When Senate Banking Committee Chairman Christopher Dodd mentioned the national Homeowner’s HOPE Hotline in comments Tuesday, it triggered some 3,000 calls. An announcement in April that the Neighborhood Assistance Corporation of America would be offering $1 billion in rescue money to beleaguered borrowers has prompted more than 50,000 inquiries, according to the organization. Since the 888-995-HOPE line has been in existence, about 30,000 people across the country have called looking for help. Getting lenders to work with borrowers is the key for many programs out there. Most nonprofits and government-run programs are not offering bailouts as much as they are looking to get borrowers who obtained their mortgages under terms they couldn’t meet into more affordable situations.

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As the subprime-mortgage crisis ripples through the broader housing market, the Bush administration is eyeing an often overlooked federal mortgage insurer to help low- and middle-income homeowners avoid foreclosure. President Bush has balked at allowing mortgage giants Fannie Mae and Freddie Mac to buy more mortgages for their portfolios to ease the credit crunch triggered by rising defaults on home loans to borrowers with poor credit. But he said earlier this month that he supports giving the Federal Housing Administration more flexibility to help those facing foreclosure refinance their homes.

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Beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 - 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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If you are serious about avoiding probate costs and delays for your heirs and want to avoid conservatorship court proceedings if you become incapacitated, “The Complete Living Trust Kit and CD-ROM” by attorney Karen Ann Rolcik will show you how. This new book has superb explanations showing how homeowners can benefit their heirs by avoiding costly mistakes. Rolcik emphasizes that the costs of distributing an estate through probate court typically are at least 3 percent of the estate’s net assets and can take a year or two after the decedent passes on. More important, the author explains the major probate drawbacks, such as making your will public knowledge and delaying asset distribution to heirs for many months.

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For a one-time premium paid at the time a property is purchased or when a mortgage lender originates a loan, the title insurer promises to pay title losses that may occur while the owner and heirs own the property. The list of insured title risks includes forged signatures in the chain of title (the major cause of title losses), encroachments, surveys (if specifically included), recorded documents affecting a property, such as easements, income-tax liens, and mechanics’ liens, title search errors, and many other title risks. In addition, mortgage lender’s title policies include zoning, water rights, and conditions obvious from a property inspection, such as an unrecorded power line easement.

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Suffering a loss is never a good thing. Large or small, the policy owner wants the repair made fast and done right. But, before the homeowner calls the insurance carrier to report a potential claim, the question must be answered, whether the loss is covered by the homeowner’s policy. Generally, the policy will stipulate that the damage to the home needs to be “sudden and accidental.” Some examples would be a pipe that freezes and breaks; a washing machine or a toilet that overflows; an electrical circuit that overheats and starts a fire; a wind storm that causes shingles to blow off the roof or a tree limb to come crashing down; or a drunk driver that misses the corner and smashes into the front of the house.

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