Archive for the ‘News’ Category

Don’t let the Grinch take an Inch!

Friday, December 16th, 2011

Though this article came from Durham, NC Police Department it applies no matter where you live. Saw my neighbors putting out a bunch of boxes yesterday (computers, tv’s, bicycles, etc) that just screamed “Check this out!”, so I thought I’d share some safety tips that are good for us all. 

2011 Yuletide Tips For Holiday Safety

This holiday season “Don’t Let The Grinch Take An Inch”. The Durham Police Department Crime Prevention Unitoffers simple safety strategies that could lessen, or even eliminate, the opportunity for a crime to occur.

Whether in town or travelling, in general be aware of your surroundings at all times,be alert to suspicious people and vehicles, and avoid dangerous situations.

 

If You Are Travelling…

 

  • • Before your trip copy all credit cards, airline tickets, passports and important documents ‐ front and back.
  • • Jewelry, luggage and all valuables should be photographed prior to trip.
  • • Inform your Neighborhood Watch block captain and/or a reliable neighbor of your travel schedule.
  • • Remember to stop delivery of your newspaper and mail.

 

Home Security

  • • Utilizing good dead bolt locks can deter a forced entry into a residence. Be extra cautious about locking doors and windows when you leave home, even if it’s just for a few minutes.
  • • Don’t display gifts where they can be seen from the outside. Consider breaking boxes down and transporting to the recycle station instead of setting them at the curb.
  • • Conduct a holiday inventory. Take photographs or make videos of items and list descriptions and serial numbers. Keep photos/video in a secure place for future reference. If your home is burglarized, having a detailed inventory can help identify stolen items and make insurance claims easier to file. Make sure items like TVs, DVDs, DVD players, stereo equipment, cameras, camcorders, sports equipment, jewelry, silver, computers, home office equipment and power tools are on the list.
  • • If you are at home and you hear someone breaking into your residence, leave the residence as quickly as possible. If you cannot leave, lock yourself in a room with a phone and call the police.
  • • When you leave home, use at least two timers for turning on lights within the residence. Also turn on a radio or a television. This will give the appearance that the home is occupied.
  • • Upon your return, if something looks questionable such as a slit screen, a broken window or an open door, do not go in. Call the police from a neighbor’s house or cell phone.

 

  • Report any suspicious activity to 911 immediately. When in doubt, call 911 !

 

  • • Neighbors watching out for each other can deter criminal activity in a neighborhood. Consider starting a neighborhood tradition by looking in on neighbors and reaching out in the spirit of the season by helping someone less fortunate or lonely.

Motor Vehicle Safety

 

  • • Never leave your vehicle running and unattended. Also, do not leave a spare key inside the vehicle.
  • • Do not leave valuables such as laptop computers, cellular phones and chargers, cash, loose change, radar detectors, detachable stereo covers, GPS, Palm Pilots, CDs, and sports equipment in view.
  • • Keep a record of all your serial numbers for stereo equipment, amplifiers, and other personal items.
  • • If you choose to drink alcohol at a party, DO NOT drink and drive.
  • • Do not create or send text messages while driving.

 

When Shopping…

 

  • • Park in well‐lit areas. Be sure to lock the car and to close all windows.
  • • Carry wallets in front pockets and purses close to your body. Consider carrying your wallet inside of a coat or pants pocket to deter purse‐snatchers.
  • • Avoid carrying large amounts of cash; pay with a check or a credit card. Make sure that only one receipt is printed and that only the last four digits of your card are visible on the receipt.
  • • When returning to your vehicle (or home), have your keys in your hand ready to open the door.
  • • Do not store packages in plain view in your car.
  • • If you take packages to the car, but plan to return to the store/mall, drive to a new location. Criminals can be on the lookout for unsuspecting shoppers who simply drop their purchases into the trunk and then return to shopping.
  • • Most vehicles are equipped with factory car alarms. If you become startled or are approached in a suspicious manner, push your vehicle’s panic alarm or the horn button on your key fob.
  • • When shopping with children, teach them to go to the store clerk, information center or security guard if you get separated.
  • • It’s always best to have a second adult when shopping with small children. They can watch your surroundings when loading children into safety seats.
  • • Be careful of people who rush you into signing anything – a contract or sales agreement. Read it carefully and consult someone you trust for a second opinion.
  • • Be cautious of persons claiming to represent companies, consumer organizations, or government agencies that offer to recover lost money from fraudulent telemarketers for a fee.

 

Protect Yourself on the Internet

 

  • • Shop with reputable companies. When ordering from a new company, request a catalog and have it sent to your residence.
  • • Protect your personal financial information by using a secure browser — one that can encrypt or scramble credit numbers or other personal data. Consider using the company’s 800 number or using a check or money order to pay for your purchase. Always print out a copy of your order and confirmation number for your records.
  • • Think security! Be leery of persons asking for your password or social security information.
  • • A con artist’s website can look just as professional as a legitimate company’s. Always know who you are dealing with.

 Mitzi Anthony is the Marketing Rep for Choice Title LLC, you can respond here, or contact her directly mitzi@choicetitle.com    

 http://twitter.com/choicetitle  

 Her weekly Blog can be found here.

NAMB Seeks Reduction in Fed Overregulation

Wednesday, August 31st, 2011

FOR IMMEDIATE RELEASE   
AUGUST 30, 2011

Contact:
Eric C. Peck

NMP Media Corp.
(516) 409-5555, ext. 312

NAMB feels lifting of LO compensation rule will boost mortgage related jobs and stimulate the economy through less overreaching lending regulations

AUGUST 30, 2011—As the federal government continues to seek new ways to create jobs and reduce burdensome regulation, the Association of Mortgage Professionals (NAMB) recommends that the Administration and Congress encourage the Consumer Financial Protection Bureau (CFPB) to rescind its loan originator (LO) compensation rule. Ever since the early April implementation of the Federal Reserve Board’s (FRB) Regulation Z; Docket No. R-1366, Truth-in-Lending on steering and LO compensation, consumers have experienced a dramatic increase in costs on their mortgages, in addition, the expenses have increased for all mortgage companies and a great impediment has been placed on the vital service of mortgage lending throughout local communities.

“Over the past three years, more than six different federal agencies have implemented new regulations and rules to try to help regulate and protect the consumer against unethical lending practices,” said Michael J. D’Alonzo, president of NAMB. “This has resulted in a further drain on our economy through overlapping and overreaching regulations.”

According to NAMB, regulations placed on the mortgage industry by the Federal Reserve and other regulatory bodies has resulted in good people being denied loans, in addition to the burden of increased consumer costs and a drastic reduction in the base of local mortgage professionals nationwide who provide homeownership opportunities in their local markets.

“When you take away consumer choice, you take away what has made this country great which is healthy competition,” said D’Alonzo. “This regulation, in essence, has established fixed pricing in the mortgage industry causing pricing to go up.”

As with many new regulations coming out of Washington, the new rules and regulations out of Dodd-Frank are overreaching and have slowed down the housing recovery and job creation, as housing remains the backbone of the national economy.

“Instead of really determining the root cause of the mortgage crisis, like loan type, Washington instead has issued new rules and regulations at individuals, rather than tackle the loan type scenario,” said Mike Anderson, vice president and Government Affairs Committee chair of NAMB. “Like the example NAMB used in its testimony before Congress on July 13, 2011, ‘Did the lawmakers legislate, regulate and impose stricter guidelines on pharmacists, doctors or drug stores after the discovery of harmful prescription drugs like Vioxx?’ No, they did not … they simply pulled the product from the shelf. It was loan type that caused the mortgage crisis. By no means is NAMB advocating going back to the days of reckless and irresponsible lending practices; however, with credit overlays, laws and new regulations, the housing recovery is extremely slow to any substantial recovery. LO compensation has caused hundreds and hundreds of small business to shut their doors and countless layoffs of support personnel in the mortgage industry.”


###

 
The National Association of Mortgage Professionals (NAMB)—The Association of Mortgage Professionals, is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage industry. For more information, visit NAMB.org.

Once again the government seems to have thrown the “baby out with the bath water” in trying to correct the flaws in the housing sector. Let’s hope they “get it” and back off some of these overreaching regulations so business can grow instead of stagnate.

Mitzi Anthony is the Marketing Rep for Choice Title, Inc., you can respond here or contact her directly mitzi@choicetitle.com.

http://twitter.com/mitzi_anthony

Her weekly blog can be found here.

The simple truth about Short Sales

Thursday, August 25th, 2011

Mortgage servicers bypass foreclosure delays with more short sales
Mortgage servicers contending with attorney general investigations and extended foreclosure delays turned more to short sales in the past year. In August 2009, short sales accounted for 8% of all liquidations of distressed properties. That number grew to 25% by the middle of 2011, according to research from Moody’s Investors Service. Meanwhile, the time it took from [...]  

According to Louisiana Realtors Association, those homes that are in some stage of foreclosure sold in the second quarter of this year for approximately 30% less than other homes’ price in the same market. – Mitzi

This article was sourced from www.housingwire.com

Mitzi Anthony is the Marketing Rep for Choice Title LLC, you can respond here, or contact her directly mitzi@choicetitle.com  

 http://twitter.com/choicetitle

 Her weekly Blog can be found here.

Market Loves Louisiana

Friday, April 9th, 2010

I know we all are frustrated with the media and their continuing practice

of trying to scare us and our clients away from real estate, but there is

rainbow appearing from the storm. In not one, but THREE places; Louisiana

in general, Baton Rouge and New Orleans specifically have been held out as

the best or most improved market available…nation wide!

What a boost for our spirits, let alone our wallets! Let’s look at what is

being said –

Forbes magazine in their article “10 Best Places to Relocate” listed New

Orleans as a great place for young, new, entrepreneurs. That we have been

seeing an influx of people looking to cash in on the rebuilding of the

city, new businesses that are opening and our great real estate prices. Go

figure…

An article earlier this year named the Thibodaux-Houma corridor as the #1

area in the nation for home value appreciation, close to 10% annually. Some

of our best gems are hidden away in our beautiful wetlands!

And Baton Rouge couldn’t have a better image nationally than if they went

out and hired someone (I thought we did!) to write glowing accolades of our

market. Local Market Monitor declared the Capital Region to be stable for

the next 12 months, much credit to our agents and citizenry since we never

did let our home pricing get as insane as some in California, Florida or

Nevada. First American CoreLogic’s Home Price Index showed a 3.1% increase

in home prices in January and Louisiana overall having a statewide increase

of 4.8% (2.5% if you include distressed properties).

With all of this good news, we need to be sharing it with every client we

have in our database. Who knows whose kid just graduated from college and

is looking for some place different to apply that newly earned degree; or

has a friend or relative that’s lost a job in one of those aforementioned

awful markets that needs a new beginning. There are a million opportunities

out there, our job is to let them know that it’s better here. Hope has

indeed found fertile ground.

New RESPA Guidelines to change REO Procedures???

Friday, March 12th, 2010

RESPA Section 9 covers the rights of the buyer to choose the title company in a purchase transaction.  Sec. 2608 of RESPA under the heading of Title companies; liability of seller states:

(a)    No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company.

(b)    Any seller who violates the provisions of subsection (a) of this section shall be liable to the buyer in an amount equal to three times all charges made for such title insurance.

Now ask any realtor, banker, or  asset manager and this is not the way the REO market has been run. In fact it was the complete opposite, statements like “seller to choose closing attorney”, or “title company seller’s preference” is not only the norm but expected. The original idea was that systems and tools could be put in place to handle large volumes of closings. RESPA obviously saw some risk for corruption, or at the very least, dealings that may not serve the consumer.

The Federal National Mortgage Association (FNMA) must have finally heard this loud and clear because they have now made a dramatic change to their REO addendum on Section 2B, page 1 line 4 to state, “The closing shall be held at a place so designated and approved by the Purchaser.”  I would imagine we will start to see many banks follow FNMA’s lead in the future.  We’ll see…

For more information on REO Properties go to our Closing 101 section or contact Gareth.

What is a Bond for a Deed?

Friday, December 4th, 2009

What is a Bond For Deed? (part 1)

A Bond for Deed is a Louisiana Contract to sell property in installment payments, transferring title after the price is paid in full. Payments must be made through an “escrow” agency, who makes monthly payments to the creditor, and issues IRS 1098 interest reports. The escrow agency is responsible for sending all required notices to buyer and seller.

What the seller needs to know:

  • Seller can earn interest on payments made by the Buyer. The sales price is not dependent on the mortgage balance owned to his lender.
  • Permission of Seller’s mortgage company is not required unless the mortgage specifically prohibits a Bond for Deed transaction.
  • Cancellation of the Contract for non-payment is cheaper and faster than foreclosure.
  • If Buyer defaults, all payments made to seller are forfeited, including any down payments made by Buyer.
  • Seller is responsible for all payments to Mortgagee, even if Buyer has not timely made the payments.
  • Seller must notify Escrow Agent if payments to Mortgagee change due to escrow shortages.

What the Buyer needs to know:

  • Buyer can claim homestead exemption while making payments, even though he does not own title, if he lives on the property as his primary residence.
  • Buyer can claim IRS interest deductions on tax return.
  • Buyer is responsible for repairs, maintenance, termite inspection, insurance etc.
  • Insurance coverage must list owner as primary insured and purchaser as “additional insured”.
  • Title insurance is available.
  • Bond for Deed is a mechanism used temporarily to bridge gaps while waiting for favorable market values and interest rates.
  • In the event Seller files bankruptcy, the Buyer is protected by the Bankruptcy code.
  • Death of the Seller does not affect the validity of the Contract, as the heirs of seller inherit the benefits of the Contract terms.
  • Mortgages to Buyers qualify as refinances, rather than new purchase loans. Payments made under existing Contracts are treated as mortgage payments

Information prepared by Sheila Bonnette, Choice Title Inc.

Creative Financing

Friday, December 4th, 2009

In this day and financial times we all need options, choices, and new avenues to get where we need to go.

One of those in the realm of real estate is what is known in Louisiana as Bond for Deed. This is a contract to sell property in installment payments, transferring title after the price has been paid in full. All payments are made through an “escrow” company, who in turn makes the monthly payments to the creditor and issues IRS 1098 interest reports to the purchaser. They are also responsible for sending all required notices to the buyer and seller.

For a buyer with cash, but who may have some obstacle to purchasing conventionally, this is a viable, temporary means of getting the home of their dreams. Most contracts run 2-5 years until those obstacles are overcome and conditions have improved. They can also take the Homestead Exemption (as long as it is their primary residence), deduct the mortgage interest on their taxes (please check with your tax preparer for your particular circumstances) and may qualify for the Home Buyer Tax Credit currently available. As the buyer you are responsible for maintaining insurance, repairs, termite contracts and your monthly payments include principal, interest and a small fee to the escrow company.

And you are protected should the seller enter Bankruptcy or become deceased.

For the seller there are protections as well. The price is determined by negotiation (not just what the balance may be, if any), may earn interest on the payments (difference between what is sent to lender and the remainder to seller). Permission from lender is not required unless specified in mortgage language that Bond for Deed is prohibited. If buyer defaults, the cancellation process is simpler; often a “mutual cancellation” is signed and held by the Escrow company to use in lieu of a formal cancellation process. However, all payments made to the seller are forfeited, including the down payment). The seller is still responsible for all mortgage payments (usually one extra “cushion” payment is held by escrow company) and must notify the escrow company of any changes in payments due to changes in impounds account.

For the realtor, you may use of Standard Agreement to Purchase with an Addendum to modify for Bond for Deed (contact Choice Title for these forms) and the commissions are paid at the time of closing. Waiver of Redhibition is allowed and assignment of contracts is allowed.

There are extra costs involved and extra forms to be signed at closing for this type of transaction, but the benefits are extra to both buyer and seller. Contact Choice Title, Inc. at 225-744-4241 or 985-651-5241 for details and quotes.