Mortgage woes lead to more foreclosures

By Pam Dawkins
staff WRITER

Connecticut's foreclosure filings declined between June and July, but the figure is still up for the twelvemonth so far and is approximately 100 percentage higher than the July 2006 filings.

Nationally, the figure of foreclosure filings last calendar month jumped 93 percentage from July 2006 and rose 9 percentage from June, the up-to-the-minute mark householders are having problem devising payments and determination purchasers during the national lodging downturn.

There were 179,599 foreclosure filings nationally reported during July, up from 92,845 during the same time period a twelvemonth ago, Irvine, Calif.-based RealtyTrac Inc. said Tuesday. There were 164,644 foreclosure filings reported in June.

According to RealtyTrac, there were 2,118 foreclosure filings in Nutmeg State in July, down from 2,386 in June but more than than dual the 1,038 in July 2006. In July 2005, there were 563 foreclosure filings.

In July 2007, New Haven County had the peak figure of filings, at 706, followed by Capital Of Nutmeg State County at 450 and Fairfield County at 403.

While New Haven County edged up between June and July, Fairfield and Capital Of Connecticut counties reported fewer foreclosures.

"It's calm up on a year-over-year basis," said RealtyTrac spokesman Daren Blomquist of Connecticut's foreclosure rate.

Harbor Mortgage Hosts Telephone Seminar for Seniors May 24 - Reverse Mortgages Made Understandable

Published on: May 8th, 2007 12:01am by:

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Braintree, MA (OPENPRESS) May 8, 2007 -- Senior homeowners and their families are invited to stay at home, pick up the phone, and dial in to hear a free Educational Telephone Seminar on Reverse Mortgages and Retirement Planning on Thursday May 24 from 11 AM to 12 Noon.

Moderated by Greg Porell, the Editor of the South Shore Senior News and the Neponset Valley Senior News, this telephone seminar will provide objective information about the unique government backed programs that allow seniors (age 62+) to access the equity in their homes. Now seniors and their families can learn about an important financial option without leaving their home, just by listening.

Listen and Learn
Businesses have used telephone seminars for years. IT’S SIMPLE! Participants don’t need to say a word; they just dial in to a specially designated 800 number from the comfort and privacy of their home or office on May 24 at 11 AM and hear:
• How to access the equity in their home.
• Implications for retirement planning.
• Answers to THEIR questions (submit with RSVP).

Seminar speakers will include: Attorney Francis X. Small, Elder Law Attorney, Heaney & Small, LLP, Milford, MA; and George Downey, founder of Harbor Mortgage Solutions, Braintree, MA and former Chairman of the Massachusetts Mortgage Association.

Advance reservations are required. Call 1-800-597-5133 to RSVP and find out how to dial into this informative seminar on May 24th.

Those who dial in to the Reverse Mortgage seminar will learn how a reverse mortgage can help homeowners over the age of 62 cash in on the investment they made in their home without having to sell, move, or take out a home equity loan. Reverse mortgages can help provide a steady source of tax-free income enabling seniors to have the extra cash needed to pay off their bills and stay in their own home.

A recent study conducted by the National Council on Aging found that impaired, older Americans are struggling to live at home at a time when they own more than $2 trillion in untapped housing wealth. Senior homeowners throughout Massachusetts are struggling to make ends meet, yet most are unsure of how to proceed to unlock the equity in their homes.

A reverse mortgage, essentially the opposite of a traditional or “forward” mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower, enabling borrowers to use the tax free cash they receive in any way that they wish.

There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and properly insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called.

Unlike a traditional mortgage where the balance starts high and the borrower’s monthly payments systematically reduce the loan balance, the balance of a reverse mortgage loan starts low and continues to increase as more cash is drawn and the deferred interest charges are added to the balance. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.

Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.

Telephone Seminar Sponsor - Harbor Mortgage Solutions
The Senior Homeowner Division of Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client every time.

An equal opportunity lender licensed in Massachusetts (license #MC0041) and Rhode Island (license #20041821LB), Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, and the National Reverse Mortgage Lenders Association, strictly subscribing to their rigid code of ethics. Harbor Mortgage Solutions is also an Educational Subscriber of the Massachusetts Chapter of the National Academy of Elder Law Attorneys.

For additional information on services offered by Harbor Mortgage Solutions please call 781-843-5553 or 800-599-8700, or visit www.HarborMortgage.com.

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Manufactured Home Mortgage Loans

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Many potential home buyers find the price is right on a manufactured home and a record number of 10,783 Californians purchased them last year. This is no surprise when the prices can be as low as $129,000 for a new 2,600 square foot home. Another attraction is the increased customization available on manufactured homes.

Buyers can get wood burning fireplaces, stucco exteriors, even attached garages, making manufactured homes look more like a standard home. The price and extras may be right, but getting manufactured home financing can be a difficult endeavor.

Peter Skillern executive director of the Community Reinvestment Association of North Carolina notes, “[Lending] companies used to underwrite anyone who could make an X on the line… [It] came back to bite them.� Green Tree Financial, one of the nation’s largest lenders for manufactured home mortgages found that 30 year mortgages were a huge liability, mostly outlasting the homes and encouraging defaults on the loans.

There were so many defaults in fact, that Green Tree filed for bankruptcy in 2002. Many lenders now will not even consider this kind of loan and potential borrowers are having difficulty financing manufactured homes.

It may take more work and effort to get a manufactured home loan these days, but be sure to take your time to find the right manufactured home lender. Wes Johnson author of “The Manufactured Home Buyer’s Handbook� states that buyers, “should be extremely wary of predatory lending practices.� Compared with a traditional mortgage, consumers should expect to pay larger down payments, higher interest rates and generally a shorter repayment period.

This doesn’t mean that the loan should have ridiculous interest and payments, however. Potential borrowers should shop around and also keep in mind that it can more difficult to refinance a manufactured home mortgage than a traditional one. Manufactured homes without land are not likely build equity quickly, which makes refinancing unlikely.

This also means that borrowers will have an easier time getting the first mortgage if land is part of the purchase price of the manufactured home. The value is more likely to appreciate on a manufactured home that is bundled with land. So if you think that a manufactured house might be the home of your dreams, do your research so that you can make the best decisions about financing.

Becky is a respected writer who recommends the following online resources at . Please visit these additional resource websites:
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Hotel Zoso owners file for bankruptcy

Hotel Zoso in downtown Palm Springs is facing some financial troubles. It's owners have filed for bankruptcy.

This nearly a year after a Las Vegas-based private equity firm with financial interests in the hotel filed for bankruptcy in Nevada.

The hotel's owners says the filing is a standard business practice to restructure their debt.

There are no plans for any lay-offs or changes in the hotel's day-to-day operations.

Chase Says It Will Move if City Balks

is threatening to move thousands of employees from Midtown to Stamford, Conn., if New York officials do not give it a larger subsidy package to build a 50-story skyscraper near ground zero, according to real estate executives and government officials involved in the talks.

Officials view the bank’s threat to relocate outside Manhattan as the latest move in what has become a routine game of corporate poker in which companies try to extract special benefits. But Chase has gotten in touch with at least one large property owner in downtown Stamford, although it remains unclear whether the bank is serious or bluffing.

Chase struck a tentative deal with the Port Authority in late March to pay about $300 million for the development rights at the site of the soon-to-be-demolished building, at Greenwich and Cedar Streets. Chase planned to build a 1.3-million-square-foot tower there and move thousands of employees from Park Avenue to Lower Manhattan, in what was widely regarded as a boon for the beleaguered district.

Officials expected that the move would solidify Lower Manhattan’s place as a world financial center and validate the redevelopment of the World Trade Center site as a commercial complex.

In subsequent negotiations, state and city officials offered the bank the kind of benefit package available to any company moving to ground zero: a combination of tax breaks, cash payments and subsidized electricity benefits worth more than $100 million. But Chase has continually pushed city and state officials for a batch of subsidies akin to what got in 2005 to build a headquarters in Battery Park City. Critics described that deal as an egregious example of corporate welfare.

State and city officials have resisted the bank’s demands. They regard the Goldman deal as an aberration. And Mayor has said that the city will not grant any special benefits beyond what any other company would get.

“We would hope that Chase recognizes that Lower Manhattan is the financial capital of the world and that they would want to be located here,” said John Gallagher, a spokesman for Mayor Bloomberg. “Because the market in Lower Manhattan is strong and because Chase will realize more than $100 million with the incentives in place for Lower Manhattan, giving them an additional incentive package at this point would be difficult to justify.”

Joseph Evangelisti, a spokesman for Chase, declined to comment. Last week, Chase reported a 55 percent rise in first-quarter profits.

Stamford has been a relatively sleepy rival for Manhattan corporations compared with Jersey City, where U.S. Trust, Goldman Sachs, Chase, UBS and other financial institutions have moved at least part of their operations. Until recently, only UBS and some hedge funds had major operations in Stamford. But now the Royal Bank of Scotland is building a $400 million office complex there for what will be its North American headquarters. The complex includes a 95,000-square-foot trading floor and room for up to 1,400 traders.

State and city officials in New York continue to express optimism that a deal can be struck downtown for Chase. One official, who insisted on anonymity because he was not authorized to talk about Chase, said that the snag centered on sales-tax breaks on building materials for the tower, while another said it had to do with payments the bank would be required to make in lieu of taxes.

Office rents are considerably cheaper downtown than uptown, but holding the line on subsidies has still been difficult since the 2005 Goldman Sachs deal. Goldman negotiated with state and city officials to build a headquarters in Battery Park City, a significant financial investment and the first dramatic boost for Lower Manhattan after the terrorist attack on the World Trade Center.

But after a series of missteps by aides to Gov. , the state was forced to grant an unusually large subsidy package to ensure that Goldman would build the tower.

Goldman Sachs got incentives worth an estimated $650 million in cash grants, tax-exempt bonds, sales and utility tax breaks and discounts on required payments in lieu of taxes. Since then, Chase, and have sought similar packages. City and state officials have rebuffed them.

“The atmosphere in the city and downtown has changed dramatically since Sept. 11,” said Patrick J. Foye, co-chairman of the Empire State Development Corporation, who is talking with Chase executives. “Rents downtown are very strong and demand continues to grow. The state would welcome JPMorgan moving part of its operations to the city’s vibrant downtown.”

Buying a Home in Buffalo New York

Buying a home in Buffalo New York is a great investment. The economy in Buffalo New York has been terrible for over 20 years now. An old company by the name of Bethlehem Steel went out of business many years ago in Buffalo, NY and that company was the life and blood of that city. It brought thousands of people a good salary. When the company closed its doors, many people in the city had to leave Buffalo because there simply weren't enough good jobs in the city to keep them.

The homes in Buffalo New York are fairly inexpensive. You can usually find a 3 bedroom home for under $100,000. There are other surrounding areas near Buffalo that offer the more wealthy to buy homes that go into the high hundred thousands or low millions. You can find these homes through popular real estate companies like Hunt Real Estate. Hunt Real Estate is a great place to start since the are the #1 reality in the city.

If you are considering moving to Buffalo from other cities, then you must understand that Buffalo New York gets a lot of snow. You are right near Lake Erie and you will get the snow lake effect and it does snow hard. People that live in Buffalo are often called "Buffalonians." If you become a Buffalonian, then you must learn that wearing warm winter clothes is going to be a part of your daily life. Even though your mortgage payments will be relatively low, you will have a lot of heating bills to pay.

The summers in Buffalo are pretty warm. It is usually in the high 70's and low 80's. Buffalo has been known to get its heat waves as well. Buffalo does have its change of seasons. Buying a home in Buffalo should be done carefully by you because many homes in Buffalo, NY are older and need some tender loving care to bring them up to date. If you are buying one of the older homes in Buffalo, NY that were built in 1919, then you must check for lead paint and for other things that may be hazardous to your health. You are often given a disclaimer when buying one of these older homes stating that the paint may contain some sort of lead in it.

The only other problem that you will have in Buffalo is reselling your home. Some homes in Buffalo, NY sell right away while others can take months or even years. The resell value of the house is not so good. If you bought the house for $80,000 today, it will probably be worth that same amount in five to ten years as well. You will not get much back for your investment. However, the cost of living in Buffalo is very cheap and the people are very friendly. Many people in Buffalo, NY buy a 2 family home and rent one of the apartments out to help them pay off the mortgage quicker. Many people have their own idea of what is acceptable and not acceptable in Buffalo, NY. Buffalo has many great parks and recreation areas. You can find peace in Buffalo, NY if you are willing to look for it.

Purchase Your Home at Sarasota Real Estate

Tired of paying rent every month? It's time for you to go to Sarasota real estate market and search for your dream home.

Purchasing a home in Sarasota real estate is a huge decision and it is an exciting thing to do as well. In deciding to purchase a home requires a lot of responsibilities and you have to face plenty of responsibilities such as keeping up the payments, maintenance and repairs. But owning your own home has a lot of privileges such as decorating and renovating your home, unlike in renting a home, you can't do any renovating without the knowledge of your landlord.

But of course, before searching for your dream home in Sarasota real estate, you have to settle your finances first. In order for you to look for finances, you can give some time finding a mortgage. Definitely, you will be given plenty of options, so you have to weigh these options first before coming up to any decision. Find a mortgage will terms that will work for you. Make sure to have a pre-approved mortgage. As soon as you have a pre-approved for a mortgage, you can now start looking for your dream home in Sarasota real estate.

Now, you have to search for your dream home. But before that, you have to ask yourself first the features and type you want in a home. Do you prefer a home with a garden or it is better to have a home with low maintenance yard, since you are a busy type of person, how many rooms do you want in a home and so on? It would be wiser to search for the amenities that you can take advantage with.

You can hire a real estate agent especially if you are a first time buyer. The agent can assist you with your buying process in Sarasota real estate. The real estate agent will help you find your dream home.

As soon as you find your dream home, the next thing you and your agent should do is make an offer. Your real estate agent will help you out in making offer since the agent is already expect in this kind of work. But you have to make sure that you hire a real estate agent that is professional and great with this kind of work. You can give some time in searching for the best real estate agent.

After the offer is accepted by the seller, it is wiser to hire a home inspector. The home inspector will see to it if the home is good enough and doesn't have any structural problem at all. The factors that should be inspected by the home inspector are mold, rot, plumbing, wiring issues and so on. If the home inspector find major problem, you can lower your offer or ask your seller to do the repair. But if in case the seller insisted to do the repair, and can just move on and look for another home.

If everything runs smoothly, you can close the deal. Then you have to settle all the paperwork and finalize the final agreement. As soon as all these are completed, it is time for you to move to your dream home. Now, your time and effort became worth it. You can now enjoy your stay with dream home in Sarasota real estate.