New California Law Makes Lenders Speak to Borrowers

Author: Charles Machado

It seems that legislators simply don't get it when the issue is homeowners facing foreclosures. Recent laws in California, specifically SB 1137 requires lenders to to talk with borrowers before starting the foreclosure process. Since when do we need a law requiring lenders to communicate with borrowers who are in default?

The law is obviousley an attempt to give lenders an opportunity to modify an existing loan. Or is it?

The new law prevents lenders from starting foreclosure proceedings until 45 days after contacting borrowers who are behind in payments. The first step, filings of Notices of Default dropped immediately after the law took effect, but recent figures indicate foreclosures are again on the rise. A month after the law took effect foreclosure filings in California fell by 50 percent, but that number is again starting to creep upwards. Whether this is a result of the new law or about the time lenders started adjusting the terms of the loans is still a question to be answered.

What will you do if you find yourself behind in mortgage payments?

Many people want to hide, to hang their head in shame, but that's the worst thing you can do. Call your lender and explain the circumstances that led you to be late. If the problem has been corrected, ask for time to make up the payments. Many times lenders will add the missed payments on to the back end of your mortgage.

If, however, you find that the existing payments are too difficult to make, ask for a loan modification. You'll need a Hardship Letter and we'll give you a sample for free. Go to our website for this.

You can do this yourself, but it is a very difficult process. It is emotional, confusing, and requires full financial disclosure. That means tax returns, bank statements and proof of income.

Do you ever wonder why an attorney never represents himself? Why, you ask, would an attorney hire another attorney to represent him or her? The answer is the same as trying to modify your own loan. There are experts out there who will do a much better job than you. People who are not emotionally attached to your home. People with knowledge and an understanding of what lenders are willing to do-or not do. The small fee for a loan modification is nothing compared to the savings you may save by using a qualified company. We even offer a Discount Coupon to make the process even less expensive.

Article Source: http://www.articlesbase.com/mortgage-articles/new-california-law-makes-lenders-speak-to-borrowers-696532.html

About the Author:

Chuck Machado is a partner with CMA Capital Funding Inc and is considered a commercial mortgage specialist. He is currently working with homeowners in and their lenders in Loss Mitigation and Loan Modifications.

What You Should Do With Debt Collectors

Author: Tom Tessin

When you are being harassed by a creditor because you are delinquent in paying a debt because of your situation it is so easy to start making payments without thinking in order to get them from harassing you. You should take several steps before you do make the payment to protect your credit reputation. You might have suffered from loss of employment, illness or other problem that made you get behind but this is no reason for you to get a bad credit report. You should request a copy of your credit report from your credit bureau. Find out if the creditor has made a bad report or stuck to the agreement that you made to him about paying back your debt. When you know that there is a possibility of slow pay or you need some grace time with a creditor get in writing the agreement so that the creditor does not have an excuse to report you as a bad risk. Make sure that when you are making this agreement the creditor understands that you are willing to pay the debt as agreed but he is not to start making reports against you in the meantime.



This works well when you only owe one or two debts, however, if you find that your debts are overwhelming you should contact a credit-counseling organization to work out a debt-consolidation plan. This might become necessary so that each one of your collectors will stop making harassing calls trying to get more money from you than you have to give. Debt consolidation works very well for most people and is an excellent method to try when you are over whelmed with bills. You should stay away from service that offer you credit-repair or debt-consolidation loans as you find that you will be farther in debt and still no way out of your current situation.



Make sure that when you do start to pay a collector you have in writing the exact amount of any charges, fees, or interests that are attached to your account. You should make sure that only legitimate charges are being added otherwise you find that you are paying the collector three times the amount of the original debt. The collector is not the person to whom you made the debt usually so it is important that you know the collectors part in the debt making sure that you are not over paying on your account. Often you might make pay arrangements with the person(s) to whom you owe leaving out the collector saving both you and the person you owe. It is advisable to check out all your possibilities and make a written arrangement before you pay any debt collector.



All companies are different when you're dealing with collectors. Remember, these are just people doing their job. They are trying to make a living like you. When they go home to their families, they may be in debt just like you. But none the less, after they make that call with you, they tend to forget all about you and honestly, they don't care about your situation or getting your money at all.

Article Source: http://www.articlesbase.com/finance-articles/what-you-should-do-with-debt-collectors-699096.html

About the Author:

Start rebuilding your credit today with a secured credit card at FINDsecuredcards.com, where you can find more of Tom's work.

Is the Bank Suing You, the One That Owns Your Loan? Did They Violate Truth in Lending Guidelines?

By Nick Adama

Homeowners researching their options for stopping foreclosure in the court system can get bogged down in dozens of different defenses. From the note not being attached to the complaint, to constructive fraud, to to violations of state and federal racketeer influences and corrupt organizations acts (RICO), borrowers may feel overwhelmed at all of the various positions to raise in their defense.

But which ones are the most important and will quickly put the bank on notice that there may be serious deficiencies in its lawsuit? With so many possible defenses, homeowners may rightly feel as if they will never have the time to evaluate every defense, and if they choose one with only a small penalty, the bank will still be able to take the home. Thankfully, there are a few different defenses that should be looked at first, as the issues raised by these have stronger possibilities of alerting the courts to the fact that the lawsuit does not even deserve to be considered.

The first act that homeowners should become familiar with is the Truth in Lending Act (TILA). Violations of certain requirements of TILA can result in the entire loan being rescinded, with every dime the borrowers ever paid on the mortgage returned to them, the foreclosure lawsuit thrown out and, late mortgage payments no longer reflected on the credit report. For a family who is struggling to pay their bills, having their entire down payment and every monthly payment of principal and interest returned to them can be a significant help, not to mention this will stop foreclosure in its tracks.

Violations of other requirements of TILA can also result in the bank being counter sued for monetary damages and attorneys fees. And finally, if the originating lender never provided a right of rescission to the borrowers, the loan may still be able to be rescinded. In any event, this is the federal act that homeowners should initially research and spend the most time attempting to locate violations of, as there are many requirements that lenders must meet, many of which the original loan broker may not even have been aware of.

While violations of the Truth in Lending Act only affect purchase loans, a section within TILA also provides for rescission of refinance loans. The requirements the bank must uphold on refinances are spelled out in the Home Ownership and Equity Protection Act (HOEPA). When a loan falls under HOEPA guidelines, certain disclosure rules must be complied with, in addition to disclosing affiliated business arrangements. If the lender does not meet all of the requirements, the loan may be able to be rescinded if the defense is raised during a foreclosure lawsuit.

Finally, the homeowners can research who actually owns their mortgage at the time of the lawsuit to find out if the bank suing them even has the legal right (standing) to do so. Mortgages have been traded around the industry several times and the mortgage-backed securities made out of them may have changed hands hundreds of times, or there may not have even been an actual owner assigned to the loan. If borrowers suspect that the bank suing them is not the owner of the loan, they can contest this in court and request the lender show the assignment of the mortgage and the original note. If these can not be produced, there is a good chance the bank was not properly assigned the loan and has no ability to sue for foreclosure.

If the bank meets all of the requirements under these acts and legal issues, the homeowners may have to begin digging deeper to find potential violations of federal or state law or the court process. But these three defenses, TILA, HOEPA, and determining the real party in interest, may be the easiest to research and yield the best results for borrowers who are attempting to stop the foreclosure as quickly and most efficiently as possible.

The ForeclosureFish website has been created to provide homeowners in danger of losing their houses with relevant and important foreclosure help and resources. The site describes various methods that may be used to save a home, such as foreclosure refinance loans, mortgage modification, short sales, bankruptcy, and more. Visit the site to read more articles about how foreclosure works and how the process may be avoided before it is too late: http://www.foreclosurefish.net/

Article Source: http://EzineArticles.com/?expert=Nick_Adama
http://EzineArticles.com/?Is-the-Bank-Suing-You,-the-One-That-Owns-Your-Loan?-Did-They-Violate-Truth-in-Lending-Guidelines?&id=1795270

Foreclosure Relief - Lenders Want to Help

By:Kevin Simpson

The challenges being experienced by many home owners who are experiencing the foreclosure process should never be ignored, and home owners need to understand that lenders also understand this and want to help. There is foreclosure relief available and it is likely that your bank or lender has helped others in the same situation. One of the chief reasons for foreclosure is the fact that the lender or bank has actually been unable to contact the homeowner with regard to the foreclosure process.

This is not a new challenge for lenders and banks they have already helped many other home owners get through and even fully recover by offering them foreclosure relief. Talking to your lender and coming up with a solution is the best possible approach to have. They are used to speaking with people who are experiencing unexpected hardships and they want them to get their finances back on track. There is very little benefit for lender and banks when it comes to foreclosing on a home.

Foreclosure is not an easy task but when it comes to the shove a bank has to continue with this process. It is a complicated process and lenders have to follow the law in this procedure, many states only allow judicial foreclosures and this means following a complex legal procedure that is also very expensive. Lenders have to follow foreclosure laws to the strictest measures and keeping foreclosure property in their inventory is expensive as they have to pay property taxes and other costs which are related to keeping property in the lenders inventory. There are extensive costs involved in all of these activities so it is in the best interest of the bank to keep the property in the hands of the owner.

It is also very important to consult with your tax advisor before making any decisions in regards to selling your home or otherwise. The tax implications could make a difference to the decision you make. Prioritizing you debt is a must for foreclosure relief. You home is after all probably you most valuable asset and protecting this should be of top priority. Our parents and grandparents never carried the mount of debt that we do today and they were actually much wiser. When we carry high levels of debt, we are at risk of a crisis when even something small happens to put us off kilter and overextend us. It is very important to only carry a debt level that you can afford.

Be very wary of foreclosure relief scams, it is unfortunate, but in today's times many foreclosure scam artists are on the warpath. These people take advantage of other peoples' misfortunes and they prey on vulnerable people. People who are in fear of foreclosure on their homes may be willing to consider any option; however you must check if the foreclosure counselors are working for an organization that is HUD approved, and beware of anyone offering to buy your home and help you to purchase it back at a later date.

Search foreclosures by state or get more information on foreclosures at ForeclosureRepos.com

------

Kevin Simpson, GM Sales & Marketing

Article Source: http://EzineArticles.com/?expert=Kevin_Simpson
http://EzineArticles.com/?Foreclosure-Relief---Lenders-Want-to-Help&id=1797979

Foreclosure Needn't Now Be the Rule - Loan Modification Programs

By Lana Surmanek

Denial or procrastinating won't save your home, as acceptance of the situation and locating the options available is the only sure path to take here. You have a short time to understand your problem and the possibility of facing foreclosure.

A loan modification is the best way for you to keep your home, based on a plan you and your lender can come up with working around your financial situation that would bring you up to current.

Some options offered in a loan modification program include reducing the interest rates; adding missed payments to the principle; forgiving missed payments or a portion of the debt; and possibly accepting a small payment to bring the mortgage current.

If a borrower gets behind more than four or five payments, a repayment plan would still be difficult to repay. Extending the life of a loan, which would allow you to make extra payments, is one way to help avoid foreclosure, if it means turning all still owed on the loan, including the missed payments, and convert it into a new 30 year loan, for example. A loan extension lengthens the period of time to pay the loan, and at a level you can afford.

Lenders actually want you to keep your home, and here is where communication may be key; once the hardship begins in your life, contact your lender, along with the facts of the hardship: If it is due to the lose of employment. The income you are receiving, vs. your expenses. And if the problem that had arose is assumed temporary, or going to be long term. Be ready to contact your lender with all pertinent financial information, the way you wouldn't want to lose your home to foreclosure, your lender wouldn't want to lose money through foreclosure either. Your may find it best to acquire a loan modification lawyer who is specialized in the legalities and complexities of this process. In going directly to the lender you may be shuttled from representative to representative, and an attorney will be able to also help stop foreclosure, should it already be in the progress.

My Professionals is a free service for the general public to help you locate the right Lawyers, Mortgage Brokers & Real Estate companies throughout New York. We specialize in locating Criminal Defense Lawyers, Personal Injury lawyers, Divorce Lawyers, Business Lawyers and service all other legal matters too, as well as Mortgage Bankers and Mortgage Brokers in conjunction with Real Estate Agents & Brokers. We focus on local professionals to help in your time of need; Nassau County, Suffolk County, Queens, Brooklyn, Bronx, Manhattan, Staten Island, Westchester County & Tri-State as well. Call Now: 1(866) 99 TRUST or visit us online http://www.MyProfessionals.com

Article Source: http://EzineArticles.com/?expert=Lana_Surmanek
http://EzineArticles.com/?Foreclosure-Neednt-Now-Be-the-Rule---Loan-Modification-Programs&id=1798605

What's the Minimum Auto Insurance Coverage I Need to Drive?

If you want the absolute lowest price possible for auto insurance, you need to know the minimum auto insurance coverage required by your state. Each state has different minimum requirements, so you'll need to go to your state's Department of Insurance website to find out the requirements for your state.

What Do the Numbers Mean?

When you see insurance requirements, they will typically be in a format like this - 20/40/5.

What do these numbers mean? Well, the first two numbers are for bodily injury limits. This is the amount an insurance company will pay for injuries in an accident. The first number is the per person limit and the second number is the accident limit.

In this example the insurance company will pay up to $20,000 per person injured in an accident, but no more than $40,000 total for all people injured.

The third number is the property damage coverage. In our example, the insurance company would pay $5,000 for property damage.

Is Minimum Insurance Enough?

While the minimum insurance requirements may seem like a lot, they really don't offer much coverage.

If you caused an accident that injured someone, their medical bills could very quickly surpass your insurance if all you have is the minimum required amounts. Then you're left vulnerable to lawsuits and having to pay the rest of the amount out of your own pocket.

It 's far better to choose higher coverage amounts and try to save on your insurance in other ways.

For example, you can go online to get free quotes from insurance comparison websites. Because companies on these websites are competing for your business, you'll find the quotes are cheap.

Other Ways to Save on Your Insurance

* Get the highest deductible you can afford

* Get all the discounts you're eligible for

* Get your home and auto insurance through the same company

* Install car alarms and anti-theft devices on your car

If you choose your insurance wisely, you can afford to increase your coverages beyond the minimum requirements.

Where to Get the Best Rates

Visit http://www.LowerRateQuotes.com or click on the following link to get auto insurance quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.

The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written a number of articles on minimum auto insurance coverage.

Article Source: http://EzineArticles.com/?expert=Brian_Stevens
http://EzineArticles.com/?Whats-the-Minimum-Auto-Insurance-Coverage-I-Need-to-Drive?&id=1795564

Knowledge is Power: Keep Your Information Private When Home Selling

Author: Matt Barker

When is having a home assessment report a bad thing? When you leave it out on the table during a showing. When is your home library a detriment? When you're showing your home to people who get offended by your choice of reading materials. A home sale is a time where personal information is flying around as people attempt to sell their home for as much as they can reasonably expect to get (and sometimes more). Some people forget that buyers and buyers' agents will take advantage of whatever pieces of information that are left lying around.

If your information about the house's assessed value is on the table in plain view, don't think for a second that people won't have themselves a little reading time - to their benefit and not to yours. Keep in mind that people are allowed to look in the built-in features of your home, such as drawers and shelves, to check for depth and ease of use. Secure your private papers out of sight and access!

The same goes for mail. Even if it doesn't show anything more than your name and address, do you really want prospective buyers to see that you have four different credit card bills or that you subscribe to Bondage Weekly? Clear all of this away and make sure that you know when the mailman usually arrives, so you can arrange showings for when he's not going to be dumping Dog Fancy into your mailbox right in front of a horribly allergic buyer. These things may seem petty, but buyers can be turned off for what seem like very insignificant reasons.

In the course of home cleaning, you may have secured your valuables and fragile knick-nacks away from careless hands, but think about your diplomas, marriage certificates and other awards and honors. While it is usually to your credit that you have achieved a degree or diploma, it may also provide a buyer with the idea that you may be eager to sell to cover tuition or some other, perhaps erroneous notion. Some buyers may have a dislike of your religion of choice, and may come away with a negative impression of your home because you were married in Religious Building X. Who knows? What you can be sure of is that de-personalizing your home as much as possible not only encourages potential buyers to see themselves living in the property; it also protects your private information and you from any preconceived notions.

Look at what your reading material says about you. Take back the library books entitled, "So You Need To Sell Your Home Yesterday", "Handy Tips to Covering Up Major Home Foundation Damage" and "Roof Replacement with Crazy Glue". Likewise conceal any book that would be considered not PG13. While you should not be ashamed of your hobbies, consider if they are likely to cause a significant amount of the population some awkwardness. Avoid distracting your buyers from considering your home as a possible future home for them.

Take all of your horror movie posters down. The last thing you want to do is for anyone to equate your home with the one that Freddy Krueger haunted or where Michael Myers julienned screaming B-movie actresses. Also, if you are an aficionado of scantily clad men or women clutching swords and fighting dragons, you may want to take those down too.

Actually, the less personality your home has, the better. You don't want buyers to see your personality in the home you're selling; you want them to see theirs. Emotionally identifying with a home plays a big part in whether buyers seriously consider purchasing your home. Things that go contrary to your buyers' worldview can stop the purchase process in its tracks and you don't want that.

Don't give buyers a reason to lower their offer or discard your home as a purchase prospect. Avoid giving them any information about your home or you that won't further your goal of selling your home for the price you want. There are a lot of things that potential buyers and/or their agents can use to find out information about you and your motivations for selling. Do everything in your power to remove this advantage.

Article Source: http://www.articlesbase.com/real-estate-articles/knowledge-is-power-keep-your-information-private-when-home-selling-691739.html

About the Author:

For the tools and information needed to succeed in the Saint Paul real estate market, look no further. Saint-Paul-Real-Estate.com offers valuable information on St.Paul neighborhoods and surrounding communities including Downtown Saint Paul real estate.

Fraud

Author: MTnews

Daily Market Commentary for December 18, 2008 from Millennium-Traders.Com

"Charities that invested in Madoff could end up losing savings on which millions depend - a massive fraud that was made possible in part because the regulators who were assigned to oversee Wall Street dropped the ball." (read more)
http://www.millennium-traders.com/news/newscommentary.aspx

Economic data released today:

Initial Jobless Claims:
U.S. Jobless Claims for week of December 13 fell 21K to 554K with survey expecting a drop by 23K; U.S. Continuing Claims for week of December 6 fell 47K to 4,384,000; U.S. Jobless Claims Revised for week of December 6 to 575K from 573K.

U.S. Conference Board Leading Indicators:
November Leading Index fell 0.4%; November Coincident Index fell 0.3%; November Lagging Index rose 0.1%.

Philadelphia Fed Manufacturing Survey:
Phili Fed December Business Index down 32.9 versus November drop by 39.3; Phili Fed December Business Index Expected down 40.0; Phili Fed December Price Paid down 33.2 versus November drop by 30.7; Phili Fed December Price Received down 37.8 versus November drop by 15.5; Phili Fed December Employment down 28.7 versus November drop by 25.2; Phili Fed December New Orders down 25.2 versus November drop by 31.4; Phili Fed December Shipments down 28.7 versus November drop by 18.8; Phili Fed December Delivery Times down 22.8 versus November drop by 20.6; Phili Fed December Inventories down 31.1 versus November drop by 19.6.

President Federal Reserve Bank of Dallas, Richard W. Fisher comments from today:
Takes a while to restore confidence; GSEs are cornerstone of mortgage market; Fed must prevent deflation; Fed has exit strategy in mind; Fed must eventually shrink balance sheet; still a long way to go toward recovery; signs of Fed policies working on Libor, mortgage rates; U.S. jobless rate may exceed 8%; further U.S. economic contraction likely thru at least 1H 2009; U.S. economy to contract 4% - 5% in 4Q 2008; Fed failed to detect signs of financial system excess; Fed will pursue all viable means to support financial markets; Fed ready to expand balance sheet as needed.

Companies in the news today:
General Electric (NYSE: GE) had its credit outlook cut to 'negative' by Standard & Poor's 500 Index, leading to a possible downgrade. FedEx Corporation (NYSE: FDX) announced they will cut salaries and halt hiring. FedEx will be reducing salaries for many top executives.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit loss of 219.35 points to end the trading session at 8,604.99
NYSE (New York Stock Exchange) triple digit loss of 151.76 points to end the trading session at 5,618.04
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 26.94 points to end the trading session at 1,552.37
S&P 500 (SPX) loss of 19.08 points to end the trading session at 885.34
FTSE All-World Index data excluding U.S. (AW01UK) loss of 2.66 points to end the trading session at 148.85
FTSE RAFI 1000 loss of 68.81 points to end the trading session at 3,413.35
BEL 20 (BEL20) gain of 22.23 points to end the trading session at 1,881.85
CAC 40 (CAC40) loss of 7.77 points to end the trading session at 3,234.15
FTSE100 (UKX100) gain of 6.47 points to end the trading session at 4,330.66
NIKKEI 225 (NIK/O) gain of 54.71 points to end the trading session at 8,667.23

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 1,331, declined stock prices 1,823, unchanged stock prices 75, stock prices hitting new highs 4 and stock prices hitting new lows 30. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Apache Corporation (NYSE: APA) stock price shed 4.21 points on the trading session, high on the trading session $73.40, low on the trading session $68.61, with a closing stock price at $69.81; Sunoco Incorporated (NYSE: SUN) stock price shed 1.20 points on the trading session, high on the trading session $42.77, low on the trading session $39.49, with a closing stock price at $39.84; Goldman Sachs Group Incorporated (NYSE: GS) stock price gained 1.27 points on the trading session, high on the trading session $81.19, low on the trading session $78.25, with a closing stock price at $80.05.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,099, declined stock prices 1,784, unchanged stock prices 136, stock prices hitting new highs 13 and stock prices hitting new lows 69. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Apogee Enterprises Incorporated (NasdaqGS: APOG) stock price gained 1.15 points on the trading session, high on the trading session $10.85, low on the trading session $9.13, with a closing stock price at $10.10; Atheros Communications Incorporated (NasdaqGS: ATHR) stock price shed 2.81 points on the trading session, high on the trading session $14.91, low on the trading session $12.95, with a closing stock price at $13.19.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 282, declined stock prices 354, unchanged stock prices 55, stock prices hitting new highs 2 and stock prices hitting new lows 26.

Chicago Board of Trade Futures Market for the day, at time of this posting for March 2009 Contracts and December 2008 Contracts for E-mini S&P Small Cap 600:
E-mini S&P 500 (ES): End of trading session price 891.00; Change for the trading session -12.00
E-mini NASDAQ-100 (NQ): End of trading session price 1,223.25; Change for the trading session -5.25
E-mini DOW $5 (YM): End of trading session price 8,665; Change for the trading session -114
E-mini S&P MidCap 400 (MF): End of trading session price 525.70; Change for the trading session -4.30
E-mini S&P Small Cap 600 (HS): End of trading session price 8,670; Change for the trading session 35

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7036 to U.S. Dollars 1.4212
Japanese Yen 89.490 to U.S. Dollars 0.0112
British Pound 0.6671 to U.S. Dollars 1.4991
Canadian Dollar 1.2053 to U.S. Dollars 0.8297
Swiss Franc 1.0850 to U.S. Dollars 0.9217

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (January 09) shed $3.84 on the trading session for a closing price of $36.22 per barrel ($US per barrel)
Heating Oil (February 09) shed $0.07 on the trading session for a closing price of $1.40 a gallon ($US per gallon)
Natural Gas (March 09) shed $0.08 on the trading session for a closing price of $5.64 per million BTU ($US per mmbtu.)
Unleaded Gas (January 09) shed $0.04 on the trading session for a closing price of $0.96 a gallon ($US per gallon)

Metals Markets - Comex:
Gold (February 09) shed $7.90 on the trading session for a closing price of $860.60 ($US per Troy ounce)
Silver (March 09) shed $0.30 on the trading session for a closing price of $11.12 ($US per Troy ounce)
Platinum (January 09) shed $1.30 on the trading session for a closing price of $863.90 ($US per Troy ounce)
Copper (March 09) shed $0.07 on the trading session for a closing price of $1.30 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (February 09) shed 0.15 on the trading session for a closing price of 62.48
Pork Bellies (February 09) gained 2.00 on the trading session for a closing price of 88.98
Live Cattle (February 09) shed 1.18 on the trading session for a closing price of 85.70
Feeder Cattle (March 09) shed 1.20 on the trading session for a closing price of 91.78

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (March 09) no change on the trading session for a closing price of 389.50
Soybeans (March 09) gained 5.50 on the trading session for a closing price of 874.50

BOND MARKET:
2 year Bond closing price 101 2/32, change 3/32, Yield 0.68, Yield change -0.05
5 year Bond closing price of 103 15/32, change 15/32, Yield 1.27, Yield change -0.09
10 year Bond closing price 114 30/32, change 30/32, Yield 2.08, Yield change -0.28
30 year Bond closing price 140 10/32, change 2 23/32, Yield 2.54, Yield change -0.11

Thanks for reading
Millennium-Traders.Com
http://www.millennium-traders.com

Article Source: http://www.articlesbase.com/investing-articles/fraud-690416.html

About the Author:

Beware the Small Insurance Print

Author: CWADavid

‘Beware the small print’ is a common phrase used by people when talking generally about Insurance – but why then do we ignore this age-old adage when buying insurance online?

In this dot.com comparison site age, how many realise until it is too late that the policy they purchased, does not provide the cover expected. Unfortunately, when bought on-line, the full policy wording may only be available after purchase.

We are being conditioned by advertising to think that ‘cheaper is better’ these days – but to get a lower price, insurers make assumptions about you (one size fits all). A reduced number of questions are asked in an online quote form, because the Insurer wants to keep your attention, and many assume that because a certain question has not been asked, it does not matter – but this is not the case.

For example, when buying Home Insurance or Landlord Insurance it will state somewhere in the statement of fact that you accept the property is not near a river or watercourse, cliff or harbour. You may not realise the question has been answered NO, because it is one of many questions that default to NO and is automatically accepted when agreeing to the quote. If you don’t read the full ‘Statement of Facts’ before buying you won’t know – and what if this should be answered yes in your case? – you potentially have an invalid policy.

Alternatively get professional advice, as this is still the safest way to buy insurance. A Professional Insurance Broker will ascertain your demands and needs and ask the appropriate questions, avoiding the pitfalls of online question sets with defaults. I’ll finish with the other wise adage ‘you get what you pay for’.

Article Source: http://www.articlesbase.com/insurance-articles/beware-the-small-insurance-print-690073.html

About the Author:

David is an SEO and PR professional with Creative Web Advertising in Europe.

Phoenix Arizona Fha Hope for Homeowners Refinance Program

Author: Joel McLaughlin

The Housing and Economic Recovery Act of 2008 authorizes a new FHA mortgage refinance program called HOPE for Homeowners (H4H) program effective from October 1, 2008 through September 30, 2011. The FHA H4H is a program designed to assist borrowers at risk of default or foreclosure in refinancing into an affordable 30 year fixed rate loan. Any type of loan the borrower currently has is eligible for refinancing under the FHA H4H program, including conventional prime Fannie Mae, Freddie Mac, Alt-A, sub-prime, and government – backed FHA, VA and USDA rural home loans. Also, loans that have a variety of payment characteristics like, adjustable rate, interest only, payment option, option arm, negative amortization and/or any other exotic loan features.

The Main Advantage of the H4H program: Due to the fact that many home loans are higher than the value of the home, the borrower and current lender are required to participate in the initial 10% equity and future appreciation equity. The initial 10% equity is defined as the FHA H4H program will only lend 90% of the new current appraisal, hence the 10% equity in the home. The future appreciation is defined as; it is assumed over time the home should go up in value, hence future appreciation. If the home is sold with in the first year, 100% of the equity will go to FHA & the previous lender and nothing to the borrower. But, after five years 50% of the equity will be shared with the borrower and 50% with FHA and the previous lender. Years 2 through 4 are prorated as well. Hopefully, this will create a win-win situation for the borrower and the previous lender.

Borrowers Eligibility: Borrowers who are current or delinquent on their mortgage payment at the time of the refinance eligible for the H4H program, if they have not intentionally defaulted on their mortgage payment and have made a minimum of six (6) full mortgage payments during the current loans existence’s. All loan must have been originated prior to January 1, 2008. Borrowers must live at the residence being refinanced and have no other real estate ownership in any other properties; like 2nd homes and rental property. Having been or being in bankruptcy does not preclude a borrower from participating in the FHA H4H Program. Also, no convictions for fraud under state and federal laws within the last 10 years is required.

In conclusion, this article is a brief synopsis of all the guidelines required by the FHA H4H program, but to serve as a quick guide to see if you need to consult with your Mortgage Loan Professional to answer any addition questions from the homeowner.

Article Source: http://www.articlesbase.com/mortgage-articles/phoenix-arizona-fha-hope-for-homeowners-refinance-program-688497.html

About the Author:

Joel McLaughlin / Michael 'Mani' Bongiovanni

Contact me at (480) 390-2123 or mani555@aol.com

Get a free credit report with a no hassle loan application today. Visit our Phoenix Arizona FHA Loans, Mortgage Rates & Refinancing website. Scottsdale Arizona FHA. Submitted by Phoenix Arizona Online Marketing.

Why Do Lenders Prefer a Loan Modification Over a Foreclosure?

Author: The Loan Modification Department

Lenders are known to be difficult when it comes to loan modifications. But did you know that they benefit at least as much from the process as you do? The main reason they balk at Mortgage Modification is that they have to train agents to handle them, and each case requires individual attention. But it also saves them a good deal of time compared to foreclosure, and may even have a few long-term benefits. Here are some good reasons why your lender might prefer a loan modification over a foreclosure.

It’s faster and cheaper. In a foreclosure, there are specific wait times that allow the borrower to get current with their mortgage. It’s not uncommon for the process to drag on for almost a year. These delays can cost your lender a good deal of money. A loan modification, on the other hand, takes an average of 30 to 60 days. All they have to do is go over your documents, talk to your loan modification attorney, and see if you qualify. The negotiations are the hardest part, but they don’t cost quite as much as foreclosure expenses.

It’s less work. To start the foreclosure process, your lender will have to assess late charges, file a Notice of Default, pay heavy lawyer fees, and arrange an auction to sell your home. And if you manage to get back on track and stop foreclosure, all the work simply gets filed away. Loan modifications involve less work on their part. You and your Loan Modification Attorney will do most of the work and provide most of the documentation. Often, all they have to do is assess your case and decide what kind of mortgage assistance you will need.

It helps keep investors. Foreclosures are as damaging to your lender as they are to you. It may benefit them for now, but with the recent housing bubble, it will eventually weigh them down. Investors don’t want to deal with banks that have too many foreclosures on record. If they grant you a loan modification instead, your payments will keep showing up on their records instead of being written as bad debt.

Of course, this doesn’t make it any easier to get what you want from your lender. After all, you’re still a liability—and it’s important to prove that you can get back on your feet. To get the best loan modification deal, you need a good lawyer who knows the what lenders need and can convince them that it’s the wiser choice to settle a loan modification.

Article Source: http://www.articlesbase.com/mortgage-articles/why-do-lenders-prefer-a-loan-modification-over-a-foreclosure-689859.html

About the Author:

The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts. Our lead attorney is Christian M. Dillon, an experienced lawyer specializing in loan modifications and RESPA and TILA violation cases.





For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs

Banks Pledge to Help Small Businesses

Author: eCommerce Associates

Banks have promised to try and make life easier for small businesses by agreeing a ‘statement of principles’ brokered by Business Secretary Peter Mandelson.

Businesses say they are having problems arranging loans and overdrafts despite the billions of pounds the government has injected in to the economy as banks have screwed down lending criteria.

Following the meeting, banks have agreed to cut the time it takes to transfer business accounts from one bank to another from ten to five working days.

The Federation of Small Businesses said the concession was "very welcome" because it would allow firms to shop around more easily between banks in search of better lending terms.

Banks have also agreed to consider business assets as securities before business-owners' personal assets. That could reduce the number of personal bankruptcies that result from businesses collapsing during the recession.

The borrowing problem seems to have bypassed care worker Kaylie Coomber, 20, from Highnam, Gloucestershire, who asked her bank for a £50 overdraft extension and got a letter back telling her she could have £84million.

She had telephoned the Alliance and Leicester to ask if they would give her the higher limit in the run up to Christmas – and the paperwork came through telling her she had an £84million overdraft facility and would only be charged £5 for the privilege.

Her bank, the Alliance and Leicester said: “We apologise for any inconvenience or upset caused to Kaylie and can confirm this is an unfortunate one-off incident. The letter was sent off incorrectly.”

Meanwhile, on the markets, both the FTSE and the DOW closed up – the FTSE rose 251 points from 4049 to 4300 and the DOW 296 points from 8638 to 8934. The Pound closed unchanged against the US dollar and Euro – standing at $1.47 and 1.56 Euros.

This article was written by eCommerce Associates for Bank -- Accounts and our Finance Blog

Article Source: http://www.articlesbase.com/banking-articles/banks-pledge-to-help-small-businesses-676630.html

About the Author:

eCommerce Associates work with some of the UK's top merchants and brands in

the affiliate market. eCommerce eCommerce Associates work with some of the UK's top merchants and brands i the affiliate market. eCommerce Associates have three blog sites http://ecommerce-associates.info/ , http://leisure-activities.blogware.com/blog and http://financial-news.org.uk/ where all of our articles can be viewed.

Federal Rerserve Interest Rates

Author: MTnews

Daily Market Commentary for December 15, 2008 from Millennium-Traders.Com

It's likely that the Fed will drop interest rates to 0.5% which would be its lowest ever, tomorrow afternoon. (read more)
http://www.millennium-traders.com/news/newscommentary.aspx

Economic data released today:

Industrial Production:
U.S. October Capacity Use Revised to 76.0% from 76.4%; U.S. October Industrial Production Revised to increase by 1.5% from an increase by 1.3%; U.S. November Capacity Utilization fell 0.6 points at 75.4% compared to consensus of 75.8%; U.S. November Industrial Production fell 0.6% compared to consensus of a drop by 0.6%.

Empire State Manufacturing Survey:
New York Fed December Manufacturing Index down 25.76 versus a drop by 25.43 in November; New York Fed December Prices Received down 11.70 versus 6.02 in November; New York Fed December Employment down 23.40 versus a drop by 28.92 in November;
New York Fed December New Orders down 20.78 versus a drop by 22.21 in November.

Treasury International Capital (TIC) Data for October:
Net foreign purchases of long-term securities were $1.5 billion. Net foreign purchases of long-term U.S. securities were negative $34.8 billion. Net purchases by private foreign investors were negative $17.5 billion and net purchases by foreign official institutions were negative $17.2 billion. U.S. residents sold a net $36.3 billion of long-term foreign securities. Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been negative $13.3 billion.

European Central Bank comments today:
Money market recovery only modest by Late November; deposit facility use shows interbank trade impaired; unsecured interbank money markets persistently impaired; risk hedge funds may prompt sizeable unwinding; credit derivative swap market not yet tested by defaults; unexpected market events could trigger further unwinding; U.S. house prices only likely to bottom out end 2009; banking sector outlook uncertainty higher than in June; financial stability outlook remains uncertain.

Companies in the news today:
JPMorgan Chase was downgraded due to potential 4Q loss; Apple was downgraded by weak consumer spending; AT&T was downgraded due to weak economy.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) loss of 65.15 points to end the trading session at 8,564.53
NYSE (New York Stock Exchange) loss of 46.06 points to end the trading session at 5,497.90
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 32.38 points to end the trading session at 1,508.34
S&P 500 (SPX) loss of 11.16 points to end the trading session at 868.57
FTSE All-World Index data excluding U.S. (AW01UK) gain of 1.12 points to end the trading session at 144.87
FTSE RAFI 1000 loss of 57.35 points to end the trading session at 3,322.88
BEL 20 (BEL20) gain of 18.27 points to end the trading session at 1,873.11
CAC 40 (CAC40) loss of 27.94 points to end the trading session at 3,185.66
FTSE100 (UKX100) loss of 2.79 points to end the trading session at 4,277.56
NIKKEI 225 (NIK/O) for Dec 12: triple digit loss of 484.68 points to end the trading session at 8,235.87

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 838, declined stock prices 2,327, unchanged stock prices 65, stock prices hitting new highs 3 and stock prices hitting new lows 71. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: IntercontinentalExchange Incorporated (NYSE: ICE) stock price shed 5.63 points on the trading session, high on the trading session $77.56, low on the trading session $69.86, with a closing stock price at $71.16; BP plc (NYSE: BP) stock price gained 0.71 points on the trading session, high on the trading session $48.38, low on the trading session $46.90, with a closing stock price at $47.75; Honeywell International Incorporated (NYSE: HON) stock price gained 1.83 points on the trading session, high on the trading session $31.86, low on the trading session $30.07, with a closing stock price at $30.78; Centex Corporation (NYSE: CTX) stock price shed 0.82 points on the trading session, high on the trading session $11.75, low on the trading session $10.25, with a closing stock price at $10.54; Toyota Motor Corporation (NYSE: TM) stock price gained 2.50 points on the trading session, high on the trading session $66.92, low on the trading session $64.80, with a closing stock price at $65.70; Direxion Financial Bear 3X Shares (NYSE: FAZ) stock price gained 5.35 points on the trading session, high on the trading session $53.15, low on the trading session $45.76, with a closing stock price at $51.00.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 709, declined stock prices 2,164, unchanged stock prices 141, stock prices hitting new highs 3 and stock prices hitting new lows 88. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Baidu.com Incorporated (NasdaqGS: BIDU) stock price shed 4.09 points on the trading session, high on the trading session $119.89, low on the trading session $111.50, with a closing stock price at $118.09; First Solar Incorporated (NasdaqGS: FSLR) stock price shed 5.72 points on the trading session, high on the trading session $119.42, low on the trading session $111.00 with a closing stock price at $111.50.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 252, declined stock prices 372, unchanged stock prices 63, stock prices hitting new highs 3 and stock prices hitting new lows 25.

Chicago Board of Trade Futures Market activity for the day, at time of this posting for March 2009 Contracts and December 2008 Contracts for E-mini S&P Small Cap 600:
E-mini S&P 500 (ES): End of trading session price 872.50; Change for the trading session -13.00
E-mini NASDAQ-100 (NQ): End of trading session price 1,198.00; Change for the trading session -21.00
E-mini DOW $5 (YM): End of trading session price 8,600; Change for the trading session -80
E-mini S&P MidCap 400 (MF): End of trading session price 500.70; Change for the trading session -10.50
E-mini S&P Small Cap 600 (HS): End of trading session price 244.80; Change for the trading session -6.90

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7294 to U.S. Dollars 1.3709
Japanese Yen 90.70 to U.S. Dollars 0.0110
British Pound 0.6535 to U.S. Dollars 1.5303
Canadian Dollar 1.2322 to U.S. Dollars 0.8116
Swiss Franc 1.1581 to U.S. Dollars 0.8635

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (January 09) shed $1.77 on the trading session for a closing price of $44.51 per barrel ($US per barrel)
Heating Oil (January 09) shed $0.03 on the trading session for a closing price of $1.49 a gallon ($US per gallon)
Natural Gas (January 09) gained $0.13 on the trading session for a closing price of $5.68 per million BTU ($US per mmbtu.)
Unleaded Gas (December 08) shed $0.04 on the trading session for a closing price of $1.04 a gallon ($US per gallon)

Metals Markets - Comex:
Gold (February 09) gained $16.00 on the trading session for a closing price of $836.50 ($US per Troy ounce)
Silver (March 09) gained $0.39 on the trading session for a closing price of $10.62 ($US per Troy ounce)
Platinum (January 09) gained $17.10 on the trading session for a closing price of $839.20 ($US per Troy ounce)
Copper (March 09) shed $0.02 on the trading session for a closing price of $1.41 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (October 09) gained 0.30 on the trading session for a closing price of 62.58
Pork Bellies (February 09) shed 0.23 on the trading session for a closing price of 80.98
Live Cattle (February 09) gained 1.00 on the trading session for a closing price of 83.80
Feeder Cattle (January 09) gained 1.48 on the trading session for a closing price of 87.93

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (March 09) gained 1.75 on the trading session for a closing price of 375.25
Soybeans (January 09) shed 6.75 on the trading session for a closing price of 849.50

BOND MARKET:
2 year Bond closing price 100 31/32, change 1/32, Yield 0.74, Yield change -0.01
5 year Bond closing price of 102 13/32, change 5/32, Yield 1.48, Yield change -0.04
10 year Bond closing price 110 19/32, change 12/32, Yield 2.53, Yield change -0.04
30 year Bond closing price 130 1/32, change 1 29/32, Yield 2.96, Yield change -0.08

Thanks for reading
Millennium-Traders.Com
http://www.millennium-traders.com

Article Source: http://www.articlesbase.com/credit-articles/federal-rerserve-interest-rates-684946.html

Insurance Coverage: What You Need and What You Don't Need

Author: Mark Decherd

Each year, your homeowner's insurance policy renews. Do you review it each year or do you simply sign the premium check and send it off in the mail? Reviewing your coverage each year may be a bit of a chore, but it's a necessary one. After all, you may be paying for coverage that you don't need or underinsuring your valuables. Wouldn't you rather find out now instead of after a catastrophe?



Insurance Coverages You Need: If you haven't updated your insurance coverage in some time, your home may be vastly underinsured. For example, if your home is worth $150,000 on the real estate market, how much insurance should you carry? $150,000? $75,000? $300,000? While your mortgage broker may require a specific amount of insurance (usually the value of the mortgage), the real answer depends on how much it would cost to rebuild the home. If it will cost $200,000 to rebuild your home, then you will need at least that much coverage; otherwise, you'll come up short.



In general, you will need enough insurance to cover: rebuilding your home, replacing your personal property, paying for temporary living expenses during repairs, and covering your liability to others.



When it comes to covering your rebuilding your home, multiply the square footage of your home by local "per square foot" construction costs. Contact the local building association, a realtor, or your insurance agent to obtain the local construction cost figure. Insuring your possessions is trickier than simply saying, "I'll take $50,000 in coverage." First, go room through room and document your belongings. Include dollar figures of how much it would cost to replace each item. Make sure that your policy uses "replacement cost" rather than "actual cash value." In addition, be aware of the limitations of your policy. For example, fine jewelry, fur, silverware, artwork, coin collections, electronics, cash, and guns (as well as other items) often have maximum limits. If you have valuables exceeding these limits, you will need to obtain an endorsement or rider.



Buy enough liability to cover your assets. For example, if you have $1 million in savings and other assets, yet only have $300,000 in liability insurance and are involved in a liability lawsuit, the plaintiff may pursue your additional assets above and beyond your liability limits.



If you live in an area where the risk of floods or earthquakes is of concern, you may want to consider optional flood or earthquake insurance as these perils are excluded from typical insurance policies. In addition, if you have a swimming pool or a dog, you might need additional coverage addressing these increased risks.



Insurance Coverages You Don't Need: Reviewing your policy each year helps ensure that you aren't paying for coverages you do not need. For example, if you had purchased a rider adding coverage because you owned a pit bull and the dog has since died, you can drop coverage. Likewise, if you've sold your jewelry or art collection, why continue to insure it with an expensive rider? Look at your coverages, endorsements, riders, and limits with an eye for whether that coverage is still necessary. In addition, look at the dollar figures. A few years ago, it may have made sense to pay an extra $100 per year to add a rider protecting your computer from household mishaps, but now that you can buy a comparable computer for a few hundred dollars as opposed to thousands, the coverage may no longer be worth the price.



Finally, while examining your insurance policy, schedule a consultation with your insurance company or agent and ask how you can reduce your costs while maintaining adequate coverage. For example, by installing deadbolt locks or a security system, you may reap a large discount.

Article Source: http://www.articlesbase.com/finance-articles/insurance-coverage-what-you-need-and-what-you-dont-need-686510.html

About the Author:

Dryout

Investing During a Recession

Author: Heather Seitz

It can be scary to invest in anything during a recession. We all have visions of the great depression and bread lines and people selling apples. The idea of putting your money into anything can be frightening in this day and age. However, real estate should never be looked upon as an ordinary investment.



Real estate is one of the few investments that we actually not only can use, but need. Everyone needs a place to live. And real estate has systematically proven to have risen in value over the past several decades. Yes, you are paying interest in a mortgage for your home, but you are also getting a tax write off for the interest as well as a write off for any property taxes that are paid.



The mortgage rates have not been as low as they are now since the 1960s. This is an ideal time to purchase and take advantage not only of the low interest rates, but also the low prices on homes. Because there are so many more homes on the market than buyers, the price of homes in most areas has fallen considerably. On top of that, people who overextended themselves in the early part of the century are finding themselves in foreclosure.



Now is the time to buy and buy cheap. Do not feel intimidated by an agent who tells you that you are going to "insult" someone if you offer a low price for a home. The agent wants you to spend as much money as possible because they get a commission off of the sale. Use your head and take a look at the market. When you are buying a home in a recession, consider the following:



Is The Home In Foreclosure?



If the home is owned by the bank, you should be prepared to offer a lot less than the asking price. Do not allow an agent to sway you when it comes to making an offer. If they use any tricks such as "I do not want to present such a low offer," tell them that you will find someone else who will. Real estate agents are a dime a dozen, especially in the market today. If the home is in foreclosure, offer at least 20 percent less than the asking price.



How Long Has The Home Been On The Market?



A few years ago, a home that was on the market for several months was either priced too high or there was something significantly wrong with the home. Nowadays, homes stay on the market for 90 days as a matter of routine. Never make a really low offer on a home that is fresh on the market unless you know the home is in foreclosure or about to become foreclosed upon. Feel free to make low offers on those homes that have been on the market for a month or so. Those that have been on the market for a year are owned by people who are willing to wait out the storm and will most likely not be sold for a low price.



Why Is The Owner Selling?



You can find this out by directly asking or looking around. If the home is in a state of disrepair, chances are that there are financial problems. You can offer a significant amount less. If the owner has another home that they are buying, you can also offer less.



Make sure you do your homework and do not be afraid to invest during a real estate recession. Contrary to what you may have heard, this is the best time to buy a home.

Article Source: http://www.articlesbase.com/finance-articles/investing-during-a-recession-686697.html

About the Author:

Heather Seitz is a national real estate investor, trainer and publisher and has worked with top advisors worldwide. To get current and accurate real estate investment tips and advice, visit http://www.RealEstateRant.net and find out how you can get $852.90 in FREE real estate investing information delivered to your front door.

Florida Foreclosure Fraud Protection Law Enacted - Foreclosures / Mortgage Loan Modification

Author: Frederick A Neustein

Frederick A Neustein, an attorney with the Law Offices of Charles L Neustein PA and www.StopForelcosureLawyer.com respectfully submits the following:

Florida Foreclosure Fraud Protection Law Enacted.

The Attorney General clarified that this new law will not apply to the Attorney / Client relationship or the way attorneys are paid when they are hired to help distressed homeowners. This law brings much needed protection to those consumers / homeowners who have been taken advantage of by Mortgage Loan Modification Companies - many of which are scams...

Effective October 1st, 2008

501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

(1) LEGISLATIVE FINDINGS AND INTENT.–The Legislature finds that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers. The intent of this section is to provide a homeowner with information necessary to make an informed decision regarding the sale or transfer of his or her home to an equity purchaser. It is the further intent of this section to require that foreclosure-related rescue services agreements be expressed in writing in order to safeguard homeowners against deceit and financial hardship; to ensure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure or default; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to provide a cooling-off period for homeowners who enter into contracts for services related to saving their homes from foreclosure or preserving their rights to possession of their homes; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equity for the homeowners of this state.

(2) DEFINITIONS.–As used in this section, the term:

(a) “Equity purchaser” means any person who acquires a legal, equitable, or beneficial ownership interest in any residential real property as a result of a foreclosure-rescue transaction. The term does not apply to a person who acquires the legal, equitable, or beneficial interest in such property:

1. By a certificate of title from a foreclosure sale conducted under chapter 45;

2. At a sale of property authorized by statute;

3. By order or judgment of any court;

4. From a spouse, parent, grandparent, child, grandchild, or sibling of the person or the person’s spouse; or

5. As a deed in lieu of foreclosure, a workout agreement, a bankruptcy plan, or any other agreement between a foreclosing lender and a homeowner.

(b) “Foreclosure-rescue consultant” means a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. The term does not apply to:

1. A person excluded under s. 501.212.

2. A person acting under the express authority or written approval of the United States Department of Housing and Urban Development or other department or agency of the United States or this state to provide foreclosure-related rescue services.

3. A charitable, not-for-profit agency or organization, as determined by the United States Internal Revenue Service under s. 501(c)(3) of the Internal Revenue Code, which offers counseling or advice to an owner of residential real property in foreclosure or loan default if the agency or organization does not contract for foreclosure-related rescue services with a for-profit lender or person facilitating or engaging in foreclosure-rescue transactions.

4. A person who holds or is owed an obligation secured by a lien on any residential real property in foreclosure if the person performs foreclosure-related rescue services in connection with this obligation or lien and the obligation or lien was not the result of or part of a proposed foreclosure reconveyance or foreclosure-rescue transaction.

5. A financial institution as defined in s. 655.005 and any parent or subsidiary of the financial institution or of the parent or subsidiary.

6. A licensed mortgage broker, mortgage lender, or correspondent mortgage lender that provides mortgage counseling or advice regarding residential real property in foreclosure, which counseling or advice is within the scope of services set forth in chapter 494 and is provided without payment of money or other consideration other than a mortgage brokerage fee as defined in s. 494.001.

(c) “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with:

1. Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property; or

2. Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

(d) “Foreclosure-rescue transaction” means a transaction:

1. By which residential real property in foreclosure is conveyed to an equity purchaser and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed; and

2. That is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner’s residential real property.

(e) “Homeowner” means any record title owner of residential real property that is the subject of foreclosure proceedings.

(f) “Residential real property” means real property consisting of one-family to four-family dwelling units, one of which is occupied by the owner as his or her principal place of residence.

(g) “Residential real property in foreclosure” means residential real property against which there is an outstanding notice of the pendency of foreclosure proceedings recorded pursuant to s. 48.23.

(3) PROHIBITED ACTS.–In the course of offering or providing foreclosure-related rescue services, a foreclosure-rescue consultant may not:

(a) Engage in or initiate foreclosure-related rescue services without first executing a written agreement with the homeowner for foreclosure-related rescue services; or

(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services.

(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN AGREEMENT.–

(a) The written agreement for foreclosure-related rescue services must be printed in at least 12-point uppercase type and signed by both parties. The agreement must include the name and address of the person providing foreclosure-related rescue services, the exact nature and specific detail of each service to be provided, the total amount and terms of charges to be paid by the homeowner for the services, and the date of the agreement. The date of the agreement may not be earlier than the date the homeowner signed the agreement. The foreclosure-rescue consultant must give the homeowner a copy of the agreement to review not less than 1 business day before the homeowner is to sign the agreement.

(b) The homeowner has the right to cancel the written agreement without any penalty or obligation if the homeowner cancels the agreement within 3 business days after signing the written agreement. The right to cancel may not be waived by the homeowner or limited in any manner by the foreclosure-rescue consultant. If the homeowner cancels the agreement, any payments that have been given to the foreclosure-rescue consultant must be returned to the homeowner within 10 business days after receipt of the notice of cancellation.

(c) An agreement for foreclosure-related rescue services must contain, immediately above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

HOMEOWNER’S RIGHT OF CANCELLATION

YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.

THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU UNTIL ALL PROMISED SERVICES ARE COMPLETE.

IF FOR ANY REASON YOU HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.

TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A STATEMENT THAT YOU ARE CANCELING THE AGREEMENT SHOULD BE MAILED (POSTMARKED) OR DELIVERED TO (NAME) AT (ADDRESS) NO LATER THAN MIDNIGHT OF (DATE) .

IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT.

YOUR LENDER OR MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A RESTRUCTURING WITH YOU FREE OF CHARGE.

(d) The inclusion of the statement does not prohibit the foreclosure-rescue consultant from giving the homeowner more time in which to cancel the agreement than is set forth in the statement, provided all other requirements of this subsection are met.

(e) The foreclosure-rescue consultant must give the homeowner a copy of the signed agreement within 3 hours after the homeowner signs the agreement.

(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.–

(a) 1. A foreclosure-rescue transaction must include a written agreement prepared in at least 12-point uppercase type that is completed, signed, and dated by the homeowner and the equity purchaser before executing any instrument from the homeowner to the equity purchaser quitclaiming, assigning, transferring, conveying, or encumbering an interest in the residential real property in foreclosure. The equity purchaser must give the homeowner a copy of the completed agreement within 3 hours after the homeowner signs the agreement. The agreement must contain the entire understanding of the parties and must include:

a. The name, business address, and telephone number of the equity purchaser.

b. The street address and full legal description of the property.

c. Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser.

d. The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition of the property by the equity purchaser.

e. The terms of payment or other consideration, including, but not limited to, any services that the equity purchaser represents will be performed for the homeowner before or after the sale.

f. The date and time when possession of the property is to be transferred to the equity purchaser.

2. A foreclosure-rescue transaction agreement must contain, above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME TO THE OTHER UNDERSIGNED PARTY.

3. A foreclosure-rescue transaction agreement must state the specifications of any option or right to repurchase the residential real property in foreclosure, including the specific amounts of any escrow payments or deposit, down payment, purchase price, closing costs, commissions, or other fees or costs.

4. A foreclosure-rescue transaction agreement must comply with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and related regulations.

(b) The homeowner may cancel the foreclosure-rescue transaction agreement without penalty if the homeowner notifies the equity purchaser of such cancellation no later than 5 p.m. on the 3rd business day after signing the written agreement. Any moneys paid by the equity purchaser to the homeowner or by the homeowner to the equity purchaser must be returned at cancellation. The right to cancel does not limit or otherwise affect the homeowner’s right to cancel the transaction under any other law. The right to cancel may not be waived by the homeowner or limited in any way by the equity purchaser. The equity purchaser must give the homeowner, at the time the written agreement is signed, a notice of the homeowner’s right to cancel the foreclosure-rescue transaction as set forth in this subsection. The notice, which must be set forth on a separate cover sheet to the written agreement that contains no other written or pictorial material, must be in at least 12-point uppercase type, double-spaced, and read as follows:

NOTICE TO THE HOMEOWNER/SELLER

PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.

BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.

THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY YOU OR BY THE PURCHASER.

ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.

TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY 5:00 P.M. ON (DATE) AT (ADDRESS) .

IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.

I (we) hereby cancel this transaction.

Seller’s Signature

Printed Name of Seller

Seller’s Signature

Printed Name of Seller

Date

(c) In any foreclosure-rescue transaction in which the homeowner is provided the right to repurchase the residential real property, the homeowner has a 30-day right to cure any default of the terms of the contract with the equity purchaser, and this right to cure may be exercised on up to three separate occasions. The homeowner’s right to cure must be included in any written agreement required by this subsection.

(d) In any foreclosure-rescue transaction, before or at the time of conveyance, the equity purchaser must fully assume or discharge any lien in foreclosure as well as any prior liens that will not be extinguished by the foreclosure.

(e) If the homeowner has the right to repurchase the residential real property, the equity purchaser must verify and be able to demonstrate that the homeowner has or will have a reasonable ability to make the required payments to exercise the option to repurchase under the written agreement. For purposes of this subsection, there is a rebuttable presumption that the homeowner has a reasonable ability to make the payments required to repurchase the property if the homeowner’s monthly payments for primary housing expenses and regular monthly principal and interest payments on other personal debt do not exceed 60 percent of the homeowner’s monthly gross income.

(f) If the homeowner has the right to repurchase the residential real property, the price the homeowner pays may not be unconscionable, unfair, or commercially unreasonable. A rebuttable presumption, solely between the equity purchaser and the homeowner, arises that the foreclosure-rescue transaction was unconscionable if the homeowner’s repurchase price is greater than 17 percent per annum more than the total amount paid by the equity purchaser to acquire, improve, maintain, and hold the property. Unless the repurchase agreement or a memorandum of the repurchase agreement is recorded in accordance with s. 695.01, the presumption arising under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(6) REBUTTABLE PRESUMPTION.– Any foreclosure-rescue transaction involving a lease option or other repurchase agreement creates a rebuttable presumption, solely between the equity purchaser and the homeowner, that the transaction is a loan transaction and the conveyance from the homeowner to the equity purchaser is a mortgage under s. 697.01. Unless the lease option or other repurchase agreement, or a memorandum of the lease option or other repurchase agreement, is recorded in accordance with s. 695.01, the presumption created under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(7) VIOLATIONS. – A person who violates any provision of this section commits an unfair and deceptive trade practice as defined in part II of this chapter. Violators are subject to the penalties and remedies provided in part II of this chapter, including a monetary penalty not to exceed $15,000 per violation.

Article Source: http://www.articlesbase.com/mortgage-articles/florida-foreclosure-fraud-protection-law-enacted-foreclosures-mortgage-loan-modification-684872.html

About the Author:

The Law Offices of Charles L Neustein P.A. and www.StopForeclosureLawyer.com is a law firm focusing on the representation of home owners and investors defending their homes and property from bank foreclosure. The goal of our foreclosure attorneys is to cost effectively stop foreclosure in Florida.

Hope for Homeowners Program -- Do You Qualify

Author: Gen Wright

With the financial issues continue to be in disarray, many homeowners are in danger of non-payment of their house payments and having the house in foreclosure. Knowing the seriousness of the condition, The legislatures have initiated a new foreclosure prevention plan named the Hope for Homeowners program or H4H Program.

The arrangement is designed to help borrowers whom have problems paying their monthly mortgage payments, to work out foreclosure prevention plan, so that the borrowers can keep their home. The program is a foreclosure refinance and the program is said to be effective from 1st of October, 2008 to September 30, 2011. More than 400,000 homeowners will benefit from Hope for Homeowners H4H.

There are 4 ways a mortgagor can find access to the Hope for Homeowners program.

* The borrower may call with the servicer to find what are the eligibility requirements.

* People that are involved in real estate such as loan modification professionals may supply the necessary information mandatory for winning in the Hope for Homeowners program.

* Some lenders may take a more vigorous move and get in touch with their own mortgagors to offer details about the H4H program. Lenders proactively do so because they seek more business. But the major purpose is still to work out a win-win agreement with the borrower.

* Borrowers who are already in default may already be undergoing fiscal analysis. Counselors may offer these homeowners more information about the Hope for Homeowners program.

Consult with the services of a qualified service provider is highly recommended because of the priceless suggestions that they are able to make available.

For instance, anyone can just make a fast search on the net for eligibility requirements. Some eligibility requirements include not being able to pay the current loan, not owning an investment property, not been convicted of fraud in the last ten years, and more.


Contact us at 877-968-5337

Article Source: http://www.articlesbase.com/credit-articles/hope-for-homeowners-program-do-you-qualify-639028.html

Deed in Lieu of Foreclosure: Will it Do?

Author: Tom Brady


Is your property on the brink of a foreclosure? Well, you're not alone. In fact, the number of properties due to be foreclosed on in the state of Massachusetts is increasing at an extremely high rate. However, this doesn't mean that Massachusetts homeowners are in a hopeless situation. Though in financial hardship, homeowners still have a chance to stop foreclosure. There are options available to avoid foreclosure of your property and all the consequences that the foreclosure process brings.

One option is a 'deed in lieu of foreclosure.' Simply, a deed in lieu of foreclosure is giving back the property to the lender if the borrower is no longer capable of paying for the remaining balance of the loan. Both the lender and the borrower then enter into an agreement that the remaining balance of the defaulted loan is forgiven. The borrower is now free of any obligation to pay the entire loan.

Pretty simple isn't it? Or is it that simple?

First, a deed in lieu of foreclosure could only be possible upon the lender's consent. Convincing a lender to sign a deed in lieu of foreclosure may be extremely difficult. What lenders want is cash. Not another property to be sold. This is especially true if they already have in their possession a number of foreclosed properties or properties with a lien.

This difficult situation becomes impossible if you owe more than the value of the property. A lender doesn’t want to possess a losing piece of real estate. Instead, they’ll advise default homeowners to put the property on the market for a few months just in case it can be disposed of through a short sale. While this is another option of foreclosure prevention, a short sale has its own pitfalls. Either way, you will lose your home. It's just choosing the lesser evil.

To avoid this dilemma, homeowners resort to a much wiser alternative. This alternative is called loan modification. The greatest advantage to executing a loan modification is that you are given a choice to keep your home. This is done through a negotiation with your lender to adjust the terms of your existing mortgage. Through loan modification, the payment for the current month and the succeeding few months there-after could be suspended. The paying period can then be extended thereby reducing the monthly amortization. Depending on the newly agreed terms, the interest rate or even the principal amount could be reduced to a level you may not even expect.

The best way to do this is by seeking expert loan modification assistance. One company that has been assisting Massachusetts homeowners in stopping the foreclosure process is LIG Loan Modification Services. These experts can help you prepare and negotiate with the lender on your behalf. They can use different tactics, such as appealing for a humanitarian consideration due to your current financial situation. They may also challenge the lender's pricing and interest rates and computations charged against your property. Third party representation is the best option since they cannot be targeted by collecting officers.

Remember that it is always better to keep you from leaving your home. It is always wise to have an option that would dispel any financial worries while enjoying your life in your dream home. With loan modification, you keep your house and your credit record is not affected from the modification.

©2008 Tom Brady Reprint rights available for free


Article Source: http://www.articlesbase.com/mortgage-articles/deed-in-lieu-of-foreclosure-will-it-do-636759.html

About the Author:
Tom Brady is a Loss Mitigation Specialist for LIG Loan Modification Services , a loss mitigation company that offers loss mitigation services such as loan modification, short refinance, forbearance, short sale, and deed in lieu of foreclosure. To see how your loan can be modified, visit http://www.LIGloanmods.com or call 1(888)220-9787.

The Economy is Increasing Home Insurance Rates

Author: Stephen Sikes

If you are like many people, you are having a tough time with your regular bills right now. It seems this year everything that we have to buy has gone up in price. At the same time, we are making the same or less than we were this time a year ago. For many, there have been no pay raises as businesses struggle to stay open. Others have lost their jobs because of the down economy and are stuck trying to make do with whatever work they can get.

There is now word there may be another hit – home insurance rates. It looks as if home insurance rates will be going up and this time it doesn’t have anything to do with a big disaster that sent insurance companies panicking. Instead, it's investments gone wrong.

You see, home insurance companies take the money you give them as premiums and invest it. Their hope is to make a good return on that investment so they can make a profit and also have the money to pay out on claims as needed.

This year's economic downturn has made a mess of things for them though. Instead of being able to rely on those great returns on investments, the investments have tanked. Now the insurance companies are noticing they don’t have the cash they had hoped they would have and they need to make up the shortfall somewhere.

This is where you and I come in. They are passing on their loss to us. It will show up in the form of higher home insurance premiums
. Some areas of the country are already seeing it happen, with rates going up three to five percent. Other areas are being told to brace for it.

So, what can you do?

You can check around to see if you are getting the best deal. There are a lot of insurance companies out there. While you may be used to using the one you are with, that doesn’t mean they are the most affordable option. Instead, you need to be willing to shop around and see if you can find better rates.

Luckily, this is the easy part of the equation. There are plenty of home insurance comparison websites out there that will allow you to put in your information and then will shop your needs to insurance companies that serve your area.

Before long, you may have a long list of quotes from local insurance companies and you can choose the one that is the best deal for you.

Article Source: http://www.articlesbase.com/insurance-articles/the-economy-is-increasing-home-insurance-rates-618999.html

Be Prepared for a Credit Card Crunch

Author: Stephen Sikes

In the same way that the other lending fields have been feeling a crunch in recent months, it is expected that the credit card industry is going to be tightening it's belt soon.

The mounting problems for most lenders right now relates to mortgages. Many banks and lending institutions gave much more in lending than they should have to many of their customers. Eventually it started catching up with them, as their customers could not make their mortgage payments (because they were more than they should have been in the first place) and then started defaulting on those mortgages.

Now the concern is that the same thing has happened in the credit card market. Many people have been allowed to get more and more credit cards with higher limits in recent years. Many credit card companies kept upping their limits so they would spend more because they didn't foresee a backwards spiral from their actions.

Now many people are in too deep of debt and are filing bankruptcy, leaving the banks with the debt. This is causing them to rethink what they had approved in the past. Many are rolling back credit limits and tightening the usage of cards they have issued.

What does this mean for you? This means you better know what your limit is and know how you will deal with a lowered limit from your credit card company.

Read the Mailings

Your credit card company will have to let you know if they are going to change your limit. But, if you are like a lot of people you get so many mailings that you don't pay close attention. Change that habit. It could be one line in a statement or other notification that tells you they are lowering the limit.

Additionally, many credit card companies are upping the interest you will have to pay on your cards if you keep a balance on them.

Use Wise Credit Practices

The next thing you need to do is use the best credit cards practices you can. If you have debt on your card here's what you need to do:

Charge what you need to and make sure you can pay a lot of it off at the end of the month – This way you will not be surprised if you suddenly have a lower limit as it will not impact your monthly credit card usage.

Don't miss a payment – One missed payment looks like you are having tough times and can cause the credit card company to clamp down on you.

Try to keep your overall debt at ½ or less of your credit limit – Some credit card companies are chopping credit limits by as much as ½. If you know this and keep your outstanding debt below this point you should not be damaged even if they decide to cut your credit.


Article Source: http://www.articlesbase.com/credit-articles/be-prepared-for-a-credit-card-crunch-619007.html

About the Author:
Stephen Sikes is the owner of the credit card comparison site
www.CreditCardWave.com