2010 Census to Begin
WARNING: 2010 Census Cautions from the Better Business Bureau
Be Cautious About Giving Info to Census Workers
by Susan Johnson
With the U.S. Census process beginning, the Better Business Bureau
(BBB) advises people to be cooperative, but cautious, so as not to
become a victim of fraud or identity theft. The first phase of the
2010 U.S. Census is under way as workers have begun verifying the
addresses of households across the country. Eventually, more than
140,000 U.S. Census workers will count every person in the United
States and will gather information about every person living at each
address including name, age, gender, race, and other relevant data.
The big question is - how do you tell the difference between a U.S. Census
worker and a con artist? BBB offers the following advice:
** If a U.S. Census worker knocks on your door, they will have a
badge, a handheld device, a Census Bureau canvas bag, and a
confidentiality notice. Ask to see their identification and their
badge before answering their questions. However, you should never
invite anyone you don't know into your home.
** Census workers are currently only knocking on doors to verify
address information. Do not give your Social Security number, credit
card or banking information to anyone, even if they claim they need it
for the U.S. Census.
REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS.
While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON'T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION. The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Any one asking for that information is NOT with the Census Bureau.
AND REMEMBER, THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION..
No Acorn worker should approach you saying he/she is with the Census Bureau.
Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not (never) contact you by Email, so be on the lookout for Email scams impersonating the Census.
Never click on a link or open any attachments in an Email that are
supposedly from the U.S. Census Bureau.
For more advice on avoiding identity theft and fraud, visit
www.bbb.org
PLEASE SHARE THIS INFO WITH FAMILY AND FRIENDS
Thursday, October 08, 2009
Saturday, August 15, 2009
Mortgage Anti-Deficiency Law Change - Update 8-15-09
Dear Friends,
Here is my second mortgage anti-deficiency statute update (and my third BLOG post on this subject). Again, if you are an Arizona real estate investor or know one, or a seasonal owner, there has been a very important development in the Anti-Deficiency Statute in Arizona.
Anti-Deficiency is where banks are prohibited from coming after a homeowner for the difference between the property's sale price and what is owed on the mortgage when the property is foreclosed (short sales do not qualify for this protection). With so many homes upside down these days (worth less than the mortgage balance owed), this is an important safeguard.
That safeguard was taken away unless the owner has spent 6 consective months "utliizing" the house. This was in a Bill passed this year and signed by the Governor which goes into effect on Sept 30th.
This means that investors or seasonal owners, if they were foreclosed on, could have banks coming after them for the difference in the mortgage balance and what the house sold for. These days that can easily be many tens of thousands of dollars.
The problem is that regular legislative session has adjourned for the year. The legislators are in special session now but are restricted to working on the state budget exclusively.
The good news is that language repealing the Anti-Deficiency law change (correcting the problem) has been added to two of the budget Bills currently in the legislature. So far, the legisiature has been unable to agree on a budget that won't be vetoed by the Governor. They are still working on getting that done and have a legislative vote scheduled for this coming week to get these bills through and to the Governor.
So we are still in a waiting game. It's not that the legislature is particularly opposed to repealing the changes, it's that the only vehicle to do that now is one or more of the budget Bills still being considered.
I'll update you when the Budget Bills are reported out of the legislature and the Governor has taken action on them. That will tell the tale on where we stand.
Please pass this on to any Arizona real estate investors and winter visitor owners that you know.
Thanks.
Richard
Here is my second mortgage anti-deficiency statute update (and my third BLOG post on this subject). Again, if you are an Arizona real estate investor or know one, or a seasonal owner, there has been a very important development in the Anti-Deficiency Statute in Arizona.
Anti-Deficiency is where banks are prohibited from coming after a homeowner for the difference between the property's sale price and what is owed on the mortgage when the property is foreclosed (short sales do not qualify for this protection). With so many homes upside down these days (worth less than the mortgage balance owed), this is an important safeguard.
That safeguard was taken away unless the owner has spent 6 consective months "utliizing" the house. This was in a Bill passed this year and signed by the Governor which goes into effect on Sept 30th.
This means that investors or seasonal owners, if they were foreclosed on, could have banks coming after them for the difference in the mortgage balance and what the house sold for. These days that can easily be many tens of thousands of dollars.
The problem is that regular legislative session has adjourned for the year. The legislators are in special session now but are restricted to working on the state budget exclusively.
The good news is that language repealing the Anti-Deficiency law change (correcting the problem) has been added to two of the budget Bills currently in the legislature. So far, the legisiature has been unable to agree on a budget that won't be vetoed by the Governor. They are still working on getting that done and have a legislative vote scheduled for this coming week to get these bills through and to the Governor.
So we are still in a waiting game. It's not that the legislature is particularly opposed to repealing the changes, it's that the only vehicle to do that now is one or more of the budget Bills still being considered.
I'll update you when the Budget Bills are reported out of the legislature and the Governor has taken action on them. That will tell the tale on where we stand.
Please pass this on to any Arizona real estate investors and winter visitor owners that you know.
Thanks.
Richard
Thursday, August 06, 2009
Arizona Anti-Deficiency Statute Update
Here is a link to an update from the President of the Arizona Association of Realtors on developments concerning the Arizona Anti-Deficiency Law as of August 5, 2009
Anti-deficiency prohibits a lender from pursuing a former owner for the difference between the mortgage and what the house sold for at foreclosure. These days many homes are "upside down" in value so this is an important protection (see earlier posts for details).
Richard
Anti-deficiency prohibits a lender from pursuing a former owner for the difference between the mortgage and what the house sold for at foreclosure. These days many homes are "upside down" in value so this is an important protection (see earlier posts for details).
Foreclosure notification for tenants of foreclosed properties is also discussed.
Here is a link to the update.
Richard
Saturday, August 01, 2009
Arizona Anti-Deficiency Statute Update
Dear Friends,
Here is a mortgage anti-deficiency statute update I promised.
If you are an Arizona real estate investor or know one, or a seasonal visitor who owns a home here, there has been a very important development in the Anti-Deficiency Statute in Arizona you should be aware of.
To reiterate, anti-Deficiency is where banks are prohibited from coming after a homeowner for the difference between the property's sale price and what is owed on the mortgage when the property is foreclosed (short sales do not qualify for this protection). With so many homes upside down these days (worth less than the mortgage balance owed), this is an important safeguard.
The new law, effective September 30th, will take away the anti-deficiency protection unless the owner has “utilized” (lived in) the property for 6 consecutive months and has a Certificate of Occupancy. Many winter visitors or small investors can’t meet these conditions. If they get into mortgage trouble and are foreclosed on, they could find themselves with the bank coming after them for any deficiency (usually tens of thousands of dollars) that might have dire consequences financially.
I attended a meeting on Tuesday at the State Legislature chaired by the State Senator who sponsored the legislation changing the anti-deficiency law. It lasted for 1 1/2 hours with Realtors, attorneys and the bankers represented.
At the end of the meeting, it was evident that this new law had so many unintended consequences for our seasonal visitors and mom and pop investors that the Bill's sponsor announced that it should be repealed and revisited next legislative session.
The problem is that regular legislative session has adjourned for the year. The legislators are in special session now but are restricted to working on the state budget exclusively. The Governor has been approached to include this Bill in what she has authorized for the special session but so far she has not agreed to do so.
With all the interest generated this past Tuesday, this is most likely not over. But for now, we have this new law on the books scheduled to go into effect on September 30th.
I will send you any new developments as they occur.
Please pass this on to any Arizona real estate investors and winter visitors that you know.
Be sure to contact your state legislators immediately and tell them you want this law changed or at least held in abeyance until it can be revisited during next year’s legislative session. The names, phone numbers and email addresses for State Senators and Representatives can be found at www.azleg.gov.
Richard
Here is a mortgage anti-deficiency statute update I promised.
If you are an Arizona real estate investor or know one, or a seasonal visitor who owns a home here, there has been a very important development in the Anti-Deficiency Statute in Arizona you should be aware of.
To reiterate, anti-Deficiency is where banks are prohibited from coming after a homeowner for the difference between the property's sale price and what is owed on the mortgage when the property is foreclosed (short sales do not qualify for this protection). With so many homes upside down these days (worth less than the mortgage balance owed), this is an important safeguard.
The new law, effective September 30th, will take away the anti-deficiency protection unless the owner has “utilized” (lived in) the property for 6 consecutive months and has a Certificate of Occupancy. Many winter visitors or small investors can’t meet these conditions. If they get into mortgage trouble and are foreclosed on, they could find themselves with the bank coming after them for any deficiency (usually tens of thousands of dollars) that might have dire consequences financially.
I attended a meeting on Tuesday at the State Legislature chaired by the State Senator who sponsored the legislation changing the anti-deficiency law. It lasted for 1 1/2 hours with Realtors, attorneys and the bankers represented.
At the end of the meeting, it was evident that this new law had so many unintended consequences for our seasonal visitors and mom and pop investors that the Bill's sponsor announced that it should be repealed and revisited next legislative session.
The problem is that regular legislative session has adjourned for the year. The legislators are in special session now but are restricted to working on the state budget exclusively. The Governor has been approached to include this Bill in what she has authorized for the special session but so far she has not agreed to do so.
With all the interest generated this past Tuesday, this is most likely not over. But for now, we have this new law on the books scheduled to go into effect on September 30th.
I will send you any new developments as they occur.
Please pass this on to any Arizona real estate investors and winter visitors that you know.
Be sure to contact your state legislators immediately and tell them you want this law changed or at least held in abeyance until it can be revisited during next year’s legislative session. The names, phone numbers and email addresses for State Senators and Representatives can be found at www.azleg.gov.
Richard
Monday, July 27, 2009
Winter Visitor and Investor Mortgage Protections Changing
Dear Friends,
We have had a change to borrowers mortgage protections in Arizona. This is still a fluid situation but unless the Legislature can effect a change, the new law will go into effect on September 30, 2009.
Arizona's mortgage anti-deficiency statute protects homeowners if their home is forclosed on by a bank and the foreclosure sale price is less than what is owed on the mortgage. The bank or lending institution is prohibited from coming after the homeowner for the difference between what was owed on the mortgage and the foreclosed sale price.
As of September 30th, this will change. On that date a change in the law will require that the owner have lived in the house for at least 6 continuous months and have a Certificate of Occupancy in order to receive anti-deficiency protection. While this change (sponsored by banks and other lenders) was aimed primarily at investors, it will affect seasonal and second home owners who are here for less than 6 consecutive months.
The Arizona Association of Realtors is working to get this law changed while the Leglislative Special Session is still ongoing.
I am going to a legislative meeting tomorrow at the Capitol to see if something can be worked out. I'll report the results of that meeting in this blog later in the week.
Meanwhile if you know any investors or seasonal visitors who are in mortgage trouble, let them know about this change or have them call me at 602-370-1450 for additional details.
Thank you.
Richard
We have had a change to borrowers mortgage protections in Arizona. This is still a fluid situation but unless the Legislature can effect a change, the new law will go into effect on September 30, 2009.
Arizona's mortgage anti-deficiency statute protects homeowners if their home is forclosed on by a bank and the foreclosure sale price is less than what is owed on the mortgage. The bank or lending institution is prohibited from coming after the homeowner for the difference between what was owed on the mortgage and the foreclosed sale price.
As of September 30th, this will change. On that date a change in the law will require that the owner have lived in the house for at least 6 continuous months and have a Certificate of Occupancy in order to receive anti-deficiency protection. While this change (sponsored by banks and other lenders) was aimed primarily at investors, it will affect seasonal and second home owners who are here for less than 6 consecutive months.
The Arizona Association of Realtors is working to get this law changed while the Leglislative Special Session is still ongoing.
I am going to a legislative meeting tomorrow at the Capitol to see if something can be worked out. I'll report the results of that meeting in this blog later in the week.
Meanwhile if you know any investors or seasonal visitors who are in mortgage trouble, let them know about this change or have them call me at 602-370-1450 for additional details.
Thank you.
Richard
Wednesday, November 19, 2008
Foreclosure Prevention
Here is the promised debrief from the Foreclosure Prevention conference I attended last week.
Probably the primary point of emphasis throughout the meeting was the statistic that over 50% of homeowners who are foreclosed on NEVER contact their lender.
"Lenders WANT to hear from people who are behind on their mortgages." (Wells Fargo VP for Residential Loans)
There are now many help sources for people looking at foreclosure. There is a national hotline at 888-995-HOPE and an Arizona Foreclosure Help Line at 877-448-1211. These are staffed with financial counselors who can help you sort through the problems and find SOLUTIONS that will increase your chances of staying in your home.
If you meet with a Housing Counselor, here is what you should bring:
1) Recent mortgage statement.
2) All your mortgage documents.
3) Bring all mail received from your lender (opened or not).
4) Draft a Hardship Letter detailing why you are having trouble making your payment.
5) List out all your monthly expenses.
6) Gather all the pay stubs for all household earners for the last two pay periods.
7) The last two months of your bank statements.
There is an excellent free Crisis Budget Workshop offered in the Phoenix area that will help couples get a firm hold on their finances. Banks will be much more willing to work something out if they see you are making a serious effort at budgeting your money. You can call 602-258-1659 or click here to see their website.
Regardless of your payment situation, a call to your lender is worth your time.
So, get help if you need it. There is plenty of that available.
If you are in foreclosure, free or low cost legal services in Maricopa County are available through Community Legal Services. They can be reached at 602-258-3434 or 1-800-852-9075.
If you are considering selling your home as a solution, go to my website for a free market analysis and other information.
I am just a phone call away if you have any questions. 602-370-1450
Richard
Probably the primary point of emphasis throughout the meeting was the statistic that over 50% of homeowners who are foreclosed on NEVER contact their lender.
"Lenders WANT to hear from people who are behind on their mortgages." (Wells Fargo VP for Residential Loans)
There are now many help sources for people looking at foreclosure. There is a national hotline at 888-995-HOPE and an Arizona Foreclosure Help Line at 877-448-1211. These are staffed with financial counselors who can help you sort through the problems and find SOLUTIONS that will increase your chances of staying in your home.
If you meet with a Housing Counselor, here is what you should bring:
1) Recent mortgage statement.
2) All your mortgage documents.
3) Bring all mail received from your lender (opened or not).
4) Draft a Hardship Letter detailing why you are having trouble making your payment.
5) List out all your monthly expenses.
6) Gather all the pay stubs for all household earners for the last two pay periods.
7) The last two months of your bank statements.
There is an excellent free Crisis Budget Workshop offered in the Phoenix area that will help couples get a firm hold on their finances. Banks will be much more willing to work something out if they see you are making a serious effort at budgeting your money. You can call 602-258-1659 or click here to see their website.
Regardless of your payment situation, a call to your lender is worth your time.
So, get help if you need it. There is plenty of that available.
If you are in foreclosure, free or low cost legal services in Maricopa County are available through Community Legal Services. They can be reached at 602-258-3434 or 1-800-852-9075.
If you are considering selling your home as a solution, go to my website for a free market analysis and other information.
I am just a phone call away if you have any questions. 602-370-1450
Richard
Weekly Real Estate News Update 11-19-2008
Here are the real estate news headlines for this week.
For local real estate information see my web site here.
Big jump in foreclosure counseling; Inman News
A report from the U.S. Department of Housing and Urban Development found a 55 percent increase in the number of families receiving foreclosure prevention counseling between 2006 and 2007, with growth expected to be much higher in 2008. HUD's report, "The State of the Housing Counseling Industry," revealed that of the approximately 136,000 families that completed this counseling during 2007, 45 percent were able to remain in their homes while 14 percent ultimately lost their home through foreclosure. Outcomes for the remaining 41 percent of clients are not known.
FDIC Details Plan To Alter Mortgages; Washington Post
Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.
Aid to Fannie, Freddie May Top Expectations; Washington Post
The first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning that it may ultimately cost more than the government has suggested.
Bernanke Says Central Bankers Ready for More Actions; Bloomberg
Federal Reserve Chairman Ben S. Bernanke said central bankers worldwide are prepared to take additional actions as needed to unfreeze credit markets, citing continued strains even amid ``tentative improvements.'' ``The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain,'' Bernanke said today at a panel discussion hosted by the European Central Bank in Frankfurt. ``For this reason, policy makers will remain in close contact, monitor developments closely and stand ready to take additional steps should conditions warrant.''
Citigroup to lay off another 10,000 – report; CNN Money.com
Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday. The battered financial services company will be laying off 10,000 workers, on top of the 23,000 job cuts it has already made over the last four quarters, reported The Wall Street Journal. Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.
For local real estate information see my web site here.
Big jump in foreclosure counseling; Inman News
A report from the U.S. Department of Housing and Urban Development found a 55 percent increase in the number of families receiving foreclosure prevention counseling between 2006 and 2007, with growth expected to be much higher in 2008. HUD's report, "The State of the Housing Counseling Industry," revealed that of the approximately 136,000 families that completed this counseling during 2007, 45 percent were able to remain in their homes while 14 percent ultimately lost their home through foreclosure. Outcomes for the remaining 41 percent of clients are not known.
FDIC Details Plan To Alter Mortgages; Washington Post
Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.
Aid to Fannie, Freddie May Top Expectations; Washington Post
The first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning that it may ultimately cost more than the government has suggested.
Bernanke Says Central Bankers Ready for More Actions; Bloomberg
Federal Reserve Chairman Ben S. Bernanke said central bankers worldwide are prepared to take additional actions as needed to unfreeze credit markets, citing continued strains even amid ``tentative improvements.'' ``The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain,'' Bernanke said today at a panel discussion hosted by the European Central Bank in Frankfurt. ``For this reason, policy makers will remain in close contact, monitor developments closely and stand ready to take additional steps should conditions warrant.''
Citigroup to lay off another 10,000 – report; CNN Money.com
Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday. The battered financial services company will be laying off 10,000 workers, on top of the 23,000 job cuts it has already made over the last four quarters, reported The Wall Street Journal. Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.
Tuesday, October 28, 2008
Home Tracker - Keep Track of Your Home's Value
Here is a challenging & fun electronic puzzle that has an interesting message.
Coldwell Banker's Home Tracker service will let you track the value of your home or any other home in the current market. You will get automatic updates every time the value of your home changes based on home sales in your neighborhood.
Give the puzzle a try and contact me at rahaworth@cox.net to set up your own free personal Home Tracker account. See if your kids can solve the puzzle quicker than you can (be careful betting on this).
Click the arrow on the puzzle to begin.
Richard
Coldwell Banker's Home Tracker service will let you track the value of your home or any other home in the current market. You will get automatic updates every time the value of your home changes based on home sales in your neighborhood.
Give the puzzle a try and contact me at rahaworth@cox.net to set up your own free personal Home Tracker account. See if your kids can solve the puzzle quicker than you can (be careful betting on this).
Click the arrow on the puzzle to begin.
Richard
Voting for Judge Retention in November 08
In an effort to reduce some of the confusion we all face when Judge Retention is on the ballot (as it will be in Nov '08), I am providing a link to a judge evaluation Blog that talks about this issue in detail.
WARNING: This Blog makes no bones about being conservatively oriented and so it is. But that is plan from the outset and can be factored in to what is presented there. It certainly characterizes judges as conservative or liberal. That much seems to be accurate.
This is the only internet resource I have been able to find that even TALKS about Judge Retention. I figure some information is better than going in blind.
You can click here to access this Blog.
Good luck.
Richard
WARNING: This Blog makes no bones about being conservatively oriented and so it is. But that is plan from the outset and can be factored in to what is presented there. It certainly characterizes judges as conservative or liberal. That much seems to be accurate.
This is the only internet resource I have been able to find that even TALKS about Judge Retention. I figure some information is better than going in blind.
You can click here to access this Blog.
Good luck.
Richard
Foreclosure Prevention
I have signed up to attend a Foreclosure Prevention/Loss Mitigation training session on November 14th. It is sponsored by the Federal Reserve Bank of San Francisco and the Arizona Foreclosure Prevention Committee. It will cover ways to avoid foreclosures by working with lending institutions and strategies to help homeowners stay in their homes.
Look for my post-training debrief here at the Blog.
Richard
Look for my post-training debrief here at the Blog.
Richard
Arizona Ballot Propositions
I wanted to give you a summary of two Ballot Propositions that will be voted on in Arizona in November. Both involve real estate. If you are an Arizona voter PLEASE READ THIS BEFORE YOU VOTE.
PROPOSITION 100
If passed, this Initiative would prohibit the State Legislature from enacting a real estate transfer tax when you sell or buy a home. This would be an additional tax over and above what we pay now. The Proposition would amend the State Constitution so that the Legislature could not override it by passing a law. With the current State Budget in the red by quite a bit, Proposition 100 will block the Legislature from enacting a real estate transfer tax as a way to help make up the state's substantial tax income shortfall. The Arizona Association of Realtors sponsored this Proposition and recommends a "yes" vote as do I.
PROPOSITION 201
This Propositon is a bit tricky. You have probably been seeing ads on both sides of this Proposition. At first blush it sounds good, More protection for home buyers and protection against the big builders. But, if some of the ads are to be believed, ANYONE can sue a home seller for up to 10 years after the sale. Evidently, it will apply to private home sellers as well as builders.
A home builder friend of mine predicted that if Prop 201 passes, new home building will be drastically curtailed because builders will not want to build homes in, what will be for them, a legally more risky environment. For me, that is an important consideration.
Read your voter materials on Prop 201 and make up your own mind. Remember, this is a long Proposition and with long ones the devil is often in the details.
Richard
PROPOSITION 100
If passed, this Initiative would prohibit the State Legislature from enacting a real estate transfer tax when you sell or buy a home. This would be an additional tax over and above what we pay now. The Proposition would amend the State Constitution so that the Legislature could not override it by passing a law. With the current State Budget in the red by quite a bit, Proposition 100 will block the Legislature from enacting a real estate transfer tax as a way to help make up the state's substantial tax income shortfall. The Arizona Association of Realtors sponsored this Proposition and recommends a "yes" vote as do I.
PROPOSITION 201
This Propositon is a bit tricky. You have probably been seeing ads on both sides of this Proposition. At first blush it sounds good, More protection for home buyers and protection against the big builders. But, if some of the ads are to be believed, ANYONE can sue a home seller for up to 10 years after the sale. Evidently, it will apply to private home sellers as well as builders.
A home builder friend of mine predicted that if Prop 201 passes, new home building will be drastically curtailed because builders will not want to build homes in, what will be for them, a legally more risky environment. For me, that is an important consideration.
Read your voter materials on Prop 201 and make up your own mind. Remember, this is a long Proposition and with long ones the devil is often in the details.
Richard
Thursday, October 16, 2008
You Don't Have To Loose Your Home
A national survey recently by the Mortgage Banks Association found that almost 50% of the people who have lost their homes to foreclosure never once contacted their lender.
That is probably the worst error a homeowner can make when they are having trouble making their mortgage payment.
There are scads of programs out there to help distressed homeowners work out SOLUTIONS to their payment program. Here are a couple ...
- Guide to Avoiding Foreclosure (U.S. Department of Housing and Urban Development)
- The HOPE NOW Alliance and the Homeowner’s HOPE Hotline (1-888-995-HOPE)
If you know anyone who is in mortgage trouble or is heading in that direction, have them look at the two links above or at least call their mortgage lender.
Help is available.
Richard
That is probably the worst error a homeowner can make when they are having trouble making their mortgage payment.
There are scads of programs out there to help distressed homeowners work out SOLUTIONS to their payment program. Here are a couple ...
- Guide to Avoiding Foreclosure (U.S. Department of Housing and Urban Development)
- The HOPE NOW Alliance and the Homeowner’s HOPE Hotline (1-888-995-HOPE)
If you know anyone who is in mortgage trouble or is heading in that direction, have them look at the two links above or at least call their mortgage lender.
Help is available.
Richard
Wednesday, October 01, 2008
Just for Fun - Ladies Over 40
Attributed to Andy Rooney of CBS's 60 Minutes TV program, the following is offered for your entertainment.
Richard
For all those ladies over 40
THIS IS PRICELESS!
In case you missed it on 60 Minutes, this is what Andy Rooney thinks about women over 40:
60 Minutes Correspondent Andy Rooney (CBS)
As I grow in age, I value women over 40 most of all. Here are just a few reasons why:
A woman over 40 will never wake you in the middle of the night and ask, 'What are you thinking?' She doesn't care what you think. If a woman over 40 doesn't want to watch the game, she doesn't sit around whining about it. She does something she wants to do, and it's usually more interesting. Women over 40 are dignified. They seldom have a screaming match with you at the opera or in the middle of an expensive restaurant. Of course, if you deserve it, they won't hesitate to shoot you if they think they can get away with it. Older women are generous with praise, often undeserved. They know what it's like to be unappreciated. Women get psychic as they age. You never have to confess your sins to a woman over 40. Once you get past a wrinkle or two, a woman over 40 is far sexier than her younger counterpart. Older women are forthright and honest. They'll tell you right off if you are a jerk if you are acting like one. You don't ever have to wonder where you stand with her. Yes, we praise women over 40 for a multitude of reasons. Unfortunately, it's not reciprocal. For every stunning, smart, well-coiffed, hot woman over 40, there is a bald, paunchy relic in yellow pants making a fool of himself with some 22-year old waitress. Ladies, I apologize.
For all those men who say, 'Why buy the cow when you can get the milk for free?', here's an update for you. Nowadays 80% of women are against marriage. Why? Because women realize it's not worth buying an entire pig just to get a little sausage!
Andy Rooney is a really smart guy!
Forward to five fine, fun, fabulous, fancy-free female friends over 40 or who have female friends over 40!
Here is nice saying:
Life isn't about waiting for the storm to pass...
It's about learning to dance in the rain.
Richard
For all those ladies over 40
THIS IS PRICELESS!
In case you missed it on 60 Minutes, this is what Andy Rooney thinks about women over 40:
60 Minutes Correspondent Andy Rooney (CBS)
As I grow in age, I value women over 40 most of all. Here are just a few reasons why:
A woman over 40 will never wake you in the middle of the night and ask, 'What are you thinking?' She doesn't care what you think. If a woman over 40 doesn't want to watch the game, she doesn't sit around whining about it. She does something she wants to do, and it's usually more interesting. Women over 40 are dignified. They seldom have a screaming match with you at the opera or in the middle of an expensive restaurant. Of course, if you deserve it, they won't hesitate to shoot you if they think they can get away with it. Older women are generous with praise, often undeserved. They know what it's like to be unappreciated. Women get psychic as they age. You never have to confess your sins to a woman over 40. Once you get past a wrinkle or two, a woman over 40 is far sexier than her younger counterpart. Older women are forthright and honest. They'll tell you right off if you are a jerk if you are acting like one. You don't ever have to wonder where you stand with her. Yes, we praise women over 40 for a multitude of reasons. Unfortunately, it's not reciprocal. For every stunning, smart, well-coiffed, hot woman over 40, there is a bald, paunchy relic in yellow pants making a fool of himself with some 22-year old waitress. Ladies, I apologize.
For all those men who say, 'Why buy the cow when you can get the milk for free?', here's an update for you. Nowadays 80% of women are against marriage. Why? Because women realize it's not worth buying an entire pig just to get a little sausage!
Andy Rooney is a really smart guy!
Forward to five fine, fun, fabulous, fancy-free female friends over 40 or who have female friends over 40!
Here is nice saying:
Life isn't about waiting for the storm to pass...
It's about learning to dance in the rain.
Official Buyer's Advisory for Arizona
Click on the link below to go to the Arizona Department of Real Estate's BUYER ADVISORY. This is an excellent resource for all sorts of community information and things you should know about buying a home.
Consider yourself a veteran home buyer? I'll bet you even money you will find something in the Advisory that is new.
My recommendation? Take time to take a look.
Click here to go to the advisory.
Richard
Consider yourself a veteran home buyer? I'll bet you even money you will find something in the Advisory that is new.
My recommendation? Take time to take a look.
Click here to go to the advisory.
Richard
Monday, September 22, 2008
August Statistics for Phoenix Home Market
Even though we are close to October, here are some statistics from August (the latest available) on new home permits,new home and resale sales. These are from RL Brown's newsletter. He is a long time and well respected real estate analyist who has been on the scene in the Phoenix area for many years.
Richard
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Relative to the following chart RL Brown says, “…the answers to the housing dilemma in Metro Phoenix in the days ahead are actually contained in this data, especially when coupled with a willingness to forget 2004-2005, and to look back at the market opportunities and solutions of the 2000-2003 period for strategies, structures, and business plans and positioning.”
NEW HOME CLOSINGS Aug 08
Sales for Month 1,634
Same Month Last Year 3,110
Percent Change -47.46%
Year to Date Closings 14,527
Year to Date Last Year 25,675
Percent Change -43.42%
PERMITS
Permits for Month 970
Same Month Last Year 2,705
Percent Change -64.14%
Year to Date Permits 10,708
Year to Date Last Year 25,927
Percent Change -58.70%
RESALES
Resales Last Month 5,285
Same Month Last Year 4,643
Percent Change 13.83%
Year to Date Resales 37,373
Year to Date Last Year 44,982
Percent Change -16.92%
The resale numbers reflect both Pinal and Maricopa and counts units by owner as well.
Richard
--------------------------------
Relative to the following chart RL Brown says, “…the answers to the housing dilemma in Metro Phoenix in the days ahead are actually contained in this data, especially when coupled with a willingness to forget 2004-2005, and to look back at the market opportunities and solutions of the 2000-2003 period for strategies, structures, and business plans and positioning.”
NEW HOME CLOSINGS Aug 08
Sales for Month 1,634
Same Month Last Year 3,110
Percent Change -47.46%
Year to Date Closings 14,527
Year to Date Last Year 25,675
Percent Change -43.42%
PERMITS
Permits for Month 970
Same Month Last Year 2,705
Percent Change -64.14%
Year to Date Permits 10,708
Year to Date Last Year 25,927
Percent Change -58.70%
RESALES
Resales Last Month 5,285
Same Month Last Year 4,643
Percent Change 13.83%
Year to Date Resales 37,373
Year to Date Last Year 44,982
Percent Change -16.92%
The resale numbers reflect both Pinal and Maricopa and counts units by owner as well.
Our FInancial Meltdown -The Real Beginning
At the risk of getting into hot water with some people, here is my perspective on how we got into the current financial mess in this country.
In order to solve a problem you must get back to where it actually started. So, with regard to the housing mess and governmental bailouts, where is that?
Well, the best explanation I have heard is that it all started with "Affordable Housing". How so? If you look at what toppled the mortgage market, Lehman Brothers, AIG and all the smaller banks taken over recently, behind it all are the questionable loans issued 3 -5 years ago.
No doc, adjustible rate and 80/20 (100%) loans (just to mention a few) put people in houses who really could not afford them. That subprime paper found its way to Freddie Mac, Fannie Mae, Lehman Brothers, AIG and many banks which bought these loans as part of investments portfolios.
Now there are mis-management situations with Freddie, Fanny, AIG and others. But if that subprime paper was not available, chances are the volume of bad investments would not have reached the crisis proportions we are seeing now.
There you have it. But for the "Affordable Housing" mantra from Washington politicians over the years, we would not be in the mess we have on our hands today.
Feel free to comment.
Richard
In order to solve a problem you must get back to where it actually started. So, with regard to the housing mess and governmental bailouts, where is that?
Well, the best explanation I have heard is that it all started with "Affordable Housing". How so? If you look at what toppled the mortgage market, Lehman Brothers, AIG and all the smaller banks taken over recently, behind it all are the questionable loans issued 3 -5 years ago.
No doc, adjustible rate and 80/20 (100%) loans (just to mention a few) put people in houses who really could not afford them. That subprime paper found its way to Freddie Mac, Fannie Mae, Lehman Brothers, AIG and many banks which bought these loans as part of investments portfolios.
Now there are mis-management situations with Freddie, Fanny, AIG and others. But if that subprime paper was not available, chances are the volume of bad investments would not have reached the crisis proportions we are seeing now.
There you have it. But for the "Affordable Housing" mantra from Washington politicians over the years, we would not be in the mess we have on our hands today.
Feel free to comment.
Richard
Tuesday, September 16, 2008
Short Sale Homes
While short sales are fairly simple in theory, many Realtors and buyers are finding them very frustrating. The primary problem is the weeks and weeks it takes for the bank or lender to respond to offers from interested buyers.
You see listings that say they have "Short Sale Expeditors" on hand to help. My experience with these expeditors is that they are of little real assistance as they don't do anything but call and pester the bank to make a decision on the offer (something that any Realtor could do by themselves).
Well, a Realtor in my office has tackled that problem head on. He will be debuting his short sale service shortly. He has gotten to know the real decision makers at many of the local banks and knows how to put a presentation together that they can decide on in a couple of hours instead of waiting weeks and weeks for someone at a lower level to make a decision.
If you or someone you know are about to be or are in the middle of a short sale problem and would like some help, give me a call at 602-370-1450 and I will hook you up with this Realtor for a frank evaluation of your short sale situation.
Richard
You see listings that say they have "Short Sale Expeditors" on hand to help. My experience with these expeditors is that they are of little real assistance as they don't do anything but call and pester the bank to make a decision on the offer (something that any Realtor could do by themselves).
Well, a Realtor in my office has tackled that problem head on. He will be debuting his short sale service shortly. He has gotten to know the real decision makers at many of the local banks and knows how to put a presentation together that they can decide on in a couple of hours instead of waiting weeks and weeks for someone at a lower level to make a decision.
If you or someone you know are about to be or are in the middle of a short sale problem and would like some help, give me a call at 602-370-1450 and I will hook you up with this Realtor for a frank evaluation of your short sale situation.
Richard
Phoenix Home Market Update for September 2008
We got a briefing today from our affilated mortgage company regarding future trends for the Phoenix area.
Our home pricing trends will be affected by several recent news items. First is a news item I heard on the radio several days ago announcing that a record number of "foreclosure related" letters will be going out to Phoenix area homeowners this month.
Second, the federal downpayment assistance programs for first time homebuyers are going away on October 1 of this year. And third, about 5,000 adjustable rate mortgages in the Phoenix area will be resetting before December.
All this adds up to fewer buyers eligible for loans and mortgage payment increases for 5,000 additional home owners.
So, it ain't over yet. Predictions are currently that the downward pressure on home prices will continue through most of 2009.
Two bright spots showed up however. Since the Fanny Mae and Freddie Mac takeovers by the government, mortgage rates have fallen back into the high 5% area. And, there are a lot of very good buys out there for homes. You need to be selective but you can find very good buys on good homes if you look around.
You takes your positive news where you can get it.
Contact me if you have questions that are specific you your particular home or financial situation.
Richard
Our home pricing trends will be affected by several recent news items. First is a news item I heard on the radio several days ago announcing that a record number of "foreclosure related" letters will be going out to Phoenix area homeowners this month.
Second, the federal downpayment assistance programs for first time homebuyers are going away on October 1 of this year. And third, about 5,000 adjustable rate mortgages in the Phoenix area will be resetting before December.
All this adds up to fewer buyers eligible for loans and mortgage payment increases for 5,000 additional home owners.
So, it ain't over yet. Predictions are currently that the downward pressure on home prices will continue through most of 2009.
Two bright spots showed up however. Since the Fanny Mae and Freddie Mac takeovers by the government, mortgage rates have fallen back into the high 5% area. And, there are a lot of very good buys out there for homes. You need to be selective but you can find very good buys on good homes if you look around.
You takes your positive news where you can get it.
Contact me if you have questions that are specific you your particular home or financial situation.
Richard
New Home Caution
Dear Friends,
Here is a story I found about new home sales. The circumstances are actually what has to happen when you buy a new home. And, believe it or not, I am not blowing my own horn when I advise you to use a Realtor (which costs you nothing) when buying a new home. Not all builders will try and pull this kind of stunt but in today's market builders are in troubled financial times (like we homeowners are), so the old adage of Buyer Beware applies.
Here is the story:
"A salesperson for a new home community shared this horror story with me.
This associate told me that a buyer went directly to the builder to negotiate a deal without Realtor representation. This buyer negotiated what he assumed was a good deal and was set to close on his inventory property about 45 days from contract signing.
After receiving copies of the contract the buyer signed that day, he patiently waited for his new home to be built. When the time of closing arrives the builders developer mentions that they never signed the selling side of the contracts and thus there is not an executed contract and did not have to honor the terms that were agreed to previously.
Meanwhile this buyer had his moving truck parked outside of the driveway and no home to move into. Eventually the buyer and the developer worked things out and the buyer purchased the home but of course on the seller's terms.
If I didn't hear this story from my friend I would have not believed it happened, but these confirm the reasons why buyers need representation when involving any type of real estate."
Here is a story I found about new home sales. The circumstances are actually what has to happen when you buy a new home. And, believe it or not, I am not blowing my own horn when I advise you to use a Realtor (which costs you nothing) when buying a new home. Not all builders will try and pull this kind of stunt but in today's market builders are in troubled financial times (like we homeowners are), so the old adage of Buyer Beware applies.
Here is the story:
"A salesperson for a new home community shared this horror story with me.
This associate told me that a buyer went directly to the builder to negotiate a deal without Realtor representation. This buyer negotiated what he assumed was a good deal and was set to close on his inventory property about 45 days from contract signing.
After receiving copies of the contract the buyer signed that day, he patiently waited for his new home to be built. When the time of closing arrives the builders developer mentions that they never signed the selling side of the contracts and thus there is not an executed contract and did not have to honor the terms that were agreed to previously.
Meanwhile this buyer had his moving truck parked outside of the driveway and no home to move into. Eventually the buyer and the developer worked things out and the buyer purchased the home but of course on the seller's terms.
If I didn't hear this story from my friend I would have not believed it happened, but these confirm the reasons why buyers need representation when involving any type of real estate."
Tuesday, September 02, 2008
Free Local Mortgage Counselling
If you are in trouble with your mortgage or think you may be in the future, this will interest you. What is below is from my local Real Estate Board's newsletter.
Sign Up TODAY! - Open Forum (September 3-6th) to Kick off 3-day Anti-foreclosure Event in Surprise
Surprise AZ (August 1, 2008) An open community conversation featuring a panel of experts on home finance is set for September 3, kicking off a three-day event where residents with mortgage related worries can get free counseling on how to hang on to their homes.
The forum, approved by the Surprise City Council and organized by the Ad Hoc Committee on Foreclosures and Credit Union West, will begin 7 at p.m. at Radiant Church at the corner of Reems Road and Paradise Lane in Surprise. Expert panelists will respond to written questions from the audience or questions e-mailed through a city web site.
On September 4, 5 and 6, forum attendees can meet with HUD-certified counselors for free one-on-one counseling about issues relating to home finance. Sign up for the free appointments is available at the forum event on September 3.
“As in many communities around the country, there are people in Surprise who are concerned about losing their homes," says Ad Committee on Foreclosure Chair Monica Davis. “We are being proactive here in Surprise. A good way to get people started on the path of retaining home ownership is by offering an educational forum and free counseling.”
More information on the forum and counseling is available at www.surpriseaz.com. The site includes an e-mail link for residents to send questions for the panel to consider, and a video about the event and the free counseling.
The community forum will be videotaped by city cable channel Surprise11, which streams live on the internet. A video file of the forum will be posted on the net for viewing at any time.
Sign Up TODAY! - Open Forum (September 3-6th) to Kick off 3-day Anti-foreclosure Event in Surprise
Surprise AZ (August 1, 2008) An open community conversation featuring a panel of experts on home finance is set for September 3, kicking off a three-day event where residents with mortgage related worries can get free counseling on how to hang on to their homes.
The forum, approved by the Surprise City Council and organized by the Ad Hoc Committee on Foreclosures and Credit Union West, will begin 7 at p.m. at Radiant Church at the corner of Reems Road and Paradise Lane in Surprise. Expert panelists will respond to written questions from the audience or questions e-mailed through a city web site.
On September 4, 5 and 6, forum attendees can meet with HUD-certified counselors for free one-on-one counseling about issues relating to home finance. Sign up for the free appointments is available at the forum event on September 3.
“As in many communities around the country, there are people in Surprise who are concerned about losing their homes," says Ad Committee on Foreclosure Chair Monica Davis. “We are being proactive here in Surprise. A good way to get people started on the path of retaining home ownership is by offering an educational forum and free counseling.”
More information on the forum and counseling is available at www.surpriseaz.com. The site includes an e-mail link for residents to send questions for the panel to consider, and a video about the event and the free counseling.
The community forum will be videotaped by city cable channel Surprise11, which streams live on the internet. A video file of the forum will be posted on the net for viewing at any time.
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