Homeowner beware - folks are out there ripping you off

The New York Times reports on efforts of unscrupulous businessmen - more like con artists - who are out there trying to take advantage of you.

MAINTAINING a home is expensive, as we all know, but if you upgrade a kitchen or replant the garden, at least you have something tangible to look at and appreciate. It’s when the boiler goes or you need a new roof that home maintenance feels particularly unrewarding — so much money, so little to show for it.

So where's the trouble? "[I]f the problem is hidden, it’s especially easy to put your faith in the wrong hands."

What kind of contractors are apt to try to pull the wool over your eyes? Well, they range from chimney sweeps who claim you need a new lining to prevent a fire, air duct cleaning companies that claim you have mold in your HVAC system, and carpet cleaners.

As the article Avoid Fly-by-Night Cleaners by Making a Phone Call First says,

"When contracting for maintenance, bewared the swindlers."

Care to comment, let us know what you think.

If you have questions about what you see here,
contact Stephen M. Flatow
Stephen's Title Agency, LLC
StephensTitle@comcast.net
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How many foreclosures in a million? A lot.

One million is the number being bantered about of houses that may be lost in foreclosure actions this year.

Rosalyn Dalebout rents out space in her home to three tenants, has cut off her phone service and canceled her earthquake and life insurance — all to pay her mortgage every month.

So far, she's one of the lucky ones.

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year. If foreclosures continue at that rate, the yearly number would eclipse the more than 900,000 homes repossessed in 2009, RealtyTrac Inc., a foreclosure listing service, said Thursday.

Whatever the actual number, things do not look well for American homeowners or the banks who gave them the mortgage. Does government have a fix? Perhaps loosening up mortgage modifications for those who are current on their loans but whose homes are valued for less than the amount of mortgage would be a good first step.

What do you think?

The Associated Press story by Alex Viega can be found here - Homes lost to foreclosure on track for 1M in 2010

If you have questions about what you see here,
contact Stephen M. Flatow
Stephen's Title Agency, LLC
973-556-1628 Fax
StephensTitle AT comcast.net

Help with mortgage modifications? Maybe in New York.

The New York Times reports that NYC and unions are pressing banks to modify mortgages.

Hoping to succeed where Washington has largely failed, New York City’s comptroller, John C. Liu, and six large unions plan to begin a campaign on Wednesday to press the biggest banks to do more to prevent foreclosures in the New York area.

We have complained before on these pages about lender reluctance to modify mortgages in spite of the borrower's good payment history.

Mr. Liu said the group would send Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, among others, a letter that criticizes them for dragging their feet on modifying mortgages that are underwater or delinquent, and that urges them to do “everything possible” to avert foreclosures.

Just how will they pressure the banks? How about moving "pension funds" and other union money? That might work.

Don't expect anything to happen quickly. But this is a good first step.

Read the full article New York Presses Banks on Foreclosures

If you have questions about what you see here,

contact Stephen M. Flatow
Stephen's Title Agency, LLC
Stephenstitle@comcast.net

Home Buyer Tax Credit Deadline Extended

From Realty Times,

"The home buyer tax credit now has an extended closing deadline, thanks to Congress. The new deadline is set for September 30, 2010. This new legislation, bill H.R. 5623, will allow for thousands of home buyers to take advantage of the $8,000 and $6,500 tax credits that saw their previous deadline pass on June 30th.

"The National Association of Realtors (NAR) has been encouraging of its passage. “We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” said NAR president Vicki Cox Golder.

"Who is eligible for this deadline extension? If you are a first time or "step up" homebuyer who had a ratified contract in place as of April 30, 2010, but was unable to close by the previous June 30th deadline, then you're in luck. You are considered a first time home buyer if you have not owned your own home in the last three years. The same income restrictions and rules apply for the extension as were in place for the previous June 30th deadline. "

Read the full article - Realty Times - Home Buyer Tax Credit Deadline Extended

If you have questions about what you see here,

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Email - StephensTitle AT comcast.net