July 2007
Monthly Archive
31 Jul 2007 07:55 am
Why Homeownership May Be Good For You
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Buying a home has gotten tougher in recent years, and finding affordable housing is an even greater endeavor, but the struggle is worth the effort. More than just a roof over your head, homeownership with solid neighborhoods in the mix can enhance the lives of families and their children and improve their futures. Some affordable housing strategies help families move to communities with stronger school systems and more education-supported environments. While frequent moves appear to have a negative impact on educational achievement, moves to better school systems (or to communities that offer stronger support for education) may have an independent positive impact on educational achievement. |
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30 Jul 2007 06:57 am
Avoiding Foreclosure Scams
| There are many different kinds of mortgage foreclosure scams. One is called a “fractional interest transfer” and here is how that one works. When a homeowner files for bankruptcy protection, the law provides for an “automatic stay.” That means that no creditor can take any legal action (including foreclosure) against the debtor without getting Bankruptcy Court approval. This is referred to as a “lift stay.” The home owner pays a monthly fee to the “foreclosure specialist.” In return, that specialist arranges to transfer a small percentage of the homeowner’s property to a person who is already in bankruptcy. According to a Bankruptcy Foreclosure Scam Task Force out of California, often the entity in bankruptcy is fictional. And while the homeowner cannot be foreclosed upon because of the automatic stay, in the end that consumer has conveyed some or all of their home to the scam artist. |
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search for : fractional interest transfer, bankruptcy protection, foreclosure
29 Jul 2007 06:54 am
Do condominium owners need insurance?
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Condominium owners need a condominium owner’s insurance policy. It protects against negligence liability, such as when somebody is injured in the owner’s condo. The policy also provides coverage for fire or other damage to your furnishings, theft, accidents and damage to the interior of your condominium. The homeowners association carries a master insurance policy on the buildings and common areas. This policy provides liability coverage and for structural loss such as due to fire, wind, water damage (but not flooding) and other coverages. |
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search for : Condominium owner
28 Jul 2007 06:16 am
Feds Investigating Minority Buyers’ Mortgages
| The Justice Department told Congress it is investigating several lenders over suspicions they charged minority borrowers higher mortgage rates than comparable white borrowers. The Federal Reserve has reported that 2005 loan-price data collected under the Home Mortgage Disclosure Act found 55% of African-American borrowers and 46% of Hispanic borrowers received costly mortgages, compared with just 17% for whites. The data didn’t take into account, however, whether borrowers who received more expensive loans also had worse credit histories. |
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27 Jul 2007 07:36 am
Little Known Ways For Successful Home Staging
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Setting the stage to position a home for sale or staging is a smart marketing move when it’s time to move a home in just about any kind of market. Home staging is to the interior of a home what curb appeal is to the exterior — nipping and tucking, furnishing and accessorizing, buffing and polishing until the place looks like a model home, without being clinical. But it can also include curb appeal. With just the right special effects, the effort can transform a home into a house of dreams and help potential buyers visualize potential. Done wrong and a home can become more like the set of a horror movie. |
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search for : Home staging
26 Jul 2007 07:33 am
Tips For Successful Investing In Foreclosures
| Buying and flipping foreclosed homes can be profitable. However, novices need to tread carefully. Generally, homes in the process of being foreclosured can’t be inspected homes prior to auction. A home in need of major repairs could negate a bargain purchase. Because the owners are having financial problems, the home may be encumbered with hidden liens, back taxes, judgments or utility bills to pay. State and local rules vary concerning transferring the title (deed) upon sale of the property. Understanding the process before bidding and knowing the existing homeowners’ rights is necessary for a successful investment to occur. |
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