My fellow REALTOR®, Stella Barbour wrote this pertinent post a year ago. I asked her to allow it to be re-blogged because I believe this one not only adresses the choices today's homeowners have to make, but it also draws attention to what good REALTORS® do.... They listen to their customers'/clients' needs... They provide guidance based on that information... and sometimes they sell a house, and sometimes they don't. The point is, we are in a position to help others. Most of us realize that and truly do try to help. Kudos to those who do. And Kudos to you, Stella!
With so many people losing their homes these days, I wanted to share some information about using to the bankruptcy system to help someone stay in their home instead of doing a short sale or a Foreclosure.
Every situation is different.
Since I work as a bankruptcy consultant/paralegal at a law firm, and I also am a Realtor I am finding that my knowledge in Foreclosure and Bankruptcy has come in play with my real estate business when I normally can keep the two separate. But with all the foreclosures these days and mortgage issues, I am finding myself making decisions for homeowners that require my legal knowledge and my real estate knowledge .
For Example: Homeowner comes to me for possible short sale. Three payments are missed. The family prefers to stay in their home, children already in school, etc. Mortgage changed, job loss, etc. has now made the homeowner unable to afford the home he has. There is negative equity ($90,000) so refinance was out of the question. Homeowner gains employment again and is now able to make the payment but now home is in foreclosure and the cure amount is four months worth of payments, interest, and attorney fees. I then make the decision to prepare a Chapter 13 Bankruptcy Petition, (through the law firm I work at) file it with the court, then called the Attorney handling the Mortgage Co.’s interest and told him that foreclosure cannot go forward because I filed Bankruptcy for our client and ‘automatic stay” goes in place which means that all actions from creditors must stop. Creditors cannot contact our client, now called the “debtor” while he is in Bankruptcy without permission from the Debtor’s Attorney. In the meantime, I prepare the plan which gets approved by the Bankruptcy trustee to include missed mortgage payments called the “cure” amount. Now the debtor/homeowner continues to stay in their home and catches up on their mortgage through the Bankruptcy Court, continues to make their regular payments and their kids don’t have any interruption in their life at this time.
There is a little more that goes on through this process, but I wanted to give everyone an idea of an option that may work instead of a short-sale or a foreclosure which was probably going to be the end result in this situation if this homeowner decided not to seek legal advice.
Before this family came to me, they spoke to their real estate agent who wanted to list their home on the market for a short sale, since that is the way he could have helped them, but he made the suggestion for them to seek advice from an Attorney just see if other options were available to them. He may have lost the listing but gained more from this family then money. I am sure when they are ready to move, they will use that same agent, because he worked with them in helping with their situation.
In the end, the Family was happy and relieved that their hardship was over for now and they could live their lives without worrying about their home going to the auction block.
If there is interest in this blog from everyone, I will post more on this subject and give more examples of scenarios and suggestions on handling them. I have prepared hundreds of bankruptcy petitions of all Chapters and if anyone has questions about them, I will try my best to give you answers that may help in situations you may have with your clients.
Please note, I am not giving legal advice. I am not an Attorney. I am just sharing my experiences.
I was telling my husband that I was tired of having ants in the house. He told me... "We need more Ant Lions." "Ant Lions?", I asked. "What are those?"
He took me outside and showed me a group of sand craters next to the foundation of our house. He said, "Watch this." He grabbed an ant and threw it into the crater. The ant struggled to crawl out of the crater. Within seconds, the sand at the bottom of the crater began to stir. A head and pinchers popped up and grabbed the ant. Although the ant struggled to get away, it was drawn down below the surface of the sand.
I was amazed. But what does an Ant Lion look like, I wondered. Does it look like an Ant? A Lion? What?
I discovered two things: An Ant Lion is an insect from the family Myrmeleontidae, that is known by several different names here in North America; Sand Dragon or Doodlebug. It has similar stages of growth to the Dragonfly: The Larva, the Pupa and the Adult. The completion of its life cycle can take up to three years.
Well, I thought. My husband does have the right idea. We do need more Ant Lions, but judging by the amount of ant holes we have in the yard, we'll need to truck them in. And then what? Could we possibly have too many Ant Lions? And if so, who takes out the Ant Lions? Hmmmm.
As a REALTOR®, I have been in a lot of homes that were built between the 1940's and 1980's that contain Asbestos, and I hadn't given much thought to the fact that my clients and I might be facing some possible hazards just by our brief visits to these homes. But today, I received an e-mail from Paul James, the Awareness Coordinator for Asbestos.com, asking if I would be interested in sharing information about Asbestosis and MesoltheliomaCancer and Green Insulation Alternatives in my blog. It made me curious and I did some research. My research provided me with a better understanding of Asbestos; it's natural occurrence in the environment and it's hazards. It also provided me with some precautions that I'd like to share with you. (Bear in mind, there is a subtle Legal influence on the website I've mentioned below, but I did not find it intrusive.)
Now, please, do not panic and feel that you have to wear hazmat clothing wherever you go. Your task is to do your due diligence, like I did, and find out what asbestos is and what the possible risks might be. Then you can make an informed decision for yourself.
Here is a great Asbestos Resource to begin your own research. Credit for this article goes to the Mesothelioma Cancer Center for submitting the information in the article
What is Asbestos? 'Asbestos' is the term given to naturally occurring mineral fibers used for commercial purposes, such as the insulation of homes. The mineral fibers' innate resistence to fire and heat, as well as its reluctance to conduct electricity, are what make it popular for insulation. It's string-like fibers are easy to twist into thread and to weave into fabric for fire retardant clothing, too. It's this string-like quality, however, that has made it dangerous.
What Makes Asbestos Dangerous? The string-like fibers become unbound and float in the atmosphere. They are then inhaled. 'The shape of these fibers reacts negatively with human tissue and biological processes. When inhaled or swallowed, these fibers can become lodged in the tissues of the linings of organs, most commonly the lungs and digestive system. Over time, the lodged fibers cause inflammation and cellular damage, which can eventually lead to a variety of terminal diseases', such as asbestosis and mesothelioma, the severest form of asbestos caused cancer. (from the website, asbestos.com)
So what precautions should you take when you know you are around asbestos? First, there is no way to know for sure if you've been around asbestos. If the home or building has been abated for asbestos, there may be some record somewhere, but not always where you can see it. Here are some tips from the asbestos.com website:
'Use paved trails rather than open soil to hike, bike, walk, or jog; wheeled vehicles such as mountain bikes, dirt bikes, and ATVs are especially likely to throw dust into the air.
Perform outdoor activities in areas where the ground is covered with mulch, wood chips, sand, pea gravel, grass, asphalt, or rubber.
Label soil that does not contain asbestos. Never dig without wetting the soil thoroughly to keep the asbestos in the soil instead of the air.
Do not use a leaf blower. It is better to use water to clear sidewalks and patios, or at least to wet the surface dust down before clearing it with a broom (that should be left outside).
Prevent the family or pets from tracking dry soil into the house - use doormats or remove shoes. Do not allow the pets to bring in dry dust from outside.
Keep windows and doors closed when it is windy or when any of the neighbors are digging for construction, gardening, or other purposes.
Drive slowly over unpaved roads with the car windows closed, and share your concern with local authorities. Get the car washed often and pave your own driveway and walkways.
Always use wet rags and mops to clean up dust from furniture, floors, and outdoor equipment. Wash the rags before they dry, and never shake a dust mop or rag to clean it.
Use washable area rugs on easily mopped floors; wash both often.
Vacuum the carpet often and use a machine with a HEPA (high-efficiency particulate air) filter, and wet down the contents of the dust cup before emptying.'
Finally, if you know you have asbestos in your home, have a professional perform an abatement.
Greener Insulation: Here are a few of TreeHugger's (Colin Dunn) Picks for Green insulation Options: (Sorry, I can't add my own just yet.)
1) Recycled paper insulation is made from 100% waste recycled newsprint and has been successfully installed in more than 1 million homes in the UK alone! 2) HempFlax insulation uses mostly hemp fiber, with a little added polyester fibre for reinforcing. Soda acts as the fire retardant, and, as the hemp is naturally resistant to moths and beetles, extra chemical application is avoided. 3) Concrete Blond's customized insulation panels create a false wall, behind which an insulating material can be placed; it's a great product for older homes with solid walls which would be difficult to insulate otherwise. 4) Recycled denim insulation is 100% recyclable, VOC-free, and formaldehyde-free. 5) Lloyd just added three new entrants in one entry to the archives, with recycled materials, LEED credits and positive air-quality features abounding.
Again, this post is not meant to alarm anyone, only to inform. Feel free to add a comment about your favorite Green Insulation while you are here
In my Martha Stewart Living magazine, I just found this advertisement from General Electric that I just had to share with you. The Plant A Bulb promotion ends tomorrow, April 30, 2009, so please read on.
In the advertisement, the words 'The World is Your Garden. Celebrate the Earth by saving big on GE Energy Smart® lighting... and plant a flower in the process.' ... and it ends with 'With each click, a flower blooms. GEProjectPlantABulb.com'
For every unique visitor to the site, GE will plant a bulb, up to 100,000, until April 30. All I had to do was click on this link and it stated that I had given a flower to the Earth. On this site, I could learn more about energy efficient lighting and get discount coupons as well.
So if you've got a second or two to give to the Earth between today and tomorrow, please click the above link. And Thanks from your fellow Earthling :-)
This myth buster tale is brought to you from a little gem of a book I've owned since the Eighties. It's called Inside New England by Judson Hale, Editor of Yankee Magazine.
Joseph Allen of Vineyard Haven, Massachusetts, was a New Bedford News Reporter and then he wrote for the Vineyard Gazette. He also answered Yankee readers' questions for thirty-five years in his "Sayings of the Oracle" column. This is what Judson Hale of Yankee Magazine had to say about Joseph Allen and the Covered Bridge question:
‘Because he had grown old enough to speak or write exactly what was on his mind, and because I had pledged to him that while I might not use all his answers I would never edit a published answer, there were many things Joe wrote in his final years that I could not use. I was afraid of massive subscription cancellations.'
‘Here is his last reply to the covered bridge question, written about a month before he suffered the stroke that eventually proved fatal at age eighty-nine. It's heretofore unpublished (I just didn't have the guts) and it's quoted verbatim-forgive me, Joe:
Jesus for Guard Almighty, we thought all hands knew by this time. Bridges were covered, damn fool, for the same reason women used to wear petticoats-to protect their underpinnings. Ever hear that wood rots when it gets wet? Your asinine suggestion that they were covered to keep the snow off the road is dead wrong. In fact, I recollect throwing snow inside the bridges after a snowstorm so our sleighs wouldn't grind on the wood. As to the height of covered bridges, any simpleton would know it took some height to get a full haywagon through!'
Ah, you've got to love a good Yankee storytelling! Thanks for listening J
My fellow ActiveRainer, Eric Reid posted this very informative blog about Loan Modification. Thank you Eric. As a person who wondered if I qualified for this "Loan Modification", I did some searching. and I'd like to add two links that I think will supplement what eric has given us.
The two types of loans eligible for loan modification are Fannie Mae and Freddie Mac loans. To find out if yours is one of them, call or click on the following links:
If your loans don't qualify, here's another important link to check out for some free advice from a not-for-profit organization. The Homeowners' Hope Hotline 1-888-995-HOPE (4673).
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
Trial loan modifications consistent with these Guidelines may be offered to homeowners beginning on this date, March 4, 2009, and may be considered for acceptance into the Home Affordable Modification Program upon completion of the trial period and other conditions. These Guidelines, however, do not constitute a contract offer binding on the Department of the Treasury.
Qualification Terms:
The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill).
The home may not be investor-owned.
The home may not be vacant or condemned.
Borrowers in bankruptcy are not automatically eliminated from consideration for a modification.
Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than: 1 Unit: $729,750 2 Units: $934,200 3 Units: $1,129,250 4 Units: $1,403,400
If you don't qualify for a Loan Modificationn Contract RENAISSANCE REALTY to discuss a Short Sale option
This morning I was drinking my coffee while reading the latest AARP Bulletin (yes, I'm one of those gracefully aging individuals) when I came across an article stating that those who are behind on their mortgage payments can now be served foreclosure notices on Facebook.
What? I thought I signed a privacy notice when I financed my home through my Lender. How can this be legal? After reading through others' blog posts on the subject, I was able to locate this article from December 16, 2008, on ABCNews, by Rod McGuirk. It talks about the fact that it is not being done in the United States yet, and makes several statements about the privacy issue of being served liens on a social networking site.
Aussie Court OKs Using Facebook for Serving Lien
Pictured is the house at Wyselaskie Crt Kambah, Canberra, Australia, where a legal summons was attempted to be served to the occupant via the Facebook web site, Canberra Tue December 16, 2008.(Mark Graham/AP Photo)
'Some people are concerned that such court-approved contact with their social networks such as Facebook and MySpace could amount to a violation of privacy. "I don't think people sign up to Facebook thinking it's going to be another avenue by which a government agency or indeed a debt collector can contact them," said Colin Jacobs, vice chairman of the technology advocacy group Electronic Frontiers Australia. "If we expect that we'll only be contacted on an official basis through the phone or post or through a visitor, and now it's coming through a more personal social networking conduit, then I don't think many people will be happy with that," he added.'
Well I am certainly not happy about it. I am one who believes that creditors don't even have the right to contact my place of employment, much less post my credit status on the internet.
This deserves a lot of public comment and I for one am stating loud and clear, No Posting Lien Notices on Social Networking Websites!
Let's face it. We all like to eat out once in awhile. It not only feeds the body, but it feeds the soul, as well. So, how do you do this and not bust your food budget?
In December of 2008, I was looking for a gift certificate to send to my brother down in Tennessee. I received an e-mail from my favorite travel discount website, Travelzoo, telling me about this great deal involving 80% off restaurant gift certificates.
I purchased $400.00 worth of gift certificates for $50.00. I had some skeptical comments from family members about whether or not these were a scam, but Travelzoo had stated that these had been tested before advertising them, and I believed them. I have since used two myself, and several of the recipients tried them too, and we are all 100% satisfied.
So, if you'd like your palate to be pampered at a pleasing price, I highly recommend you check out restaurant.com. Bon appetit!
Snow Golf, you ask? Yes, golfing in the snow. According to Wikipedia, ‘Rudyard Kipling, living in Vermont in the 1890's, invented the game of snow golf.' It's a game that requires regulation snowgolf balls (able to be found in the snow... Kipling painted his red), costumes, ONE club (can be altered to enhance play) and a Team Bartender.
One might find die-hard Golfers playing on ice covered ponds (with tennis balls), but here in Attitash, New Hampshire (http://www.attitash.com/events.html), golf is played off a snow-capped mountain. Check out this YouTube video taken last year and uploaded from attitashman (watch from minute 2:15 on).
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With 9 holes on mountain, a golf club, skis, themed golf teams, and day-golf balls, this event is as fun to watch as to participate in. Pre Registration is located in Attitash Guest Services and Day of Event from 8 to 9:30am in the South Wing, tee times start at 10am on Spillway, $25 per team. In addition, during the day there will be live music entertainment at the Attitash Base Lodge on the snow stage, featuring the bands Duty Free, Silent Mind, and Audio Kickstand." From www.Whofish.org
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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