Lehman, Accredited, HSBC Shut Offices; Crisis Spreads (Update3)

The rise cost of recognition took its toll on Lehman Brothers Holdings Inc., Accredited Home Lenders Retention Co. and HSBC Holdings Plc as the subprime mortgage radioactive dust spreadings through the economy.

Lehman, the greatest investment banker of U.S. chemical bonds backed by mortgages, became the first house on Wall Street to close its subprime-lending unit and said 1,200 employees will lose their jobs. Accredited, reeling from its canceled purchase by Lone Star Funds this month, stopped making place loans. London-based HSBC, Europe's biggest depository financial institution by marketplace value, closed a U.S. mortgage business office after failing to finance new loans.

Mortgage loaners today announced programs to open fire 3,700 people as the slack that began in subprime mortgage chemical bonds attains beyond mortgages to companies seeking money in the corporate debt markets. The deficit of recognition prompted the Federal Soldier Modesty last hebdomad to cut the price reduction charge per unit that it bear downs Banks to lend. The Federal may cut its nightlong charge per unit to carry loaners to widen more than credit, said Toilet Lonski, main economic expert at Moody's Investors Service.

``The subprime state of affairs goes on to deteriorate and the likeliness of a Federal Soldier Modesty charge per unit cut is increasing,'' said Lonski, who is based in New York. The Federal may necessitate to cut ``in the event that the fiscal marketplaces stay dysfunctional.''

H&R Block Inc. said today that its Block Financial unit of measurement drew down on depository financial institution lines and two European mortgage-securities funds had their recognition evaluations slashed to debris from AAA by Standard & Poor's because debt marketplace disturbance curbed entree to short-term financing.

Applications Decline

Home loan applications drop 5.5 percentage last week, the greatest diminution in almost three months, according to information from the Mortgage Bankers Association today. The association's index of applications to purchase a place or refinance debt retreated to 641.1, from 678.7 the former week. Subprime loans are made to people with mediocre or limited credit.

The tone of voice in the mortgage marketplace is ``exceptionally cautious,'' Lonski said. ``You're looking at what will be in all likeliness the worst lawsuit of place terms deflation since the 1930s.''

Subprime loaner Delta Financial Corp. today said it will fold business offices in Florida, Lone-Star State and California, cutting its work force by 20 percent, or 300 jobs. Quality Home Loans filed for bankruptcy, the 15th loaner since December to seek protection. More than 90 have got halted trading operations or sought a buyer.

No Bottom

``I don't believe we are going to see the underside for at least another six months,'' said Prince Edward Resendez, the former Head Executive Military Officer of Resmae Mortgage Corp. Resendez sold Resmae to Bastion Investing Group in March at a bankruptcy auction. ``The loaners that are struggling out there are not going to survive. As soon as their liquidness runs out they are going to travel under as well.''

Accredited said in a statement today it will close more than than one-half of its mortgage trading operations and fire about 1,600 people.

Accredited shares drop 45 cents, or 6.9 percent, to $6.10 in composite trading on the New House Of York Stock Exchange. They have got fallen 78 percentage this year. H&R Block shares drop 35 cents, or 1.8 percent, to $19.44. The stock have tumbled 16 percentage in 2007.

Lehman, based in New York, will close its BNC Mortgage LLC unit of measurement and cut about 4.2 percentage of its work force of more than than 28,000. The shutting will cut down its net income by $52 million, Lehman said in a statement. Lehman shares, down 25 percentage this year, rose $1, or 1.7 percent, to $58.54.

HSBC bes after to fold its Carmel, Indiana, business office by the end of the 2nd one-fourth of adjacent year, eliminating 600 jobs, spokesman Michael Lee Trevino said. HSBC's commissariat for bad loans climbed 63 percentage to almost $6.4 billion in the first one-half of 2007, HBSC said in July.

H&R Block Draws

Sunflower State City, Missouri-based H&R Block said Block Financial drew down $200 million on Aug. Sixteen and then repaid that loan when it borrowed $850 million four years later.

``The recognition marketplaces have got go increasingly constrained and unstable,'' H&R Block Head Financial Military Officer William Trubeck said in a statement. ``We have got got decided to replace this more than stable beginning of finances to back up our short-term needs.''

More than 20 companies have been close out of the marketplace for asset-backed commercial paper, or short-term debt maturing in 270 years or less, as investors balked at purchasing mortgage-backed debt. HBOS Plc, the U.K.'s biggest mortgage lender, will refund about $35 billion of commercial paper from its Grampian Support LLC unit.

London-based Solent Capital Partners LLP's $4.5 billion Mainsail two Ltd. monetary fund and Geneva-based Avendis Group's $5 billion Golden Key Ltd. unit of measurement were forced to sell assets after they couldn't happen purchasers for their short-term debt, causing ``an eroding of capital,'' S&P said.

Golden Key's commercial paper evaluation was cut to B, one measure below investing grade, from the peak degree of A-1+. Ratings on parts of Mainsail two drop by 16 stairway to CCC+ from the peak grade, and its commercial paper evaluation dropped three stairway to A- 3, the last short-term investment class ranking.

To reach the newsmen on this story: Caroline Salas in New House Of York at
; Steven Church in Wilmington, Delaware, at .

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.

How To Make Your Buying Process At Miami Real Estate With Fun

In purchasing a place in Miami existent estate, you can do it with merriment and excitement. But how can you do your place buying with fun?

Most people be givens to happen themselves having problem when they travel out to buy a place in Miami existent estate, since purchasing a place trades with tons of things such as as dealing with mortgage broker, dealing with existent estate agent, legal facets and other concerns. But if you give a spot of humor, patience, clip and effort, then you can do your purchasing procedure with fun.

Some had their place purchasing procedure with tons of emphasis and even frustration. Because they made common error as they travel on to the process, so they stop up frustrated and embarrassed. The common error of some purchaser is that they pass clip and money looking for their dreaming place and as soon as they go on it, they will come up up with the information that they haven't got an approved mortgage.

You can forestall this state of affairs to happen to you if you will take good attention of your finances first before searching for your dreaming place in Miami existent estate. You have got to settle down for a mortgage by working with a mortgage broker. The mortgage agent will help you in having the best loan for your place purchase in Miami existent estate. But of course, you have got got got to seek for the best mortgage agent in order to guarantee that the agent will work for your best benefits, do certain that the agent have the right expertness and experience to assist you out in your pursuit to have the best loan.

Make certain that you have an approved mortgage before looking for places in Miami existent estate. It is better to look for the right existent estate agent that tin support you with your place hunt at Miami existent estate. Be patient, never hotfoot things out. Take clip and attempt in determination the right existent estate agent. Ask for recommendation from people you trust, definitely, they will gladly give you their suggestions and recommendations.

It is better to derive information about the market, the human race of existent estate germinate quickly so it will be good on your portion to have got the right information you need.

As soon as you happen the right existent estate agent, do certain to give your agent the criteria and characteristics you desire in a home, then your agent will look for places that lucifer with the criteria and characteristics you gave him or her. Having a skilled and expert existent estate agent, buying procedure would be emphasis free on your part, since the agent will do certain that the procedure is running smoothly.

The existent estate agent will schedule some visits to the places that he or she have searched in Miami existent estate. So you and the agent should see few homes. Jotting down the good and bad points of each place you see for references.

Do some place review by hiring place inspector to do certain that the place is in good condition. As things travels with your plan, do an offer, your agent will assist you out in making offer, and then fold the deal. Soon you'll see yourself enjoying the restful with your new place in Miami existent estate.

Pay Off Your Home Mortgage Fast

Whether you are buying a place for the first clip or the one-tenth clip or more than you may wide area network to see some strategical agency to pay down your place mortgage. Home purchasing is one of the best ways to derive a small freedom I life. There is just something about having a place that you can name your own. This article will look at some manner to derive on your place mortgage.

If you have got purchased a place in the past five old age or so then you might desire to see the advantages of paying a small more than on your payment each calendar month to assist cut down the principal owed on your place mortgage. The lone cautiousness is to make certain that you do not have got any type of punishments for early payments. Although most place mortgage loaners are good with you paying other each calendar calendar month you may happen that some volition use a certain mulct for paying off your place mortgage too soon.

You may begin with a little amount like $25 dollars over the amount that you currently pay and then slowly increase this amount until you are paying at least $100 or more than over the expected amount each month.

Down Payment Funding Strategies

There are quite a few practical down payment support schemes that tin aid do Real Estate investing possible. The cardinal is to be flexible and willing to negociate for what is in your best interest.

The most common perceptual experience among those not familiar with the Real Estate marketplace is that there is only one option for coming up with a down payment for a possible purchase. You have got got to acquire a piglet depository financial institution and start economy up until you have enough to afford it. This method is pretty gull cogent evidence as a down payment support strategy, but the down side is that you are using your ain capital. This working capital can often be better used elsewhere when your intent is investment.

One good manner to fund the down payment when you are planning on a short term Real Number Estate investment, such as as flipping, is to borrow the down payment through a separate loan. If you are planning on turning the place around after upgrading it or if the terms is considerably under marketplace value for some reason, a down payment loan do sense. You can pay off the loan with the return from the sale. If the loan is paid off early, your involvement complaint should be small.

There are a couple of ways of getting the marketer to fund your down payment. In a lawsuit of marketer financing, the marketer might be willing to forego the down payment in exchange for a higher monthly payment. The marketer might also be willing to supply the down payment himself in tax return for a speedy sale contract.

A rental with the option to purchase contract is also a different manner to acquire down payment funding. The contract for this sort of sale lets the purchaser to lease the place for a pre-set fee and purchase it within a specified clip for a set price. What is actually happening is the rent is being applied to the down payment. This method is good if you are already paying rent elsewhere.

The secret is negotiation. Remember that down payments are not required by any mystical law and there are ingenious ways to either cut down them or supply the support for them from a different beginning than your ain pocket. If you are planning on investment in Real Number Estate for any of a figure of different reasons, you should seek to maintain as much working capital liquid and accessible as possible. Although big down payments be given to make instantaneous equity in the property, this equity can not be easily realized until the place is sold. Your ain finances may well be better reserved for other things, so go an expert on option intends of funding.

Should You Buy a Used or New Home?

Once you make the decision to buy a home, you immediately have a second one to make. Should you buy a used or new one? There are pros and cons for both.

Most people automatically think new is better than used. It is in many cases. With real estate, however, there are a bevy of factors that make the determination a bit more complex.

The pros of a new home include the fact that, well, everything is new. The home is also designed to most modern criteria including energy saving appliances, compliance with all safety regulations and so on. Do to the fact it is new, such a home should be easier and cheaper to maintain as well. All this being said, there are some downsides as well.

How could there be downsides with a new home? Well, let's look at them. First, you rarely are buying a complete home experience. While the home is in perfect shape, many developments now require you to do the landscaping or pay an additional fee to have the developer do it. Another downside is the price tends to be more fixed. A developer simply doesn't have a lot of room to move on price. As a new property, this price will often be much higher than homes in the area that are only a couple of years old.

So, what about used homes? As you might guess, there are pros and cons as well. Let's consider the positives first. Price is a big one. You are going to pay less than for a new home. Style is also a big issue as you may be unable to find the style of home you like in newer developments that tend to go in trendy directions. Another positive with a used home is you can accurately predict the neighborhood. With new developments, one is not always sure how things will develop with so many people moving into the area. Finally, used homes tend to be complete, to wit, you just move in. Although you will probably want to updates, there is no absolute need to.

On the downside, a used home is going to be costlier to maintain since it has wear and tear. Along this line of thought, the home is also going to be less energy efficient. Finally, the very nature of the home may be obsolete. As new gadgets come on the market, your used home may be unable to handle the wiring or have the appropriate space for them. Basic issues like piping may need to be changed and so on.

So, which should you purchase? There is no correct answer. Your goal should be to find something you like and can afford. Then weigh the tradeoffs of new versus old and make a decision.

Three Tips To Finding The Perfect House

Finding the perfect house is possible; here are three tips to help you find your home. When you are out there scouting your possible new prospects for a home, you may feel a little overwhelmed. Following these simple steps can make the journey of find a home easier than you thought.

The first step to finding the perfect home is to find the perfect area that you want to live in. The area will be the place that you and your family will spend the majority of their life in. This is where your family will go to school, play at the park, go to church, go to the library, take walks, and be a part of the community.

So the neighborhood you choose should be a place that represents all the places you want your family to be around. Even if a home is perfect, the neighborhood should be as perfect and as safe as you feel it should be.

Start your search by driving by each home that you find appealing and look at the characteristics of the neighborhood. Check to see if there are any signs of things that would concern you. The good things to look for are cleanliness, schools, parks, children's sports team information, a library, easy free way access, and drug safe zones. On the other end, you want to look for things that you don't want, gangs, clutter, malls, or anywhere that would provide an unsafe environment.

Some ways to see if the area is relatively safe is to ask around. Talk to the neighbors, look for bars on windows and doors, call the police department in that area, and check for graffiti.

Remember that each area will have teenagers, so therefore there may be signs of some activity in each area, more in areas in the city than in more rural neighborhoods.

Next it is important to get pre-qualified for the homes you are looking into. The amount of a loan that you are looking for will dictate somewhat on the area and homes you can live in. Once you have found your limit of qualification, you can then know what you are looking for.

Now it is time to make a list of all the things you want in your home. Write down any features that you want. This would be like the number of rooms, bathrooms, family room, square feet, yard size, fire place, dish washer, disposal, garage and dining room. The details can be musts and maybes. It would be nice if we could have everything, however keep in mind what the priorities are.
With these three tips, you will have the information you need to make a decision that will give your family the perfect home.

Once you have the idea in mind of what and where you are looking for, it is a good idea to decide if you are going to look on your own or find an agent who can help you find the perfect home for you. With all the options, paperwork and inconsistencies, it is no wonder that people rely on selling agents to get everything lined up for them.

This is not a bad idea. The sellers of the homes have real estate agents or brokers on their side. In most cases, unless they are selling their home FSBO (for sale by owner), the real estate agent is negotiating on their behalf. There are many selling agents available to help you buy the perfect home for you.

If however you decide to look for your home on your own, you can still find a treasure meant just for you and your family. It is a good idea to review all the paperwork and have the realtor explain the parts that may need clarification.

Let's Protect Both Yourself and Your Home

Most people frequently travel to popular vacation spots, or to visit friends, while others spend part of the year in warmer climates. Almost everyone is likely to be away from their home several days or weeks at a time for business or pleasure.

Over the past 25 years of owning homes and apartments, the owner of a home watch company, as well as managing and taking care of other peoples' property for them. I have experienced and learned a lot. Here are a few common truths I've learned about being away from your home for a while.

Truth #1: While it's always good to return home from a vacation or seasonal residence, occasionally upon returning home, some people find their Wisconsin residence in a condition other than the way they were left due to mechanical problems or, in some situations even burglary or vandalism.

Truth #2: Homes that are left unattended for extended periods of time seem to have greater frequency of problems, and the problems that arise are sometimes made worse because they are not dealt with before small problems have a chance to grow.

In talking to people about my business, the most common thing I hear is that while people are away, they are planning to have friends, relatives or neighbors check on their property. While neighbors and friends often agree to check on the properties, they don't always have the ability to recognize the early signs of problems or the time to do an extensive inspection while you're away.

Remember, they typically have plenty to do during their day already. If they make it through the day or week with no unplanned interruptions to their schedule, and they remember, this is when they are able to check on your property. With all good intentions they will walk in the door feel the temperature, and if it feels warmer than the outside they take a cursory trip around the main living areas, then turn around and walk back out to finish their day or week.

Truth #3: There are a host of potential problems that can easily go un- noticed. Examples of this include the operation of your refrigerator, plumbing failures, tripped circuit breakers, pest invasion, roof leaks, vandalism, etc. When it's your own home, you take notice of little things that don't seem quite right even if it's subconscious. A friend or neighbor often doesn't notice those things.

Aside from having your home monitored by a professional, there are many things you could do yourself to make your return home more enjoyable. It's interesting to note that when people buy a boat or a camper, or even a collector car and are ready to put them away for the season people automatically think of protecting them by winterizing properly. But when it comes to protecting one of their biggest investments, they sometimes don't think twice. They turn the heat down and lock the door behind them as they walk out the door, without taking the measures to make sure that it will be in the condition they nevertheless expect upon their return.

I have put together just a few suggestions for your consideration. Let me preface this however by maintaining that I am convinced that these steps should compliment, rather than take the place of a professional home watch company. I'll share more about that later. Here are some common sense suggestions that often get over looked.

Let's start with your kitchen.


 Clean each appliance thoroughly with sudsy water, rinse and dry. Leave appliances unplugged while you are gone to protect from electrical current surges.


 Give away or toss opened bottles and jars of salad dressings, condiments, etc., in the refrigerator. It will cost less to replace them if you are gone 2 or 3 months than to run your refrigerator. Clean the refrigerator interior with a solution of 1 tablespoon baking soda to 1 quart of water. This will neutralize food soils and prevent odors. The refrigerator and freezer doors should be left ajar to prevent mold.


 Flour, sugars and salt should be stored in tightly sealed containers. Dispose of cereals, crackers and pastas to avoid unwanted pests.


 Remove any food particles from the filter if one is present in the bottom of the dishwasher. Then run the dishwasher through a short cycle. A few minutes into the cycle, turn off the dishwasher, open the door and clean out around the door gasket and under the bottom of the door to remove any dirt that might create mold in these areas. Restart your dishwasher finishing the cycle. After the cycle is finished leave the door ajar, this will help with air flow and reduce the possibility for mold forming. It will also release the pressure on the door seal making it last longer.


 Clean the garbage disposal in your sink by running a batch of ice cubes from the freezer. This will loosen built up food particles. Also run a solution of baking soda and water through the disposal and leave the stopper in place to prevent water from the trap beneath the disposal from evaporating. Make sure all drain stoppers are closed.

Let's move on to the bathrooms and laundry room.


 Clean all surfaces and fixtures. Cover toilet and tank top with a plastic wrap. Water from toilets can evaporate. If all water evaporates, sewer gas can back up into the home. Turn off the water supply to the clothing washer to eliminate pressure damage to the hoses. Clean the lint filter in the dryer.

There are a few other important items you should consider.


 Turn the water heater off if you will be gone for a month or more. For shorter absences, turn the thermostat to its lowest setting. Vacuum upholstered furniture (even crevice areas) well. If there are spots and stains, remove or clean before closing the home. Use commercial upholstery cleaner, and follow directions carefully.


 You may want to consider vacuuming mattresses thoroughly and covering lightly with a sheet to allow proper air flow.


 Allow space between garments for circulation of air. Do not wrap garments or other items tightly in plastic. This may increase mildew and other problems. Metal hangers, even when covered with paper, can rust and stain clothing. Get rid of them! Plastic or wood hangers are a must. Leave closet doors and dresser drawers open to allow for air circulation.


 Turn off water at the meter and back drain if possible. This will help prevent flooding if a pipe should break.

Now for one of the biggest mistakes people make is not leaving their furnace in good condition. To assure the continued effective operation of your furnace and air conditioner, and to prevent excessive energy use, follow these suggestions.


 You should change your filters or if you have washable filters, wash them. Before you leave is a very good time for a furnace/air conditioner check-up by a professional. A professional check-up will clean the blower wheel and coil, check the temperature drop, adjust tension on belts, check the thermostat, inspect wiring and connections, and check the operation of motors.

Another often over looked area is the exterior of your house.


 The grading of the ground should move rain water away from the house.


 Landscaping, around the foundation of a house should be placed far enough away from the home (two feet or more) to permit air to flow freely, and prevent vandals from a place to hide from sight.


 Remove leaves and debris from gutters and downspouts. Check gutters and downspouts for damage. Observe during a heavy rain or run a water hose down them to see if water is flowing freely.


 Look for gaps between windows or doors and walls, using caulking to fill in were needed. Replace broken or cracked putty as well as weather-stripping that is loose or damaged.

Whether you will be away from your home for a short or long period, it pays to plan for protection of your home and possessions from burglars or intruders. The best defense is prevention. Both amateur and professional burglars are likely to bypass homes that appear to have active residents. Your home should have a lived-in look.


 Mail, newspapers and other deliveries should be stopped or promptly picked up by a reliable service.


 A car parked in the drive or carport discourages burglars.


 Lights within a home should be placed on timers to simulate movement within the home suggesting normal activities.


 Window treatments should not make the house look closed-up, but should not permit easy viewing of valuables within the home such as electronic equipment and cameras.

If, in spite of your efforts to make your home look lived-in, a burglar decides to try to break in, don't make it easy. All doors should have secure locks. Sliding glass doors should have a bolt-type lock to prevent its being lifted out of its track, plus a jamming bar in the inside track. Burglars are eager to take items that have a ready market value. The value of items drops when they have some kind of identification, and can be traced to the original owner.


 Valuables such as jewelry, watches and other items should not be left behind when you leave. Place them in a safety deposit box. Cameras, electronics, silver and appliances should have your social security number, or name engraved on the bottom.


 Most homeowner insurance policies provide some protection against burglary. Don't take your insurance for granted. Check to see if theft protection is provided and if your valuables will be adequately covered.


 You may want to check with your insurance company to see if they offer discounts for booking with professional home watch company. Several clients receive such a discount.

If scaring you was my goal, I could give you plenty of examples I have heard from people about the extra hassles they experienced when it could have been avoided. Clearly some problems are going to arise regardless of how much preparation you do or how comprehensive your monitoring service is. A professional, home watch company will be able to help minimize these through early detection or by helping to rectify the problem before your return.

While it might sound cliché, I have to remind you of the old adage that say "an ounce of prevention is worth a pound of cure". At a reasonable cost you can……….

As the owner of Watchdog, I am a firm believer in outsourcing. All professional service companies are (or better be). And the fact is that home monitoring is our core business, while it is really just a chore for everyone else. A professional is always going to be more thorough because it our livelihood. Doing a better job at a competitive rate is what sets us apart from our competition and why I really want to help you avoid some of the problems that other people have had to experience first-hand. I would urge you to consider this option if you have more than one property to maintain or spend significant time away from your home.

A professional home watch company, like WatchDOG LLC uses a lengthy checklist to inspect homes on a regular basis. WatchDOG has over 25 years of property management experience. We have a full understanding of what is needed to minimize or eliminate your troubles while you're away. If you would need help with any or all of these needs please feel free to contact us at WatchDOG LLC. Every client is kept strictly confidential! You can visit us on line at www.watchdoghomewatch.com to see how we can further assist you. We are always keeping a close eye on your property.

Above all, leave the worrying to us and enjoy a relaxing vacation knowing your home is well protected.

Things You Should Know Before Buying A Home

When buying a home there are some things you should know. One thing you should know when buying a home is the prices of the homes in the area. By doing this it would help you to know if you are getting a good deal or not. One other thing when it comes to knowing the prices of the homes in the area is it can save you from over paying for a house. The last thing you want is to over pay for a house. If you over pay and you can't afford the mortgage you can end up losing the house and damaging your credit.

Another thing you should know when buying a home is what kind of mortgage to get. It is recommended that you get a fix rate mortgage. With a fix rate mortgage the monthly payments stay the same for the life of the loan. One other thing when it comes to mortgages is it's not recommended to get any mortgages where the interest rate changes over the life of the loan. The reason for this is the interest rates can move higher.

One last thing you should know before buying a home is what in the house needs to be fix and what other things come with the purchase of the home. By knowing this you will know exactly what you're paying for. If the seller say they will throw in some other things with the sale of the home, make sure you get it in writing. Buying a house may not always be a simple thing but if you use the tips you read here it can become just a bit easier.

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.

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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.

Charlotte North Carolina Real Estate – A Win - Win Situation

Charlotte North Carolina real estate is a thriving market. Charlotte is the largest city among the Carolinas and is growing at a very fast pace. Roughly 20,000 people relocate to Charlotte every year. The cost of living in Charlotte is below the national average. It has everything that both young and old might seek with access to very good schools, great residences and good employment opportunities. Residents of Charlotte enjoy living here. Charlotte was voted among the ten best cities to live in the United States. It has one of the largest banking centers in the US, with some of the best-known Fortune 500 companies settled here. This makes it a great job market and as a result, ensures that there is a booming real estate market in Charlotte.

Charlotte boasts a high quality of life. The weather is mild without extremes and there are four seasons, with a fabulous fall. The area is green with foliage, most of the residents enjoy outdoor life with golfing, fishing, sailing and professional sports. Just a few hours from the Great Smoky Mountains, beaches and Blue Ridge Mountains, it is a pleasure to live in Charlotte.

You will find that websites related to North Carolina real estate agents contain all the information you need about various parts of Charlotte. It is a good idea to visit the website to request real estate agent assistance because these contain valuable information about buyer tips, property and Charlotte real estate agent listings. Moreover, signing up with these websites keeps you updated about new listings and keeps you notified about relevant details that match your specific search criteria by email. It saves a tremendous amount of time. Some Charlotte real estate agents even compare your home search with other listings in the area you desire.

Real estate-wise, Charlotte has nine zones - uptown, northeast, east, old south, new south, southwest, northwest, Lake Norman and Lake Wylie. The property around the lakes are said to be the most valuable. The northeast parts are less expensive. There are many exclusive buyer agents in Charlotte who earn their commissions from buyers. They work hard at getting the best price for their customers. Exclusive buyer agents in North Carolina are enrolled as members with the National Association of Exclusive Buyer Agents.

If you want to enjoy great weather, good people, good culture and a nice work environment, consider getting in touch with a North Carolina Real Estate Agent.