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Taxoline Season - Mortgage by Randy Newsletter - Feb 2012

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Services for Real Estate Pros with Marketing Advisor & Squeeze Mortgage NMLS# 377413

 

Mortgage by Randy

monthly update to our clients, colleagues, family & friends

By: Randy Mitchelson, February 2012

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In Issue 47 We Touch On:

 

More Major Mortgage Relief
Taxoline Season

Credit Card Signatures

 

 

In recent newsletters there have been hints about our new mortgage company. Progress continues. The company has been formed, the logos are done and now we are awaiting federal licensing of the business. None of this would have been possible without the help of my colleague Colleen Brown who has been running point on most of these details. We look forward to unveiling the new company as soon as we can and contining to serve our loyal followers stay informed about their property financing options.

 

The current newsletter and all prior newsletters are archived at the Mortgage by Randy blog. Bookmark it and share with your friends and family.  You can make your own comments and feedback as well.  Time for the news…


 

Mortgage Market: Two Major Mortgage Relief Actions Announced In February
Millions of homeowners who are current on their mortgages and could benefit from today’s low interest rates face substantial barriers to refinancing through no fault of their own. Sometimes homeowners with good credit and clean payment histories are rejected because their mortgages are underwater. In other cases, they are rejected because the banks are worried that they will be left taking losses, even where Fannie Mae or Freddie Mac insure these new mortgages. In the end, these responsible homeowners are stuck paying higher interest rates, costing them thousands of dollars a year.

On Wednesday, February 1, President Obama announced a comprehensive package of administrative actions and legislative proposals to help homeowners, support middle class families and boost the economy. HUD and the Federal Housing Administration (FHA) are playing an integral role in the Obama Administration’s efforts to allow responsible homeowners to save thousands of dollars by refinancing at today’s low interest rates. One such tool is the FHA Streamline Refinance. FHA Streamline Refinances allow borrowers with FHA-insured loans who are current on their mortgage to refinance into a new FHA-insured loan at today’s low interest rates without requiring additional underwriting. 

 

Landmark Mortgage Settlement
There was other breaking mortgage news in February. President Obama announced a big money grab from the big banks to the tune of $25 billion. The banks include Bank of America, Citibank, Wells Fargo, Chase and Ally which is just a name change for GMAC (don't let them fool you that they are a new bank).

This mortgage relief will help homeowners who are current on their mortgage payments but are having a hard time getting refinanced into today's historically low interest rates. The money is also targeted to people who were already foreclosed upon, but wrongly.

The implementation of this program will take many months.  If your mortgage is owned by one of the five lenders and you are eligible for relief, the banks will eventually contact you. To access more details, visit www.nationalmortgagesettlement.com. Also I recommend reading about the scary risk behind the landmark national mortgage settlement.
 

 

Personal Credit: Write Small! Best Practice For Credit Card Signature Lines

Identity theft remains one of the top crimes in the United States. Credit card users are often targeted by criminals who specialize in stealing personal information. We are not always talking about mastermind criminals. Many times it is the waitress at your local restaurant, an attendant at a gas station or (and I've witnessed this with my own eyes) it could be your very own personal banker.

 

Credit Card Signature Tip

I know people that do not sign the back of their credit card. Instead they write "Ask For ID". The intent of this is to force a checkout clerk to validate your identity by looking at your drivers license or other photo identification. 

 

Although this is a good practice, there is one flaw which you should address. The credit card agreement that comes with all those little pages of fine print neatly folded up into ten panels includes language that requires you to sign the back of the card.  The best practice is to do both. Sign your name and also write "Ask For ID" above your name. This will ensure that all your rights outlined in your agreement remain in force and still protect you from that innocent looking waitress that is skimming credit card numbers at your local restaurant. 

 
Submit Your Credit Score Questions

Have you been given credit score advice that you are not sure about or read an article that has conflicting credit score information from what you believe to be true?  I am here to help.  Submit your question and I will be happy to respond. For more free and easy to read credit score tips visit the DailyDollar and click on the Credit Score and Credit Monitoring sections.

 

Economy & Financial Insights: Are You Ready For Taxoline Season?
It was a sad day this month when the lease expired on our SUV - a truck we really enjoyed having and already miss. But we might be laughing all the way to the bank as gas prices are expected to soar past the $4 barrier and upward toward $5 or even $6 per gallon.

If economic gurus are correct, the U.S. will be hit with a huge tax-like increase thanks to more fuel expense. Taxoline season is upon us. As the summer family travel season approaches, the demand will sustain the prices. Can we control gasoline prices? No. But we can plan better and work toward driving less.

For example, think smart when shopping for a new vehicle. Also, plan weekly errands to string together more stops in one trip instead of running around to do one or two things each day. 
Just this weekend I walked to two places that I would normally drive to. It was great exercise at the same time. The more your car stays in the garage the better.


High gas prices has the positive affect of accelerating research and development of mroe fuel efficient vehicles and other modes of of transportaion. 100 mpg vehicles are already here and it is just a matter of time before they are mass produced.

Entire regional bus and train systems run practically empty in suburban communities, including Southwest Florida and even a large city like Miami. Let's use them. Use the ride time to read a book or get some work done on your mobile device. If we turn a negative into a positive we can rise above the complaining and turn up our nose to gas prices.

 

Question of the Month: Does The VA Do Loans for Condos?

The Veterans Administration (VA) does not actually make loans. The VA insures loans to eligible military personnel made by qualified lenders. Tht said, condominiums are an eligible property type. To get started, you need to find a local bank or credit union that issues loans backed by the VA.

For even more useful VA Loan info check out 4 Reasons VA Loan Rock as well as Tips For A Good VA Loan Appraisal available at our sister website DailyDollar.

 

Giving Back: Support Our Walk In The Komen Race For The Cure
While the cold of winter continues its rampage in many parts of the country, it's still paradise in Southwest Florida. This is the best time of year both in terms of weather and the number of events and things to do. Baseball spring training is underway with games beginning in just a few days. There are festivals every weekend.

Susan and I are walking in the Komen Race For the Cure March 10, 2012. It is a 5k and we would appreciate your finanical support. Click here to access our secure, online donation page and donate any amount on behalf of Sue and I. All transactions conducted on the website are encrypted to protect your privacy. Thank you for your support.
 


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Need volunteers? Do you have a fundraising event upcoming?   Do you have a personal web site where you are raising donations for your cause?  Submit the information to randy@mortgagebyrandy.com by the 5th day of each month and we will do our best to include your information in the next issue.
 

Are we havng fun yet? Mom and Dad used Christmas as a platform to coach me on making time to have more fun in life. Somehow they don't think that my working until 2am most nights isn't fun. Actually it is (for me), but point taken.

So they will be happy to know that last night instead of finishing our corporate and personal tax returns, Sue and I enjoyed the Michael Jackson Experience, a game for the Wii system. We learned some of MJ's moves and danced and danced and danced. It was a heck of a workout. Sue kicked my butt in terms of points (there's a game component to the dancing) but that's ok. She deserves to be better than me at some things (kidding, kind of).

Off to Las Vegas in the morning for LeadsCon and then the merry month of March will be full of spring training games. The Boston Red Sox just opened their new facility 10 minutes from our house. Go to www.jetbluepark.com and see what happens!

 

Randy
 

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Mortgage by Randy newsletter, Copyright 2008-2012 Randy Mitchelson.  All Rights Reserved.

Randy Mitchelson is a licensed mortgage professional. All material presented herein is believed to be reliable but we cannot attest to its accuracy. All material represents the opinions of Randy Mitchelson.  Recommendations may change and readers are urged to check with their financial advisors before making any decisions. Opinions expressed in these reports may change without prior notice. Mitchelson can be reached at 239-851-6738.

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You have permission to publish this article electronically or in print as long as the following is included:

 

Randy Mitchelson is a business professional, entrepreneur and author with almost 20 years experience in financial services.  Mitchelson has served in leadership roles for Fortune 500 firms Bank of America, KeyBank and CIBC.

 

As a licensed mortgage professional and member of National Association of Mortgage Brokers, Mitchelson educates both individuals and groups about credit scoring by conducting personalized credit report reviews, action plans and one on one consultations. He is author of the free monthly newsletter, Mortgage by Randy.

 

He is owner of Estero, Florida based National Web Leads, LLC, (NWL) an internet marketing and lead generation services company. NWL drives new customer acquisition through email, web display, social media, keyword search strategies, mobile devices and more.

 

NWL distributes customers' marketing campaigns via NWL's network of publishing partners. Clients include payday lenders, auto loan lenders, educational institutions, legal services, health and beauty product distributors and more. Lead generation companies utilize end-to-end lead generation software solutions provided by NWL's technology affiliate company Applied Cognetics.

 

NWL operates te DailyDollar™. U.S. News and World Report names NWL's DailyDollar to its list of 8 Savvy Personal Financial Podcasts.

 

Mitchelson earned his BS and MBA at Rensselaer Polytechnic Institute in Troy, NY.  He is a founding member of the Southwest Florida Regional Technology Partnership Inc. and Vice President for the Michelle’s Angels Foundation Inc.  He is married to Susan, a Pharmacy Supervisor in the Lee Memorial Health System in Fort Myers, Florida.

 

 

 
 
 
 
 
 
 
 
 
 
 
 
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