Sunday, November 11, 2007

Foreclosure News And Tips

Real Estate Investing

DON'T ALLWAYS BUY THE BIGGEST HOUSE
When reviewing new foreclosure properties notices or records,
compare the square footage of each subject property with the average of all other properties within the same neighborhood. Look for the properties that have a total square footage equal to, or less than the "average for the neighborhood" that the subject property is located in.

It is always best to buy the smaller or smallest home within a neighborhood, rather than the largest. Larger homes may be indicative of the "Taj Mahal" syndrome, wherein the structure has been overbuilt for the neighborhood, e.g. a larger than normal addition or second level. The smaller properties within a neighborhood will tend to hold down the value of the "largest". This can often cause a property to end up in foreclosure, wherein the owner obtained a loan from a unwitting bank/lender to build or expand his structure, and then when it came time to sell, or when he faced tougher economic conditions, he was not able to sell the property for what he put into it. He is upside down!

Those properties will usually go back to the bank/lender since they are not worth the value of the loan(s).

Buying the smaller or smallest home in the neighborhood, will provide you with a higher "ceiling" market value, established by the larger homes. With a little cosmetic fix-up or needed repairs, you can typically enhance the value of the property and yield a greater return on your investment, by selling the home near the top of the market value.

We hope this tip was helpful in your foreclosure buying efforts

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Some Positive Real Estate News

Some good news about your real estate


It may still have to get worse before it gets better, but the residential real estate market shows signs that demand is building and home values may start recovering in 2008.


It seems there's bad news for the housing market every day: More mortgage resets are coming in the next year, lenders are tightening standards and homes continue to pour onto the market. All point to sinking home values in the near future.

There are plenty of statistics to warrant a gloomy outlook.

The National Association of Realtors says existing single-family home sales dropped 8.6 percent to a seasonally adjusted annual rate of 4.38 million in September, compared to a pace of 4.79 million in August. That rate is 19.8 percent below the 5.46 million-unit pace from September 2006. What's more, the median existing single-family home price was $210,200 in September, down 4.9 percent from the same time last year.

Good news, bad news
But there are also some encouraging signs. Lawrence Yun, chief economist for the National Association of Realtors, or NAR, believes home values may start recovering next year because significant demand has been accumulating. He says prices actually continue to trend upward in the Northeast, Midwest, throughout the condo sector and in areas that are not dependent on jumbo loans.

In the past two years, Yun says, more than 4 million new jobs have been created, wages have been rising and Americans accumulated $4 trillion in wealth through the stock market. He says that many people who may have been priced out of the market haven't yet returned due to a lack of confidence and a continuing bad news.

“In the past two years more than 4 million new jobs have been created, wages have been rising and that Americans accumulated $4 trillion in wealth through the stock market.” "Many people may just be wondering if it is better to buy later rather than now. Whether that is now or later, buyers are (and will be) able to re-enter the market at a more attractive price and a much larger selection of inventory," says Yun. "Mortgage rates are still favorable."

Slashing prices
As desperate sellers are forced to cut their asking prices and as home builders slash prices to get rid of excess inventory, Yun feels it is inevitable that some of those bargain shoppers will jump at offers and, in turn, slowly put upward pressure on sales and prices.


NAR data from the second quarter of 2007 actually shows price increases in 97 of the 149 metropolitan statistical areas. Because high-population areas such as Florida, Nevada and California have led the downturn, it sometimes masks the fact that the overall market has remained stable throughout most of the country.

An early indicator that such a trend may be underway came in September 2007 when, the Commerce Department reported, sales of new single-family homes actually rose 4.8 percent with a revised annual rate of 770,000 compared to a rate of 735,000 in August 2007, despite a drop in the median sales price of new homes from $232,100 to $230,000 from August through September.

Yun says Utah has still seen growth and believes Texas is ripe for price gains because of the strong job growth. Much of the South -- except for Florida -- has remained stable. With declining inventories, he also expects Denver and Boston to switch to positive pricing in the near future.

Tuesday, November 6, 2007

Pre Paid Credit Cards

Quick answers to the most common questions:
Activating My Card Account Charges I Don't Recognize Checking My Balance and Charges Load Funds to my Card Using My Card Account

Other Common Questions
Direct Deposit Number Funds Availability Monthly Statements
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Bill Pay FDIC Protection Spending Limits
Card Delivery Making Purchases
Credit Builder Minimum Balance
Activating My card account
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Sunday, November 4, 2007

Top 4 Refinance Questions You Must Answer

1. How long do I plan to stay in the house?
That's often a hard question to answer. Try anyway because a lot of your decisions depend on the answer.

"I always say, 'What's the game plan? How long do you plan to be in the property?'" says Ellen Bitton, CEO of Park Avenue Mortgage Group in New York.

The answer affects whether you would be better off paying points to lower your rate, whether you should get a fixed-rate or adjustable-rate loan, whether you should accept a prepayment penalty. If you're thinking of refinancing, the answer helps you decide whether you should refinance at all.

If you have no idea how long you'll live in the house, keep in mind that homeowners stay in one residence for a median duration of 8.2 years, according to 1998 U.S. Census data. In other words, half of homeowners move within 8.2 years. The other half, naturally, stay in their homes longer. Do you feel "average"? If so, maybe it means you'll stay home for about eight years or so.

(FYI, with renters, the median stay in one residence is 2.1 years.)

2. How long will it take to break even?
If you're buying a home, how long will it take to break even if you pay discount points to get a lower rate? If you're refinancing, how long will it take to recoup the closing costs from your monthly savings?

In either case, all you have to do is divide the upfront cost (of discount points if you're buying a house and of all the closing costs if you're refinancing) by the monthly savings you would get. That tells you how many months it will take to break even. If it's going to take five years to break even but you expect to stay in the house four more years, it's probably not worth it.

3. What makes me feel comfortable?
Bitton says some of her clients insist on paying zero discount points, while others want to pay a lot of points to get absolutely the lowest interest rate, "even if it takes four or five years to break even."

As far as Bitton is concerned, there often is no right or wrong answer when people ask whether they should pay discount points or choose a 15-year or 30-year mortgage. "There's not just an objective, dollars-and-cents number," Bitton says. "There's also the psychological factor: What are you going to feel comfortable with?"

She has clients in their 70s and 80s who get 30-year mortgages because that's what makes them feel comfortable. Some homeowners would rather refinance once and never have to bother with refinancing again, so they pay a lot of points for a rock-bottom rate. As a bonus, they have something to boast about at cocktail parties. Other clients simply want the lowest possible payments, so they snag an interest-only, five-year ARM. All understand what they're getting into and have found their comfort zones.

4.How much are the costs of getting the loan?
When you apply for a loan, you'll get a federally mandated document called the Good Faith Estimate of closing costs. It estimates how much the lender will charge you for origination and discount fees, an appraisal, a credit report, document preparation, title insurance, a pest inspection and myriad other costs. Compare good faith estimates and especially take note of the line that reads "Estimated cash at closing." That's an educated guess of how much you'll have to pay out of your checkbook to get the loan.

Pay Day Loans Facts And Tips

Payday loans, also known as deferred presentment, are currently available in 20 states plus the District of Columbia. They are short-term loans, generally 7 to 14 days, against a post-dated check. In Arizona, this loan against the paycheck you haven't yet earned carries a 15% fee. On the average payday loan of $300 for eight days, this 15% fee equates to an APR of 459%!

Payday loans take advantage of clients who lack financial savvy--who never stopped to think about the "cost of money" or who, quite simply, don't budget well enough to have $300 in the bank in the event of an unexpected expense.



Check cashing and payday loan shops are popping up like mushrooms in plaza storefronts around my downtown neighborhood in Phoenix, Arizona. Signs announcing "Cash King coming soon" appear at 7th Street and McDowell next to the Starbucks and at Central and Thomas between the florist and the dry cleaner.

Will people take an advance on next week's pay to buy a Mocha Frappuccino, I wonder? Will they borrow to retrieve their dry cleaning or to buy flowers for their girlfriend? As Cash King joins Cash One, CheckMate, EZLoans, Money Mart, --there are more than 250 shops in the state of Arizona with one-third in the City of Phoenix--I have to wonder. Is there a need for payday loans?

According to the payday loan propaganda, everybody needs a payday loan. It's a quick, no hassle way for consumers to secure small, emergency loans, with little or no red tape. They claim payday loans serve an under-served market because neither consumer finance companies nor banks are interested in originating $100 to $500 non-secured loans.

Although budgeting and saving defers spending a little, it costs much less in the long run to buy needed items with cash from your savings. Instead of paying 15% (at an APR of 459%) for the privilege of purchasing something today, you earn interest on the savings until you are ready to buy. In effect, you will have more money to spend by the time you get around to spending in the future.


Yes. A payday loan is quick and relatively hassle-free. You write a check to the payday loan people for the loan amount plus fees. (In Arizona the loan can be from $50 to $500 and the maximum fee is 15% of the loan amount.) You postdate the check to the date of your next payday. They give you cash for the loan amount. You agree to either bring in the cash in exchange for your check or allow them to automatically debit your bank account on your next pay day.

There are several problems with this arrangement.

First, the fee you pay for the use of this money is exorbitantly high. Think of it this way: by borrowing your pay in advance, you are settling for a 15% cut in pay.
Second, if you can't make it through to the next payday without a loan, and you're already spending next week's pay, how will you ever make it through next week without another loan? This can be a vicious, and very expensive, cycle.
Thirdly, it is considered fraud to knowingly write a bad check in many states (including Arizona). This means that on the off chance that you don't reclaim your check on the agreed date, they will deposit it anyway. "Bad check" laws in many states (including Arizona) allow them to take you to civil court for three times the amount of the check plus court fees.

And, if your check bounces, they will charge you an NSF fee of up to $30. Don't forget that our own bank will also charge you an NSF fee.
Can it get any more expensive? Unfortunately, it can. They can also prosecute you for fraud, if they are so inclined.

Spending money before you earn it, the enticement offered by payday loan companies, is diametrically opposed to anything you will learn in any financial planning book or class. The commonsense rule is this--earn money, pay yourself first (by putting a percentage into savings or some other investment vehicle), then spend. The initial pain of budgeting will quickly be replaced by the good feeling you'll get from reaching a goal.


How can they legally lend money at such exorbitant interest rates? By simply not calling it "interest". Payday loans charge a "fee" which makes them exempt from the standard usury laws that cap interest rates. In Arizona, the legalize reads like this: "The fee charged by the licensee is not interest for purposes of any other law or rule of this state." Arizona (along with 19 other states and the District of Columbia) has given the green light to loan sharking.


Contrary to what they say, payday loan shops are not in business to help you through a one-time financial emergency. The payday loan propagandists claim that this unexpected expense is their reason for existence, but, in reality, the regular customer is their bread and butter.

One Web site touting the advantages of opening a loan shop claims an annual return of 805% for investors! Their best estimates of the average returns possible for one payday loan store:


Who's fooling whom? If the payday loan shop operator is winning that big on their investment, it's because the rest of us are losing just as big.


Heed some sage advice, paraphrased from the Consumer Federation of America:Make a realistic budget and live it. You will have savings so you will never need to borrow small sums to meet emergency expenses. (By not paying the fee on a typical $300 payday loan for seven paydays, you will have your own $300 savings for a financial emergency.)

Shop for the lowest cost credit available from cash advances on credit cards, small loans from your credit union or a small loan company, an advance on your pay from your employer, and loans from friends or family.
If you need money to pay a utility bill, ask the utility company for an extension. Look into the late fee they charge. Is it less than the 15% fee from the payday loan folks?

Consider getting overdraft protection on your checking account. My credit union charges nothing for this service if used only once a month. If your bank has an overdraft fee, find out what it costs. If it is less costly than the payday loan, use it.

If you must use payday loans, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday. Otherwise, you will become the payday loan industry's dream client--returning every payday for a loan.

If you have on-going financial problems, seek help. Budgeting and debt management counseling is available from credit unions and local non-profit agencies.
In closing, I am asking you all to help rid my neighborhood and yours of payday loan shops and all their lovely neon. Use your credit options wisely. Budget and build your savings. Don't use these expensive services. If no one ever steps inside their doors, they'll go away

Common Credit Card Terms And What They Mean

Annual Fee A flat, yearly charge similar to a membership fee

Grace Period
A time, about 25 days, during which you can pay your credit card bill without paying a finance charge. Under almost all credit card plans, the grace period only applies if you pay your balance in full each month. It does not apply if you carry a balance forward. Also, the grace period does not apply to cash advances.


Annual Percentage Rate (APR)
A measure of the cost of credit that expresses the finance charge, which includes interest and may also include other charges, as a yearly rate.

Finance Charge
The dollar amount you pay to use credit. Besides interest costs, it may include other charges associated with transactions such as cash advance fees.

Interest Rate
Interest rates on credit card plans change over time. Some are explicitly tied to changes in other interest rates such as the prime rate or the Treasury Bill rate and are called variable rate plans. Others are not explicitly tied to changes in other interest rates and are called fixed rate plans.

Prepaid Credit Cards The Good And The Bad

What are the Downsides to Prepaid Credit Cards?

There are a number downsides to the prepaid card. Most cards require a start-up fee, and while for many companies this fee is minimal, some of them are substantial. In addition, you'll most likely have to pay additional fees each time you deposit more cash into your prepaid credit card account; perhaps not as much as the initial fee, but a fee, no less. Some cards will allow you to add more funds for free, but may charge a monthly "maintenance" fee instead. Another downside is that many businesses that accept automatic payments from bank or credit card accounts may not accept them from prepaid cards. For most consumers this is a minimal annoyance, but for some it can be a significant setback.

As with any credit product, when selecting a prepaid card you should always do your research and make an informed decision on the best card to meet your individual needs. As stated previously, there may be a number of different fees associated with using a prepaid credit card, some of which might be high enough to offset any benefits. A prepaid credit card will generally carry more fees than a secured or unsecured credit card (presuming you pay them off monthly) therefore a prepaid card may only be a good option for those who cannot obtain any other form of credit, but require the convenience of a credit card.

What are some of the Benefits of a Prepaid Credit Card?

There is no such thing as over drafting your account; you cannot exceed your limit.
Prepaid credit cards can be a big advantage to low-income consumers who might otherwise be stuck dealing in cash, unable to make such basic transactions as paying for gas at the pump, paying bills online, or making car rental or hotel reservations.

Contingent on the card you select, your money may be protected if your card is ever lost or stolen. Prepaid credit cards are a convenient way to pay for goods when traveling, even outside the U.S. Prepaid credit cards are often marketed to teenagers for shopping online without having their parents complete the transaction, or as a convenience for parents wishing to provide funds to children away from home.

Obtaining a prepaid credit card is easy, fast, and requires no credit check. Some prepaid credit cards today report card history to major credit bureaus, so cardholders may be able to build or rebuild their credit using a prepaid credit card without the risk of damaging it along the way.

In summary, prepaid credit cards are a good solution for anyone who does not want to be tied down to a banking institution, anyone wanting a more secure way to carry their money than simply cash, or anyone having troubles being approved for a credit card. In today's society that is more and more cashless, somebody who doesn't have access to cashless transaction vehicles is at a major disadvantage.