Chris Breck,'s Blog

Free CE: 1031 Exchange & Investment Properties

2008-07-22T20:19:40Z

The Professional Development Institute presents:

Free Continuing Education on 1031 Exchanges Made Simple (3 Free Credit Hours)

Learn all of the fundamentals and guidelines in 1031 Tax Deferred Exchange; Time lines, restrictions, and how to manage your clients engaged in a 1031 transaction.

Taught by Chris Breck of

Date: Tuesday August 5^th, 2008

Time: 10:00AM - 1:00PM

Location: Cummings & Co. Realtors - 2929 O'Donnell Street/ Canton, MD 21224

Cost: FREE courtesy of Advantage Title/ First Home Mortgage/ Cummings & Co. Realtors

Giveaways: $50 Gift card to Coburn's Tavern

To sign up please call or email Chris Breck at 443-695-2090 or cbreck@advantitle.com by July 31st.

Recording Changes - Prince George's County

2008-06-10T08:17:30Z

The Prince George's County Office of Finance has issued a notice increasing the State Recordation Tax Rate from $2.20 per $500 to $2.50 per $500 on documents executed after July 5^th 2008. Documents executed prior to July 5^th will be accepted at the previous rate of $2.20 per $500 until August 31^st 2008.

Beginning on September 1^st 2008 all documents will be taxed at the new rate of $2.50 per $500.

*Make sure you and any borrower debating on closing before or after their 4^th of July vacation is aware of the cost difference.

Also, effective July 1^st 2008 all documents claiming a principle residence exemption must have a copy of a valid driver's license submitted with document, as proof of residency.

*Make sure you and your title company have a copy of all borrowers drivers license prior to settlement to verify their address. If the address on the license does not match the property address, you borrower will not receive the principle residence exemption.

Treasury Management has attempted to implement this in the past but has been met with strong opposition. Let us hope they withdraw this proposal as they did last year. I will update you as to any other changes.

Important Info For Out-of-state Sellers

2008-05-27T11:40:10Z

Please be advised that recent changes to the top margin State income tax rate for individuals have the effect of increasing the withholding required for sales of property by nonresident individuals.

Effective July 1st 2008, withholding for nonresident individuals has been increased from 6.75% to 7.5% in the state of Maryland. (The rate remains at 8.25% for nonresident entity withholdings.)

Deeds dated and fully acknowledged prior to July 1st but recorded after July 1st will be subject to the current 6.75% rate.

So if you have a listing with a seller that is not a resident of the state of Maryland, make sure they get to settlement prior to July 1st!!! Advantage Title is experienced in nonresident sellers and will guarantee a timely closing.

Call me if you need help or have any questions: 800-609-8707.

New Laws - Maryland Emergency Legislation

2008-04-28T10:00:32Z

I recently attended a Maryland Association of Mortgage Brokers Town Hall Meeting to review new laws affecting those of us in the mortgage business. These three bills are considered Emergency Legislation and will take effect in Maryland very soon.

SB216 alters the recordation requirements for Mortgages/ Deeds of Trust to include the loan originators license number. Going forward this will allow the source of loans in foreclosure to be traced back to the individual loan originator. Those loan originators that are are the source of to many "bad loans" will be open to investigation.

For more information on Senate Bill 216 visit: http://mlis.state.md.us/2008rs/fnotes/bil_0006/sb0216.pdf

SB217 pertains to mortgage fraud and the new penalties for loan originators and borrowers. This includes the maximum penalty of a person involved in multiple incidents of mortgage fraud to a $100,000 fine and 20 years imprisonment.

For more information on Senate Bill 217 visit: http://mlis.state.md.us/2008rs/fnotes/bil_0007/sb0217.pdf

SB218 alters several provisions protecting homeowners facing foreclosure. The bill prohibits foreclosure consultants from engaging in rescue transactions.

For more information on Senate Bill 218 visit: http://mlis.state.md.us/2008rs/fnotes/bil_0008/sb0218.pdf

Please contact me if you have any questions.

Christopher Breck

V.P. & Director of Marketing

Advantage Title Company

Toll Free: (800) 609-8707

Phone: (410) 494-0380

Fax: (410) 494-0381

Cell: (443) 695-2090

Web: http://www.advantitle.com

Blog: http://activerain.com/blogs/cbreck

Linkedin: http://www.linkedin.com/in/marylandtitlecompany

Senate makes headway on housing fix

2008-04-07T10:49:27Z

Senate makes headway on housing fix

I know, I know.. another boring post about politics! I am sorry, this stuff intrigues me:

Last Thursday the Senate began debate on a $15 billion bipartisan housing relief package. Democrat and Republican lawmakers have been facing "election year pressure" to respond to the foreclosure crisis. The package could get a final vote this week.

There is a need for haste as housing experts agree the bill must be signed into law by July to prevent a substantial number of foreclosures in 2008. 1.5 Million subprime ARMs will reset this year with May and July being the peak months. Borrowers that can not handle the payment increase could see the foreclosure process start as early as September and lose their home by the end of 2008.

To help move the bill along, Democrats have removed the provision that would allow judges to adjust the terms of loans on principle residences for borrowers facing bankruptcy. Last month Republicans blocked a bill with this bankruptcy prevision, contending the additional risk taken on by lenders would force them to increase mortgage costs for everyone. ( http://activerain.com/blogsview/404910/Housing-Relief-Bill-HR ) This is a small victory for opponents such as the Mortgage Bankers Association that refer to this provision as "the cram down". However, there has been mention of yet another compromise that would allow judges to alter the interest rate but not the principle amount due.

So what is in the new housing relief package?

FHA Modernization

The bill would raise FHA loan limits for 95% of an area's median home price to 110%.
The new FHA loan limit (temporarily at $729,950 until December 31st) would be permanently raised from the old $417,000 to $550,000.
Increase down payment requirements from 3% to 3.5%

$10 billion in tax-free bonds to help troubled borrowers, proceeds of which would be used to subsidized mortgage refinancing subprime borrowers. The current law only helps first-time homebuyers.

$7,000 tax credit for homebuyers of foreclosed properties.

Property tax deductions of $1,000 for couples and $500 for singles in addition to the standard deduction on their federal tax return. The current law allows only homeowners that itemize their deductions to deduct their property tax.

$4 Billion in grants to state and local governments to buy and rehabilitate foreclosed homes.

$100 Million to fund counseling for homeowners at risk of foreclosure.

$4,000 per violation for lenders that do not properly provide truth-in-lending disclosures to borrowers 7 days prior to closing.

Protection for veterans. For soldiers returning from service, the bill would lengthen the time a lender must wait before starting the foreclosure process from 3 to 9 months. Also, one year relief from any increase in mortgage interest rates from an Adjustable Rate Mortgage.

$6 Billion tax benefit for home builders. Extending the time builders are allowed to write off net operating losses from 2 to 4 years. Many say this is too generous to homebuilders, but this is also projected to help save thousands of jobs.

For more information on the $15 billion mortgage fix please visit:

http://realtytimes.com/rtpages/20080407_washingtonreport.htm

http://www.inmannews.com/news/2008/04/4/foreclosure-relief-bill-debated-senate-floor

http://money.cnn.com/2008/04/02/news/economy/housing_bipartisan_draft/index.htm?postversion=2008040322

Bush says " No Way" to FHA

2008-04-01T09:00:16Z

Bush Vetoes Changes to FHA Guidelines, April 1 2008

Despite the potential relief for thousands of home owners, President Bush announced yesterday that they will not make changes to the current FHA guidelines. He sited many reasons including an "over correction" of the Housing Market that will create another build and bust of house values. Market analysts believe this late change will destroy consumer optimism and send rates on a roller coaster ride for the next few months.

FED Chairman Ben Bernanke was quoted as saying "April Fools!"

Ha Ha! I am sure that paragraph made a few of your stomachs drop. On a large scale that would make a pretty good prank. Here is a list of my four favorite pranks of all time:

The Left-Handed Whopper

In 1998 Burger King published a full page advertisement in USA Today announcing the introduction of a new item to their menu: a "Left-Handed Whopper" specially designed for the 32 million left-handed Americans. According to the advertisement, the new whopper included the same ingredients as the original Whopper (lettuce, tomato, hamburger patty, etc.), but all the condiments were rotated 180 degrees for the benefit of their left-handed customers. The following day Burger King issued a follow-up release revealing that although the Left-Handed Whopper was a hoax, thousands of customers had gone into restaurants to request the new sandwich. Simultaneously, according to the press release, "many others requested their own 'right handed' version."

The Taco Liberty Bell

In 1996 the Taco Bell Corporation announced that it had bought the Liberty Bell and was renaming it the Taco Liberty Bell. Hundreds of outraged citizens called the National Historic Park in Philadelphia where the bell was housed to express their anger. Their nerves were only calmed when Taco Bell revealed, a few hours later, that it was all a practical joke. The best line of the day came when White House press secretary Mike McCurry was asked about the sale. Thinking on his feet, he responded that the Lincoln Memorial had also been sold. It would now be known as the Ford Lincoln Mercury Memorial.

The Incredible Sidd Finch

In its April 1985 edition, Sports Illustratedpublished a story about a new rookie pitcher who planned to play for the Mets. His name was Sidd Finch, and he could reportedly throw a baseball at 168 mph with pinpoint accuracy. This was 65 mph faster than the previous record. Surprisingly, Sidd Finch had never even played the game before. Instead, he had mastered the "art of the pitch" in a Tibetan monastery under the guidance of the "great poet-saint Lama Milaraspa." Mets fans celebrated their teams' amazing luck at having found such a gifted player, and Sports Illustratedwas flooded with requests for more information. But in reality this legendary player only existed in the imagination of the author of the article, George Plimpton.

The Swiss Spaghetti Harvest

In 1957 the respected BBC news show Panorama announced that thanks to a very mild winter and the virtual elimination of the dreaded spaghetti weevil, Swiss farmers were enjoying a bumper spaghetti crop. It accompanied this announcement with footage of Swiss peasants pulling strands of spaghetti down from trees. Huge numbers of viewers were taken in. Many called the BBC wanting to know how they could grow their own spaghetti tree. To this the BBC diplomatically replied that they should "place a sprig of spaghetti in a tin of tomato sauce and hope for the best."

Here is the Museum of Hoaxes Top 100: http://www.museumofhoaxes.com/hoax/aprilfool/P0/

My Personal Best April Fools Prank

In college, late on March 31st/ early April 1st my roommates and I decided to play a joke on our neighbors. They were 3 girls that also attended the university. We walked around the neighborhood collecting every lawn ornament we could find. We filled the girl's tiny front yard with fake geese, squirrels, flamingos, frogs, turtles, gnomes. We promptly hung signs throughout the neighborhood that read "Free Petting Zoo" and listed the girls address. The girls awoke to find nearly a hundred plastic creatures had taken over their small 15ft X 15ft yard. Neighbors stopped as they drove by to see this magnificent site and take a few pictures. Once we had returned the animals later that afternoon we all shared a good laugh as we explained to many where their lawn ornaments had been.

Please share with me your best April Fools prank.

Free Tax Advice for the Real Estate Professional

2008-03-26T11:19:47Z

Did you know you can write-off your cable bill?

Do you know a trick that can allow you to write-off 100% of the gifts you give your clients?

Does your spouse need new eye glasses (because you can write that off too!!)?

It is tax time again as the IRS 2008 deadline is quickly approaching. 2008 Brings many new tax laws that will effect you! Before you file your taxes join us for a Free Tax Seminar & Luncheon for Realtors. With our special guest Linda de Marlor, President of Tax Masters, Inc.

Contact me to reserve your seat today: Chris Breck 443-695-2090/ cbreck@advantitle.com

Simplified Disclosures... Problem Solved?

2008-03-17T08:11:52Z

HUD released a new RESPA reform proposal which includes a standardized Good Faith Estimate.

Technically this is an old reform proposal as they attempted the introduction of the 3-page GFE in 2002, but where met with heavy resistance. They estimate this could save borrowers an average of $668 at settlement or $8.35 billion per year.

The new GFE would include: the interest rate, monthly payment, loan terms, origination charges, settlement charges, and disclosure of any yield spread premiums. Here is a sample of the new GFE:

http://www.hud.gov/offices/hsg/sfh/res/200803/5180HUD1.pdf

HUD believes the new GFE would make it easier for borrowers to shop around. The savings that borrowers will receive will come at a cost of $5.88 billion per year to loan originators and $1.79 billion per year to title companies. Also, Loan originators and settlement service providers will have to pay $570 million to become compliant with the rule changes up front, and expect reoccurring compliance costs of $1.2 billion per year. This includes software, training, and legal advice.

I believe that all consumers have the right to shop for the best possible deal. Some lenders, brokers, and title companies are indeed overpriced. But, the educated consumer already knows how to shop around and we all know that cheaper is not always better. Many loan originators and title companies (such as Advantage Title) compete based on service and not on price. Putting loans in the hands of discount lenders and settlement service providers could make the problem worse. From a title companies perspective, would you rather have a $50 notary present at settlement that has no loan closing experience, or a $150 licensed settlement agent that brings with them knowledge and expertise. Sure, the borrower saved $100, but tell me how that is supposed to help borrowers better understand their loan...

The bottom line is the current mortgage mess was not caused nor will be solved by any piece of paper. It was caused by a general lack of common sense, blindly optimistic expectations of the market, and over ambitious lenders and borrowers.

What do you think of HUD's RESPA reform? Do you think making it easier to shop around will solve anything?

5 Things You Need To Know About 1031 Exchanges And Your Second Home

2008-03-05T20:29:57Z

1031 Exchange - Sail your Second Home in a Safe Harbor

Effective March 10^th the IRS is now allowing Second Homes to qualify for a Section 1031 tax-free exchange; even if you take pleasure in personal use of the property. The IRS is clear in that buying a second home in the hopes that it will one day appreciate in value does not qualify the property as an investment. However, many use their second homes as an investment property as they rent them out a majority of the year.

To be sure a second home will pass the 1031 Exchange Tax-Free Test follow these rules:

1) Personal use can not exceed 14 days in a 12-month period.

2) Rent or attempt to rent the property at fair market value.

3) Do not claim interest deductions as home mortgage interest.

4) Claim tax deductions for maintenance expenses and depreciation.

5) Don't be a fool! Talk to a real estate tax specialist first!

If you would like to learn more about 1031 Tax Free Exchanges fell free to email me or sign up for one of Advantage Title's free classes (good for 3 continuing education classes for Realtors in Maryland) cbreck@advantitle.com.

Nehemiah Wins! Downpayment Assistance To Continue

2008-03-04T07:36:29Z

Here is a letter sent out Monday March 3 by Scott Syphax, President & CEO of Nehemiah Corporation of America:

Dear Colleague,

I am pleased to announce that Nehemiah was victorious in its litigation against HUD!

Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case.

To be clear, the U.S. Department of Housing and Urban Development's (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment in Mortgaged Property" regulation published October 1, 2007, is permanently set aside.

We are thrilled with the Court's decision to support low-to-moderate income families across the country by ruling against HUD's attempt to ban private downpayment assistance. This is a major and conclusive judgment, leaving no uncertainty that downpayment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Court's arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. It is a privilege to continue providing a helping hand to America's underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country.

Since May 2007, Nehemiah has led the fight against this controversial rule. Since it was announced, there has been confusion throughout the industry regarding the potential impact of this rule. As the DPA industry leader, Nehemiah took seriously our responsibility to provide you with timely, accurate and responsible information about the events and activities surrounding this issue.

We took action by educating influential people and organizations regarding the truth about downpayment assistance. We asked for our homebuyers and industry partners to help us by voicing their support and the response has been overwhelming. I want to thank each of you for your letters, phone calls and spoken support of Nehemiah throughout this unfortunate situation. Your support has helped raise awareness in Washington D.C. which has increased the dialogue regarding DPA regulation though legislation. We hope to see some positive congressional developments aimed preserving the option of private downpayment assistance for homebuyers. Currently, the Senate is contemplating FHA Reform legislation that will determine the fate of private downpayment assistance programs. Please help us one more time by contacting your Senators to convey your support for downpayment assistance; a very important vote is expected in the next few weeks.

As a reminder, we provide a section on our website called Regulatory Updates where we detail significant issues relating to DPA regulatory and legislative events. Check back for new postings or sign-up to have accurate and timely information delivered to you.

On behalf of the entire Nehemiah team, we look forward to providing you with the same unmatched quality you have come to expect from us for years to come.

Sincerely,

Scott Syphax
President & CEO
Nehemiah Corporation of America

Housing Relief Bill - HR 3609 Blocked!

2008-03-03T11:20:40Z

A follow up to last weeks post: HR 3609 - 5 Things You Need To Know About The Senate's Mortgage Fix

Senate Republicans blocked consideration of HR 3609. The bill is designed to help the struggling housing industry but contains provisions that are perceived to hurt lenders and further provoke the current mortgage mess. The provision known by opponents as the "Cram Down", that would allow bankruptcy judges to adjust the terms of distressed homeowners mortgage, has been at the center of the debate.

Democrats argue that unlike the Stimulus Package this would help distressed homeowners now instead of waiting for the stimulus plan to "kick in" and that the bankruptcy risk premium that lenders would be forced to impose on all mortgage borrowers would be minimal. Republicans argue that bankruptcy provisions do not have anything to due with the current housing problem.

Proponents of the legislation have vowed to keep fighting for the bill which could go to vote again next week.

Even if the bill had passed President Bush vowed to veto it. However, the administration may get on board if current market trends hold as they agree that something has to be done. What that something is may not be clear but several plans are being considers including:

1) Allocating government funds to revive the mortgage-backed securities market.

2) Funding for local governments to purchase vacant foreclosed homes to renovate for resale or rent.

3) Boosting the ceiling on federal bonds housing agencies may issue to help subsidize the cost of mortgages for first-time home buyers and properties in distressed areas.

Where do you stand?

Are these three provisions coupled with the Stimulus Plan/ changes in FHA policies and Project Lifeline enough?

Do you think ideas such as Professor John Vogal's "Last Chance Pool" will work?

Do you think more government intervention is necessary or is up to the individual borrowers and lenders to fix their own problems?

HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix

2008-02-26T11:31:39Z

HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix

1) Proposes a revision to the U.S. Bankruptcy Code that would allow judges to lower interest rates and reduce the balance on troubled borrower's mortgages.

2) Mandates $200 million towards foreclosure-prevention counseling (Doubling current funding).

3) Allows states to issue more tax-exempt bonds so housing agencies can help homeowners refinance.

4) Supporters, including the bills author Sen. Richard J. Durbin (Ill.), feel this could prevent as many as 600,000 homeowners from losing their homes. Supporters include most Democrats, labor unions, consumer advocates, and civil rights organizations such as: AARP, The Center for Responsible Lending, The Consumer Federation of America, The AFL-CIO, The National Council of La Raza, etc.

Supporters signed joint letter from Senate Majority Leader Harry M. Reid of Nevada stating: "The court-supervised modification provisions is a commonsense solution that will help families save their homes without any cost to the U.S. Treasury, while ensuring that lenders recover at least what they would in foreclosure."

To offer your support visit: http://ga3.org/campaign/SupportHR3609

5) The Opposition claims HR 3609 is a short term solution, and in the long run will be offset by higher costs to future borrowers. They refer to this bill as "The Cram Down" which is an industry term for forced easing of mortgage terms. Banks say they would have to pass along the added risk to borrowers in the form of higher intrest rates, larger down payment requirements, and increased closing costs. Those who oppose HR 3609 include most Republicans and industry associations such as The American Bankers Association, The Financial Services Round Table, Consumer Bankers Association

To quote the American Bankers Association; "this bill throws into question the value of the collateral that backs every mortgage made in this country -- the home. Even a change Congress says will be temporary will be interpreted by the market as an additional risk, which lenders' prices must reflect".

To express your disapproval visit http://www.mortgagebankers.org/StopTheCramDown

Free CE: 1031 Exchange Made Simple

2008-02-20T09:36:24Z

The Professional Development Institute presents:

Free Continuing Education on 1031 Exchanges Made Simple (3 Free Credit Hours)

Learn all of the fundamentals and guidelines in 1031 Tax Deferred Exchange; Time lines, restrictions, and how to manage your clients engaged in a 1031 transaction.

Taught by Chris Breck of

Date: Thursday March 6^th, 2008

Time: 2:00pm - 5:00pm

Location: 2105 Laurel Bush Road Suite 110

Bel Air MD 21015

Cost: FREE courtesy of Advantage Title Company

Food: Served from 1:00 - 2:00

To sign up please call or email Chris Breck at 443-695-2090 or mailto:cbreck@advantitle.com%20By by March 3rd

Project Lifeline: A Few Feet Short

2008-02-19T08:54:26Z

The big news last week was the Treasury department and HUD introducing the New Hope Alliance and Project Lifeline. Project Lifeline extends the foreclosure process by 30 days for those that are seriously delinquent. The New Hope Alliance is comprised of the 6 biggest banks in the country which service approximately 50% of all home loans in the United States. The six Lenders include:

Bank of America

Countrywide

Wells Fargo

Citigroup

Washington Mutual

JP Morgan Chase

Many are criticizing the Bush Administration calling the program a "hands off" approach. These Lenders have attempted to contact 10,000 homeowners that fit the criteria via direct mail. They publicize a toll free number that troubled borrowers can call for help (888) 995-HOPE. They are reporting only a 16% success rate.

Many homeowners are understandably embarrassed or afraid to call for help. Or perhaps they are just ignoring the problem in hopes that it will go away. The bottom line is that Project Lifeline and the New Hope Alliance can only help borrowers that want to be helped.

Is this plan enough? Is it up to the Government to step in and bailout delinquent homeowners out of foreclosure?

For more information visit http://www.homenow.com.

Social Hour, VAMB - NOVA Chapter

2008-02-18T20:40:19Z

On behalf of the VAMB NOVA Chapter I would like to invite you to a Social Hour at

(8332 Leesburg Pike)

Thursday February 21^st, 2008. 6:00 PM - 8:00 PM

Appetizers and the first round are on me!

Come meet your colleges from the Northern Virginia, Maryland, and D.C. Metropolitan area. That is if you can stop bogging and pull yourself away from Active Rain long enough.

I hope to see you there!

If you have any questions please call Bill Burnett at 703-352-3295.

FAQ's of Reverse Mortgage Settlement

2008-02-12T12:24:24Z

We all know that Reverse Mortgage Settlements can be tricky. You need an experienced closer that is patient and professional. Advantage Title's Reverse Mortgage Team has closed hundreds of reverse mortgage transactions. We have put together the 5 frequently asked questions that arise during the settlement. Your borrowers will feel more comfortable if these are addressed prior to closing:

Why are there 2 Deeds of Trust? The first Deed of Trust represents your lenders lien on the property. The second represents HUD as they assume the second position because HUD is insuring that the homeowner will continue to receive loan payments in the event that the lender becomes incapable of making these payments.
Can I add/remove persons from title after the closing? Consult your loan officer first! The loan amount is based on the borrower's age, life expectancy, and value of the home. Changing title can make the loan become due.
Why is the loan amount on the Deed of Trust more than the maximum lending limit ? Since there is no maturity date on the loan, HUD calculates the loan amount by increasing the amount on the deed of trust by 1.5 times the maximum claim amount or appraised value, whichever is less.
Why is a Mortgage Insurance Premium collected? A mortgage insurance premium is collected and paid to HUD because they are insuring the loan in case the lien surpasses the homes value or if the lender can no longer make payments.
Why is the title insurance so high? The amount of title insurance on a Reverse Mortgage required is based on the maximum lending limit or appraised value, whichever is less.

Please let me know of any other FAQ's that arise during your settlements...

Make The Stimulus Plan Stimulate You!

2008-02-11T10:08:51Z

What would you do if someone walked up to you on the street and gave you a check for $1,200? If the federal government's economic stimulus plan passes as expected, you could have to face this decision as early as May. Since 2/3 of the U.S. economy is based on consumer spending, the government's plan is for you go on a shopping spree! That sounds like fun, but is it the smart thing to do with your money? Here are my Top 5 Ways to have the economic stimulus plan stimulate your:

5) Give to Charity - "The fragrance always stays in the hand that gives the rose." Give a little to your church or a local organization. Giving always makes you feel better about yourself and it can't hurt to invest a little Karma.

4) Spend it Smart - The Super Bowl is over so you do not need bigger TV. Energy efficient appliances are a good way to save money in the long-run and help the environment. Update your windows, improve you homes insulation, buy energy efficient light bulbs, or a programmable thermostat.

3) Pay Down Credit Cards - Many economists believe a majority of American will use this money to pay-off debt. You can save a boat load in interest and lower your monthly payment.

2) Emergency Fund/ Retirement Fund - The stimulus plan is designed to keep the country from going into recession. But if it is to happened you need to be ready. Rule #1 of all financial planners is to have 6-12 months of savings to support yourself should you or your spouse loose their job. If you have a lot of short term savings put it in a Roth IRA for tax free growth towards your retirement.

1) Invest in Yourself and Your Business - Take a class, attend a seminar, buy marketing/ promotional materials, get or update your database management software, start or update your website, start or join a networking group, hire a business consultant or coach.

Bottom line, don't waste the money! There is plenty you can do to invest in yourself.

What do you plan to do with your money?

How the foreclosure crisis could be fixed

2008-02-04T07:09:46Z

Two million homeowners are at risk of losing their homes to foreclosure this year. John H. Vogel, a professor of real estate at the Tuck School of Business at Dartmouth, explains who these people are and why we need to help. Vogel also gives a glimpse at possible solutions to the foreclosure crisis. His plan involves "sharing the pain" among lenders and borrowers with a "Last Chance Mortgage Pool" that give borrowers nearing foreclosure a 3% interest rate but does not allow them to gain appreciated value. In homes that have depreciated in value the current lender would only receive the current value of home. It may be less than desirable, but with rising cost of foreclosures to the lender and borrower, it is at least a win-win, lose-lose situation.

View the story here: http://www.inman.com/inmannews.aspx?ID=65988

I do not like the fact that the plan does not help out investors. I do not think that Real Estate Investors with 100's of investment properties need or deserve help as they made their money a few years ago. But how can we help the "casual" or first time investor? What about the couple that watched "Flip this House" one too many times and borrowed from the equity in their principle residence to fund a bad investment? Would any lender "bail out" someone who has just had an investment property foreclosed upon?

Investors aside, I think Dr. Vogel's plan, or a variation of it, could help the 2 Million people facing foreclosure. It is at the very least a step in the right direction.

What do you think of this plan? Is this idea even feasible?

Any Good Georgia Appraisers

2007-06-12T11:05:59Z

Know of any good Appraisers in Georgia?

Being with a national title company, we get a lot of people asking us to help them in Georgia. We do not handel the apprasial process ourselves. But we have a client with a borrower in Richmond County Georgia. Can anyone in the Active Rain community recommend a good Appraiser that handles this area? Please Post or email me their information.

Thanks

Chris Breck cbreck@antitlecorp.com

Know of any good Delaware Attorneys

2007-05-24T15:37:44Z

Know of any good Delaware Attorneys

Being with a national title company, we get a lot of people asking us to help them in Delaware. At first we would handle the processing ourselves and have an attorney conduct the settlement. But with the recent changes to the law, attorneys must now handle the entire transaction.

We are currently working with a few attorneys that we refer business. But, some of them seem to be over worked, they can be inflexible, they don't always return calls, and we have had some post closing and funding issues.

Can anyone out there recommend an attorney that:

Travels to the borrowers homes
Covers multiple counties
Has good communication skills
Follows-up!
And possibly reciprocate referrals for out-of-state business

You can post their info in your comments or email me at cbreck@antitlecorp.com

Know of any good West Virginia Attorneys

2007-05-23T08:30:33Z

Being with a national title company, we get a lot of people asking us to help them in West Virginia. At first we would handle the processing ourselves and have an attorney conduct the settlement. But with the recent changes to the law, attorneys must now handle the entire transaction.

Can anyone out there recommend an attorney that:

Travels to the borrowers homes
Covers multiple counties
Has good communication skills
Follows-up!
And possibly reciprocate referrals for out-of-state business

You can post their info in your comments or email me at cbreck@antitlecorp.com

Thank you for your help

Any Good South Carolina Attorneys

2007-05-22T08:44:56Z

Being with a national title company, we get a lot of people asking us to help them in South Carolina. At first we would handle the processing ourselves and have an attorney conduct the settlement. But with the recent changes to the law, attorneys must now handle the entire transaction.

Can anyone out there recommend an attorney that:

Travels to the borrowers homes
Covers multiple counties
Has good communication skills
Follows-up!
And possibly reciprocate referrals for out-of-state business

You can post their info in your comments or email me at cbreck@antitlecorp.com

Thank you for your help

Nightmare Settlement Stories

2007-05-18T07:31:03Z

My idea of a perfect settlement would go like this:

Myself, the Buyers and their Agent, the sellers and their agent, and the lender (just in case) all arrive to the table 15 minutes early. We all discuss the buyers future plans, discuss where the sellers are moving, show each other pictures of our children, and once we are done get down to closing. Everyone has already seen the HUD since the package got to my office yesterday. The buyers love the rate and term of their loan. The sellers take their proceeds and embark on life's next great journey. The wire is in, keys are exchanged, we all hug, shake hands, and after 45 minutes total settlement time, live happily ever after.

Even though most settlement do go like this, there are the few that turn into disasters.

Please share with me and the AR community your nightmare settlement stories. Not only to vent. Not only for entertainment. But by understanding why and how things go wrong, we can all learn what we can do avoid these nightmare scenarios.

-Chris Breck, American National Title

2007 Central Maryland Parkinson Outreach 5K Run

2007-05-17T14:58:25Z

We are one of the proud sponsors for the 2007 Central Maryland Parkinson Outreach 5K Run, 1 Mile Fun Run and 5K Walk

To be held Memorial Day, May 28, 2007 8:30 AM at Liberty High School(5855 Bartholow Road, Eldersburg MD 21784)

Adults $25, Ages 13-18 $20, Ages 7-12 $15, Children 6 and under are free. Proceeds will go to the American Parkinson Disease Association for use for research towards a cure. This research is vital to help approximately 1.5 million people in the United States who are fighting this disorder.

Extras include a T-Shirt, Post-race refreshments, Post-race celebration, and the Opportunity to win random door prizes.

This event is family oriented. Wheelchair participants, baby strollers, and leashed family pets are welcome.

Email me for more information cbreck@antitlecorp.com

Or visit www.apdaccmd.org

Thank You, Chris Breck - American National Title

Success Stories?

2007-05-17T10:10:47Z

My name is Chris Breck, I am the Director of Marketing for a small but growing Title Company in Baltimore Maryland. I am a "Newbie" to Active Rain and I am looking for some insight as to how to use AR as an effective marketing tool. Of course, if someone is to search for a Title company in my area they may find and call me. A Realtor, broker, or lender could stumble upon one of my bloggs. But those are very "Passive" forms of marketing and I am looking for a more "Active" approach.

Please share with me any success stories or ideas you may have as to how effectively market yourself on Active Rain.

-Chris Breck, American National Title cbreck@antitlecorp.com