Whitney Houston With Two Mansions in Foreclosure

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

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

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

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

Thanks to Nicaragua‘s 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 Nicaragua…one of the most stunning seacoasts in the
world, perfect for swimming, surfing, snorkeling, fishing, sailing, sunbathing…or
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 deal…and 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 world…dramatic rock formations and ridges present unparalleled ocean vistas…and 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 land…where the sun shines all
day long…on 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, too…clean, 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 running…and 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 price…then 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!

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

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.