Perhaps one of the most insidious manners in which humans prey upon one another is when one individual is hurt, stunned or injured. Most home owners are decent folk. They bought a home with a mortgage fully intending to make every payment. But then life happened.
For whatever reason, and there are many, first one payment was missed and then a second. Now 60 days late on mortgage payments the strain and embarrassment are almost too much to bear. Any family finding themselves in this position is vulnerable to a very real type of home equity fraud.
At every home closing there are what seems to be an endless stack of papers and countless places for you to sign. After the first few sheets the massive amount of information contained in these documents serves as an effective novocane for the brain. In short there are very few borrowers who are capable of retaining more information than the monthly payment amount and a ballpark estimate of their interest rate.
This mind numbing experience is overwhelming for most borrowers, so much so that they resign themselves to never truly understanding it all. And herein lays the danger.
When the borrower finds themselves more than 30 days in arrears on their mortgage payment, the lender places a negative mark on the borrower’s credit. They do because one of the papers every borrower signs at closing is the agreement that should they make late mortgage payments the lender will report this to the credit repositories.
When the borrower becomes 60 days late, because this late payment involves real estate, the event falls into the category of public information and is filed in the county where the property is owned. Anyone can research this information and for a small fee obtain an official report of properties at risk of foreclosure.
Unscrupulous people take this report and, under the guise of helping the home owner “get back on their feet” actually commit a series of acts placing the home owner in a worse situation than where they currently find themselves. The con goes something like this.
The con contacts the home owner who is seriously in arrears with their lender and promises to put their experience and knowledge to work for them helping them “catch back up” on back payments and keep their home. The home owner is already fearful of losing their home and any equity they have built, so they welcome this redeemer into their home.
This knight in shining armor produces a stack of papers that at first glance promise to help the home owner keep their home without having to file bankruptcy and without further damage to their credit report. Instead of protecting themselves and their home they have in fact signed the ownership of their home over to the con.
The con is experienced in what he does next. Once he is legally placed on title of the home, he can and does take out a second mortgage removing as much of the homes equity as possible.
Not only does he not make good on any of his promises to help the home owner “catch up” on back mortgage payments, he also robs them of any equity they had in their home. This leaves the home owner in far worse condition than before. He walks away from the entire situation thousands of dollars richer than he was before.
There are legitimate agencies that can help anyone who finds themselves in arrears with their lender. One such group is the Homeownership Preservation Foundation. Here home owners can find guidance and counseling to help them avoid foreclosure. Contact them at 1-888-955-HOPE. This service is available 24 hours a day and provides counseling in multiple languages.
An additional resource defining key mortgage terms can prove helpful to anyone going through this painful process. Knowledge and understanding are even more critical when vulnerability is at it greatest. This resource can be found at: http://www.fanniemae.com/aboutfm/pdf/key_mortgage_terms_eng.pdf.
Friday, May 16, 2008
Wednesday, May 14, 2008
How to Stage Your Home for Quick Sale
Thanks to the abundance of home improvement shows on some cable T.V. channels home shoppers have higher expectations than they once did. When the average home shopper drives by a home first impressions are more important than ever. And when they walk into a home for the first time it truly is the subjective elements that can make the difference between them making an offer or taking a pass.
Most home sellers could benefit from the services of a home stager. Home stagers provide everything from a written evaluation of ways to maximize the home’s features to providing contract labor for any suggested improvements to additional furnishings and decorations.
Staging Solutions by Suzan owner, Suzan Knutson provides several helpful ideas for anyone looking to stage their home for optimum sale. “First they need to have a stager come by for a consultation visit.” This is not as intimating as it may sound but Knutson warns that home owners should be prepared to hear suggestions that will stretch their imagination.
Knutson related one home she staged where she took the oversized entertainment center apart and used the two end pieces as bookcases in the study. “Most people have lived in their home so long that they can’t imagine their furniture being in another room of the house” said, Knutson.
The front porch is critical to making a feel good first impression. Knutson says home sellers should get a new doormat and even paint the front door a nice complimentary color. Seasonal flowers placed in decorative pots can serve to draw potential buyers into the home for a closer look.
Knutson has 13 home staging secrets and shared several with me. “I’d like to share them all, but if I did, why would people need me?” She said with a smile. Knutson recommends to think of staging your home like you would if you were selling your car. No one would think twice about detailing your vehicle before selling it; it should be the same with your home. But when considering a stager’s suggestions don’t get offended. You have lived in the home and like it, but the stager is charged with making the home sellable.
Home Staging Secret One: Conquer the clutter. This means minimizing the nick-nacks that sit around the home. It also means thinning out the closets and other storage areas. Cluttered shelves and overstuffed closets and storage areas give the impression that the home is too small to be lived in comfortably.
Home Staging Secret Two: Less is more. This means that you might be asked to take out as much as half of your furniture. “Remember your selling square footage, not furniture” Knutson says. Potential buyers want to see open floor plans and bright rooms.
Home Staging Secret Three: Accessorize in odd numbers. In other words put three candlesticks on the mantel, or 5 decorative rocks in a display bowl. Knutson advises that odd numbers of accessories are more appealing than even.
Home Staging Secret Four: Paint it black. If the furniture left in the home shows signs of wear like a wood breakfast table and chairs, paint the chairs black and the table an accent color. If the coffee table has seen better days paint it black.
“The benefits of using a home staging services are easy to point out” Knutson says. Staged homes bring a higher selling price. Staging a home can be done with little or no cost apart from the initial written report which in many cases can be as low as $75. Staging a home can sell much quicker than the same home not staged.
If you’re looking to maximize your selling price and shorten the time your home stays on the market consider using the service of a home stager. Suzan Knutson can be contacted at her website: www.knutsonsellsgreathomes.com or via email at: suzankk@cox.net.
Most home sellers could benefit from the services of a home stager. Home stagers provide everything from a written evaluation of ways to maximize the home’s features to providing contract labor for any suggested improvements to additional furnishings and decorations.
Staging Solutions by Suzan owner, Suzan Knutson provides several helpful ideas for anyone looking to stage their home for optimum sale. “First they need to have a stager come by for a consultation visit.” This is not as intimating as it may sound but Knutson warns that home owners should be prepared to hear suggestions that will stretch their imagination.
Knutson related one home she staged where she took the oversized entertainment center apart and used the two end pieces as bookcases in the study. “Most people have lived in their home so long that they can’t imagine their furniture being in another room of the house” said, Knutson.
The front porch is critical to making a feel good first impression. Knutson says home sellers should get a new doormat and even paint the front door a nice complimentary color. Seasonal flowers placed in decorative pots can serve to draw potential buyers into the home for a closer look.
Knutson has 13 home staging secrets and shared several with me. “I’d like to share them all, but if I did, why would people need me?” She said with a smile. Knutson recommends to think of staging your home like you would if you were selling your car. No one would think twice about detailing your vehicle before selling it; it should be the same with your home. But when considering a stager’s suggestions don’t get offended. You have lived in the home and like it, but the stager is charged with making the home sellable.
Home Staging Secret One: Conquer the clutter. This means minimizing the nick-nacks that sit around the home. It also means thinning out the closets and other storage areas. Cluttered shelves and overstuffed closets and storage areas give the impression that the home is too small to be lived in comfortably.
Home Staging Secret Two: Less is more. This means that you might be asked to take out as much as half of your furniture. “Remember your selling square footage, not furniture” Knutson says. Potential buyers want to see open floor plans and bright rooms.
Home Staging Secret Three: Accessorize in odd numbers. In other words put three candlesticks on the mantel, or 5 decorative rocks in a display bowl. Knutson advises that odd numbers of accessories are more appealing than even.
Home Staging Secret Four: Paint it black. If the furniture left in the home shows signs of wear like a wood breakfast table and chairs, paint the chairs black and the table an accent color. If the coffee table has seen better days paint it black.
“The benefits of using a home staging services are easy to point out” Knutson says. Staged homes bring a higher selling price. Staging a home can be done with little or no cost apart from the initial written report which in many cases can be as low as $75. Staging a home can sell much quicker than the same home not staged.
If you’re looking to maximize your selling price and shorten the time your home stays on the market consider using the service of a home stager. Suzan Knutson can be contacted at her website: www.knutsonsellsgreathomes.com or via email at: suzankk@cox.net.
Tuesday, May 13, 2008
New Web Helps for Home Buyers and Sellers
The Internet is in a constant state of flux. Web pages that were there yesterday are gone today. There are hotlinks, permalinks, blogs and diggs. At least they were there the last time I logged on. But or those of us who are either looking to sell a home or buy a home there are two new resources that deserve an honorable mention.
If you’re looking to buy a home you need help in several ways. First you need to find a home and then you need to find financing for that home. That is unless you’re among the fortunate few who pay cash for their homes.
If you’re looking for a home feel free to log onto http://www.trulia.com/ and interact with other home buyers and real estate professionals to discuss your needs, wants, concerns and questions.
This website is fairly new and features sections for home buyers and sellers where you can pose questions to real estate professionals all across the U.S. Here are a few questions that you can tailor make to suit your specific needs.
Can someone tell me the positives about (a specific) neighborhood? How do I interview a buyer’s agent? Can anyone tell me if the offer I am about to make is a low-ball offer and likely to offend the seller? Which are the safest neighborhoods in town?
Every day there are questions posted that could quite possible spur your thinking about things you would not have considered before making a home purchase. Realtors may find this site helpful in networking with potential buyers by answering some of their questions.
Asking a question is as simple as typing in a box and clicking the ask button. Before long you’ll receive emails notifying you of the answers. You’ll be amazed at the depth of the knowledge pool available on this site. And who knows you might even find out something you didn’t know before.
If you’re a home seller you can find some helps here as well. Questions about setting the best asking price and when to make a price concession and when you do, how much is too much can be found here. Along with these questions you can also pose questions about how to make your house more sellable. Even if you’re using a realtor to sell your home, it never hurts to have more than one opinion.
Another site for both buyers and sellers is http://www.zillow.com/. This site has been around for a while and is quite popular to help sellers determine the value of their homes. But now Zillow offers a new service for home buyers. Now there is a mortgage tab on the home page.
Click this tab and after you create a profile you can request mortgage finance quotes in a completely anonymous way. The form will ask you for information about your estimated credit scores, your income, debts, purchase price and down payment and then submit your request completely anonymously. In other words any mortgage provider who has signed up to receive this request cannot see your name, phone number, or email address. They can provide quotes to you and you have complete control over whether or not you wish to respond to them. Leave their quote unanswered and they have no way to contact you.
Of course these are just two of the hundreds of Internet helps available to you. You may already have other web applications you like to use, but you owe it to yourself to check these out. There might be something of value there. Of course there is no substitute for meeting a realtor and a mortgage provider face to face. Internet is great for investigation, but if you’re anything like me, you like to meet someone before trusting them with the single biggest purchase you’re likely to make in your life time.
Good Luck!
HomeOwnerGoneMad
If you’re looking to buy a home you need help in several ways. First you need to find a home and then you need to find financing for that home. That is unless you’re among the fortunate few who pay cash for their homes.
If you’re looking for a home feel free to log onto http://www.trulia.com/ and interact with other home buyers and real estate professionals to discuss your needs, wants, concerns and questions.
This website is fairly new and features sections for home buyers and sellers where you can pose questions to real estate professionals all across the U.S. Here are a few questions that you can tailor make to suit your specific needs.
Can someone tell me the positives about (a specific) neighborhood? How do I interview a buyer’s agent? Can anyone tell me if the offer I am about to make is a low-ball offer and likely to offend the seller? Which are the safest neighborhoods in town?
Every day there are questions posted that could quite possible spur your thinking about things you would not have considered before making a home purchase. Realtors may find this site helpful in networking with potential buyers by answering some of their questions.
Asking a question is as simple as typing in a box and clicking the ask button. Before long you’ll receive emails notifying you of the answers. You’ll be amazed at the depth of the knowledge pool available on this site. And who knows you might even find out something you didn’t know before.
If you’re a home seller you can find some helps here as well. Questions about setting the best asking price and when to make a price concession and when you do, how much is too much can be found here. Along with these questions you can also pose questions about how to make your house more sellable. Even if you’re using a realtor to sell your home, it never hurts to have more than one opinion.
Another site for both buyers and sellers is http://www.zillow.com/. This site has been around for a while and is quite popular to help sellers determine the value of their homes. But now Zillow offers a new service for home buyers. Now there is a mortgage tab on the home page.
Click this tab and after you create a profile you can request mortgage finance quotes in a completely anonymous way. The form will ask you for information about your estimated credit scores, your income, debts, purchase price and down payment and then submit your request completely anonymously. In other words any mortgage provider who has signed up to receive this request cannot see your name, phone number, or email address. They can provide quotes to you and you have complete control over whether or not you wish to respond to them. Leave their quote unanswered and they have no way to contact you.
Of course these are just two of the hundreds of Internet helps available to you. You may already have other web applications you like to use, but you owe it to yourself to check these out. There might be something of value there. Of course there is no substitute for meeting a realtor and a mortgage provider face to face. Internet is great for investigation, but if you’re anything like me, you like to meet someone before trusting them with the single biggest purchase you’re likely to make in your life time.
Good Luck!
HomeOwnerGoneMad
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