Foreclosure Fraud Schemes

Perpetrators mislead the homeowners into believing that they can save their homes in exchange for transfer of the dead, usually in the form of a Quit Claim Deed, and up-front fees. The perpetrator profits from the schemes by re-mortgaging the property pocketing fees paid by the homeowners without preventing foreclosure. The victim suffers the loss of the property as well as the up-front fees.

Be aware of offers to “save” homeowners who are at risk of defaulting on loans or whose houses are already in foreclosure.

When listening to the little voices, pay the most attention to the ones coming from your heart. Seek a qualified Credit Counselor or Attorney to assist. Check with the State to make sure they are licensed or approved.

Mortgage Debt Elimination Schemes

Be aware of emails or web-based advertisements that promote the elimination of mortgage loans, credit card, and other debts while requesting an up-front fee to prepare documents to satisfy the debt. The documents are typically entitled "Declaration of Voidance", "Bond for Discharge of Debt", "Bill of Exchange", "Due Bill", "Redemption Certificate", or other similar variations. These documents DO NOT achieve what they purport.

There is NO magic cure-all to relieve you of your debts you incurred.

Borrowers may end up paying thousands of dollars in fees without elimination or reduction of any debt.

Check the licenses of the professional with State, County or City regulatory agencies.

Do you qualify for a better rate?

The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. While a lot of media attention has been focused on the $600-$1,200 rebate checks that millions of taxpayers will begin receiving this spring, the new bill is also designed to help certain "high-cost regions" of the struggling housing market by:

• Temporarily increasing the "conforming loan limit" from $417,000 to as high as $729,750 in specified areas; and
  
• Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas.

If you're looking to purchase or refinance a home in a "high-cost region," this is great news. These temporary increases could help you avoid the higher interest rates associated with "non-conforming," or jumbo, loans. Although these new limits only apply until the end of 2008, the legislation does not exclude the refinancing of any past mortgages into these new "conforming loans." That means, if you qualify, you can take advantage of the new limits no matter how many years have passed since you obtained your mortgage.

While this is great news, I should remind you that qualification standards are tougher than ever. So your credit score and credit worthiness are more important than ever. Give me a call today. I can review your options and discuss if I can make this legislation work for you.

Best Cities For Couples

Best And Worst Bets
Long-term couples looking for community might find Salt Lake City appealing. At 885 marriages per 1,000 people, Salt Lake City far outranked the two closest cities in this category, Kansas City, Mo., and Dallas, which had 823 and 816 marriages, respectively. At the bottom of the list was Buffalo, N.Y., where there are only 573 marriages per 1,000 people. The differences between Salt Lake City and Buffalo are numerous, but two factors affecting marriage rates might be the cultural emphasis on the family unit in Salt Lake City and a beleaguered economy in Buffalo.

City Rankings:

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Forbs

Payback Time!

Selected remodeling projects with average estimated percentage of costs recovered when home is sold.

PROJECT
Deck addition (wood) Build a 16-by-20-foot deck, including a built-in bench, planter, stairs and rail system.
COST - $10,347
AMOUNT RECOUPED - 85.40%

PROJECT
Siding replacement Replace 1,250 square feet with new vinyl siding, including trim.
COST - $9,910
AMMOUNT RECOUPED - 83.20%

PROJECT
Minor kitchen remodel Includes new laminated countertops and fronts for 30 linear feet of cabinetry, oven, cooktop, sink and faucet, flooring.
COST - $21,185
AMOUNT RECOUPED - 83%

PROJECT
Window replacement wood Replace 10 3-by-5-foot double-hung windows with new insulated windows.
COST - $11,384
AMOUNT RECOUPED - 81.20%

PROJECT
Bathroom remodel Includes new tub and tiling, solid-surface counter and sink, recessed medicine cabinet, vinyl wallpaper.
COST - $15,789
AMOUNT RECOUPED - 78.30%

PROJECT
Basement remodel Includes a 5-by-8-foot bathroom and a wet bar with under-counter refrigerator.
COST - $59,435
AMOUNT RECOUPED - 75.10%

PROJECT
Two-story addition A 24-by-16-foot wing including family room with prefabricated fireplace and a bedroom with full bath.
COST - $139,297
AMOUNT RECOUPED - 73.90%

PROJECT
Master suite addition A 24-by-16-foot bedroom with walk-in closet and bathroom with shower and raised whirlpool tub.
COST - $98,863
AMOUNT RECOUPED - 69%

PROJECT
Sunroom addition Build a 200-square-foot room with 10 large skylights, casement windows with movable shades and quarry tile floor.
COST - $69,817
AMOUNT RECOUPED - 59.10%

PROJECT
Home office remodel Convert a 12-by-12-foot room with custom cabinetry including 20 linear feet of laminated desktop, computer workstation, wall storage and rewiring for computer, telephone and other electronics.
COST - $27,193
AMOUNT RECOUPED - 57%

Source: Remodeling 2007 Cost vs. Value Report. Cost data from HomeTech Information Systems; includes labor. Recoup values are based on a 2007 survey of 2,700 members of the National Association of Realtors.

Jan Salt Lake County Sales Trend Report

Here is the sales trend report for Salt Lake County for the month of January.

Days on Market

01 -30 = 177
31 - 60 = 119
61 - 90 = 96
91 - 120 = 56
121 and older = 59

Average days on market = 58