight homes currently under construction, a very established community is in place.

Sip a refreshing cocktail as you watch the sun set in all its tropical glory

Homeowners are fully enjoying their investment. At any given time, you'll see residents carrying their surfboards back from one of the pristine beaches, relaxing poolside, enjoying a fine-dining experience in the ocean-side restaurant, or sipping a cool drink at the new seaside bar.

The more adventurous take off in groups hiking, biking, or on horseback (there's a fully-staffed community stable with horses on site). They sojourn the surrounding hills, or explore the more than 3,000 acre reserve, the surrounding villages, or the dramatic cliffs above the ocean. There is also a health spa, and tennis and basketball courts, among other amenities.

And the setting is knock-your-socks-off beautiful,with five sandy beaches (one of them rose-colored) and a private clubhouse, for use by residents only, where you can dine when you don't feel like cooking,or where you can meet with fellow residents for a cocktail on the patio while you watch the sun set in its tropical glory over the crashing Pacific before you.

All the comforts of the 21st century

And it's high-tech to boot. Wireless Internet. A cell phone tower on the property. Direct TV. A DVD player in the lounge and a library of DVD's to choose from.

And a staff of very friendly people--made up of Nicaraguans, Americans, and other nationalities--standing by to help you do whatever you'd like to do. Have a meal,practice your Spanish,sip a cocktail on the patio,check your e-mail.

There's a workout center,a Spanish-language instructor on call bicycles a nature trail. Every comfort and convenience you could hope for and every pleasant distraction and entertainment you could imagine.

Rancho Santana has been developed as an exclusive, private retreat with first-class amenities.

One of the biggest issues when buying property in Nicaragua right now is that you are betting on the fact that the developer is going to deliver what's in the sales brochure that the pool will be installed, the internet access will arrive, the clubhouse will be built, and that the electricity and water will work.

Overlooking the crashing Pacific Ocean waves, the Clubhouse includes a dining
area, an office (with high speed Internet access), a conference
room, an expansive patio, a library, and a swimming pool...

Not so at Rancho Santana. The high-speed wireless internet service is installed and in use by residents. If the power company falters, the emergency generators take over to supply basic power needs. The underground utilities are in, bringing homeowners both power and pure water beneath the nicely maintained and curbed roadways. And the sparkling ocean-side pool is already a favorite place to relax and watch the surf roll in.

If you want a change of scenery from the five private beaches, two Clubhouses, and two pools, you can meet friends and family in the restaurant. If you would like to spend your afternoon horse riding, there are stables with horses available for riding,mountain bikes,a tennis court,a workout center; and a nature trail. Members of Rancho Santana's community are already enjoying their own private playground in a safe, secluded haven.

You don't have to worry about waiting years, (or worse still never see) the amenities promised. IL always warns readers to buy what you see, and if you check out Rancho Santana in person you will find an upscale development already in place. You will meet contended, relaxed people enjoying a luxury lifestyle in a stunning location.

Just off the shores of Rancho Santana is some of the best surfing and fishing in the world.

If you like to fish or snorkel, it doesn't get much better than these pristine waters. (Watch how fast the locals can pull a beautiful fish from the water -sometimes without even using a rod!) When you walk the beaches, you only rarely encounter other people. You'll more than likely have a whole beach to yourself, anytime you want

You can't help but to relax when you get here--away from all the distractions of the everyday world.

A word of warning Rancho Santana is not for everyone.

If you are looking for amusement park rides, boardwalks, T-shirt shops, and wild nightlife, you're not going to be happy here.

If, on the other hand, you enjoy wide-open spaces and want to join a group of like-minded people in one of the most upscale communities along the beautiful Pacific Coast, Rancho Santana could be for you. A quiet, peaceful, affordable retreat to escape the fast pace and stress back home for a few weeks or months a year or for a lifetime.

If you surf, you'll find some of the best waves in the world, right in front of your beach house.

My favorite part of Santana is the surfing. I have surfed since I was 12 years old. I am now 47, and I will do it until I die. The Santana area has some of the best surfing reefs and beaches in the world. This is something we do not want to publicize because the owners who surf (and there are many of us) don't want the world to discover this paradise and have it become crowded.

My wife Nancy and I enjoy all the other amenities, tooclean, secluded beaches, pool, exercise equipment, friendly people, natural environment, stunning sunsets, continuous breeze, wireless Internet and cell phone communications, horseback riding, fishing, biking, nature trails, and excellent food at the restaurant.

Most importantly, Nancy and I are very impressed with the security. This was a key factor in choosing Santana. If you can't feel safe somewhere, then why bother? Jan Glenn, Owner at Rancho Santana.

Nicaragua is an exotic land where the sun shines all day long on
rugged landscapes, tropical rivers, and miles and miles of undeveloped, pristine nature.

Rancho Santana really is a no-brainer

You're buying property in a first-rate community that's already up and runningand doing so in a world-class manner. You don't need to bet on the infrastructure, because it's here. What's even better is that prices are competitive, particularly right now--and homeowner's fees are by far the lowest of any in the area, greatly reducing your overall cost of ownership.

Rancho Santana made sense as a value-buy 10 years ago and with ocean-view estate lot prices starting at only $36,000, it makes even better sense today.

But you won't want to sit on this incredible offer for very long.

As word gets out that Ortega's presidency has not brought development in Nicaragua to a standstill, buyers and investors are going to be taking another serious look at this enchanting country. And values will soar again.

These newly released estate lots with their inspiring views--at prices that I thought were consigned to the history books for this standard of community--means that Rancho Santana definitely merits a serious look.

But you need to act now we don't expect this amazing offer to last.

And to make this deal a little sweeter, the developers of Rancho Santana have an offer that's hard to resist. If you'd like to come down to see Rancho Santana for yourself, they will organize and pay for your airport transfer along with two night's accommodation with breakfast.

And if you do decide to buy a lot here, they will reimburse you up to $1,000 on your airfare costs!

To quote Lee Harrison (International Living's Latin America Real Estate Editor) Rancho Santana certainly is the Cadillac of beachfront communities in coastal Nicaragua.

For more information, CLICK HERE...

Regards,

Margaret Summerfield
Pathfinder Ltd.

P.S. There's no requirement to build on the property right away, making this a great opportunity to pick up a piece of choice real estate in a very desirable location. You can buy the lot now at an extremely attractive pricethen either sit on it until you're ready to build your dream home or vacation getaway, or flip it a couple of years down the road.

P.P.S Not only are these new lots a tremendous bargain...but they come with financing or a three year guarantee. I won't go into all the details of the financing numbers here, but they definitely make sense. What's really amazing, and a true sign of confidence that buyers will be happy, however, is the developers promise--we have a three-year no-hassle, no-strings money-back guarantee on land purchases. So if you change your mind at any point up to three years from the time you purchase your lot, you can get a full refund on your purchase money.

For more information CLICK HERE

Listen To These Important Mortgage Tips from The Experts!

2008-04-25T15:33:00.000-07:00

1. "It's urgent to contact your lender as soon as you're behind or feel you might fall behind. That's the biggest mistake people make, they don't call the lender. They have the furniture people or the car people call but the lenders don't call. So people make the wrong decisions." Vincent Quayle, Executive Director of St. Ambrose Housing Aid Center in Baltimore, Maryland (www.stambros.org).

2. At St. Ambrose Housing Aid Center, Mr. Quayle knows from experience that if the loan can be restructured, they mediate with the lender. At their center they have lawyers on staff as well as counselors. "We have lawyers that can review their loan documents and intervene with lenders: a call from a lawyer has more weight than a call from a counselor," said Mr. Quayle.

3. Get everything in writing. Bianca Lopez, Blanca Lopez, Director of the Neighborhood Preservation Company Program for Human Development Services of Westchester, New York says that is critical: "Always ask for a person's fax number and their extension. Whatever agreement there is, put it in writing and fax it to them. Then keep a copy for yourself. Right now it may be just one person, but lenders are handling hundreds and hundreds of cases and it is too easy for a single case to fall between cracks," said Lopez. She stresses. "Time is of the essence: time is money and time is also your credit rating."

4. When looking for a mortgage counselor, it is confusing to know where to go. Ms. Lopez explains that some Nonprofits are certified by HUD (U.S. Department of Housing and Urban Development), but that this is all based on having the proper documentation and who the organization serves and what they do. Not being certified is not necessarily a bad thing. "Most of the well-known organizations in our county are not HUD-approved but that does not make them corrupt," said Ms. Lopez. Want to double-check on someone? Lopez suggests calling your state attorney general's charity bureau to "confirm if they are legit."

5. "If they have a court date, go to the court date and don't be scared. So many people are going through this and it is not the end of the world. People should be thankful that their families are okay, that they re okay, it is not the end of the world. Take into consideration that it is just another problem to get over and that you learn from it. That's why mortgage counseling helps, it is a one on one session - you just have to face it and address it as much as possible. But it is not the end of the world," said Lopez.

Many Not-For-Profit Agencies Help Families Too

2008-04-25T15:32:00.002-07:00

If you are behind on one mortgage payment or think you will be behind and this is a one time thing - consider contacting Modest Needs (www.modestneeds.org). Modest Needs is a not-for-profit organization that helps those who are above the poverty line that don't qualify for other types of assistance. Keep in mind that Modest Needs only provides one-time assistance - many of their clients come to them because of an unexpected bill. "We help people who are normally self-sufficient who need help with a small one-time expense," said Huriya Jabbar, Vice President of Program Services at Modest Needs.

The Homeownership Preservation Foundation is a very useful organization for those with mortgage concerns. You can actually speak to a mortgage counselor twenty four hours a day. So if you are having trouble sleeping because of your mortgage problem - get up and give them a call at 1-888-955-HOPE. You can also put in an online counseling session at their website (www.955hope.com). They provide housing counseling at no charge to the homeowner. They will review your mortgage and current obligations and help you create a budget and see how you can prevent foreclosure. They will also work with your lender. The foundation also has local offices in many areas, so you can meet with a counselor face-to-face. They don't offer funding or grants, but they have the ability to help you find local agencies in your area that do assist with funding and grants. You can speak to a counselor anytime for as long as you need.

Calling your local United Way office is also a great way to find resources. In many communities you can simply call "211" to reach the United Way's 211 Call Center (www.211.org). This informative call center will help you find resources in your area. Explain to them that you are looking for organizations that help people with their mortgage concerns and they will typically give you a list of organizations. When we called our local 211 office, we were given three different organizations to call.

Seniors may find the AARP guide "Borrower's Guide to Home Loans" quite helpful. They can get a copy by making a request at the website: www.aarp.org.

Help From Your State

2008-04-25T15:32:00.001-07:00

Some states are even offering cash loans to help families get back on their feet. Even if you don't live in an area that does this yet, be encouraged and keep your eyes open - as a program could be opening up soon!

Live in Pennsylvania? Get 24 months of your mortgage or $60,000 loan!
Many are saying it's great to live in Pennsylvania! This wonderful state has a forward-thinking program to help keep people from foreclosure. HEMAP (link: http://www.phfa.org/consumers/homeowners/hemap.aspx) is the Homeowners' Emergency Mortgage Assistance Program. This program was created by Act 91 in 1983. It is the only one of its type in the U.S.A., but hopefully other government officials will be inspired by its success. HEMAP helps people who through no fault of their own are unable to make their mortgage payments. Pennsylvania residents are eligible for help for up to 24 months or for a maximum of $60,000 loan. What a great way to help families in Pennsylvania! Contact: Pennsylvania Housing Finance Agency 211 North Front Street, Harrisburg, Pennsylvania 17101-1406; 800-342-2397
Application: www.phfa.org/about/contact/telephonedirectory.aspx
Income: $10,000 - $1,000,000

Seattle residents can get $5,000 loan to pay their mortgage
In January 2008, the mayor of Seattle Greg Nickels started a new initiative to help Seattle families. Low-income families that are facing foreclosure can be eligible for a $5,000 loan. Seattle has $200,000 set aside for these special loans. The loan is combined with mortgage counseling from two local agencies: Urban League (www.urbanleague.org) and Solid Ground Mortgage Hotline: http://www.solid-ground.org/Pages/Default.aspx; 206-461-3200.

Massachusetts Will Help You Refinance
MassHousing helps low to moderate income Massachusetts residents purchase homes at below market lending rates. They have begun a Home Saver Foreclosure Prevention Program which helps borrowers who are unable to repay their mortgage. You cannot be in foreclosure or more than 30 days delinquent to use this program, and you must be employed. The first step is to contact the Homeowerneship Preservation Foundation at 888-995-HOPE and tell them your story. They will refer you to a local counseling agency which is mandatory for this program. Once you have completed counseling, you will be provided with a list of lenders who will help you refinance your loan. Contact: MassHousing, One Beacon St., Boston, MA 02108; 617-854-1000; 888-995-HOPE; www.masshousing.com and www.995hope.org
Application: www.masshousing.com
Income: $10,000 - 1,000,000

North Carolina Offers Help
Those who are facing foreclosure can contact the HOPE Hotline at 888-995-HOPE, who will provide counseling and review their situation. The state has a program that provides $300,000 in seed money to reimburse counselors who are able to help prevent unnecessary foreclosures for North Carolinians who call the hotline, with more reimbursement going to counselors who are able to help homeowners keep their homes. Contact: North Carolina Foreclosure Help, NC Commissioner of Banks, 316 W. Edenton St., Raleigh, NC 27603; 888-995-HOPE; www.ncforeclosurehelp.org
Application: www.ncforeclosurehelp.org
Income: $10,000 - 1,000,000

Help For Ohio Residents
The Ohio NeighborWorks Foreclosure Prevention Initiative offers a variety of programs to help residents facing foreclosure. Contact the HOPE Hotline at 888-995-HOPE and they will do the initial assessment and refer you to counselors in your area who can help. They offer the Ohio Home Rescue Fund which is a loan of up to $5,000 to help you get your mortgage back on track, but you must agree to mortgage counseling and have the ability to maintain the home. The Cuyahoga County Foreclosure Prevention Program provides everything from budgeting advice to refinance counseling to help homeowners keep their homes. Cuyahoga County residents can call 211 or visit www.dontborrowtroublecc.org for more information.

In addition the Ohio Housing Finance Agency provides an Opportunity Loan Refinance Program for those who have adjustable rate mortgage so they can refinance to a 30-year fixed rate mortgage. You also may be reimbursed for any out-of-pocket expenses for an appraisal, credit report, or other costs. There are income limits which vary county to county in Ohio, but can go as high as $80,750. To learn more call the Ohio Housing Finance Agency at 888-362-6432 or online at www.ohiohome.org
Contact: Ohio Housing Finance Agency, 57 E. Main St., Columbus, OH 43215; 614-466-7970; 888-362-6432; www.ohiohome.org
Application: www.ohiohome.org
Income: $10,000 - 1,000,000

Maryland Residents Can Get Help
Maryland Department of Housing and Community Development offers several different programs to help those who are in danger of losing their homes. The Lifeline Refinance Mortgage Program provides a refinancing option to Marylanders who may be facing difficulties after financing their homes with adjustable rate or other unfavorable mortgages, or with mortgages that no longer fit their financial situation. In addition there is a Bridge to HOPE Loan Program that provides short-term relief to maintain homeownership. Borrowers can receive a loan of up to $15,000 to pay delinquent mortgage payments, taxes, and other arrearages. This is a deferred loan that is repayable at the time the house is sold or transferred. For this program you must be referred by a housing counseling agency who will develop an action plan with you. There are income requirements for both programs that vary county to county, but can go as high as $132,300. Contact: Maryland Department of Housing and Community Development, 100 Community Place, Crownsville, MD 21033; 877-462-7555; www.mdhope.org
Application: www.mdhope.org
Income: $10,000 - 1,000,000

The Government Wants to Help Those Defending Our Country!

2008-04-25T15:31:00.002-07:00

If you are a reservist, guardsman or a military personnel you may be eligible for protection from foreclosure by the Servicemembers Civil Relief Act. This act was known earlier as The Soldiers' and Sailors' Civil Relief Act of 1940. You must be an active duty military personnel with a mortgage obligation that existed before you were called to your active duty. With this act the mortgage lender may not foreclose while you are on active duty, or even within 90 days after military service without court approval. To get information about the SCRA, servicemembers should contact their unit judge advocate or installation legal assistance officer. Dependents of servicemembers can also contact the local military legal assistance offices where they are currently living.

Your Mortgage is a Concern and the U.S. Government Wants To Help

2008-04-25T15:31:00.001-07:00

One of your first stops to go for help should be the government's U.S. Department of Housing and Urban Development, better known as HUD (www.hud.gov). They offer many services but the one that will interest you most now is their referral service to a HUD-approved or certified mortgage counseling agency. Call 1-800-569-4287 (TTY 1-800-877-8399). You can also get a referral from their website by visiting here: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. Most counseling services are free, some may ask for a modest fee to help pay for obtaining your credit information from the credit bureaus to send to lenders.

Another great place to look for assistance in your area is to visit your State Attorney General's website. To find your state Attorney General's website, hit your favorite search engine and type in "your state Attorney General" and it should come right up! Now each State Attorney General is going to set up their website a little differently, but putting into the search the word "mortgage" should bring up any information on the website related to this topic. If you have trouble finding it on their website, call the State Attorney General's office and ask them where you can find mortgage counselors they would recommend. Each State Attorney General does consumer advocacy, and this topic is certainly related. A complete listing is located at the end of this document.

Free Help When You Can't Pay Your Mortgage

2008-04-25T15:30:00.000-07:00

Not being able to pay your mortgage is scary stuff. Unfortunately, there are many Americans who are in this position today - or may be facing it coming down the road in a very short while.

There are resources available to help you with your mortgage concerns - sometimes even offering you a generous loan to help tide you over for awhile. As this issue concerns more and more families hopefully even more resources will become available. Some of the agencies we spoke to are expecting positive change to help them assist even more people. One agency even refused to be listed in this article, saying that it was expecting an infusion of assistance and didn't want to be listed until it had this to offer people.

All of the experts agreed on one thing if you have a mortgage problem - or even if you think you are going to have a mortgage problem: face it early. "If the client can ask for help on day one instead of day twenty it can make a difference, there can be more possibilities for assistance," said Bianca Lopez, Director of the Neighborhood Preservation Company Program for Human Development Services of Westchester, New York (www.hdsw.org). So being proactive is valuable. The options you will have available to you at the very start are often the very best. No one likes thinking they have a serious problem. But it is like they say: the number one rule of realizing that you are in a hole? Stop digging!

A Mortgage Fraud Scheme Worthy of Godzilla

2008-04-22T15:48:00.000-07:00

Leaving a trail of devastation worthy of Godzilla, a mortgage fraud conspiracy of gargantuan proportions has wreaked havoc on the city of Indianapolis as block after block was left in near-apocalyptic ruins.

Although mortgage fraud schemes are sometimes widespread and frequently costing tens of millions of dollars, rarely has so much damage been done in so small an area.

According to authorities, six men were responsible for almost 300 foreclosures on the east and west sides of the city, leaving many of the homes boarded up or burned out.

Authorities say the scheme dramatically brought down the value of neighboring properties and the foreclosed homes that were abandoned have subsequently attracted less “white-collar” criminal activity.

The toll of such fraud is not only financial, but often bears an emotional toll on those living in the neighborhoods as the quality of life diminishes with the deterioration of the community.

Brian Beach, Omar Dillard, Preston Forte III, Patrick Ladarius, Mehran Valiyi and Marcus Ward have each been charged with welfare fraud and felony theft for the alleged scheme.

The ages of all six of the men range from mid-thirties to early forties.

Investigators say the conspirators would fraudulently purchase homes and fail to pay the mortgages while selling some of the homes at inflated prices.

Over five years, the six men allegedly took out almost $38 million in mortgages using non-existent companies they created.

No mortgage payments were made on any of the homes they bought, say investigators, driving many of the properties into foreclosure.

To keep from having to pay the judgment on the foreclosure, the conspirators allegedly filed for bankruptcy to create a seemingly endless circle of fraud.

Investigators claim that the men sold some of the properties to potential investors after misrepresenting the actual value of the homes.

The investors then would borrow money from banks, authorities say, and then purchase the homes at the inflated prices.

Some of investors were unable to keep up with their mortgage payments and found they were unable to sell the homes at anything near the inflated prices they paid.

According to investigators, the fraud scheme primarily took place from 2004 to 2007.
Valiyi and Beach alone stand accused of obtaining 397 fraudulent subprime loans through fraudulent applications.

The six men also are charged with fraudulently obtaining $283,000 in federal rent assistance money for tenants at dilapidated homes below federal quality standards.

Although four of the men have already been arrested, warrants have been issued for the arrest of Ladarius and Forte, who remain at-large.

Help for Land Improvement

2008-04-21T14:03:00.001-07:00

Do you have a large piece of land that needs to be cleared, repaired, and fixed-up? You will want to be in touch with your local state forest service office: http://www.fs.fed.us/. Ask for "Carbon Credits." You can talk to your local public utilities office about these credits, too. Here is a link discussing the carbon credits: http://www.ecobusinesslinks.com/carbon_offset_wind_credits_carbon_reduction.htm. To find your local public utilities, you can look in the blue pages of your phone book.

Never Trust Your Overseas Real Estate "Friend"

2008-04-19T09:10:00.000-07:00

Buying and even shopping for real estate in another country takes nerve. The rules of engagement are completely different than back home. To be successful, you’ve got to arm yourself well in advance with an understanding of how this game is played.

The first thing to know is that the real estate agent is not your friend.

I’ve worked with real estate agents in dozens of countries. They are all friendly guys, and most are good company. I even keep in regular contact with some and value that relationship. But none of those things change the fundamental truth about real estate agents in developing, unregulated markets: They’re wolves.

Stepping into a real estate agent’s office in these countries, you’re stepping into the wolf’s den. Believe me when I tell you that, when it comes to business (that is, the purchase of real estate), the agent you’re working with is not working for you. Buyer’s agents don’t exist outside North America. In many of the markets I recommend, real estate agents aren’t regulated or even licensed. The guy showing you around could have been a travel agent in Iowa three months ago.

Furthermore, not only are these guys not working for you…but they’re not working for the seller either. They are working for themselves, and their goal is to extract as much commission out of you as they can. Understand that going into the conversation, and you stand a much better chance of coming out of it uncheated.

Here are some other tips to help your search go smoothly:

Don’t reveal your budget: Until you have a good idea of current market pricing and of differing values neighborhood to neighborhood, don’t quote a dollar amount when the agent asks about your budget. Tell him as specifically as possible what you are looking for--if you’re in the market for a house or an apartment, indicate the number of bedrooms, the total size you want in square meters, the amount of land, and any special features that are important to you, for example maid’s quarters--but be vague regarding how much you want to spend.

The minute you quote a budget, the agent works from that number to figure his potential commission. If he decides there’s not enough in it for him, you’ll get even less service than you might enjoy otherwise.

Quote a bigger budget, and you risk the guy selling you something for that amount of money…even if he’s got something just as nice (or even nicer) on his books for less.

Keep to your original specs: Stick with your parameters and don’t be confused or distracted by agents showing you houses that don’t seem to fit the specs you quoted at all.

When we were shopping for a home in Ireland years ago, we told the agent we wanted a large older house with at least five bedrooms on some land. They took us to see one 10- to 15-year-old, 1,800-square-foot house after another.

I still don’t know how you fit five bedrooms into 1,800 square feet. I didn’t go inside any of these houses to find out. I simply reminded the agents, again and again, that we weren’t interested in a small, recently built house on a little plot of land.

It wasn’t that they didn’t understand. It was that they didn’t have anything that fit our specs on their books…but they had these houses…so why not show the silly American buyers? Maybe they won’t notice the difference...

In most markets around the world, agents don’t work with each other. They don’t share listings, and they don’t have access to other agents’ listings. They only have what’s on their books...so that is what they are going to try to sell you. Talk about trying to put a square peg into a round hole. They’ll try to chip away at the edges to make a fit, because, remember, all they care about is making the sale. Buyer satisfaction doesn’t figure into the equation.

Lief Simon
For International Living

Senate Passes Foreclosure Bill

2008-04-11T12:01:00.000-07:00

On Thursday, April 10^th, the Senate passed a bipartisan package of tax breaks and other steps designed to help businesses and homeowners weather the housing crisis. The plan combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes. The bill also offers $150 billion for pre-foreclosure counseling and stronger loan disclosure requirements.

The measure also calls for a long-awaited modernization of the Federal Housing Administration that would enable more homeowners to refinance into loans backed by the Depression-era agency. It includes $10 billion in tax-free mortgage revenue bonds to help homeowners refinance subprime loans, a move endorsed by President Bush.

While the Senate's Foreclosure Bill has passed with an impressive vote in the Senate, the White House opposes the bill. The bill will also be significantly redrawn by critics in the House. We will keep you updated on the changes made to this bill.

For more information on the White House's foreclosure fix, see: http://money.cnn.com/2008/04/09/news/economy/congress_housing_relief/index.htm?postversion=2008040918

More help

2008-04-06T17:45:00.001-07:00

Maryland is not the only state working on proposals to try to cap the escalating rate of foreclosures. Legislation is being considered across the country from California to Florida.

Maryland Lawmakers to Help Homeowners

2008-04-06T17:44:00.001-07:00

On April 2, 2008, Maryland lawmakers passed some of the nation's most ambitious legislation to control the housing crisis by toughening oversight of the mortgage-lending industry and establishing preemptive measures to help people at risk of foreclosure.

Maryland's legislation would provide "immediate relief" to homeowners facing foreclosure. The bills include making the most egregious mortgage schemes subject to criminal prosecution, extending the foreclosure timetable from 15 to 150 days and prohibiting prepayment penalties and transactions in which homeowners are tricked into signing over their houses to third parties.

Congress Planning More Help for Bad Mortgages

2008-04-01T15:39:00.001-07:00

It's called the New Economic, Mortgage and Housing Rescue Proposal and would provide $300 billion to refinance borrowers who are in mortgage trouble. The proposal allows for a government agency that would negotiate with the lender to determine lower value of the house with a lower mortgage payment. The lender would receive government assistance. Keep track and view the details at: http://financialservices.house.gov/FHA.html

Emergency Rent and Down Payment Assistance Increasing In DC

2008-04-01T15:38:00.000-07:00

A 14-month-old program that provides up to $6,000 in emergency money for families earning up to $26,499 for a family of 4, is asking for more money to cope with the current economic downtown. http://www.wjla.com/news/stories/0308/504886.html

For info on the DC program see: http://tenac.org/files/Emergency%20Rental%20Assistance%20Program.pdf

To find similar programs in your area: Contact your city and county officials. You can also locate your local and county government offices on the web at http://www.govengine.com/localgov/index.html.

Bailouts for Wall Street...what about Main Street?

2008-03-22T09:54:00.000-07:00

Tell Your Senators: Support the Foreclosure Prevention Act

Bailouts for Wall Street...how about for Main Street?

If we're to prevent this economic crisis from deepening, low- and moderate-income homeowners need help with mortgage restructuring. Tell your senators to support the Foreclosure Prevention Act.

The federal government has stepped in recently with huge bailouts for the big Wall Street firms like Bear Stearns, Lehman Brothers and Goldman Sachs...so where's the help for regular Americans?

The financial crisis is now threatening to impact ordinary Americans, as obstinate lenders refuse to renegotiate mortgages, and greater numbers of borrowers are forced into foreclosure -- which impacts everyone's property values. Fortunately, Senate Majority Leader Harry Reid has introduced legislation (S.2636, the "Foreclosure Prevention Act") that will help solve this problem.

Tell your senators: Support the Foreclosure Prevention Act.

This bill gives bankruptcy judges the power to modify harmful mortgages marketed by subprime lenders in recent years, and would help more than 600,000 families stuck in bad loans keep their homes. It also ramps up resources available to foreclosure counseling services, and permits municipal governments to use tax-exempt bonds to help refinance subprime loans.

Click here to ask your senators to support this bill.

This legislation won't singlehandedly solve the crisis in the housing markets, but it will deliver targeted assistance to those victimized by predatory lenders, and help break the vicious circle that threatens so many low- and moderate-income neighborhoods.

Click here to take action.

Thank you for working to build a better world.

Will Easton, Activism Manager
CREDO Action from Working Assets

Seattle Residents Can Get $5,000 Loan to Pay Their Mortgage

2008-03-17T08:42:00.001-07:00

In January 2008, the mayor of Seattle Greg Nickels started a new initiative to help Seattle families. Low-income families that are facing foreclosure can be eligible for a $5,000 loan. Seattle has $200,000 set aside for these special loans. The loan is combined with mortgage counseling from two local agencies: Urban League (www.urbanleague.org) and Solid Ground Mortgage Hotline (http://www.solid-ground.org/Pages/Default.aspx; 206-461-3200).

If You Have Only $2,000 You Can Get the Home of Your Dreams NOW

2008-02-29T20:35:00.001-08:00

For families that can afford to contribute $2,000 towards the purchase of a new home, the National Housing Foundation pledges to help supplement the remainder of down payment and closing costs. The foundation’s down payment assistance program is open to families whose household income is less than 115% of the area median income. Amount of gifts depends on a buyer’s need and chosen mortgage plan. Program participation depends on the buyer’s ability to meet detailed selection criteria, which is described fully on the foundation’s website. The program requires that the buyer work with a lender and realtor that has been designated a National Housing Foundation Community Partner; the organization will make referrals to interested buyers. Another requirement is pre-qualifying for an approved mortgage plan, which the partner lender will work on. Additionally, the home purchased must be enrolled with the National Housing Foundation, and its seller must agree to pay the gift amount plus a 0.75% service fee. Finally, the buyer is required to attend homeownership education classes. The Foundation will aid buyers in meeting all requirements and in the gift application process. Required forms and applications are available online. If there is no regional office of the National Housing Foundation in a buyer’s area, the organization recommends use of the Nehemiah down payment assistance program. Buyer must contribute $2,000, gift amount determined by need and mortgage plan. Seller pays gift amount plus 0.75% of home’s purchase price. Contact National Housing Foundation, Inc., 943 N. Plum Grove, Suite A, Schaumburg, IL 60173; 888-395-3100; www.nationalhousing.org
Income Eligibility: Must be a qualified homebuyer

Get Your New Home for NO Money Down With a $40,000 Gift

2008-02-29T20:34:00.001-08:00

Homebuyers can get a gift of up to $40,000 to cover home purchase costs from the Newsong Buyers Assistance Program. The grant can cover the full down payment amount – an individual does not need to put any money down to buy a home. The Newsong gift program places very few restrictions on program participation. To qualify, a prospective client needs to obtain from a lender a mortgage that accepts down payment funding in the form of a charitable gift. Not every home is eligible – the seller or builder must agree to register the property with Newsong and to donate the gift amount plus a small administrative fee to Newsong. Buyers who are approved for loans are automatically eligible to receive up to $25,000. Average gift amounts are between $5,000 and $15,000. Application procedures are simple for the prospective homebuyer: simple mortgage and realtor referral forms, gift applications, and instructions, program details and process guidelines are all online. And decisions on funding amounts are made the same or following business day! Contact Newsong Buyer’s Assistance; 8022 South Memorial, Suite 200, Tulsa, OK 74133; 918-254-6999; www.buyers-assistance.com;
Income Eligibility: None

Buy Some Land

2008-02-29T20:22:00.001-08:00

Funds are provided to assist public or private non-profit organizations in providing sites for housing, to acquire and develop land in rural areas that will be subdivided as building sites and sold on a cost development basis to families eligible for low- and very low-income loans, cooperatives, and broadly based non-profit rural rental housing applicants. Money can also be used for water and sewer facilities, needed landscaping, walks, parking areas, and driveways. Those eligible for loans include private or public non-profit organizations that will provide the developed sites to qualified borrowers on a cost of development basis in open country and towns of 10,000 population or less and places up to 25,000 population under certain conditions. (10.411 Rural Housing Site Loans and Self-Help Housing Land Development Loans (Section 523 and 524 Site Loans)). Contact Director, Single-Family Housing Processing Division, Rural Housing Service, Department of Agriculture, Washington, DC 20250; 202-720-1474; www.rurdev.usda.gov
Income Eligibility: Determined on a case-by-case basis.

Special Loans to Help Build a Brand New Home

2008-02-29T20:17:00.001-08:00

American Home Partners offers special construction loan financing packages to individuals and families earning more than $35,000. With its subsidiary Home Partners Credit Corporation, the organization will finance up to 95% for the purchase of land and 100% for the materials, labor and related costs for building a new home. American Home Partners does not require a buyer/builder to make payments during construction, so there is no need to worry about paying rent and paying off the building loan at the same time. The term of the construction loan is 12 months, generally with a 10.9% interest rate and a 13.58% APR; interest accrues during construction. The homebuyer is required to invest time and effort, not money. He or she serves as Project Manager during home construction, arranging for permits and inspections, soliciting bids, selecting and scheduling subcontractors and generally overseeing the building of a new home. American Home Partners provides the home plans, arranges for supply and materials delivery, issues checks for subcontractors, and provides monthly statements that detail budget and loan balance figures. The program also helps participants apply for and obtain a mortgage. A pre-qualification form is available online; a pre-qualification review costs $10. They offer 95% financing for construction of a new home; buyer serves as building project manager. Contact 20 Realty Drive, Cheshire, CT 06410; 800-343-2884; www.americanhomepartners.net
Income Eligibility: Must earn at least $35,000

Free Houses Plus Cash to Fix Them

2008-02-29T20:15:00.001-08:00

Well, maybe they are not free, but they can cost you as little as a few hundred dollars a month. And maybe they are not in good shape, but many of the programs will also offer you a low interest loan to fix-up the house. Some states refer to the program as an Urban Homesteading Act. The idea of the program is that the government gets you a home for next to nothing and you agree to live there for a certain number of years. Minnesota has a program. Baltimore had a very active program for many years. Davenport, Iowa purchases
homes, completely rehabs them, and then offers the houses in a lottery each May. You must get a mortgage, but your monthly payments are under $400 a month for a completely rebuilt house! There are some states, like Alaska, that still offer wilderness land for homesteading.
Because the houses are so cheap, there is usually a lottery for eligible buyers. Contact your city government, your county government and your local community development office to learn about local programs. You can also contact your state housing office.
Income Eligibility: None

If you have trouble finding your local community development agency, the following organizations may be able to help. These organizations do not have funds, but may be able to help you locate local agencies.

National Association of Housing and Redevelopment Officials, 630 Eye St., NW, Washington, DC 20001; 202-289-3500 or 1-877-866-2476; Fax: 202-289-8181; www.nahro.org
Information Center, Office of Community Planning and Development, P.O. Box 7189, Gaithersburg, MD 20898; 800-998-9999; Fax: 301-519-5027; www.comcon.org

FREE Tuition for Affordable Housing Providers

2008-02-29T19:48:00.001-08:00

The Fannie Mae Foundation Fellowship Program is intended to enhance the management and decision-making skills of accomplished state and local government leaders experienced in managing housing and community development programs. The State and Local program curriculum focuses on: organizational strategy; political management; policy development; management control and operations; and management of human resources. The program is taught by Kennedy School faculty. In addition to participation in the Program for Senior Executives, Fannie Mae Foundation Fellows attend special housing sessions coordinated by the Joint Center for Housing Studies of Harvard University, members of the Kennedy School faculty, and Fannie Mae Foundation staff.These sessions address housing issues, trends, policies, and successful models of public/private housing partnership. Fellowship funds cover the cost of the admission deposit, program tuition, and room and board for the session. Applicants must be able to attend the entire three-week session and are responsible for their own transportation and other incidental costs. Contact Fannie Mae Foundation, Policy and Leadership Development, 4000 Wisconsin Ave. N.W., N. Tower, Ste. 1, Washington, DC 20016-2804; 202-274-8066 or 202-274-8057 or 202-274-8000; Fax: 202-274-8100; http://www.fanniemaefoundation.org; Email: llucs@fanniemaefoundation.org
Income Eligibility: None

Uncle Sam Will Co-Sign an Adjustable Rate Mortgage

2008-02-29T19:42:00.001-08:00

Here is a way to start with a low monthly mortgage rate. Section 251 insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate. Under this FHA-insured mortgage product, the initial interest rate and monthly payment are low, but these may change during the life of the loan. FHA uses 1-year Treasury Constant Maturities Index to determine interest rate changes.

The maximum amount the interest rate may increase or decrease in any one year is 1 percentage point. Over the life of the loan, the maximum interest rate change is 5 percentage points from the initial rate. Down payment requirements can be low. Many closing costs can be financed. 100,000 loans will be available this year. (14.175 Adjustable Rate Mortgages). For more information contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov
Income Eligibility: None

Money to Develop Rental Housing in Urban Areas

2008-02-29T19:40:00.001-08:00

Section 220 insures loans for multifamily housing projects in urban renewal areas, code enforcement areas, and other areas where local governments have undertaken designated revitalization activities. Section 220 insures lenders against loss on mortgage defaults. (14.139 Mortgage Insurance-Rental Housing in Urban Renewal and Concentrated Development Areas 220 Multi-family) Contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm or Office of Multifamily Development, U.S. Department of Housing and Urban Development, Washington, DC 20410; 202-708-1112
Income Eligibility: Must meet HUD requirements for mortgagers

Seniors Can Get Big Money From Their Mortgage

2008-02-29T19:35:00.000-08:00

A Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain ownership. This works like a traditional mortgage, but in reverse. So, instead of making a house payment each month, you receive a payment from your lender. Depending on the type of Reverse Mortgage and the lender, you can take the money in a lump sum, in monthly advances, through a line-of-credit, or a combination of the three. Most Reverse Mortgages do not require any repayment of principal, interest, or servicing fees, for as long as you live in your home. These loans are called rising-debt loans for that reason. The money you get from this type of loan can normally be used for any reason, including paying housing expenses like taxes, insurance, fuel, and maintenance costs.

If you would like a current list of lenders that participate in the FHA-insured program, sponsored by the Department of Housing and Urban Development (HUD), or additional information on reverse mortgages, write to: AARP Home Equity Information Center, 601 E Street, NW, Washington, DC 20049; 888-OUR-AARP or visit their website at, www.aarp.org/money/revmort/. For additional information, contact: National Center for Home Equity Conversion, 360 N. Robert, #403, Saint Paul, MN 55101; 651-222-6775; Fax: 651-222-6797; www.reverse.org/

You can also contact the Federal Trade Commission (FTC) for information about Reverse Mortgages. Contact Federal Trade Commission, Public Reference, 600 Pennsylvania Ave., NW, Washington, DC 20580; 877-FTC-HELP (382-4357); www.ftc.gov
Income Eligibility: None

$200,000 to Help Buy a Home in an Area Affected by a Base Closing

2008-02-29T19:33:00.000-08:00

Buying a home in an area hurt by defense cutbacks can be difficult. The U.S. Department of Housing and Urban Development (HUD) offers the 238c program to help families undertake homeownership in military impacted areas. HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing one- to four-family housing, as well as to refinance indebtedness on existing housing. (14.165 Mortgage Insurance-Homes-Military Impacted Areas 238c). For more information contact your local HUD office or check out the program online at www.hud.gov
Income Eligibility: None

This Program is available for:

Income	:	1000000
State	:	all
Age	:	All
Subject Category	:	Housing/Real Estate
Money Type	:	Loan
Contact Information	:	For more information contact your local HUD office or check out the program online at www.hud.gov

Congressman Pushes Gov't to Help Refinance Home Loans in Danger

2008-02-29T15:06:00.000-08:00

Congressman Pushes Gov't to Help Refinance Home Loans in Danger

A key congressman is planning a push to expand the federal government's role in stabilizing the housing market. Barney Frank (D., Mass.), the chairman of the House Financial Services Committee, has proposed an initiative that aims to refinance as many as one million "distressed" homeowners out of high-cost loans using government assistance.

The proposal, which could cost as much as $15 billion over five years, would likely involve the federal government buying loans and then helping move borrowers into mortgages backed by the Federal Housing Administration. Certain loans, such as investment properties and those on vacation homes, wouldn't qualify.

In order to sell a loan to the government under the plan, the lender would likely be required to discount the loan to a level the borrower could repay.

Mr. Frank is working on another plan to allocate up to $20 billion in grants and loans that would allow states and municipalities to buy foreclosed or abandoned homes "at or below market value." Some of the money could be paid back to the federal government once the homes are resold.

You can read more about this at: http://online.wsj.com/article/SB120407391064395153.html?mod=googlenews_wsj