Hello again Peachtree City & AR!  You probably didn't know this but I have been     a proponent for gaining the support from our elected officials related to getting an extension of the 1st Time Home-Buyers program.  My efforts went so far as to send personal letters to both Senators Saxby Chamblis and Johnny Isakson asking for their positions on pending issues and continued support on others. 

   Folks, I would be remiss if I first didn't state that I received responses from both Senators.  I thought I'd share the response I receive from Sen. Johnny Isakson which acknowledged his efforts as co-sponsor of the Bill to extend the tax credit to 2010.  What you may not have known is that he also fully supports a Bill that would also create a $15,000 tax credit for all home buyers. 

I've contacted both Senators on other issues that I strongly supported such as the down-payment assistance program and getting federal assistance to help the thousands of recent flood victims.  Folks, can I be blunt for just a minute?  Regardless of whether you voted for the person that is currently in office or not, this is the person duly elected to represent you!  Can we put partisan politics aside for a minute and just talk about the facts? 

The housing and financing industries are still in crisis!  Bank of America just reported recent losses of $2.24 billion for the 3rd quarter of 2009 as loan losses keep sky-rocketing!  Recently Senator Vincent Fort was able to get Wells Fargo/Wachovia not to foreclose on about a thousand homes that were set to be sold on the court house steps in Atlanta.  In fact he and other protesters were arrested on August 31st at the Camp Creek marketplace offices of Wells Fargo for participating in a protest related to exposing predatory lending practices by Wells Fargo and Wachovia and their role in Georgia home foreclosures.  By the way, Wells Fargo/Wachovia received $25 billion in tax-payer bailout assistance! 

We need more than ever for our elected officials to step up and help find solution to these pressing issues that are affecting us all! 

However, don't relinquish your responsibilities by merely relying on our elected officials to come up with all the answers.  Take the opportunity to express your concerns to our elected officials and do what you can to make things happen.  The bottom line is that in the end we all will be impacted by the decisions made my our electorate and the solutions that will be passed down as laws.  You have a voice, a choice and a vote!        

Dear Mr. Saunders:  Thank you for contacting me regarding the extension of the current $8,000 first-time homebuyer tax credit. I appreciate your thoughts and the opportunity to respond.  We are quickly approaching the November 30, 2009, sunset of the of the $8,000 first-time homebuyer tax credit. The current credit that was enacted as part of the American Recovery and Reinvestment Act has enable to roughly 2 million individuals to tax credit. According to the National Association of Realtor's 350,000 additional home sales have taken place because of the current credit. In response to the November 30sunset, I have signed on as a co-sponsor of S.1678 a bill to extend the first-time homebuyer tax credit until June 1, 2010.   While home sale numbers on entry level homes have begun to increase, there continues to be gridlock in the "trade-in" and "move up" market. A family who has been transferred to Georgiafrom another state is still having a hard time selling their previous home. With so many pending purchases contingent on the sale of the previous home, markets in this category continue to be locked. That is why I continue to support a $15,000 tax credit available to all homebuyers toward the purchase of a primary residence within one year after the date of enactment. We should at least continue the existing tax credit until June 30, 2010. I know there are concerns regarding the costs of an expanded tax credit but, there are ways to pay for this tax credit without increasing the national debt. Some estimates say an expanded tax credit could spur 700,000 additional home sales and generate 600,000 jobs for our economy. The U.S. economy is strongest when we have a vibrant housing market. Rest assured I will continue to support commonsense legislation that spurs growth in our economy.  Thank you again for contacting me.  Please visit my webpage at http://isakson.senate.gov/ for more information on the issues important to you and to sign up for my e-newsletter. Sincerely, Johnny Isakson United States Senator

    Hey Peachtree City...The House just passed the bill introduced by Rep. Charles   Rangel (D-NY) to extend the $8,000 First-Time Home Buyers credit to Members of the Armed Forces and certain other Federal employees until November 30, 2010.  The Bill passed unanimously and will now go to the Senate where it is also expected to pass with ease. 

The Bill also amends the Internal Revenue Code and exempts those service personnel from having to pay back the credit should they be deployed for extended duty service. 

So what about the extension of the First-Time Home Buyers credit?  Well so far there has been heavy duty lobbying for the extension of this credit into 2010.  The National Association of Realtors (NAR) has sited that this incentive has been an important stimulus and participation is expected to result in around 1.8 million new home-owners.  

There are currently about 6 Bills in the House related to extending the tax credit.  Georgia's own Senator Johnny Isakson has been a outspoken proponent of extending the credit and introduced his own Bill about a month ago.  Sen. Isakson's proposal would not only extend the tax credit through 2010 but would increase the amount to as much as $15,000 and allow all home-buyers to claim the tax credit just as long as the home is used as the buyer's principle residence.

First-Time Home Buyers....the perverbial clock is ticking it's way toward the November 30th deadline.  Already there has been $1.5 million folks to take advantage of the credit.   however, there are some rumblings from a number of pundits of this proposal that are opposed to adding on the the $15 billion that has already been allocated to this program.

So if you are considering purchasing a home and you meet the First Time Home-Buyer criteria.....don't wait and assume that the extension will happen.  Take this opportunity to start the process now!!!  Oh, gotta go...my phone is ringing now!

Hey Peachtree City & AR...City Council recently voted by a margin of 3 to 2 not to increase property taxes for fiscal year 2010!  However, Council did agree to increase the millage rate to 5.711 mils.  The increase in the millage rate would prevent the usage of cash reserves for the FY 2010 budget.  Just in case you are wondering were the money is going....approximately 16.5% is headed to Peachtree City, 67.2% goes to Fayette County School Board, 15.5% goes to Fayette County and 0.7% goes to the State.  Three public hearing were scheduled (as required by law) to advertise the increases. 

Peachtree City's Finance Director, Paul Salvatore and City Manager Bernie McMullen recommended the increase which would have raised the average resident's taxes an additional $27.00 and brought a total of $474,000 in revenues to the City's coffers.  According to City officials, without the raise in millage the City would have been forced to use almost a half million dollars out of the current $9 million in surplus monies. 

There is much speculation surrounding the decision as concerns for a continuing downturn in the economy may pose a risk to current budget reserves.   Some officials believe that uncertain and unstable economic conditions could lead to a more substantial tax increase down the road.  Pundits have indicated that realistically not raising property taxes could result in property tax increases of $300 next year.

Peachtree City mayor Harold Logsdon has been outspoken on his objection to a tax increase based on the 35% excess in cash reserves.  Logsdon feels that the City can use a portion of their cash reserves to eliviate a tax increase and still keep a 33% reserve.  The City's policy is to keep 20% to 25% in reserves.      

Should taxes have been increase?  Well...Salvatore further stated that the survey results from residents and businesses who responded indicated a 70% and 74% support of the increase. 

Okay Peachtree City, of course the looming question in your mind is.....what is the percent of responses received from the survey sent to businesses and residents?  Great question!  May I suggest a call to your local councilperson or to Mr. Salvatore's office to get an appropriate response.

     Okay Peachtree City before things become as hostile as a town hall meeting on health care, let me explain the topic.  Recently, I read this article in the Wall Street Journal entitled "(Marxism) The New American Dream: Renting."  The article stated that Americans might as well get used to the fact that home ownership is no longer a realistic goal for folks and further suggested that we curtail the enormous government subsidies that are fueling this endeavor. The Marxism connotation as identified in the article's caption views Capitalism as a society in which a small minority of the population dominates and exploits the vast majority considered the working class.

At first glance it looked to be just another article by another self-proclaimed expert on their soapbox pontificating about the economy and forecasting more gloom and doom on the horizon.  Later, I realized that the author, Thomas J. Sugrue a noted historian and professor at the University of Pennsylvania had profoundly chronicled the history of home ownership in modern America.  What was even more intriguing was that his perspective was not only poignant but he seemed to have personalized it for me by using Atlanta as the microcosm for his analysis. 

If you watched the news on or about August 12, 2009, there was several days of coverage from the Georgia World Congress Center.  The images the television cameras broadcasted was tens of thousands of emotional homeowners packed into the World Congress Center like they were attending Michael Jackson's memorial service.  Thousands were standing in line braving the mid-summer temperatures desperately seeking assistance in the face of losing their homes.  The organization known as "The Neighborhood  Assistance Corporation of America" (NACA)has been successfully touring across the South.  Their goal is to paring struggling homeowners with the likes of mortgage giants such as Bank of America and CitiCorp.  Evoking tears of joy and relief, some of the lucky ones were able to hold onto their ‘Dream" (at least for now) as they received loan modifications right on the spot.  

So what may have brought us to this point you say?  The article eluded to the real possibility that the lights could be going dim on the American Dream?  You gotta be kidding me?  The death of the American Dream?  That had to be just a bunch or rhetoric!  But other revelations was still to come.  As I continued to read the article it was becoming more and more apparent that the sheer existence of the Home-Ownership Dream had everything to do with free markets, financial regulation, government intervention, and taxation. 

Think about it folks....The birth of the American Dream didn't occur until Uncle Sam intervened way back during the Great Depression.  In 1913 Uncle Sam added a little known provision to the federal tax code that allowed for the deduction of home mortgage interest payments.  Just so you know, it was Herbert Hoover that signed the Federal Home Loan Bank Act in 1932, which laid the groundwork for federal intervention.  In 1933, Frankin Roosevelt created the Home Owners' Loan Corporation to provide low interest loans for foreclosed home owners.  In 1934, FDR created the Federal Housing Administration which cut rates and created the 25 and 30 year mortgages.  Before that time mortgages were typically 10 year loans with 50% down payments. 

Then in 1938, FDR created the Federal National Mortgage Association (Fannie Mae) and thus was the birth of the secondary mortgage market.  Later in 1944, the federal government extended mortgage assistance to returning veterans, most of whom could not have otherwise afforded a house.  For me, this allowed my dad an army veteran as well as 90% of other families of veterans in the neighborhood I grew up in Chicago to purchase homes.      

The data in the article is pretty darn accurate.  Credit was easy to get as the Feds started underwritting  housing programs.  By 1950, 55% of Americans had attained their piece of the American Dream.  By 1970, that figure reached 63%. Yes, It was now cheaper to buy than to rent!   Subsequently renting carried a new stigma.  Federal intervention unleashed enormous sums of capital that turned new home construction and real estate into economic sectors.  In 1959 the census bureau began collecting data on new housing starts.  This became a leading indicator of American economic vitality.

So it seemed too that these same federal policies carried another storied face....racism!  Of all new housing built today, the article stated that 80% was reported to be reserved for suburbia a direct reflection of federal policies favoring the outlying areas instead of rebuilding deteriorating inner cities. This trend continued until civil rights legislation was passed back in 1968.  The author questions seemed to indicate that the government sanctioned programs favored segregation although it was cloaked to look like the work of the free markets - the result of countless folks choice of where to live.

By the 1960's & 70's the Dept. of Housing & Urban Development (HUD) took hold and expanded the opportunity for housing which previously excluded minorities.  Later in 1976, the Community Reinvestment Act forced banks to make loans to certain areas that had been previously "red lined"by banks. Soon Fannie Mae & Freddie Mac were even pushed to underwrite loan for minorities and others who were previously considered to be an "adverse risk." 

As the turn of the 21st century approached, the euphoric Dream of home-ownership suddenly went delusional! The financing industry aided and supported by the Clinton and Bush administrations found new ways and implemented new tools to make it possible for more folks to obtain a piece of the Dream.  We witnessed the birth of sub-prime lending, the securitizing of mortgages, and a cast of Financiers emerged that made it possible to gamble with other folks money.  Of course, this opportunity to "get rich quick"enabled and lured investors to come out of the wood-works.   Cha-Ching!

So here we are folks...waiting for devine intervention or someone to lead us out of this mess as the article referenced back to the scene at the Georgia World Congress Center.  Here are the stats: Housing values across the United States have fallen by one third; Over a million homes were foreclosed on nationally in 2008; Foreclosures were up 7% in July 09; and our beautiful peach state ranks #7 of all states with the highest rate of foreclosures.  The collapse in confidence in securitized, high-risk mortgages has also devastated some of the nation's largest banks and lenders. Look at Georgia's banking problems!  Fannie Mae alone held an estimated $230 billion in toxic assets.  By the way, banks have only extended 400,000 offers to an estimated 2.7 million folks who are more than 2 payments behind!  So who's really benefiting from the stimulus?

Economists like Wharton School's Joseph Gyourko, are beginning to make the case that public policies should encourage renting, or at least put it on a level playing field with home ownership.  The article reports that a June 2009 survey commissioned by the National Foundation for Credit Counseling, found a deep-seated pessimism about home ownership, further suggesting that even if renting doesn't yet have that mark of distinction, it is the only choice available for folks who have been victimized by the housing market.  Further, One third of respondents did not believe that they would ever be able to own a home.   A whopping 42% of those who once purchased a home and lost it, now believe that they'll never own one again.

So there it is folks....everyone has their own story, struggles and opinions.  Even me.  Should we encourage folks to try and save their homes or is there a point to be made by this whole analysis.  Further can it be deduced that government may have played a major role in the development of this crisis and now plans to portray the hero?  Who can you trust?  Additionally, with the currently rise in foreclosures....can we even consider renting an option without worrying about the owners possibly facing foreclosure and renters being put out in the streets.  What do you think?

Hey Peachtree City & AR!  Just in case you didn't hear the news....The Thomas Charles Hannon Memorial Field better know as "The Chuck" had its Grand Opening Ceremony on Saturday, August 8, 2009. 

Throwing out the first pitch together was Atlanta Braves pitching ace Tim Hudson and former CY Young award winner Steve Bedrosian.  Wow!!! What's so exciting and makes the Chuck a stand out in the State of Georgia is that its the first all-synthetic baseball field! 

Deluxe Athletics, a leader in synthetic turf, was selected by Tournament Play Field Partners, LLC to completed the first 100% synthetic turf all rubber infilled baseball field in the state of Georgia.  Kudos goes out to Deluxe Athletics who managed the turf application process on all levels of planning, design and oversight of the construction for "The Chuck."  "We are proud to have installed the first 100% synthetic rubber infilled turf baseball field in the state, at "The Chuck" for Home Plate Baseball Academy in Peachtree City," says, Chris Daniluk, founder and president of Deluxe Athletics. 

So how big is the Chuck?  This $1.5 million dollar multi-use facility covers approximately 120,000 square feet of 100% rubber infilled material, utilizing a special clay-colored turf for the disignated field area. 

Peachtree City joins the City of Sugar Hill, Georgia as the latest clients of Deluxe Athletics.  Sugar Hill currently has the largest continuous synthetic turf in the whole southeast as the City decided to replace the natural grass concept and install a 255,000 square foot area at the newly built Gary Pirkle Park.    

Beginning in August, The Chuck will offer baseball, softball, kickball, flag football, wiffle ball, ultimate frisbee, lacrosse, soccer and other related sports for youth, teenagers, and adults in the community!  Of course, look for some exciting tournament play to have the Chuck rockin!!!

The chuck is located at 611 Highway 74 South in Peachtree City, Georgia.  For more information please contact their office at 404-316-3557 or drop them an email @ plateh@bellsouth.net.

Hey Peachtree City & AR....has anyone noticed that a number of foreclosed homes seem to be just sitting for months on end with no visible effort going on by the banks to actually resell them?  It really did not hit me until a client expressed interest in a foreclosed home in my own neighborhood. When I approached the sales broker for the neighborhood he informed me that the builder had gone bankrupt and the house was going into foreclosure in a few days.  "Call me back", he said.  "The house will probably a better buy once it comes out of receivership and is back on the market." 

Okay, that made sense to me.  So I kept making calls to the broker who kept informing me that the home was not available yet.  Well, a period of about 3 or 4 months has gone by and the house is still just sitting....vacant!  Then OMG it hit me like I was suppose to have a V-8 or something....lenders gotta just be sitting on thousands of foreclosed homes!  

Why would I come to that conclusion you say?  Okay, normally, foreclosures go on the market about a month or two after the banks take title.  Most foreclosures are also priced to sell pretty quickly.  Some properties even sell within days of the listing.  The bottom line is that the process from listing to offer to closing is easily no more than 90 day.  So what's really going on?

My research should provide some insight regarding this issue.  These properties know in the industry as "shadow inventory" may be a proverbial time bomb for the real estate market.  For example, what would happen if all of a sudden these inventories flooded the marketplace.  The disaster would result in further depreciation sparked by the existing glut of foreclosures in the marketplace.  So what is the real logic for the banks holding on to all these distressed properties?

First, and probably the most obvious is that the banks are slow to move this inventory because they would have to reflect the losses on their books.  Having to reflect these loses on their balance sheets would put further stress on the banks.  In a previous post, Bank of Georgia Receives "Cease & Desist" from FDIC! I brought an awareness to the fact that Georgia already has a huge problem with the amount and rate of bank failures with more expected. 

Secondarily, banks may be holding inventory to allow for a slower free-fall of prices.  Market recovery may also bring about increasing assets!  Still another variable may be that it just takes a good deal of time and money to get a foreclosure cleaned up and ready to be marketed.  Folks, Georgia now ranks sixth for total number of foreclosures for the first half of the year with 56,391 as identified by RealtyTrac's Midyear US Foreclosure Market Report.  That's a staggering one foreclosure for every 70 households! 

The real problem I foresee could correlate to the timing of dumping these inventory on the market place.  If banks are forced to bring these distressed properties to market before an assumed bottom is reached it will undoubtedly push housing prices even lower.  Should banks wait until the feel they see recovery then it could actually stall real recovery.  Further, there has been serious discussions regarding what could be another wave of foreclosures as the Alt-A and Option ARMs reset.  

Is this really a problem that should make Georgians catch a case of insomnia?  I'm sure that depends on who you ask.  However, the only way to keep folks in their homes is to keep them employed!!  Right now unemployment is over 10% in Georgia!  Georgia has lost 251,000 over the past two years and in June paid out $167.2 million in unemployment benefits.  With that being said, if the recession is nearing an end, Georgia must not only find a way to cope with increasing unemployment numbers but we must also deal with the over 67,000 folks that have already lost their jobs, hope, and maybe their homes. 

Lastly, let just be honest......Most folks are not looking for a hand out......but a hand up!!!

The Bank of Georgia is under some major scrutiny as the FDIC served a "cease and desist" to the Peachtree City-based bank.    The order basically states that the Bank of Georgia has been cited for a number of banking practices that could represent unsound and unsafe banking practices. 

Specifically, the bank was cited for operating with inadequate capitalization for its risk profile.  Additionally, the bank was operating with inadequate management citing that those practices are detrimental to the bank and further jeopardize its deposits. 

Bank of Georgia execs have commented on the situation stating that the dozen complaints had already been address in subsequent bank examinations during 2008 and are considered resolved.  Bank of Georgia also contends that most of their loans are tied to the construction industry and the bank has made no sub-prime housing loans. 

Bank of Georgia is one of 18 banks in Georgia that have received "cease and desist" order this year.  Add that folks to the 16 banks that have failed in Georgia for 2009.  The total banks failed nationally this year has reached 64. The 16 here in Georgia have cost of a whopping $807 million! The tab for all failures in 2009 so far is $13.5 billion nationally!

So why is a state like Georgia home to only 4% of the nation's banks......account for 20% of the failures?  It seems that the main cause for bank failure here in Georgia is tied to builders, developers and construction loans.  Not only that, Georgia was a state that experienced pretty rapid banking expansion.  Psst...just so you folks know.....it's not over yet!!  Even as you read this....a number of Georgia banks still have a daunting amount of delinquent loan looming on the horizon and more failures are imminent.   In fact approximately another 30 banks are in jeopardy of failing!

As you might have guess, the future viability of Georgia banking community is now being fought out by bankers, regulators and politicians.  Some banks have even gone as far to complain that Georgia banks have not had adequate access to TARP monies.  Sen. Johnny Issacson has interceded and met privately with regulators to discuss the strict oversight and the future of Georgia banks.  Needless to say, the FDIC and other regulators have still been very assertive although efforts have been made to send real estate specialist to scrutinize these loans.

It should be noted that the Bank of Georgia opened in 2000, operates 9 locations and employes about 2800 people.

Hello Peachtree City and AR!  You know unless you are living in a bubble or related to Mork from Ork (remember Mork & Mindy) we are obliterated daily by the news and views on the current status of the economy.  For many families this  constant deluge of data on the economy coupled with the reality of our own personal financial problems provides the perfect scenario for a guest appearance by an unwanted visitor.....S-T-R-E-S-S!!!

If staying in your home has become the main source of your stress....have you at least talked to a professional or looked at your options?  Are you facing mounting credit card debt, car payments, insurance, gas, and other financial challenges?   Have you taken any action or just waiting on divine intervention?  Panic, worry and stress have some folks on the verge of......well doing something drastic.  That normally means something reactionary.  The result...more stress! 

What to do?  Well worrying about situations never really seems to help.  It sure hasn't worked for me.  What's worse is that I'd probably be sporting a fuller head of hair.  But seriously, what about the results?  Okay, let's examine the results of stress.  Folks in these times of economic uncertanity many of us need to get a handle on how to deal with stress so we can continue to lead happy and normal lives.  But you must first realize that dealing with stress is a process and not an outcome. 

No I'm not a physician but think about it for a moment.  Our attitudes influenced by rushed lifestyles and expectations of instant gratification reflect the need to just eradicate stress rather than to reduce, manage or control it!  The result has been what is becoming known as "lifestyle diseases."  These diseases are commonly known as heart attacks, strokes, and cancer.  So anyway that you look at it stress either real or imagined is the inability to cope with a perceived threat to your mental, physical, emotional and spiritual well-being.  Yep...when is the last time you checked your blood pressure or had a physical?

That's right folks....stress is no joke but a pretty complex phenomenon affecting your whole person, not just your body.  Let's be rational here.  As the stress mounts from financial worries....stress adds up to more than just a physical arousal and soon your body is literally a battleground for the war games of your mind.

Just as a note, I am no exception to succumbing to worry.  I can even attest to the fact that some of my "worry wortness" has caused some depression in the past.  Why?  Well, if you break down worry it has a immense impact on you.  Worry can immobilize your cognitive skills, cloud your rational thinking and therefore become the perfect breeding ground for.....stress! 

What is so ironic is that most of us worry about crap that we have no control over.  In fact, if you go back and think about it.....those things we worry about are actually quite menial and/or trivial in the grand scheme of things.  Yes, we all have had the tendency to make the proverbial mountain out of a molehill....right? 

So folks instead of worrying and stressing, how about attempting to use those same energies to plan, develop strategies, set goals and work on things that will potential enrich and empower us.  Further, while you are permanently removing those distractions...guilt, worry, and doubt, your perception of life and what is really important will help to move you forward.  Trust me...you will see thing in a whole different light!

Just remember, Yesterday's the Past, Tomorrow's the future but Today is a Gift!  That's why it's called "The Present!"

Kudos to you Peachtree City...Again!  Money magazine has graciously awarded the city the recognition as being one of the best small towns to live in the US.  That's some awesome bragging rights baby! 

Coming in at #8, Peachtree City and it 34,000 plus residents will all tell you that there is no better place to live and raise a family on this planet!  Personally, it would be pretty hard to disagree and not acknowledge their strong sense of community.  Besides...what's not to love? 

All you have to do is take a drive via your personal vehicle or on a golf cart down the beautiful tree-lined street, roads, and avenues or cruise the 90 miles of golf cart paths to recognize that this is a unique and beautiful sanctuary.  Not to mention the miles of friendly smiles you will see on the faces of all that call Peachtree City....home!!

So what is there to do in Peachtree City you might ask?  How about let's start with recreation!  Peachtree City has swimming pools; a soccer complex; baseball, softball & football fields; a BMX track; numerous parks & playgrounds; the Alta-approved tennis center; and the Kendron Fieldhouse and Aquatic Center.  Oh yeah did I mention the Fred (Frederick Brown Jr. Amphitheater)...a 2,000 seat facility?

Additionally, for all of those that consider shopping a viable sport.  Stroll the promenades of the Avenues at Peachtree City.  Its a breath of air for the traditional mall routine offering an upscale "open air" shopping experience.  There are also some great restaurants to check out before or after shopping.

Okay....So what were the factors that were used to determine where were the best places to live?  Well, Money magazine considered the economy, job growth, incomes, housing affordability, education, and crime statistics.  As I mentioned earlier, Peachtree City has been distinguished before by the magazine.  In 2005 the city was ranked #8 and back in 2007 #67.

Finally, I wanted to also recognize both Suwanee (#35) and Martinez (#63) for making the Top 100 list.  So for all you city folk from the east, midwest, northwest and other parts of our great country....if you are looking for a great place to raise your family or even retire, maybe Georgia should be on your mind.

  Greetings Peachtree City & AR!  Is it just me or does it seem like the foreclosure situation mirrors an unwanted fever blister on your lip.  You know what I mean...it started kinda small then when you notice it you try and put everything on it to stop it from getting bigger and more noticeable.  Much to your chagrin, it seems like the more you do to it the bigger and more noticeable it seems to become until you just decide to ignore it and hope that it will eventually just go away!  Then in the meantime, you go about your business trying to pretend that it's not there or at least just not that bad looking!  But the truth be told....it's festering, unattractive, and more than likely nobody is gonna kiss you until it goes away....right! 

Alright, maybe that is an overblown example but you get the point and most of us have been through it.  Unfortunately the foreclosure problem has also created issues for unsuspecting renters.  The problem has become so enormous that the media picked up a story awhile back in Chicago where the Sheriff defied court ordered evictions because many of these folks had been paying their rents and now with only a few days notice were having their belonging (not to mention their bodies) physically removed from the properties.  

On May 20, 2009, President Obama signed into law the "Helping Families Save Their Homes Act of 2009."  This law include Title VII, "Protecting Tenants At Foreclosure Act."  The Act provides that in the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property, the party taking title to the property pursuant to the foreclosure, ("Foreclosing Party") assumes the property subject to the rights of the tenant.  If the owner decides to evict the tenant, the tenant must be given a 90 day notice to vacate the premises.  

However, it should be noted that if the tenant executed a lease prior to the date of the foreclosure, the tenant has the rights to stay in the property until the end of the lease period.    Of course, the exception being if the new owners will be the occupants of the home.  Then the 90 day notice would apply. 

The act still raises numerous questions and is vague about related issues as they severely impact the rights of foreclosing lenders.  But, the primary purpose of preventing individuals and families from being evicted without due notice or consideration is paramount.  Now let's hope we can find additional workable ways to help homeowners stay in their homes.