Women are waiting longer to marry so it makes sense that single women represent more than 20% of new home buyers, and more than 40% of these women are first time home buyers. It’s exciting to see women developing the skills, and more important, the confidence to make life changing decisions like buying a home. They include women of all ages, races and represent women living alone (more than half), single mothers (thirty percent), widows, divorcees and those living with other adults.
Women recognize that a home is a great financial investment and they should not tie building financial security to getting/staying married.
Women buy lower cost homes (75% spending less than $200,000) that match lower earnings.
Women buy more 2 bedroom homes (34%) while single men prefer efficiencies or one bedroom units.
Women are slightly more likely to buy a condo seeing the benefit of not having to handle exterior maintenance chores, and they don’t require more bedrooms than most condos provide.
Condos also offer lower cost options so women can focus on their desired location, and benefit from neighbors who are more likely to be single.
Women are developing new approaches to housing to meet their needs, i.e. co-housing communities which are attractive with the privacy of owning your home and the benefits of a supportive community.
Women prefer cities over the suburbs, and are concentrated more in the Northeast and South as that’s where their demographic resides.
Women are more likely to compromise on size and cost of their home, versus a focus on location and friendly neighborhood.
Women value a realtor with strong communication skills and they’re less likely to rely on the web in their search for a home.
Women buyers also face lending discrimination according to a study by The Consumer Federation of America showing women are more likely to be put into higher-cost subprime mortgages, regardless of their credit and income.
by GALTime.com
Click here if you would like to settle your home mortgage in 3 to 6 months!
Tuesday, February 16, 2010
Thursday, February 4, 2010
Mortgage lenders pursue homeowners even after foreclosure
Mortgage lenders pursue homeowners even after foreclosure
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Wrong.
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it.
"My understanding was that the deficiency was negotiated away," she said. "Then, last November, I got a letter from a lawyer telling me I owed my lender $65,000. I had to declare bankruptcy. There was no way I could pay it."
Many homeowners are now in the same boat. And not just those who took out bigger loans than they could afford or who did so called "liar loans" where they didn't have to verify their income.
Because of falling home prices, borrowers who always paid their mortgage but who have run into unforeseen circumstances -- like unemployment or a job transfer -- can no longer sell their homes for what they owe. As a result, they are being forced to short sell or foreclose and are getting caught up in deficiency judgments.
"After the banks foreclose, it's very common now to have large deficiencies with houses not worth the balances owed," said Don Lampe, a North Carolina real estate attorney.
Lenders mostly declined comment. Although Corey's lender, BB&T did indicate it was pursuing more deficiency judgments.
"They follow the rise and fall of foreclosures," said the spokeswoman, who would not discuss Corey's account.
Can they come after you?
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them.
"Once they have a judgment, they can pursue you anywhere," said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. "They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail."
In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms.
Some states, such as California, are "non-recourse" and don't allow deficiency judgments. But, even there, if the original loan was refinanced, some or all of it may be subject to claims.
Deficiency judgments on short sales and deeds-in-lieu can happen in many more places. In these cases, extinguishing the debt is often a matter of negotiating with the bank.
But even when lenders are willing, many borrowers may not be aware that they have to ask for release. So, if you are pursuing a short sale, be sure your attorney asks the bank to release you from any further obligation.
"People shouldn't have a false sense of security that a deficiency judgment may not be later sought," Zaretsky said.
He expects many will be filed over the next few years, based on the fact that banks have sold many of these accounts to collection agencies and other third parties, at discount.
"The parties who bought those notes wouldn't have paid money for them unless they had the intention of acting," Zaretsky said.
Ticking time bomb
What can be scary is that the judgments don't have to be obtained immediately. Lenders or collection agencies may wait until debtors have recovered financially before they swoop in. In Florida, the bank can wait up to five years to file. Once the court grants a judgment, the lender has 20 years there to collect, with interest.
It doesn't have to be a large amount of debt for a lender or collection agency to come after borrowers. Richard Varno and his wife short sold their Nashville home back in 2004 after he lost his job.
It wasn't until 2008, when the second lien holder asked him for $25,000, that he realized he still was liable.
"I told them, 'Hey, you guys released the title,'" he said. "As far as I know, I'm off the hook."
He wasn't. Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan.
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale.
Zaretsky had one client who was so relieved to have arranged a short sale that he signed every paper his real estate agent shoved at him, even a confession that clearly stated he still owed the debt.
"He had no idea what he was doing," said Zaretsky. "All the lender had to do was go to court to convert the confession into a deficiency judgment."
Lenders are also very inconsistent. One of Zaretsky's short-sale clients was ready, willing and able to pay, but the bank did not even ask; another lender always reserves the right to pursue the deficiency.
Strategic defaults
Sometimes lenders go after borrowers walking away from their homes if they have other assets, according to Florida real estate attorney Larry Tolchinsky.
"Banks are pulling credit reports to see if it's a strategic default," he said. "If you're behind on all your other payments, you're okay. But if you're not, they'll come after you."
If borrowers have any doubts about their risks, they should seek legal advice. Or, at least, call non-profit organizations such as NeighborWorks for advice. According to Doug Robinson, a NeighborWorks spokesman, its counselors always try to negotiate away deficiencies when they facilitate short sales or deeds-in-lieu.
"We don't favor any short-sale contracts that leave any deficiency that can be pursued," he said.
Robinson himself knows what can happen. He paid off a deficiency after his own New Jersey house went through foreclosure 11 years ago.
By Les Christie, staff writer at CNNmoney.com
Click Here to Settle your mortgage in 3 to 6 months.
Find out how people are becoming mortgage free in 3 to 6 months using a mortgage settlement strategy.
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Wrong.
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it.
"My understanding was that the deficiency was negotiated away," she said. "Then, last November, I got a letter from a lawyer telling me I owed my lender $65,000. I had to declare bankruptcy. There was no way I could pay it."
Many homeowners are now in the same boat. And not just those who took out bigger loans than they could afford or who did so called "liar loans" where they didn't have to verify their income.
Because of falling home prices, borrowers who always paid their mortgage but who have run into unforeseen circumstances -- like unemployment or a job transfer -- can no longer sell their homes for what they owe. As a result, they are being forced to short sell or foreclose and are getting caught up in deficiency judgments.
"After the banks foreclose, it's very common now to have large deficiencies with houses not worth the balances owed," said Don Lampe, a North Carolina real estate attorney.
Lenders mostly declined comment. Although Corey's lender, BB&T did indicate it was pursuing more deficiency judgments.
"They follow the rise and fall of foreclosures," said the spokeswoman, who would not discuss Corey's account.
Can they come after you?
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them.
"Once they have a judgment, they can pursue you anywhere," said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. "They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail."
In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms.
Some states, such as California, are "non-recourse" and don't allow deficiency judgments. But, even there, if the original loan was refinanced, some or all of it may be subject to claims.
Deficiency judgments on short sales and deeds-in-lieu can happen in many more places. In these cases, extinguishing the debt is often a matter of negotiating with the bank.
But even when lenders are willing, many borrowers may not be aware that they have to ask for release. So, if you are pursuing a short sale, be sure your attorney asks the bank to release you from any further obligation.
"People shouldn't have a false sense of security that a deficiency judgment may not be later sought," Zaretsky said.
He expects many will be filed over the next few years, based on the fact that banks have sold many of these accounts to collection agencies and other third parties, at discount.
"The parties who bought those notes wouldn't have paid money for them unless they had the intention of acting," Zaretsky said.
Ticking time bomb
What can be scary is that the judgments don't have to be obtained immediately. Lenders or collection agencies may wait until debtors have recovered financially before they swoop in. In Florida, the bank can wait up to five years to file. Once the court grants a judgment, the lender has 20 years there to collect, with interest.
It doesn't have to be a large amount of debt for a lender or collection agency to come after borrowers. Richard Varno and his wife short sold their Nashville home back in 2004 after he lost his job.
It wasn't until 2008, when the second lien holder asked him for $25,000, that he realized he still was liable.
"I told them, 'Hey, you guys released the title,'" he said. "As far as I know, I'm off the hook."
He wasn't. Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan.
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale.
Zaretsky had one client who was so relieved to have arranged a short sale that he signed every paper his real estate agent shoved at him, even a confession that clearly stated he still owed the debt.
"He had no idea what he was doing," said Zaretsky. "All the lender had to do was go to court to convert the confession into a deficiency judgment."
Lenders are also very inconsistent. One of Zaretsky's short-sale clients was ready, willing and able to pay, but the bank did not even ask; another lender always reserves the right to pursue the deficiency.
Strategic defaults
Sometimes lenders go after borrowers walking away from their homes if they have other assets, according to Florida real estate attorney Larry Tolchinsky.
"Banks are pulling credit reports to see if it's a strategic default," he said. "If you're behind on all your other payments, you're okay. But if you're not, they'll come after you."
If borrowers have any doubts about their risks, they should seek legal advice. Or, at least, call non-profit organizations such as NeighborWorks for advice. According to Doug Robinson, a NeighborWorks spokesman, its counselors always try to negotiate away deficiencies when they facilitate short sales or deeds-in-lieu.
"We don't favor any short-sale contracts that leave any deficiency that can be pursued," he said.
Robinson himself knows what can happen. He paid off a deficiency after his own New Jersey house went through foreclosure 11 years ago.
By Les Christie, staff writer at CNNmoney.com
Click Here to Settle your mortgage in 3 to 6 months.
Find out how people are becoming mortgage free in 3 to 6 months using a mortgage settlement strategy.
Thursday, June 11, 2009
blackberry internet service web site
The BlackBerry® Internet Service is a solution available to BlackBerry smartphones that are activated with a data plan from a wireless service provider. The BlackBerry Internet Service provides email messaging for up to ten work or personal email accounts, Internet browsing, and instant messaging. BlackBerry Internet Service 2.7 includes improvements to the BlackBerry smartphone user experience, including improved usability and email account integration.
Read More Of The Story By clicking Here!
Read More Of The Story By clicking Here!
Friday, May 15, 2009
preakness picks
With the 2009 Preakness Stakes post time approaching, many racing fans are clamoring to get the best Preakness picks. The Bodog Racebook's horse racing experts, Steve Davidowitz, who has published two highly acclaimed books on Thoroughbred racing and is a regular contributor to Daily Racing Form's Simulcast Weekly and DRF Plus, and Dave Turley, who has served as the DRF's Las Vegas correspondent and columnist, break down the Preakness Stakes contenders, offering their advice on the best way to make some cash with 2009 Preakness betting.
While Davidowitz picks Pioneerof the Nile to win the Preakness, Turley has Mine That Bird as his number one pick. Davidowitz has Papa Clem to place and Rachel Alexandra to show. On the other hand, Turley has Pioneerof the Nile to place and Musket Man to show. For insight into their handicapping, check out the article where two top horse betting experts face-off for those all-important Preakness picks.
Wednesday, May 13, 2009
biggest loser season 7
The finale of the NBC hit reality show The Biggest Loser was a three-hour special on Tuesday, May 12, 2009. Two contestants, Tara Costa and Helen Phillips, were already in the running for the grand prize of $250,000.
America voted to see if it would be father Ron Morelli or son Mike Morelli competing against the women. Millions of votes were cast and Mike was chosen to compete in the final three. Tara, Helen and Mike were trained by Jillian Michaels, who has been the trainer for the last two Biggest Loser champions, both women.
Past winners were Ryan Benson, Matt Hoover, Eric Chopin (who, unfortunately has gained back 122 lbs), Bill Germanakos, Ali Vincent and Michelle Aguilar.
Nineteen eliminated contestants were invited back to weigh-in, strut their stuff and show off their new bodies. They were also vying for $100,000. The contestant, from this group, with the greatest percentage of weight loss
was 64 year old Jerry Hayes from Wheaton, Illinois. He started the competition weighing 369 lbs. and was eliminated in Week 2. He lost 177 lbs. at home for a phenomenal 47.97% weight loss. His current weight is 192 lbs - see his story on video below.
Helen started the competition weighing 257 lbs. She lost a total of 140 lbs, with her current weight at an amazing 117 lbs. Her total percentage of weight loss was 54.47%.
Tara started the competition weighing 294 lbs. She lost 155 lbs, for a total percentage of weight loss of 52.72%. Her current weight is 139 lbs.
Mike started the competition weighing 388 lbs. He lost a total of 207 lbs. and currently weighs 181 lbs. His total percentage of weight loss was 53.35%.
The Season 7 Biggest Loser winner of the $250,000 grand prize is Helen Phillips, 47, of Sterling Heights, Michigan. She was clearly the dark horse of the final three. She worked hard, didn’t make waves, and in the end was able to blow away her toughest competitors to win it all. Well done Helen!
Check out some video transformations and see photos
Thursday, May 7, 2009
Carrie Prejean 'Racy' Photo
Carrie Prejean Attacked With 'Racy' Photo
Visit msnbc.com for Breaking News, World News, and News about the Economy
Attacks continue against Carrie Prejean (Miss California). Now they are taking the form of a 'racy' photo. Racy is not really the right word. The picture is reportedly no worse then what you might see in a Sports Illustrated Swimsuit Edition.
MSNBC is not showing the image, but a cynic would say it is because they want you to imagine something worse. There are claims of other unreleased photos.
The National Organization of Marriage issued a statement saying they were standing by Carrie Prejean.
Clearly this is being done to attack Carrie Prejean. It is becomes a frightful theme; 'Speak out against our views and we will destroy your life'. Something needs to be done to stop this.
Tuesday, April 28, 2009
swine flu
Swine Flu Case Confirmed
Eyewitness News has learned of Orlando’s first confirmed case of swine flu. According to the chief medical officer for Adventist Health System, Loran Hauck, the case was diagnosed Tuesday morning.”A case was diagnosed here in Orlando today on a tourist from Mexico who came to Disney attractions two days ago to visit,” Hauck wrote in an email obtained by Eyewitness News.No further details have been released, but Eyewitness News is working to learn specifically what days the tourist was at the parks and which park the tourist went to.Details about the tourist, beyond being from Mexico, have not been released.Eyewitness News contacted the Orange County Health Department who was unable to confirm the report.
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