This has been republished by "Ralph Marcus Maupin Jr." "Mark Maupin" from Bloomberg News On how The US Bankruptcy Law has Backfire on Lenders, Banks and Mortgage Companies:
U.S. Bankruptcy Law:
Revisions Backfire on Banks
By Kathleen M. Howley Bloomberg News
Published: November 9, 2007
BOSTON: Washington Mutual got what it wanted in 2005: A revised bankruptcy code that no longer let people walk away from credit card bills.
The company, the largest U.S. savings and loan, did not count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record level as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School.
"Be careful what you wish for," Westbrook said. "They wanted to make sure that people kept paying their credit cards, and what they're getting is more foreclosures."
Washington Mutual, Bank of America, JPMorgan Chase and Citigroup spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits, according to the Center for Responsive Politics, a nonpartisan
Washington group that tracks political donations.
The banks are still paying for that decision. The surge in foreclosures has cut the value of securities backed by mortgages and led to more than $40 billion in write-downs for U.S. financial institutions. It also reached to the top echelons of the financial services industry.
The Citigroup chief executive, Charles Prince 3rd, stepped down this week after the company, the biggest U.S. bank by assets, said it might have $11 billion of write-downs on top of more than $6 billion in the third quarter.
E. Stanley O'Neal was ousted as chief executive of Merrill Lynch, the world's largest brokerage firm, after an $8.4 billion write-down. Morgan Stanley said Thursday that subprime losses would cut its earnings by $2.5 billion in the fourth quarter. It said it lost $3.7 billion in the two months through Oct. 31 as prices for securities linked with home loans to risky borrowers sank further than traders expected.
Even as losses have mounted, banks have seen their credit card businesses improve. The amount of money owed on U.S. credit cards with payments more than 30 days late fell to $7.04 billion in the second quarter from $8.37 billion two years earlier, according to data compiled by Federal Deposit Insurance Corp. In the same period, the dollar volume of repossessed homes owned by insured banks doubled to $4.2 billion, the agency said. New foreclosures rose to a record level in the second quarter, led by defaults in subprime adjustable-rate mortgages, said the Mortgage Bankers Association in Washington.
People are putting their credit card payments ahead of their mortgages, said Richard Fairbank, chief executive of Capital One Financial, the largest independent U.S. credit card issuer. Of customers who are at least three months late on their mortgage payments, 70 percent are current on their credit cards, he said. "What we conclude is that people are saying, 'Honey, let the house go,' " but keep the cards, Fairbank said Monday at a conference in New York sponsored by Lehman Brothers.
The new bankruptcy law makes it harder for debtors to qualify for Chapter 7, the section that erases non-mortgage debt. It shifted people who get paychecks higher than the median income for their area to Chapter 13, giving them as much as five years to pay off nonhousing creditors.
The court-ordered payment plans fail to account for subprime loans with adjustable rates that can reset as often as every six months, said Henry Sommer, president of the National Association of Consumer Bankruptcy Attorneys. Two-thirds of debtors will not be able to complete their payback plans, according to the Center for Responsible Lending.
"We have people walking away from homes because they can't afford them, even post bankruptcy," Sommer said. "Their mortgage rates are resetting at levels that are completely unaffordable, and there's nothing the bankruptcy process can do for them as it now stands."
Four million subprime borrowers with limited or tainted credit histories will see their mortgage bills increase by an average 40 percent in the next 18 months, according to the National Association of Consumer Advocates in Washington. About 1.45 million of those will end up in foreclosure by the end of 2008, said Mark Zandi, chief economist at Moody's Economy.com .
Lenders began the process of seizing properties on 0.65 percent of U.S. mortgages in the second quarter, the highest level in the 35 years of Mortgage Bankers Association records.
Personal bankruptcies rose 48 percent to 391,105 in the first half of 2007 from a year earlier and Chapter 13 filings accounted for more than one-third of those, according to the American Bankruptcy Institute. In the first half of 2005, they were just 24 percent of the total.
Bad mortgages lowered Washington Mutual's profit by 75 percent in the third quarter from a year earlier, the company, based in Seattle, reported Oct. 17. But income from credit card interest rose 8.8 percent to $689 million.
Washington Mutual shares tumbled the most in 20 years Wednesday after the New York State attorney general, Andrew Cuomo, said that the company had pressured real estate appraisers to assign inflated values to properties.
Citigroup's earnings fell 57 percent in the third quarter on mortgage losses. Bank of America stopped so-called warehouse lending to mortgage brokers after its profit declined 32 percent in the period.
JPMorgan reported profit growth of 2.3 percent in the quarter, the smallest increase in more than two years, after reducing the value of leveraged loans and collateralized debt obligations, investment packages of mortgages, by $1.64 billion.
A Washington Mutual spokeswoman, Libby Hutchinson, a JPMorgan spokesman, Thomas Kelly, and a Bank of America spokesman, Terry Francisco, declined to comment on the bankruptcy law.
"The law had an unintended consequence of taking away a relief valve that mortgage borrowers used to have," said Rod Dubitsky, head of asset-backed research for Credit Suisse. "It's bad for the mortgage borrowers and bad for subprime investors because it means more losses."
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was the biggest overhaul to the code in more than a quarter of a century. The previous law, adopted in 1978, loosened requirements for debt forgiveness.
Financial companies began a coordinated lobbying campaign for revising the law in 1998 when the American Financial Services Association, a trade group representing credit card companies, joined the American Bankers Association to form the National Consumer Bankruptcy Coalition.
Campaign contributions from the coalition and its members totaled more than $8.2 million during the 2004 election that gave President George W. Bush his second term in office.
The group, later renamed the Coalition for Responsible Bankruptcy Laws, has since disbanded. Its members included Washington Mutual, JPMorgan, Bank of America, Citigroup, MasterCard, and Morgan Stanley.
Tuesday, November 13, 2007
What Does Real Estate And Cash Currency Trading Have In Common?
Roy Frank, a real estate broker and stock broker for over 20 years had investors on the edge of their seats at W3C's MonthlyReal Estate Roundtable. He explained what the income gap is and ways to fill it. People that attended the WCCC event werealso there to learn about a new currency trading system that he uses to trade in the foreign exchange market. It is gettingoff the chart results for him. Come and meet Roy at the November Mega Evening Event. He will have a resource table and can show you how his program works or answer any of yourreal estate investor questions.Date: November 15th, 2007Location: Laurel Manor, 39000 Schoolcraft Rd, Livonia, MI 48150 Time: 6pm to 9pm For more information, visit http://www.MegaEveningEvent.com
Tuesday, November 6, 2007
Investors Club of Michigan Brings Wide Range of Investment Experts to Michigan's Fasting Growing Club
Currency Trading, Stock Trading, Real Estate Wholesaling, Rental Coaching, Painting Expert, And National Real Estate Investing Speaker Title Company Expert, All Part Of Mega Evening Event!
Roy Frank, a real estate broker and stock broker for over 20 years had investors on the edge of their seats last Thursday evening at Wayne County Community College. He explained what the income gap is and ways to fill it. People that attended the WCCC event were also there to learn about a new currency trading system that he uses to trade in the foreign exchange market. It is getting off the chart results for him. If you want to see him -- come to the mega evening event -- he will have a resource table and can show how his program works or answer any of your real estate investor questions—
Ralph Marcus Maupin (Mark) co-founder of Real Estate Investing Club said "We have great line up local experts and great talent. Our club has one hour of networking and going to resource tables at our meeting from 6 pm to 7pm. This meeting we have small business expert, painting contractor expert, section 8 housing expert, title company expert, business lines of credit expert, stock trading expert and currency trading expert. This is all followed by what new in investing in Michigan followed by Our National speaker on Making Money in real estate investing in our market."
Roy Frank is active wholesaler of investment real estate. He has also for years been real estate consultant to charities on donations of real estate.
Get your questions answered at Roy Franks Table on:
1. What is Cash Currency Trading and how does it work?
2. What do you need to know to trade stocks in today's market?
3. What is Real Estate Wholesaling? How do I as investor take advantage of It.?
4. What are laws and rules in Donating Real Estate?
5. What is the Tax Advantages of Donating real estate?
National Real Estate Investors Meeting In Livonia, Michigan
Date: November 15, 2007
Time: 6:00 pm to 9:00 pm
Location: Laurel Manor
Address: 39000 Schoolcraft, Livonia
'
http://www.MegaEveningEvent.com
Areas Cover by Club:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com . Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
Roy Frank, a real estate broker and stock broker for over 20 years had investors on the edge of their seats last Thursday evening at Wayne County Community College. He explained what the income gap is and ways to fill it. People that attended the WCCC event were also there to learn about a new currency trading system that he uses to trade in the foreign exchange market. It is getting off the chart results for him. If you want to see him -- come to the mega evening event -- he will have a resource table and can show how his program works or answer any of your real estate investor questions—
Ralph Marcus Maupin (Mark) co-founder of Real Estate Investing Club said "We have great line up local experts and great talent. Our club has one hour of networking and going to resource tables at our meeting from 6 pm to 7pm. This meeting we have small business expert, painting contractor expert, section 8 housing expert, title company expert, business lines of credit expert, stock trading expert and currency trading expert. This is all followed by what new in investing in Michigan followed by Our National speaker on Making Money in real estate investing in our market."
Roy Frank is active wholesaler of investment real estate. He has also for years been real estate consultant to charities on donations of real estate.
Get your questions answered at Roy Franks Table on:
1. What is Cash Currency Trading and how does it work?
2. What do you need to know to trade stocks in today's market?
3. What is Real Estate Wholesaling? How do I as investor take advantage of It.?
4. What are laws and rules in Donating Real Estate?
5. What is the Tax Advantages of Donating real estate?
National Real Estate Investors Meeting In Livonia, Michigan
Date: November 15, 2007
Time: 6:00 pm to 9:00 pm
Location: Laurel Manor
Address: 39000 Schoolcraft, Livonia
'
http://www.MegaEveningEvent.com
Areas Cover by Club:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com . Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
Why You Think You Stink At Real Estate in Michigan And What To Do About It.
How To Best Utilize Those Around You So You Can All Profit Financially And Spiritually.
This month message is important to all in Michigan who own or who things of owning real estate. This subject is so important to people of Michigan, The National Real Estate Network, a local real estate investing guide Club has open it's doors to public.
Ralph Marcus (Mark) Maupin, Jr. co-founder of National Real Estate Network, said "Adam King will be our speaker for November and will have knock out, in your face, reality check presentation for you! This will be a seminar you will not want to miss! Why? Just look what is covered! You haven't seen a speaker cover the "investor's perception" like this before!"
Topics Covered:
§ Why you think you stink at real estate and what to do about it.
§ How to forecast your abilities in exchange for services to perform deals!
§ What it's like to be on the financing side of a deal and what bankers look for.
§ What it's like to structure and negotiate offers when you're broke!
§ How to best utilize those around you so you can all profit financially and spiritually.
§ How to leverage alternative financing with no money and no credit.
§ How to locate investors to bring you leads by showing them the secrets of the 5 Questions to Success System, while offering them a service they cannot refuse!
§ What it's like to have someone take the pressure off and analyze your deals for you.
§ Why you can't and won't do it on your own. And why that's okay!
§ The greatest secret is having the exit strategy first! Learn how to walk into a deal KNOWING a check is coming BEFORE even making the offer!
§ How to leverage amazingly simple systems around you in order take advantage of the foreclosure and rental market.
§ And much more!
§
These two events will come with a tremendous amount of information and very creative ideas you have heard nowhere else. But most importantly, Adam will show you a different "perception" of creative real estate directly from the eyes of someone experienced everything from no money/no credit, to becoming the bank.
Join us November 15th and 17th Check out events at http://www.megaeveningevent.com
Areas serviced by National Real Estate Network:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com. Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
This month message is important to all in Michigan who own or who things of owning real estate. This subject is so important to people of Michigan, The National Real Estate Network, a local real estate investing guide Club has open it's doors to public.
Ralph Marcus (Mark) Maupin, Jr. co-founder of National Real Estate Network, said "Adam King will be our speaker for November and will have knock out, in your face, reality check presentation for you! This will be a seminar you will not want to miss! Why? Just look what is covered! You haven't seen a speaker cover the "investor's perception" like this before!"
Topics Covered:
§ Why you think you stink at real estate and what to do about it.
§ How to forecast your abilities in exchange for services to perform deals!
§ What it's like to be on the financing side of a deal and what bankers look for.
§ What it's like to structure and negotiate offers when you're broke!
§ How to best utilize those around you so you can all profit financially and spiritually.
§ How to leverage alternative financing with no money and no credit.
§ How to locate investors to bring you leads by showing them the secrets of the 5 Questions to Success System, while offering them a service they cannot refuse!
§ What it's like to have someone take the pressure off and analyze your deals for you.
§ Why you can't and won't do it on your own. And why that's okay!
§ The greatest secret is having the exit strategy first! Learn how to walk into a deal KNOWING a check is coming BEFORE even making the offer!
§ How to leverage amazingly simple systems around you in order take advantage of the foreclosure and rental market.
§ And much more!
§
These two events will come with a tremendous amount of information and very creative ideas you have heard nowhere else. But most importantly, Adam will show you a different "perception" of creative real estate directly from the eyes of someone experienced everything from no money/no credit, to becoming the bank.
Join us November 15th and 17th Check out events at http://www.megaeveningevent.com
Areas serviced by National Real Estate Network:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com. Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
Where To Find Michigan Real Estate Investing Information And Location of Rental Housing Associations, Real Estate Clubs, Networks, REIA, Real Estate I
"FREE Real Estate Forms, Buyer Favorable PA, Lease Option Forms, Rental Lease Agreement and 60 Others... Enter Your Name and Email Address on Http://Www.Megaeveningevent.Com and Get New Form Weekly"( EMAILWIRE.COM, November 04, 2007 ) Livonia, MI -- National Real Estate Network LLC Now has made it easy for investors to find Real Estate Clubs in their market. Simply go to the http://www.megaeveningevent.com home page and you will find a link to over 1057 clubs throughout the United States. Now for the die hard investors you can go vacation and visit clubs right in that city. You can also go to the National Real Estate Network LLC website and get a list of all the real estate terms and definitions you don't know. Now when some says short sale, FSBO, REO, BPO, comps, and forbearance agreement, you can go to http://www.MegaEveningEvent.com and see what they are talking about. You can receive new real estate forms weekly by signing up on their home page. Ever week you get a new real estate for your library of forms. Real estate investment clubs provide tremendous resources and networking opportunities for beginning and experienced investors. National Real Estate Network, LLC provides a list of the Michigan Real Estate Investing Clubs, REIAs, Real Estate Investor Associations, and Real Estate Investing Associations. You will find information on the dates and times of meetings on the follow Michigan Investment Clubs: Real Estate Investors Association of Oakland Contact: Christine Telephone: (800) 747-6742 Fax Number: 877-263-9574 When: Thursdays, 5:30pm / 9:30pm Web Site: www.reiaofoakland.com Email: reiaofoakland@aol.com Kalamazoo Area Rental Housing Association Contact: Jackie Newenhuis Telephone: (616) 383-4664 When: 2nd Tuesday of each month 6:00pm Dinner, 7:00pm Meeting Where: Ryan's Restaurant, 7141 S. Westnedge Ave, Portage Genesee Landlord Association Contact: Mike Neurohr Telephone: (810) 767-3080 When: 2nd Monday of the month, 6:45pm pre-meeting Where: Walli's Center & I-69, Flint Web Site: www.geneseelandlordassoc.org DOLLARS Contact: Wendy Patton Telephone: (248) 394-0150 When: 3rd Thursday of the month, 6:30pm Where: Gazebo Resturant, Warren RE Investors Contact: Jerry Ballard Telephone: (517) 285-0788 When: 1st Wednesday of the month, 7:00pm Where: Best Western Midway Hotel, 7711 W. Saginaw, Lansing New Real Estate Investors Contact: Larry & Sharon Yelinek Telephone: (810) 231-8126 When: 2nd Tuesday of the month, 5:30pm pre-meeting, 7:00pm main meeting Where: DoubleTree Hotel, I-96 & Novi R. (across from 12 Oaks Mall), Novi Detroit Real Esate Investor Network Contact: Loray Owens Telephone: (313) 832-4211 When: Wednesdays, 6:30pm Where: Venue varies--call or email, Detroit/Tri-County Sellers/Buyers Club Contact: Patrice Telephone: (248) 470-6713 When: To be announced Where: To be announced, Southfield Michigan Real Estate Investors Contact: Wendy or Michael Telephone: (248) 394-0150 When: Contact for info. Where: Northfield Hilton, Troy Wayne County REI Club Contact: John Wang Telephone: (734) 981-6858 When: Last Thursday of each month, 6:30pm Where: Rotation, Canton-Plymouth Northerm Michigan Real Estate Investment Association Contact: Alex Misico Telephone: (231) 947-5437 for directions Fax Number: 231-947-5437 When: 1st Monday of each month, 5:30pm / Breakfast Meeting 3rd Saturday, 9:00am Where: Elks Club, 625 Bay St., Traverse City Email: amisico@voyager.net No. Members: 40 Guerilla Investors Army Contact: Kent Spencer Telephone: (313) 617-1198 When: Last Tuesday of every 2nd month, 6:00pm Where: Franklin & Southfield Western Michigan Property Investors Association (Rich Dad Club) Contact: Louie Gimbutis Telephone: (231) 726-4749 When: 3rd Wednesday of each month, 7:00pm Where: Perkins by Lakes Mall on Harvey St., Muskegon JC & D, LLC Real Estate Club (Detroit Chapter) Contact: J. Ivory Telephone: (313) 822-3247 When: 1st Saturday of each month, call to confirm 6:00pm Where: call for location, Detroit Dearborn Area Investments Contact: Mike Safiedine Telephone: (313) 475-3165 When: 1st Monday of each month, 7:00 Where: call for details, Dearborn The Wealth Builder Group Contact: Nora Ijalal Telephone: (248) 577-9100 When: Every 3rd Thursday of each month, 7:00pm to 8:30pm Where: Novi Sheraton Hotel, Madison Heights American Real Estate Investment Club Contact: James Melki Telephone: (810) 625-1104 When: Mondays, 9:00am Where: Sharps, Flint QuadLakes REIC Contact: Mr. Phoenix Stiles Telephone: Contact by email at QuadLakes@yahoo.com When: Call for info, varies Where: Varies, Detroit Real Estate Investors of Michigan Contact: Clay Powell Telephone: (800) 701-7762 Fax Number: 616-454-3385 When: 3rd Wednesday of each month (Excluding Jul., Aug., Dec., & Feb.), 6:00pm Where: The Prince Center (Calvin College Campus), 1800 E. Beltline, Grand Rapids Web Site: www.reiofmi.org Email: contactrei@reiofmi.org No. Members: 1,840 Tri City Investment Club Contact: Dale Abke Telephone: (989) 891-0930 When: To be determined Where: To be determined, Bay City WCRT Detroit "Success by Association" Contact: Jared Pomranky Telephone: (248) 506-8364 When: 1st Tuesday of each month, 6:30pm Where: La Casa Inn & Suites on 9 Mile just east of I-75, Hazel Park Southeast Michigan Real Estate Investor Association Contact: Craig Covert, Greg Maxwell Telephone: (313) 608-8008 or (313) 729-1826 When: 1st & 3rd Wednesdays of each month, 6:30pm networking, 7:00pm event Where: 39555 Orchard Hill Place Dr., Ste. 250, Novi National Real Estate Network Contact: Urvi Mehta Telephone: (248) 762-0800 Fax Number: 734-402-0279 When: 3rd Thursday of each month, 6:00pm to 9:00pm Where: Laurel Manor, 39000 Schoolcraft Rd, Livonia Email: mmaupin@donaterealestate.com No. Members: 350 REIA of Macomb Contact: Dylan Tanaka Telephone: (586) 203-8333 Fax Number: 586-816-0470 When: Last Thursday of each month, 7:00pm Where: The Concorde Georgian Inn, Roseville Email: info@REIAofMacomb.com No. Members: 75 Associated Landlords of Detroit Contact Person: Reggie Fluker Meeting Location: The HomeOffice Center,Call for Address, Oak Park, Michigan 48237 Meeting Time: 1st Monday Phone Number: 313-832-0523 Email: info@realestateinvestorsnetwork.com No. Members: 121 Lenawee Area Rental Housing Association Contact Person: Guy Cox Meeting Address: 4040 Monroe Road, Box 96, Tipton, Michigan 49287 Phone Number: 517-431-2041 My Real Estate Group Contact Person: Boyd Rudy Meeting Location: My Real Estate Store, 7779 N. Henry Ruff, Westland, Michigan 48185 Meeting Time: 4th Wednesday, 6:30 p.m. Phone Number: 248-388-1680 Fax Number: 734-464-3058 Email: team@teamsoldllc.com No. Members: 55 Real Estate Investors Association of Wayne County Contact Person: Wayde Koehler Meeting Address: P.O. Box 5341, Dearborn, Michigan 48128 Phone Number: 313-386-7228 Fax Number: 313-386-7600 Wealth Investor Network (WIN) Contact Person: Jill Shepard Meeting Location: Embassy Suites - Detroit-Livonia, 19525 Victor Parkway, Livonia, Michigan 48152 Phone Number: 810-714-5335 Fax Number: 810-714-2349 Web Site: www.CashFlowMI.com Email: sbscaryn@msn.com No. Members: 100 Windy City Round Table Contact Person: Jared Pomranky Meeting Location: La Casa Inn & Suites, 1 W 9 Mile Rd, Hazel Park, Michigan 48030 Meeting Time: 1st Tuesday, 7:00 p.m. Phone Number: 248-506-8364 Fax Number: 248-920-0824 Web Site: www.wcrtdetroit.com Email: jared.pomranky@wcrtdetroit.com No. Members: 30 National Real Estate Network, LLC services Oakland County, Wayne County, Livingston County, Washtenaw County, and Macomb County in Michigan. They are member of The National Real Estate Investors Association http://www.nationalreia.com National Real Estate LLC is often asked for and can provide you information on the following resources: Real Estate Association of Michigan, Michigan Real Estate Groups, Real Estate Investment Association of Michigan, REIA of Michigan, Real Estate Classes Michigan, Real Estate Investing Club Michigan, Landlord Club Michigan, Michigan Real Estate Mentoring Program, Michigan Real Estate Training Classes, Michigan Real Estate Seminars, Michigan Real Estate Schools, Michigan Real Estate Courses, Michigan Real Estate Network, Michigan Real Estate Conventions, Michigan Real Estate Boot Camps, Michigan Real Estate Forums, Michigan Real Estate Licensing, Michigan Real Estate Learning Center, and Michigan Learning Annex. Many times in real estate investing you hear words like forbearance agreement, short sale, fisbo, lease option, pre-foreclosure, foreclosure, the club has section to look up the meaning or any real estate term that someone does not know. Or if you need to look up the meaning of any of words or terms in this press release, wikipedia is great source http://en.wikipedia.org contact: Urvi Mehta 248-762-0800
Association for Rental Housing Michigan Web Site Has New Feature for Finding, National Real Estate Investing Clubs, Groups, Associations, REIA, Networ
REIA Of Michigan Offers Added Features On Web Site
Livonia, MI -- National Real Estate Network LLC Now has made it easy for investors to find Real Estate Clubs in their market. Simply go to the http://www.megaeveningevent.com home page and you will find a link to over 1057 clubs throughout the United States. Now for the die hard investors you can go vacation and visit clubs right in that city. You can also go to the National Real Estate Network LLC website and get a list of all the real estate terms and definitions you don't know. Now when some says short sale, FSBO, REO, BPO, comps, and forbearance agreement, you can go to www.megaeveningevent.com and see what they are talking about. National Real Estate Network LLC holds Real Estate Investing Club Meeting once a month on the third Thursday every month with new topic and many National Speakers. Meetings are free to first time guest. Clubs Agenda at each of meeting is: 6:00—Structured Networking 7:00—Update from Founders 7:30—Main Speaker Time of meetings is: 6:00pm to 9:00pm Location: Laurel Manor, 39000 Schoolcraft Rd, Livonia, MI 48150 Register NOW by calling 248-762-0800 http://www.megaeveningevent.com Every Event includes: Structured Networking: Use this time to network with a purpose. Meet our business vendors during this time and see if they can assist you with your needs. Power Networking: A fun way to hone your networking skills, meet other investors with a like interest, and be helped or help another. Contact: Mark Maupin Tel: 734-402-0180 Areas serviced by National Real Estate Network:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com. Contact Urvi Mehta or Ralph Marcus Maupin, Jr.248-762-0800 info@MegaEveningEvent.com
Livonia, MI -- National Real Estate Network LLC Now has made it easy for investors to find Real Estate Clubs in their market. Simply go to the http://www.megaeveningevent.com home page and you will find a link to over 1057 clubs throughout the United States. Now for the die hard investors you can go vacation and visit clubs right in that city. You can also go to the National Real Estate Network LLC website and get a list of all the real estate terms and definitions you don't know. Now when some says short sale, FSBO, REO, BPO, comps, and forbearance agreement, you can go to www.megaeveningevent.com and see what they are talking about. National Real Estate Network LLC holds Real Estate Investing Club Meeting once a month on the third Thursday every month with new topic and many National Speakers. Meetings are free to first time guest. Clubs Agenda at each of meeting is: 6:00—Structured Networking 7:00—Update from Founders 7:30—Main Speaker Time of meetings is: 6:00pm to 9:00pm Location: Laurel Manor, 39000 Schoolcraft Rd, Livonia, MI 48150 Register NOW by calling 248-762-0800 http://www.megaeveningevent.com Every Event includes: Structured Networking: Use this time to network with a purpose. Meet our business vendors during this time and see if they can assist you with your needs. Power Networking: A fun way to hone your networking skills, meet other investors with a like interest, and be helped or help another. Contact: Mark Maupin Tel: 734-402-0180 Areas serviced by National Real Estate Network:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com. Contact Urvi Mehta or Ralph Marcus Maupin, Jr.248-762-0800 info@MegaEveningEvent.com
Rental Housing Association of Wayne, Oakland, Washtenaw Macomb Counties, Michigan
Livonia, MI – Ralph Marcus Maupin, Jr. co-founder of Michigan's fastest growing real estate Club, and REIA of Michigan http://www.MegaEveningEvent.com address why Clubs are so important at college event. A REIA, Real Estate Investors Association, mission is to provide an entrepreneurial atmosphere for real estate investors and home buyers to learn, and network with new and experienced investors. A REIA and the Real Estate Investors Clubs have been formed for real estate entrepreneurs and professionals with a goal to bring like minded individuals together, to achieve greater real estate goals. REIA members come from many walks of life: first time buyers, new investors, licensed agents and mortgage brokers, commercial investors, attorneys, accounts, students, home buyers, home sellers, and first time landlords. Real Estate Investing Clubs meet regularly in most major cities. They hold there meetings usually on monthly basis in the evening. First time visitors and guest can usually come free to a first meeting. Membership is encouraged as these organizations are mostly funded through membership. New or seasoned investor does not matter; a membership in your local association is a priority. It is said it's never too late to learn something and that holds true when it comes to Real Estate Investing. REIA meetings are full of valuable real estate investing information. Learn from those who have been in the "investor land mine fields". Having a place and a setting for putting your dream team together through the networking, which is priceless? Have you heard, "It's not who you are, but who you know that makes you successful?" The people you meet at these meeting will move you to a whole new level of results by cutting through the red tape of investing. You can not believe what you get in value from the membership investment. Having local experts at meetings who are doing what you want to do is priceless. Membership cost to most clubs range $100 to $200 dollars yearly. Many investors and home owners are stuck on where to find contactors, and other local resources. As a member, investors will benefit from meeting both new and seasoned investors. What great places where newer investors go to learn, partner and work for seasoned investors, finding them deals and getting paid while learning. That's right, they make money, learn the business without risking their own dollars or credit. Being Wholesaler of real estate is sometimes call being bird dog for the seasoned investors. Growing up I always heard the term "that dog don't hunt". This holds does not hold true in the real estate investing club business. Here the meaning is "this dog does hunt". The new investor will learn as they earn free from risk and pressure. They have the experienced investor along as their coach and mentor. At the monthly meetings there are resources tables where members and guest can bring their fliers and business cards. This is great way for networking. A chance to get knows each other and promotes different recourses like Investor Real Estate Agents, Investor's Mortgage Loan Officers, Hard Money Lenders, Real Estate Attorneys, And Real Estate Minded CPAs, Accountants, Property Managers, Contractors, Title Companies, and Wholesalers? Real Estate Business that supports the investors with products or services can network at their local REIA to meet potential customers. Like minded people working together can move mountains. REIAs and Real Estate Investor Clubs invite national and local speakers to teach their members new and innovative techniques that when applied, will bring success. A lot of National Speakers have investing courses, mentoring courses, boot camps and home study courses for sale to the attendees. The club leaders work on reviewing these course and reputations before inviting speakers to the events. Some of the REIAs provide free forms and forms disk for their members. It is always advised that members check with their own attorneys before using. What makes a Successful Real Estate Investor Association (REIA): • The Club Leaders or Owners invest in real estate in the market that club is located. Many of the most successful REIAs have expert real estate board members or owners. • REIA provide a good mix of local and national expert speakers • The Investing Club have an online presence – they provide resources and information their members can access – like forms, seminars, and up coming event calendar, list of real estate terms and what they mean • Club Meetings are held regularly (at least monthly). Many of most successful groups have more than one meeting a month – some of larger clubs will have 3-5 meeting a month with different topics • All Speakers give great value – they give more than promised • REIA Membership includes benefits – Free forms, access to recordings of local speakers • Opportunities to network with like minded people • Local REIA to be member National Associations for investor club to gain advise and coaching. How does home buyer find a Real estate investors association or groups in their area? Its easy do a Google search on any of following: REIA, Real Estate Investing Clubs, Real Estate Investment Association, REIAs, Real Estate Investing Classes, Real Estate Investing Groups, Landlord Club, Real Estate Mentoring Programs, Foreclosure Boot Camp, Real Estate Training Classes, Real Estate Seminars, Real Estate Schools, Real Estate Courses, Real Estate Investing Network, Real Estate Conventions, Real Estate Boot Camps, and Real Estate Forums. Using www.google.com as search for topic like how to find a boot camp or class on foreclosures in the state or city you are in works great. Ralph Marcus Maupin, Jr. Nick Name 'Mark' is one of founders of National Real Estate Network LLC. He teaches real estate investing for college. You will find many free resources such as: Free Real Estate Forms, Terms, Articles and Real Estate Clubs Locations at: http://MegaEveningEvent.com.
Areas serviced by National Real Estate Network:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
Real estate investing association, reia, your local real estate investing resources club
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com. Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
Areas serviced by National Real Estate Network:
Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
Real estate investing association, reia, your local real estate investing resources club
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com. Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
Tuesday, October 30, 2007
Countrywide Announces a $16 Billion Comprehensive Home Preservation Program
This is a republished article by John Lopez:
Enhanced focus on rate resets will benefit more than 80,000 borrowers -
CALABASAS, Calif., Oct. 23 /PRNewswire/ -- Countrywide Financial Corporation CFC today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of Countrywide loans for borrowers who are facing an adjustable-rate mortgage reset through the end of 2008.
"Countrywide is committed to helping its customers sustain homeownership," said David Sambol, President and Chief Operating Officer of Countrywide. "Unprecedented times call for unprecedented remedies. We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help to do it."
"Countrywide believes that none of our subprime borrowers that have demonstrated the ability to make payments should lose their home to foreclosure solely as a result of a rate reset," said Sambol. "This is yet another step in our continuing effort to identify and improve existing programs that assist our customers."
Countrywide will offer tailored solutions to its borrowers to proactively address the rising foreclosure rate. Dedicated teams of Countrywide specialists will contact customers who are current in their payments and approaching a rate reset to ascertain the borrowers circumstances and advise them about refinance and home preservation options.
Countrywide's new and enhanced programs include:
Refinance Program
-- For Countrywide borrowers currently in a subprime loan with a strong payment history, a special refinance unit has been created to contact approximately 52,000 borrowers to offer refinance options. The company has identified and will work to refinance approximately $10 billion of mortgages. For this group, Countrywide will offer borrowers options to refinance into prime or FHA loans. For those with credit issues, Countrywide will offer Fannie Mae or Freddie Mac's expanded criteria programs. Countrywide has a strong track record of successfully transitioning borrowers from subprime products to prime loans. Year-to-date, more than 31,000 borrowers have refinanced to prime fixed rate loans totaling more than $5 billion.
Modification Program
-- Countrywide is working to identify and contact prime and subprime borrowers who are current but unable to qualify for a refinance and are likely to have difficulty affording an upcoming reset. Countrywide will supplement its early notification letter to borrowers by calling no later than three months prior to the reset to determine their financial circumstances and develop affordable solutions. As a result of this initiative, Countrywide will successfully modify $4.0 billion in loans for approximately 20,000 borrowers in an existing adjustable rate mortgage through the end of 2008.
Additionally, for subprime borrowers who are currently delinquent and are experiencing financial difficulties as a result of a recent reset, Countrywide has implemented a simplified loan modification process. Countrywide is in the process of sending letters to these borrowers offering a pre-determined, pre- approved rate reduction. It is anticipated that 10,000 additional borrowers, totaling $2.2 billion, will receive modifications through this initiative by year-end.
Home Preservation Efforts
So far this year, Countrywide's existing home preservation efforts have
helped more than 40,000 borrowers stay in their homes including the
completion of 20,000 loan modifications. Countrywide's comprehensive
efforts help borrowers facing financing difficulty. These include:
-- 2,700 highly-trained home retention specialists that work with delinquent borrowers by providing payment alternatives in order to help them retain their homes.
-- Countrywide borrowers with an impending rate reset are sent a letter 180, 90 and 45 days prior to the rate increase to ensure that borrowers understand their options.
-- Outreach to distressed homeowners in their own communities by setting up face-to-face meetings through various means; hosting seminars around the country to help borrowers avoid foreclosure; participating in foreclosure prevention workshops, teaching them about possible foreclosure scams; and offering loan workouts on- site.
-- Working with non-profit and community groups across the country to create grassroots efforts to contact and counsel distressed borrowers, particularly in communities that are experiencing unusually high foreclosure rates.
Countrywide encourages consumers who face an increase in their mortgage payment or fear falling behind on their payments for any reason to call the Countrywide home retention team at 800-669-6650.
About Countrywide
Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com.
Enhanced focus on rate resets will benefit more than 80,000 borrowers -
CALABASAS, Calif., Oct. 23 /PRNewswire/ -- Countrywide Financial Corporation CFC today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of Countrywide loans for borrowers who are facing an adjustable-rate mortgage reset through the end of 2008.
"Countrywide is committed to helping its customers sustain homeownership," said David Sambol, President and Chief Operating Officer of Countrywide. "Unprecedented times call for unprecedented remedies. We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help to do it."
"Countrywide believes that none of our subprime borrowers that have demonstrated the ability to make payments should lose their home to foreclosure solely as a result of a rate reset," said Sambol. "This is yet another step in our continuing effort to identify and improve existing programs that assist our customers."
Countrywide will offer tailored solutions to its borrowers to proactively address the rising foreclosure rate. Dedicated teams of Countrywide specialists will contact customers who are current in their payments and approaching a rate reset to ascertain the borrowers circumstances and advise them about refinance and home preservation options.
Countrywide's new and enhanced programs include:
Refinance Program
-- For Countrywide borrowers currently in a subprime loan with a strong payment history, a special refinance unit has been created to contact approximately 52,000 borrowers to offer refinance options. The company has identified and will work to refinance approximately $10 billion of mortgages. For this group, Countrywide will offer borrowers options to refinance into prime or FHA loans. For those with credit issues, Countrywide will offer Fannie Mae or Freddie Mac's expanded criteria programs. Countrywide has a strong track record of successfully transitioning borrowers from subprime products to prime loans. Year-to-date, more than 31,000 borrowers have refinanced to prime fixed rate loans totaling more than $5 billion.
Modification Program
-- Countrywide is working to identify and contact prime and subprime borrowers who are current but unable to qualify for a refinance and are likely to have difficulty affording an upcoming reset. Countrywide will supplement its early notification letter to borrowers by calling no later than three months prior to the reset to determine their financial circumstances and develop affordable solutions. As a result of this initiative, Countrywide will successfully modify $4.0 billion in loans for approximately 20,000 borrowers in an existing adjustable rate mortgage through the end of 2008.
Additionally, for subprime borrowers who are currently delinquent and are experiencing financial difficulties as a result of a recent reset, Countrywide has implemented a simplified loan modification process. Countrywide is in the process of sending letters to these borrowers offering a pre-determined, pre- approved rate reduction. It is anticipated that 10,000 additional borrowers, totaling $2.2 billion, will receive modifications through this initiative by year-end.
Home Preservation Efforts
So far this year, Countrywide's existing home preservation efforts have
helped more than 40,000 borrowers stay in their homes including the
completion of 20,000 loan modifications. Countrywide's comprehensive
efforts help borrowers facing financing difficulty. These include:
-- 2,700 highly-trained home retention specialists that work with delinquent borrowers by providing payment alternatives in order to help them retain their homes.
-- Countrywide borrowers with an impending rate reset are sent a letter 180, 90 and 45 days prior to the rate increase to ensure that borrowers understand their options.
-- Outreach to distressed homeowners in their own communities by setting up face-to-face meetings through various means; hosting seminars around the country to help borrowers avoid foreclosure; participating in foreclosure prevention workshops, teaching them about possible foreclosure scams; and offering loan workouts on- site.
-- Working with non-profit and community groups across the country to create grassroots efforts to contact and counsel distressed borrowers, particularly in communities that are experiencing unusually high foreclosure rates.
Countrywide encourages consumers who face an increase in their mortgage payment or fear falling behind on their payments for any reason to call the Countrywide home retention team at 800-669-6650.
About Countrywide
Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com.
Housing bust takes big toll on Realtors
3,500 left real estate industry in Michigan in the last year alone.
Nathan Hurst / The Detroit News
STERLING HEIGHTS -- Thousands of Michigan real estate agents -- some with decades of experience -- are getting squeezed out of the business, casualties of one of the worst housing slumps in state history.
Agents who prospered a few years ago, when consumers' appetite for real estate seemed insatiable, now are struggling or switching careers.
Michigan agents say a lack of home buyers for the glut of houses on the market is driving them from the business. Those who do manage to move a property are realizing lower commissions as a result of dampened real estate prices.
In the last year alone, the Michigan Association of Realtors has lost 10 percent of its membership, or about 3,500 agents. Membership now stands at about 30,000, the trade group said. An untold number of agents have taken second jobs to weather the slump or have put their licenses in "escrow," basically not using them until the market turns around.
Metro Detroit has been among the regions worst hit by the housing slowdown, which started in Michigan in late 2005 and hit the rest of the nation early this year. In September, Realtors sold 3,703 homes in Metro Detroit, down from 4,184 in September last year and 4,456 the year before that, according to multiple listing service Realcomp II Ltd.
Real estate agents across the country are leaving the business as the sales downturn worsens. The National Association of Realtors is predicting a 4 percent decline in its membership by the end of 2007, from a record high of 1.4 million members at the beginning of this year.
When Metro Detroit's real estate market entered its downward slide, John Kurczak, a 17-year veteran of the industry, thought he had the tools and experience to ride out the storm.
But after watching the agency he worked at for 16 years close its doors and the number of homes he sells drop off dramatically, Kurczak, 36, is wondering just how much longer he can stand the 14-hour days and long stretches between commission checks.
"I've reinvented myself and spent countless hours trying to get ahead," said Kurczak, who is looking at job offers from other states and in other fields.
"But it's not always paying off. It's a shame -- I can spend all this money trying to market a home, but nobody's buying. I only get paid when the fat lady sings."
Strategies change
Agents still in the business said they're fighting hard to keep ahead.
Some have changed their advertising strategies in an attempt to grab the attention of scarce buyers.
Kurczak, now an agent at Keller Williams in Sterling Heights , said the transition away from his old Century 21 AAA digs in Eastpointe was a rough one. Forced to find a new professional home after the Eastpointe office was shuttered last year, Kurczak renewed his focus on developing and maintaining his own Web site, while keeping in contact with anybody and everybody who could be a sales lead.
Others, like Maureen Francis of SKBK Sotheby's Realty, in Birmingham , have started offering potential customers their own brand of real estate news analysis.
Francis, who specializes in selling luxury properties in Oakland County, started a blog, mioaklandcounty.com , with her husband, also a Realtor. She regularly updates the site with commentary on local and national real estate news and said her site has been instrumental in connecting with customers.
"It lets them get a better idea of what's going on in the market," Francis said. "It's honest and shows what kind of agent I am."
Dreams die
Being honest and tech-savvy isn't enough to stay afloat as a Realtor, Kurczak said. And with job offers coming in from other fields with companies in other states, Kurczak said his days working Metro Detroit's property market likely are numbered.
Kurczak said his current job is one that's only gotten harder as friends and even family members have fled the real estate business while he's tried to hold on.
Both of his brothers got their real estate licenses within the last year. But after seeing Kurczak struggle -- including a situation last winter in which Kurczak was dropped by a couple looking for a home after he took them on 70 private showings -- both brothers have decided to wait to get in the business until the market improves.
Sandy Covert, 33, said she wishes she had done just that.
Lured by tales of plump paychecks and the allure of a job that came with a business card and no uniform, Covert decided in November 2005 to ditch her merry-go-round of low-wage retail jobs for the world of Metro Detroit real estate.
Covert of Dearborn Heights said she did everything right -- taking licensure classes in the evening and spending lunch breaks studying economics and accounting volumes picked up from a used bookstore. She was assured by instructors and more experienced agents that there was no end to success in the real estate business, even with talk of a downturn swirling in the news.
But after thousands of dollars spent on preparation and six months working every angle of the market she could, Covert had sold only one home.
"It was a complete embarrassment," Covert said of the dilapidated structure a few blocks from her own Dearborn flat that she sold for a mere $4,500. "That was all I could sell. I tried harder at this than anything before in my life and I couldn't make it work. People don't believe what a tough business this is."
Covert was lucky, other agents said. Though she abandoned her dreams of real estate success after a year, she was able to return, albeit reluctantly, to her career in retail.
Marlene Bryant, a 52-year-old instructor at a private school in Toledo , said she stopped teaching in 2002 to try her hand at selling real estate around her hometown of Monroe. But after three years, she said she's happy to be back to her life of guaranteed work hours and a pension.
"It was like a glamorous dream job," Bryant said. "I drove a Cadillac and took people to nice places. It was great while it lasted."
Others like Kurczak, whose professional life started as a real estate agent, aren't sure what they'll do if they leave the business.
"It's not as if we're not working hard," he said. "But you can't make people buy houses, which is unfortunate. I'd be a very rich man if I sold everything there is to sell in Metro Detroit."
You can reach Nathan Hurst at (313) 222-2293 or nhurst@detnews.com.
Nathan Hurst / The Detroit News
STERLING HEIGHTS -- Thousands of Michigan real estate agents -- some with decades of experience -- are getting squeezed out of the business, casualties of one of the worst housing slumps in state history.
Agents who prospered a few years ago, when consumers' appetite for real estate seemed insatiable, now are struggling or switching careers.
Michigan agents say a lack of home buyers for the glut of houses on the market is driving them from the business. Those who do manage to move a property are realizing lower commissions as a result of dampened real estate prices.
In the last year alone, the Michigan Association of Realtors has lost 10 percent of its membership, or about 3,500 agents. Membership now stands at about 30,000, the trade group said. An untold number of agents have taken second jobs to weather the slump or have put their licenses in "escrow," basically not using them until the market turns around.
Metro Detroit has been among the regions worst hit by the housing slowdown, which started in Michigan in late 2005 and hit the rest of the nation early this year. In September, Realtors sold 3,703 homes in Metro Detroit, down from 4,184 in September last year and 4,456 the year before that, according to multiple listing service Realcomp II Ltd.
Real estate agents across the country are leaving the business as the sales downturn worsens. The National Association of Realtors is predicting a 4 percent decline in its membership by the end of 2007, from a record high of 1.4 million members at the beginning of this year.
When Metro Detroit's real estate market entered its downward slide, John Kurczak, a 17-year veteran of the industry, thought he had the tools and experience to ride out the storm.
But after watching the agency he worked at for 16 years close its doors and the number of homes he sells drop off dramatically, Kurczak, 36, is wondering just how much longer he can stand the 14-hour days and long stretches between commission checks.
"I've reinvented myself and spent countless hours trying to get ahead," said Kurczak, who is looking at job offers from other states and in other fields.
"But it's not always paying off. It's a shame -- I can spend all this money trying to market a home, but nobody's buying. I only get paid when the fat lady sings."
Strategies change
Agents still in the business said they're fighting hard to keep ahead.
Some have changed their advertising strategies in an attempt to grab the attention of scarce buyers.
Kurczak, now an agent at Keller Williams in Sterling Heights , said the transition away from his old Century 21 AAA digs in Eastpointe was a rough one. Forced to find a new professional home after the Eastpointe office was shuttered last year, Kurczak renewed his focus on developing and maintaining his own Web site, while keeping in contact with anybody and everybody who could be a sales lead.
Others, like Maureen Francis of SKBK Sotheby's Realty, in Birmingham , have started offering potential customers their own brand of real estate news analysis.
Francis, who specializes in selling luxury properties in Oakland County, started a blog, mioaklandcounty.com , with her husband, also a Realtor. She regularly updates the site with commentary on local and national real estate news and said her site has been instrumental in connecting with customers.
"It lets them get a better idea of what's going on in the market," Francis said. "It's honest and shows what kind of agent I am."
Dreams die
Being honest and tech-savvy isn't enough to stay afloat as a Realtor, Kurczak said. And with job offers coming in from other fields with companies in other states, Kurczak said his days working Metro Detroit's property market likely are numbered.
Kurczak said his current job is one that's only gotten harder as friends and even family members have fled the real estate business while he's tried to hold on.
Both of his brothers got their real estate licenses within the last year. But after seeing Kurczak struggle -- including a situation last winter in which Kurczak was dropped by a couple looking for a home after he took them on 70 private showings -- both brothers have decided to wait to get in the business until the market improves.
Sandy Covert, 33, said she wishes she had done just that.
Lured by tales of plump paychecks and the allure of a job that came with a business card and no uniform, Covert decided in November 2005 to ditch her merry-go-round of low-wage retail jobs for the world of Metro Detroit real estate.
Covert of Dearborn Heights said she did everything right -- taking licensure classes in the evening and spending lunch breaks studying economics and accounting volumes picked up from a used bookstore. She was assured by instructors and more experienced agents that there was no end to success in the real estate business, even with talk of a downturn swirling in the news.
But after thousands of dollars spent on preparation and six months working every angle of the market she could, Covert had sold only one home.
"It was a complete embarrassment," Covert said of the dilapidated structure a few blocks from her own Dearborn flat that she sold for a mere $4,500. "That was all I could sell. I tried harder at this than anything before in my life and I couldn't make it work. People don't believe what a tough business this is."
Covert was lucky, other agents said. Though she abandoned her dreams of real estate success after a year, she was able to return, albeit reluctantly, to her career in retail.
Marlene Bryant, a 52-year-old instructor at a private school in Toledo , said she stopped teaching in 2002 to try her hand at selling real estate around her hometown of Monroe. But after three years, she said she's happy to be back to her life of guaranteed work hours and a pension.
"It was like a glamorous dream job," Bryant said. "I drove a Cadillac and took people to nice places. It was great while it lasted."
Others like Kurczak, whose professional life started as a real estate agent, aren't sure what they'll do if they leave the business.
"It's not as if we're not working hard," he said. "But you can't make people buy houses, which is unfortunate. I'd be a very rich man if I sold everything there is to sell in Metro Detroit."
You can reach Nathan Hurst at (313) 222-2293 or nhurst@detnews.com.
Real Estate Investors & Homeowners, Do You Want More Information Or Experience ?
November Seminar the Cooperative Purchase System with Adam King, Sponsored By Property Investing Club
The "staggeringly high" new investor failure rate is dictated by the solid understanding of these two important words. Adam knows the importance and difference of these two words and wants nothing less than the investment community to learn how to properly act on it.
The Cooperative Purchase seminar and workshop isn't just another event packed with "home study" information and material you won't use. It is a "system" that involves immediate and everlasting support from Adam himself and the team you will effortlessly build in order to accomplish deals anywhere in the country. You may have heard of, or even studied such strategies as lease options, short sales, wholesaling, rehabbing, land contracts, multi-unit, high end flipping and more, but do you know who to apply them successfully? Do you know how to apply them "backwards" so your exit strategy comes first? Do you know where to get money that you can count on? Do you know how to structure the offer so everyone wins?
Let's face it, getting deals in our current economy is easy, but how would you feel if you KNEW that when you got a deal there was a paycheck coming your way from the very beginning? You will learn how "real money" works in our business. You will learn techniques that NO OTHER guru has taught EVER! And you will learn and ACT on it TOGETHER with our current 114 associates in 22 states and in Canada.
Come join us November 15th as Adam will walk you through his experiences as a new investor with no clue, to an investor who understands the leverage of all forms of creative real estate investing including the amazing financing side of hard and soft money. He knows and has experienced what every new and seasoned investor has faced. He has been the glue holding together multi-million dollar deals and low income acquisitions. And now it is his time to share his experiences and knowledge with you.
Ralph Marcus Maupin, Jr. (Mark), College Professor, at Wayne County Community College said "Real Investing can be a risk. The thing I like about Adam King is that his approach is not to put the investor new or experience at risk. With his program he puts buyer in control without risking their money. Great program for new or experience investors. This REIA, (real estate investors association) brings both the National experts like Adam King, but also brings local experts to every meeting."
This is one of many events sponsored by National Real Estate Network, LLC. This real estate investing club event repeats ever third Thursday of Month in Livonia, Michigan. This is club for new and experience investors, homeowners, and landlord in Southeast Michigan. The third Thursday meetings are Free to first time visitors. Below is the when, how and where:
Meeting is free to first time visitors. Agenda: • 6:00—Structured Networking – Resource tables, local real estate experts • 7:00—Update from Founders • 7:30—Expert—Adam King Seating is limited so don't delay and reserve your seat TODAY!!! Register NOW 248-762-0800 Event Date: Thursday, 15th November 2007 Event Start Time: 6:00 PM Event End Time: 9:00 PM Location: Laurel Manor 39000 Schoolcraft Rd Livonia, MI 48150 Primary Phone: 248-762-0800 Primary Email: info@megaeveningevent.com The club services the following areas; Macomb County --Bruce Township, Center Line, Chesterfield Township, Clinton Township, Eastpointe, Fraser, Harrison Township, Lenox Township, Macomb Township, Mt. Clemens, New Baltimore, Ray Township, Roseville, Richmond, Shelby Township, St. Clair Shores, Sterling Heights, Utica, Warren, Washington Township Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
The "staggeringly high" new investor failure rate is dictated by the solid understanding of these two important words. Adam knows the importance and difference of these two words and wants nothing less than the investment community to learn how to properly act on it.
The Cooperative Purchase seminar and workshop isn't just another event packed with "home study" information and material you won't use. It is a "system" that involves immediate and everlasting support from Adam himself and the team you will effortlessly build in order to accomplish deals anywhere in the country. You may have heard of, or even studied such strategies as lease options, short sales, wholesaling, rehabbing, land contracts, multi-unit, high end flipping and more, but do you know who to apply them successfully? Do you know how to apply them "backwards" so your exit strategy comes first? Do you know where to get money that you can count on? Do you know how to structure the offer so everyone wins?
Let's face it, getting deals in our current economy is easy, but how would you feel if you KNEW that when you got a deal there was a paycheck coming your way from the very beginning? You will learn how "real money" works in our business. You will learn techniques that NO OTHER guru has taught EVER! And you will learn and ACT on it TOGETHER with our current 114 associates in 22 states and in Canada.
Come join us November 15th as Adam will walk you through his experiences as a new investor with no clue, to an investor who understands the leverage of all forms of creative real estate investing including the amazing financing side of hard and soft money. He knows and has experienced what every new and seasoned investor has faced. He has been the glue holding together multi-million dollar deals and low income acquisitions. And now it is his time to share his experiences and knowledge with you.
Ralph Marcus Maupin, Jr. (Mark), College Professor, at Wayne County Community College said "Real Investing can be a risk. The thing I like about Adam King is that his approach is not to put the investor new or experience at risk. With his program he puts buyer in control without risking their money. Great program for new or experience investors. This REIA, (real estate investors association) brings both the National experts like Adam King, but also brings local experts to every meeting."
This is one of many events sponsored by National Real Estate Network, LLC. This real estate investing club event repeats ever third Thursday of Month in Livonia, Michigan. This is club for new and experience investors, homeowners, and landlord in Southeast Michigan. The third Thursday meetings are Free to first time visitors. Below is the when, how and where:
Meeting is free to first time visitors. Agenda: • 6:00—Structured Networking – Resource tables, local real estate experts • 7:00—Update from Founders • 7:30—Expert—Adam King Seating is limited so don't delay and reserve your seat TODAY!!! Register NOW 248-762-0800 Event Date: Thursday, 15th November 2007 Event Start Time: 6:00 PM Event End Time: 9:00 PM Location: Laurel Manor 39000 Schoolcraft Rd Livonia, MI 48150 Primary Phone: 248-762-0800 Primary Email: info@megaeveningevent.com The club services the following areas; Macomb County --Bruce Township, Center Line, Chesterfield Township, Clinton Township, Eastpointe, Fraser, Harrison Township, Lenox Township, Macomb Township, Mt. Clemens, New Baltimore, Ray Township, Roseville, Richmond, Shelby Township, St. Clair Shores, Sterling Heights, Utica, Warren, Washington Township Oakland County --Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom Wayne County --Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.
Washtenaw County:
Ann Arbor, Bridgewater, Chelsea, Dexter, Manchester, Salem, Saline, Superior Township, Whitmore Lake, Whittaker, Willis, and Ypsilanti
National Real Estate Network (NREN) is a premier Real Estate Investors Club in Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in Michigan market together. NREN invites National and Local speakers each month and they provide excellent education to their members. NREN has grown to 300 Members strong and still growing. You can get more information at http://www.MegaEveningEvent.com Contact Urvi Mehta 248-762-0800 info@MegaEveningEvent.com
Wednesday, October 24, 2007
Good Loans Going Bad!
Delinquent FHA loans mount in Michigan
Feds to offer counseling to struggling homeowners
Christine MacDonald / The Detroit News
Alarmed by Michigan's nation-leading rate of FHA foreclosures, federal officials are stepping in to arrange counseling for defaulting homeowners and may reward real estate agents for reselling properties.
Nearly 4 percent of Michigan's Federal Housing Administration loans -- 5,235 -- were foreclosed on in the 12 months ending Sept. 30, according to data compiled last week; payments on about 9,000 more are at least 90 days delinquent in Wayne, Oakland and Macomb counties. Michigan's rate is the highest in any state since at least 2002, and further cements the state as the center of the nation's housing crisis.
Experts say those numbers bolster the belief that Michigan's foreclosure problems go much deeper than the struggles seen nationwide with subprime and adjustable rate mortgages.
They blame Michigan's overall economic troubles for driving up the numbers in the somewhat less risky FHA loans, which require low down payments and are aimed at low- and middle-income borrowers.
"In Michigan, we have determined that the situation has just gotten so severe we need to get out front more," said Laurie Maggiano, deputy director of the U.S. Department of Housing and Urban Development's Office of Asset Management and Disposition. "We don't like the numbers and we want to see them go down."
City officials worry about the toll the vacant houses -- especially FHA homes, which can take longer to work their way out of foreclosure limbo than other conventional loans -- is taking on Metro Detroit. Some communities are taking steps to buy the houses from HUD, rehab them and sell them cheap -- just to get them occupied and back on the tax rolls.
"It's only a matter of time before something bad happens," said Taylor Mayor Cameron Priebe, who is concerned that the empty houses will become eyesores, suppress property values and attract vandals.
Mich.-only plans in works
People who buy homes insured by the FHA secure mortgages through private lenders, such as banks or mortgage companies, and the FHA insures the loan. If a homeowner defaults, FHA covers the lender's loss. FHA clients pay mortgage insurance; the program is self-sustaining and costs taxpayers nothing.
Officials with HUD say they will roll out special, Michigan-only initiatives in mid-November to tackle the problem.
For the first time, HUD is contacting by mail thousands of delinquent FHA borrowers in Metro Detroit who are on the verge of foreclosure and urging them to attend to a Nov. 15 financial counseling event with lenders to potentially negotiate a way to avoid foreclosure.
HUD typically doesn't contact borrowers directly, Maggiano said.
And HUD is considering additional ways to move homes off the HUD inventory, including
lowering down payment requirements even further from the standard 3 percent of the home's cost -- potentially as low as $100 -- to attract buyers. Maggiano said borrowers will still have to prove they will be able to repay the loan.
The maximum FHA-backed mortgage in Metro Detroit is $226,100.
As an incentive to move FHA-reverted houses, real estate agents may be offered bonuses for selling them. And the federal government is reaching out to cities and housing nonprofits to urge them to buy some of the unsold homes, -- anywhere from half off to just $1 -- restore and sell them to people for whom home ownership is otherwise unattainable.
Dearborn bought 60 FHA-foreclosed, derelict homes from HUD for $1 each this year, tore them down and divided the land between adjacent homeowners or combined vacant lots for new home construction, said David Norwood, the city's director of the building and safety department.
And city officials hope to buy and rehab additional homes soon.
Taylor is close to buying from HUD, for $1 each, 11 foreclosed homes that have sat unsold for six months, and has set aside $50,000 in seed money to start rehabbing them. Taylor plans to sell the houses to low- to moderate-income residents.
The HUD homes can sometimes sit longer in foreclosure than traditional loans because there are more parties involved -- the lending institution plus the government.
"We want to minimize this negative," Priebe said. "Every little bit is a start."
The news that Taylor is going to buy the foreclosed house next door to Clarence Schiller is bittersweet. Schiller, 51, has kept an eye on the house for the two years it's been vacant and tracks the nine other vacant buildings on the block that are empty.
But his house could be the next to go. Laid off from his automotive-related job in January, Schiller and his wife may lose their home to foreclosure soon. He is applying for temporary jobs in Alaska, in hopes he can make enough money to save his home.
"It's not good," Schiller said of Michigan's growing foreclosure crisis. "It's not good at all."
Derelicts a drain on area
Experts say it's key for cities and nonprofits to work on the problem because the longer a foreclosed house sits empty, the more it drains nearby property values and becomes a target for thieves and vandals.
FHA loans typically have lower interest rates than sub-prime loans and if the borrowers can't meet those payments, there is likely a broader issue at fault, such as a job loss.
"It's a signal and symptom of a bigger problem," said Pava Leyrer, a president of the Michigan Mortgage Brokers Association. "They don't have the money in general."
More money spent on financial literacy would help, particularly in schools, so that people are realistic about how much house they can afford, she said.
"For us as a nation, this is going to be one of the biggest problems we've faced since the 1930s," said Deborah Younger, executive director of the Detroit Local Initiatives Support Corp, which provides technical and financial help to housing non-profits and are working on solutions to the foreclosure problem. "The numbers are overwhelming."
You can reach Christine MacDonald at (313) 222-2396 or cmacdonald@detnews.com.
Feds to offer counseling to struggling homeowners
Christine MacDonald / The Detroit News
Alarmed by Michigan's nation-leading rate of FHA foreclosures, federal officials are stepping in to arrange counseling for defaulting homeowners and may reward real estate agents for reselling properties.
Nearly 4 percent of Michigan's Federal Housing Administration loans -- 5,235 -- were foreclosed on in the 12 months ending Sept. 30, according to data compiled last week; payments on about 9,000 more are at least 90 days delinquent in Wayne, Oakland and Macomb counties. Michigan's rate is the highest in any state since at least 2002, and further cements the state as the center of the nation's housing crisis.
Experts say those numbers bolster the belief that Michigan's foreclosure problems go much deeper than the struggles seen nationwide with subprime and adjustable rate mortgages.
They blame Michigan's overall economic troubles for driving up the numbers in the somewhat less risky FHA loans, which require low down payments and are aimed at low- and middle-income borrowers.
"In Michigan, we have determined that the situation has just gotten so severe we need to get out front more," said Laurie Maggiano, deputy director of the U.S. Department of Housing and Urban Development's Office of Asset Management and Disposition. "We don't like the numbers and we want to see them go down."
City officials worry about the toll the vacant houses -- especially FHA homes, which can take longer to work their way out of foreclosure limbo than other conventional loans -- is taking on Metro Detroit. Some communities are taking steps to buy the houses from HUD, rehab them and sell them cheap -- just to get them occupied and back on the tax rolls.
"It's only a matter of time before something bad happens," said Taylor Mayor Cameron Priebe, who is concerned that the empty houses will become eyesores, suppress property values and attract vandals.
Mich.-only plans in works
People who buy homes insured by the FHA secure mortgages through private lenders, such as banks or mortgage companies, and the FHA insures the loan. If a homeowner defaults, FHA covers the lender's loss. FHA clients pay mortgage insurance; the program is self-sustaining and costs taxpayers nothing.
Officials with HUD say they will roll out special, Michigan-only initiatives in mid-November to tackle the problem.
For the first time, HUD is contacting by mail thousands of delinquent FHA borrowers in Metro Detroit who are on the verge of foreclosure and urging them to attend to a Nov. 15 financial counseling event with lenders to potentially negotiate a way to avoid foreclosure.
HUD typically doesn't contact borrowers directly, Maggiano said.
And HUD is considering additional ways to move homes off the HUD inventory, including
lowering down payment requirements even further from the standard 3 percent of the home's cost -- potentially as low as $100 -- to attract buyers. Maggiano said borrowers will still have to prove they will be able to repay the loan.
The maximum FHA-backed mortgage in Metro Detroit is $226,100.
As an incentive to move FHA-reverted houses, real estate agents may be offered bonuses for selling them. And the federal government is reaching out to cities and housing nonprofits to urge them to buy some of the unsold homes, -- anywhere from half off to just $1 -- restore and sell them to people for whom home ownership is otherwise unattainable.
Dearborn bought 60 FHA-foreclosed, derelict homes from HUD for $1 each this year, tore them down and divided the land between adjacent homeowners or combined vacant lots for new home construction, said David Norwood, the city's director of the building and safety department.
And city officials hope to buy and rehab additional homes soon.
Taylor is close to buying from HUD, for $1 each, 11 foreclosed homes that have sat unsold for six months, and has set aside $50,000 in seed money to start rehabbing them. Taylor plans to sell the houses to low- to moderate-income residents.
The HUD homes can sometimes sit longer in foreclosure than traditional loans because there are more parties involved -- the lending institution plus the government.
"We want to minimize this negative," Priebe said. "Every little bit is a start."
The news that Taylor is going to buy the foreclosed house next door to Clarence Schiller is bittersweet. Schiller, 51, has kept an eye on the house for the two years it's been vacant and tracks the nine other vacant buildings on the block that are empty.
But his house could be the next to go. Laid off from his automotive-related job in January, Schiller and his wife may lose their home to foreclosure soon. He is applying for temporary jobs in Alaska, in hopes he can make enough money to save his home.
"It's not good," Schiller said of Michigan's growing foreclosure crisis. "It's not good at all."
Derelicts a drain on area
Experts say it's key for cities and nonprofits to work on the problem because the longer a foreclosed house sits empty, the more it drains nearby property values and becomes a target for thieves and vandals.
FHA loans typically have lower interest rates than sub-prime loans and if the borrowers can't meet those payments, there is likely a broader issue at fault, such as a job loss.
"It's a signal and symptom of a bigger problem," said Pava Leyrer, a president of the Michigan Mortgage Brokers Association. "They don't have the money in general."
More money spent on financial literacy would help, particularly in schools, so that people are realistic about how much house they can afford, she said.
"For us as a nation, this is going to be one of the biggest problems we've faced since the 1930s," said Deborah Younger, executive director of the Detroit Local Initiatives Support Corp, which provides technical and financial help to housing non-profits and are working on solutions to the foreclosure problem. "The numbers are overwhelming."
You can reach Christine MacDonald at (313) 222-2396 or cmacdonald@detnews.com.
Bush Administration Hope Now Program
Bush Administration Hope Now Program
Thursday, 11 October 2007
The following report in the Washington Post details the recent announcement by Treasury Secretary Henry M. Paulson Jr. and Housing and Urban Development Secretary Alphonso Jackson concerning the Bush administration efforts to address the foreclosure crisis.
Bush Officials Launch Mortgage Campaign
Responding to the rise in foreclosures, the Bush administration yesterday announced the creation of a mortgage industry coalition (see list below) to "step up efforts" to prevent people from losing their homes.
Treasury Secretary Henry M. Paulson Jr. said a broad collection of lenders, mortgage counselors, trade organizations and investors will try persuading hundreds of thousands of at-risk homeowners to seek solutions to their mortgage woes.
"The earlier a troubled borrower reaches out to explore financial options, the more likely he or she will be able to find an affordable mortgage solution," Paulson said at a news conference.
The program has enlisted at least 15 mortgage servicers and insurers, which represent more than 60 percent of the mortgages in the United States, according to the Housing Policy Council, a trade association helping coordinate the coalition.
As a key part of its effort, the alliance plans a direct mail and advertising campaign to encourage at-risk borrowers to call their mortgage servicer or a credit counselor and improve communication between servicers and nonprofit counselors to explain options.
"Of greatest importance, the alliance hopes to increase support for the use of housing counselors," Alphonso Jackson, secretary of Housing and Urban Development, said at the news conference.
In general, some key Democrats have reacted skeptically to the administration's recent efforts to address the mortgage problem. Yesterday, the reactions were mixed.
"Unfortunately, the bottom is falling out of our housing market much more quickly than the Administration is willing to act to stem the tide of foreclosures," Sen. Charles E. Schumer (D-N.Y.), a member of the Committee on Banking, Housing and Urban Affairs, said in a prepared statement.
Nadeam Elshami, a spokesman for House Speaker Nancy Pelosi (D-Calif.), said: "Today's announcement by the administration is a small step that should also serve as a wake up call for lenders to take concrete action to help families who are struggling to keep their homes."
Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, applauded the announcement.
It has been about five weeks since the Bush administration unveiled plans to change the Federal Housing Administration mortgage insurance program so more people could refinance with FHA-insured loans if they fall behind on their adjustable-rate mortgages, some of which offer low introductory rates but can rise significantly.
Last month, the Mortgage Bankers Association released a survey showing the percentage of mortgages entering foreclosure rose to a record level during a three month period ending June 30. California, Florida, Nevada and Arizona were the states hardest hit.
To view the online article, please click here.
To view the Press Release from the U.S. Treasury Dept, please click here
The following organizations have joined the coalition:
• The American Financial Services Association• The American Securitization Forum• Assurant Inc.• Bank of America• CCCS Atlanta Inc.• Citigroup Inc.• The Consumer Mortgage Coalition• Countrywide Financial Corp.• Fannie Mae• The Financial Services Roundtable• First Horizon National Corp.• Freddie Mac • GMAC ResCap• The Homeownership Preservation Foundation• The Housing Partnership Network• The Housing Policy Council• HSBC North American Holdings Inc.• JP Morgan Chase & Co.• Mortgage Bankers Association• National City• NeighborWorks America• Option One Mortgage Corp.• PMI Mortgage Insurance Co.• The Securities and Financial Markets Association• State Farm Insurance Cos. • SunTrust Mortgage Inc.• Washington Mutual Inc.• Wells Fargo & Co.
Thursday, 11 October 2007
The following report in the Washington Post details the recent announcement by Treasury Secretary Henry M. Paulson Jr. and Housing and Urban Development Secretary Alphonso Jackson concerning the Bush administration efforts to address the foreclosure crisis.
Bush Officials Launch Mortgage Campaign
Responding to the rise in foreclosures, the Bush administration yesterday announced the creation of a mortgage industry coalition (see list below) to "step up efforts" to prevent people from losing their homes.
Treasury Secretary Henry M. Paulson Jr. said a broad collection of lenders, mortgage counselors, trade organizations and investors will try persuading hundreds of thousands of at-risk homeowners to seek solutions to their mortgage woes.
"The earlier a troubled borrower reaches out to explore financial options, the more likely he or she will be able to find an affordable mortgage solution," Paulson said at a news conference.
The program has enlisted at least 15 mortgage servicers and insurers, which represent more than 60 percent of the mortgages in the United States, according to the Housing Policy Council, a trade association helping coordinate the coalition.
As a key part of its effort, the alliance plans a direct mail and advertising campaign to encourage at-risk borrowers to call their mortgage servicer or a credit counselor and improve communication between servicers and nonprofit counselors to explain options.
"Of greatest importance, the alliance hopes to increase support for the use of housing counselors," Alphonso Jackson, secretary of Housing and Urban Development, said at the news conference.
In general, some key Democrats have reacted skeptically to the administration's recent efforts to address the mortgage problem. Yesterday, the reactions were mixed.
"Unfortunately, the bottom is falling out of our housing market much more quickly than the Administration is willing to act to stem the tide of foreclosures," Sen. Charles E. Schumer (D-N.Y.), a member of the Committee on Banking, Housing and Urban Affairs, said in a prepared statement.
Nadeam Elshami, a spokesman for House Speaker Nancy Pelosi (D-Calif.), said: "Today's announcement by the administration is a small step that should also serve as a wake up call for lenders to take concrete action to help families who are struggling to keep their homes."
Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, applauded the announcement.
It has been about five weeks since the Bush administration unveiled plans to change the Federal Housing Administration mortgage insurance program so more people could refinance with FHA-insured loans if they fall behind on their adjustable-rate mortgages, some of which offer low introductory rates but can rise significantly.
Last month, the Mortgage Bankers Association released a survey showing the percentage of mortgages entering foreclosure rose to a record level during a three month period ending June 30. California, Florida, Nevada and Arizona were the states hardest hit.
To view the online article, please click here.
To view the Press Release from the U.S. Treasury Dept, please click here
The following organizations have joined the coalition:
• The American Financial Services Association• The American Securitization Forum• Assurant Inc.• Bank of America• CCCS Atlanta Inc.• Citigroup Inc.• The Consumer Mortgage Coalition• Countrywide Financial Corp.• Fannie Mae• The Financial Services Roundtable• First Horizon National Corp.• Freddie Mac • GMAC ResCap• The Homeownership Preservation Foundation• The Housing Partnership Network• The Housing Policy Council• HSBC North American Holdings Inc.• JP Morgan Chase & Co.• Mortgage Bankers Association• National City• NeighborWorks America• Option One Mortgage Corp.• PMI Mortgage Insurance Co.• The Securities and Financial Markets Association• State Farm Insurance Cos. • SunTrust Mortgage Inc.• Washington Mutual Inc.• Wells Fargo & Co.
Monday, September 17, 2007
Pricing Your Home to Sell
How is the asking price determined? There are many factors to consider when pricing your home. One is seller motivation. Do you have to sell quickly due to divorce, bankruptcy, pending foreclosure or other hardship? Are you looking to upgrade to a larger home for your growing family, or downsize to a smaller home now that children are grown and on their own? If you are in a hurry due to hardship, of course you will want to consider a relatively low asking price to motivate buyers. On the other hand, if there isn’t a sense of urgency to sell, then you will be able to ask more. Either way, you must do some research to determine a price range to work with.
Of course, as the seller, you want to achieve the top price, in a short amount of time, with little hassle. Don’t let yourself be taken advantage of; beware of one of the biggest traps most home sellers fall into. The average homeowner will visit several different real estate agents for advice on selling their home. The seller believes his most important question is “how much is my home worth?” The realtor quickly answers with a figure that sounds great! Whichever agent gives the highest amount must be the one who knows what he is doing and therefore the one who will get the best result. Right? So the seller lists with this agent. After a week or two, the agent tells them the market has changed and prices are falling. You must reduce your asking price to get people interested in looking at your house. This could continue until you’ve reduced your price and sold your home for less than it was really worth. Buyers also lack experience, but their agent knows to look for these listings; the ones where sellers desperately continue to reduce their asking price to get their home sold. So, who wins? The listing agent, of course! He gets paid a commission based on the selling price, while you, the seller, might see little or no profit. Don’t fall into this trap!
The asking price of your home will be based on the market value. There is no fixed price, like what you find in a supermarket or department store. Market value is driven by the laws of supply and demand. Simply put, if there are few buyers and many sellers, the market value of your home will be low. If there are many buyers and few sellers, the value increases. So, how does one know the market value of their home?
In the above scenario, ask yourself this question: How did the realtor come up with the asking price he quoted? If he answered quickly, chances are, he’s just “buying your listing.” Remember, he’s commission driven, so he’s telling you what you want to hear so you’ll allow him to list your home. A good realtor will take the time to do a CMA (Competitive Market Analysis) in order to come up with an intelligent answer to your question of how much your home is worth. The agent will take into consideration the features of your home, including number of bedrooms and bathrooms, square footage, brick or frame, the surrounding area, and other special features like built in swimming pool, sauna, updates and additions. Then he will check out homes sold in the last six months that match the criteria of your home and are located in your area. He will analyze the listed price, sold price and length of time it was on the market and homes currently on the market. This is the best way to determine the present market value of your home.
Some people choose to get an appraisal before seeing a real estate agent. This way, they have an opinion from someone who is not motivated by commission. The appraiser is paid when he produces his report, no matter what numbers he comes up with. You can also talk to others who have recently bought or sold their home. One person’s opinion isn’t enough, no matter how well they present it to you, because you aren’t sure of where or how they arrived at their asking price. When you do your research and gather the results of several different sources, you are then armed with the information you need to make an intelligent decision.
You spend a lot of time and effort sprucing up your home to impress buyers. You should also take the time to do the necessary research to determine your asking price. Remember, with most buyers, their first impression comes right from your listing. If it’s priced too high, chances are, they will not take the time to see the home.
Of course, as the seller, you want to achieve the top price, in a short amount of time, with little hassle. Don’t let yourself be taken advantage of; beware of one of the biggest traps most home sellers fall into. The average homeowner will visit several different real estate agents for advice on selling their home. The seller believes his most important question is “how much is my home worth?” The realtor quickly answers with a figure that sounds great! Whichever agent gives the highest amount must be the one who knows what he is doing and therefore the one who will get the best result. Right? So the seller lists with this agent. After a week or two, the agent tells them the market has changed and prices are falling. You must reduce your asking price to get people interested in looking at your house. This could continue until you’ve reduced your price and sold your home for less than it was really worth. Buyers also lack experience, but their agent knows to look for these listings; the ones where sellers desperately continue to reduce their asking price to get their home sold. So, who wins? The listing agent, of course! He gets paid a commission based on the selling price, while you, the seller, might see little or no profit. Don’t fall into this trap!
The asking price of your home will be based on the market value. There is no fixed price, like what you find in a supermarket or department store. Market value is driven by the laws of supply and demand. Simply put, if there are few buyers and many sellers, the market value of your home will be low. If there are many buyers and few sellers, the value increases. So, how does one know the market value of their home?
In the above scenario, ask yourself this question: How did the realtor come up with the asking price he quoted? If he answered quickly, chances are, he’s just “buying your listing.” Remember, he’s commission driven, so he’s telling you what you want to hear so you’ll allow him to list your home. A good realtor will take the time to do a CMA (Competitive Market Analysis) in order to come up with an intelligent answer to your question of how much your home is worth. The agent will take into consideration the features of your home, including number of bedrooms and bathrooms, square footage, brick or frame, the surrounding area, and other special features like built in swimming pool, sauna, updates and additions. Then he will check out homes sold in the last six months that match the criteria of your home and are located in your area. He will analyze the listed price, sold price and length of time it was on the market and homes currently on the market. This is the best way to determine the present market value of your home.
Some people choose to get an appraisal before seeing a real estate agent. This way, they have an opinion from someone who is not motivated by commission. The appraiser is paid when he produces his report, no matter what numbers he comes up with. You can also talk to others who have recently bought or sold their home. One person’s opinion isn’t enough, no matter how well they present it to you, because you aren’t sure of where or how they arrived at their asking price. When you do your research and gather the results of several different sources, you are then armed with the information you need to make an intelligent decision.
You spend a lot of time and effort sprucing up your home to impress buyers. You should also take the time to do the necessary research to determine your asking price. Remember, with most buyers, their first impression comes right from your listing. If it’s priced too high, chances are, they will not take the time to see the home.
Tips for Selling Your Home
Even in today's tough market, you can improve your odds and sell your home in a reasonable amount of time while getting the price you want. Here are some important things you should do to make your home attractive to buyers and leave less room for them to negotiate down your asking price:
Remove Clutter so people see your house, not your stuff: Floors should be clear of boxes, trash, and clutter. Remove everything from the floors except necessary furniture. It also helps if the furniture in each room is in good shape and matches the room. Your potential buyer will see how accommodating each room can be if the furniture fits. Put away family photos and collectibles. Keep surfaces clear, dining table, end tables, counter-tops and floors, giving your home a more spacious look. Clean out closets so that they are only about half-full, so that there is room for more storage. Do the same with cabinets, the pantry and even inside the refrigerator. Also, give the garage and basement a good cleaning. This is very important to do, even if you need to rent storage space to accomplish this.
Do a thorough cleaning: Now that you've handled the clutter, it's time to make things sparkle and shine! Clean windows, mirrors, walls, floors & counters, ceiling fans and light fixtures. Shampoo carpets, wipe down appliances and remove magnets and notes cluttering up the refrigerator door. Be sure to clean under sinks and empty trash cans. If possible, the kitchen trash should be out of site; put it under the sink or somewhere that it isn't obvious. Remove personal items from sight in bedrooms, like photos and reading material.
Repairs & Maintenance: Take care of obvious things to give the appearance of a well cared for home. Replace drawer pulls and cabinet handles, repair leaky faucets, creaky doors, cracked windows, holes in walls and anything else that stands out. Be sure the furnace filter is clean and everything appears to have been well-maintained, not hastily cleaned up. Fresh paint gives a new and clean appearance. Use neutral colors, be sure all windows are dressed with curtains or nice blinds and update light fixtures and wall paper.
Smells and Odors: You want the home to be odor free when you're showing it. Avoid cooking things that leave behind strong odors, keep litter boxes and bird cages clean, smoke outside. Remember, you live in the home, so you are used to it, but, someone walking in off the street may be overwhelmed with strong odors. Avoid using strong, perfumy air-fresheners; buyers will wonder if you're hiding an underlying problem.
Now, let's go outside: The outside appearance is where your buyer will get his first impression, so this is very important. Lawn should be well maintained, including mowing, edging, weed control and watering. Trim trees and hedges, weed the flower beds and remove dead plants and trees. Repair cracks in the driveway, sidewalks and porches. Power wash siding, clean and seal the deck, clean and repair gutters and downspouts.
Your house should look like it's been loved and cared for; like you've enjoyed living in it. You don't want it to look like a mountain of problems that you're trying desperately to unload on someone else.
Remove Clutter so people see your house, not your stuff: Floors should be clear of boxes, trash, and clutter. Remove everything from the floors except necessary furniture. It also helps if the furniture in each room is in good shape and matches the room. Your potential buyer will see how accommodating each room can be if the furniture fits. Put away family photos and collectibles. Keep surfaces clear, dining table, end tables, counter-tops and floors, giving your home a more spacious look. Clean out closets so that they are only about half-full, so that there is room for more storage. Do the same with cabinets, the pantry and even inside the refrigerator. Also, give the garage and basement a good cleaning. This is very important to do, even if you need to rent storage space to accomplish this.
Do a thorough cleaning: Now that you've handled the clutter, it's time to make things sparkle and shine! Clean windows, mirrors, walls, floors & counters, ceiling fans and light fixtures. Shampoo carpets, wipe down appliances and remove magnets and notes cluttering up the refrigerator door. Be sure to clean under sinks and empty trash cans. If possible, the kitchen trash should be out of site; put it under the sink or somewhere that it isn't obvious. Remove personal items from sight in bedrooms, like photos and reading material.
Repairs & Maintenance: Take care of obvious things to give the appearance of a well cared for home. Replace drawer pulls and cabinet handles, repair leaky faucets, creaky doors, cracked windows, holes in walls and anything else that stands out. Be sure the furnace filter is clean and everything appears to have been well-maintained, not hastily cleaned up. Fresh paint gives a new and clean appearance. Use neutral colors, be sure all windows are dressed with curtains or nice blinds and update light fixtures and wall paper.
Smells and Odors: You want the home to be odor free when you're showing it. Avoid cooking things that leave behind strong odors, keep litter boxes and bird cages clean, smoke outside. Remember, you live in the home, so you are used to it, but, someone walking in off the street may be overwhelmed with strong odors. Avoid using strong, perfumy air-fresheners; buyers will wonder if you're hiding an underlying problem.
Now, let's go outside: The outside appearance is where your buyer will get his first impression, so this is very important. Lawn should be well maintained, including mowing, edging, weed control and watering. Trim trees and hedges, weed the flower beds and remove dead plants and trees. Repair cracks in the driveway, sidewalks and porches. Power wash siding, clean and seal the deck, clean and repair gutters and downspouts.
Your house should look like it's been loved and cared for; like you've enjoyed living in it. You don't want it to look like a mountain of problems that you're trying desperately to unload on someone else.
Friday, August 24, 2007
Countrywide CEO sees recession ahead
Countrywide CEO sees recession ahead
By Jonathan Stempel Thu Aug 23, 5:18 PM ET
NEW YORK (Reuters) - Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.
In an interview, Mozilo also said that to promote liquidity, the U.S. Federal Reserve should cut the rate it charges banks to borrow.
Countrywide faced a credit shortage this month as mortgage defaults rose and capital markets tightened. On August 16, it announced an unexpected drawdown of an entire $11.5 billion credit line because it had trouble selling short-term debt.
But on Wednesday, Bank of America Corp said it would invest $2 billion in Countrywide, buying preferred securities convertible into common stock.
This eased fears about Countrywide's fate, which at least two analysts this month had said could include bankruptcy.
Mozilo called the investment a "vote of confidence" and a "priceless endorsement," but said housing and the economy were not out of the woods.
Falling home prices hurt homeowners psychologically and cause them to spend less, he said. The 68-year-old executive has worked in financial services for more than a half century.
"I've seen this movie before, and the ending of the movie always ends up in some form of recession," he said. "I can see the economy slowing down substantially enough to give the regulators, the Fed some pause in what's going to happen next."
Mozilo called on the Bush Administration and Fed Chairman Ben Bernanke to state that they will not allow the housing environment to get out of control.
Last Friday, the Fed cut the discount rate at which it lends to banks to 5.75 percent. Mozilo said it should be reduced so that it is the same as the federal funds rate, now 5.25 percent.
Others agree that more is needed.
"The Fed has cut the discount rate and added liquidity to the markets but those things aren't enough to turn the fundamental market around," said Phil Orlando, chief equity market strategist at Federated Investors in New York. He said the funds rate should be cut to 4.25 percent by year end.
GOING IT ALONE
Analysts have said Countrywide might lose mortgage market share to well-diversified commercial banks with deeper balance sheets, including Bank of America, Citigroup Inc, JPMorgan Chase & Co and Wachovia Corp.
Countrywide held a 17.4 percent market share from January to June, according to the Inside Mortgage Finance newsletter.
The Bank of America investment also raised speculation that the Charlotte, North Carolina-based company might eventually buy Countrywide, which Mozilo helped launch in 1969.
Merrill spokeswoman Carrie Gray declined to respond to Mozilo's comments, and said Bruce wasn't granting interviews.
Countrywide shares closed up 20 cents at $22.02. They have fallen 48 percent this year.
(Additional reporting by Joseph A. Giannone, Ellis Mnyandu and Dan Wilchins)
By Jonathan Stempel Thu Aug 23, 5:18 PM ET
NEW YORK (Reuters) - Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.
In an interview, Mozilo also said that to promote liquidity, the U.S. Federal Reserve should cut the rate it charges banks to borrow.
Countrywide faced a credit shortage this month as mortgage defaults rose and capital markets tightened. On August 16, it announced an unexpected drawdown of an entire $11.5 billion credit line because it had trouble selling short-term debt.
But on Wednesday, Bank of America Corp said it would invest $2 billion in Countrywide, buying preferred securities convertible into common stock.
This eased fears about Countrywide's fate, which at least two analysts this month had said could include bankruptcy.
Mozilo called the investment a "vote of confidence" and a "priceless endorsement," but said housing and the economy were not out of the woods.
Falling home prices hurt homeowners psychologically and cause them to spend less, he said. The 68-year-old executive has worked in financial services for more than a half century.
"I've seen this movie before, and the ending of the movie always ends up in some form of recession," he said. "I can see the economy slowing down substantially enough to give the regulators, the Fed some pause in what's going to happen next."
Mozilo called on the Bush Administration and Fed Chairman Ben Bernanke to state that they will not allow the housing environment to get out of control.
Last Friday, the Fed cut the discount rate at which it lends to banks to 5.75 percent. Mozilo said it should be reduced so that it is the same as the federal funds rate, now 5.25 percent.
Others agree that more is needed.
"The Fed has cut the discount rate and added liquidity to the markets but those things aren't enough to turn the fundamental market around," said Phil Orlando, chief equity market strategist at Federated Investors in New York. He said the funds rate should be cut to 4.25 percent by year end.
GOING IT ALONE
Analysts have said Countrywide might lose mortgage market share to well-diversified commercial banks with deeper balance sheets, including Bank of America, Citigroup Inc, JPMorgan Chase & Co and Wachovia Corp.
Countrywide held a 17.4 percent market share from January to June, according to the Inside Mortgage Finance newsletter.
The Bank of America investment also raised speculation that the Charlotte, North Carolina-based company might eventually buy Countrywide, which Mozilo helped launch in 1969.
Merrill spokeswoman Carrie Gray declined to respond to Mozilo's comments, and said Bruce wasn't granting interviews.
Countrywide shares closed up 20 cents at $22.02. They have fallen 48 percent this year.
(Additional reporting by Joseph A. Giannone, Ellis Mnyandu and Dan Wilchins)
Top 5 Commercial Real Esate Firms
The following information was sourced from careers-in-finance.comReal Estate:
Top 5 Firms Trammell Crow Trammell Crow Co. is one of the largest diversified commercial real estate service companies in the United States. Through its 150 offices in the United States and Canada, the Company is organized to deliver a comprehensive range of service offerings to clients which include leading multi-national corporations, institutional investors and other users of real estate services. In the area of property management, Trammell Crow offers in-house architectural, engineering, space planning, construction, and environmental services. The company reports total management responsibilities of 494 million square feet of space, spread across offices, retail, manufacturing and other commercial buildings.
Lincoln Property Lincoln Property Company was formed in 1965 for the purpose of building and operating high quality residential communities in the Southwest. We have since become one of the five largest residential and commercial firms in the nation with properties in 200 cities. Lincoln has developed over 140 million square feet of commercial space and its residential development arm includes over 140,000 multi-family residential units.
JMB Realty JMB Realty owns, develops and managers a variety of large commercial real estate properties in the United States. Included are a number of marquee properties such as Chicago's Water Tower Place. JMB also has JMB Advisory Group which provides real estate management and consulting to large institutional investors in commercial property.
CB Richard Ellis CB Richard Ellis is the largest vertically integrated commercial real estate services firm in the world. The company offers the most comprehensive portfolio of services, including property sales and leasing, property management, corporate services, investment banking, investment management, capital markets, appraisal/valuation, research and consulting. With offices in cities around the world, CB Richard Ellis combines global reach with localized knowledge. Whether a client just has one property or a portfolio of multinational locations, its offerings scale to meet individual client needs.
Cushman and Wakefield Worldwide Wants to be the world's preferred real estate provider. Cushman and Wakefield provides brokerage, advisory, lease administration and property management services to corporations and financial services firms around the world. Headquartered in tony Mid-town Manhattan, the company has over 130 offices in 40 countries. The company is controlled by Mitsubishi Estate, Ltd. Founded in New York City in 1917.
Top 5 Firms Trammell Crow Trammell Crow Co. is one of the largest diversified commercial real estate service companies in the United States. Through its 150 offices in the United States and Canada, the Company is organized to deliver a comprehensive range of service offerings to clients which include leading multi-national corporations, institutional investors and other users of real estate services. In the area of property management, Trammell Crow offers in-house architectural, engineering, space planning, construction, and environmental services. The company reports total management responsibilities of 494 million square feet of space, spread across offices, retail, manufacturing and other commercial buildings.
Lincoln Property Lincoln Property Company was formed in 1965 for the purpose of building and operating high quality residential communities in the Southwest. We have since become one of the five largest residential and commercial firms in the nation with properties in 200 cities. Lincoln has developed over 140 million square feet of commercial space and its residential development arm includes over 140,000 multi-family residential units.
JMB Realty JMB Realty owns, develops and managers a variety of large commercial real estate properties in the United States. Included are a number of marquee properties such as Chicago's Water Tower Place. JMB also has JMB Advisory Group which provides real estate management and consulting to large institutional investors in commercial property.
CB Richard Ellis CB Richard Ellis is the largest vertically integrated commercial real estate services firm in the world. The company offers the most comprehensive portfolio of services, including property sales and leasing, property management, corporate services, investment banking, investment management, capital markets, appraisal/valuation, research and consulting. With offices in cities around the world, CB Richard Ellis combines global reach with localized knowledge. Whether a client just has one property or a portfolio of multinational locations, its offerings scale to meet individual client needs.
Cushman and Wakefield Worldwide Wants to be the world's preferred real estate provider. Cushman and Wakefield provides brokerage, advisory, lease administration and property management services to corporations and financial services firms around the world. Headquartered in tony Mid-town Manhattan, the company has over 130 offices in 40 countries. The company is controlled by Mitsubishi Estate, Ltd. Founded in New York City in 1917.
Thursday, July 19, 2007
California Foreclosures Increase 20 Percent in Second Quarter of 2007
California Foreclosures Increase 20 Percent in Second Quarter of 2007
Mt. Pleasant, PA - The news is mixed for foreclosures in the state of California in the second quarter of 2007, according to Default Research Inc. (www.defaultresearch.com). While Riverside County saw the largest increases in foreclosures at forty-seven percent, Ventura Country saw a decrease in foreclosures of approximately seven percent.
"We expected to see foreclosures rise slowly throughout 2007, so this is a good sign in California," said Serdar Bankaci, President/CEO of Default Research. "It is also reassuring that the foreclosure rate in Los Angeles County, one of the largest in the country, only increased by eleven percent.
The second quarter foreclosure statistics from Default Research, which are some of the most accurate in the business, seem to signal a change from the first quarter of last year when, according to the Mortgage Bankers Association, the number of foreclosures was the highest it had been in more than half a century. The Mortgage Bankers of Association numbers are high, but certainly paint an accurate portrait of the severity of the foreclosure problem in the first quarter of 2007," said Bankaci, whose companies provides foreclosure leads two to three weeks ahead of the competition. "While our numbers seem lower, I know they are accurate because each foreclosure property is counted only once."
Default Research is the national leader in real estate research. More information about Default Research can be found at its Web site: www.defaultresearch.com
Artical By Default Research, posted by QHF
Mt. Pleasant, PA - The news is mixed for foreclosures in the state of California in the second quarter of 2007, according to Default Research Inc. (www.defaultresearch.com). While Riverside County saw the largest increases in foreclosures at forty-seven percent, Ventura Country saw a decrease in foreclosures of approximately seven percent.
"We expected to see foreclosures rise slowly throughout 2007, so this is a good sign in California," said Serdar Bankaci, President/CEO of Default Research. "It is also reassuring that the foreclosure rate in Los Angeles County, one of the largest in the country, only increased by eleven percent.
The second quarter foreclosure statistics from Default Research, which are some of the most accurate in the business, seem to signal a change from the first quarter of last year when, according to the Mortgage Bankers Association, the number of foreclosures was the highest it had been in more than half a century. The Mortgage Bankers of Association numbers are high, but certainly paint an accurate portrait of the severity of the foreclosure problem in the first quarter of 2007," said Bankaci, whose companies provides foreclosure leads two to three weeks ahead of the competition. "While our numbers seem lower, I know they are accurate because each foreclosure property is counted only once."
Default Research is the national leader in real estate research. More information about Default Research can be found at its Web site: www.defaultresearch.com
Artical By Default Research, posted by QHF
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