Archive for the ‘General’ Category

Monday 21^st May 2007

It is reported that although Sayles Place Homes, South East Washington, is badly in need of repairs. Should this 61-unit complex be sold to a private developer or to a co-operative of the residents? Built in 1970 this complex became a cooperative in 1973 with the purchasers paying a fee of $ 2,500 to buy in although they did not own their units. The rents they pay are $1,000 or less depending on individual incomes. This goes towards repayment of HUD mortgage with a promise that 12 of the units are reserved for the low-income group.

Residents and city officials were shocked to learn that US Department of Housing and Urban Development plans to foreclose and sell it to the highest bidder on Wednesday. Residents are pooling resources to stop foreclosure and buy it themselves.

HUD chips in that the cooperative, which is backed by HUD mortgage, has been negatively assessed by maintenance inspectors and also kept poor records. They have fallen far behind in payments. It is a technical default situation although the mortgage is current.

The Mayor supports the residents and shares their optimism about raising the necessary fund. The Housing Director of the District feels the owners should not be forced out and is trying to press HUD to postpone foreclosure. HUD is said to have offered the District to buy off the property for around $4 million or participate in the scheduled auction.

Sayles Place is one of the many properties caught in a wave of development resurgence running through Washington. It is a bonanza for city funds but on the other it is making many areas, especially regions east of Anacostia River unaffordable to present owners. Rising property prices are affecting the middle and lower income groups forcing 6% blacks to move out.

HUD says that although mortgage payments are current no notable repairs have been done. Six inspections in seven years have been negative. This makes the society technically at default. Purchasers must undertake repairs and keep rent rates at par with current prices. HUD is not keen to throw people out. The ground reality is that new houses close by are selling at $3000, 000 or more.

Legal experts opine that it is bizarre that the government is forcibly uprooting people by going for foreclosure even when they are willing to meet terms.

Via

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Lesley Grimm reports that Brooklyn house owners are facing a foreclosure crisis. New hotline can be established for help.

There are thousands of house owners facing heavy mortgage lapses with foreclosure threats. However sound, unbiased advice is readily available on the phone. The step was most welcome by affected New Yorkers.

A novel Foreclosure Prevention Help line (212-669-4600) has been initiated by the City Comptroller, William Thompson Junior, to the succour of New Yorkers struggling against odds. Addressing a May Day meeting of the Sheepshead Bay/Plumb Beach Civic Association, the Associate Director of the Comptroller, Bruce Solomon, said that the crisis cuts across all factors related to economics, race, colour and creed differences. People have bought million dollar houses believing that they can afford these only to find out quickly that it is well beyond their means to continue to make payments.

The burgeoning popularity of sub-prime lending has forced this situation upon the owners. Records testify that low and middle-income groups have become victims of these non-traditional mortgage schemes. On the one hand it has made it possible for house owners to avail of property they had never dreamed of but on the other the risk from default is greater. Initially the sub-prime loans appear affordable with a low ‘teaser’ interest. But problems surface after two or three years when rates begin to get heavier and heavier. Bruce Solomon did not mince words when he said that these low interest rate dreams have fallen by the wayside.

Figures talk explicitly of the explosive situation. Neighbourhood Economic Development Advocacy Project says that according to statistics the foreclosure figure could cross 15,000 – that is more than double the figure of the total of the last two years. Senator Schumer is of the grave opinion that within the next two years 81,000 of New York house owners may forfeit their homes; of these 6,100 are from Brooklyn. Seen against the backdrop of New York having the lowest house ownerships the scenario is particularly disturbing pointing to things to come in other metropolitan areas. It is high time that the authorities roped in some sort of order in this free-for-all wild zone of mortgages. Schumer has initiated three steps to tackle the menace – firstly a national regulatory system for mortgage brokers, secondly to get rid of false loans (loans mathematically pre-planned to trip the borrower) and finally to set up a foreclosure task force in New York State.

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City attorneys are suing a wolf in sheep’s clothing. Many house-owners in the grip of foreclosure have in desperation sought the help of this land-loan shark, Equity Holding Corporation of California. Equity offered them the rosy red idea about forming a Trust. But the apple was rotten to the core. Owners have found themselves in a worse debt situation without hearth and home. Investigators report that many lawsuits have been brought against Equity Holding Corporation of California. The saving attorneys, Timothy Hegarty and Carolyn Sharp-Hegarty of Woburn were once the victims. Twelve years ago availing of a loan they had bought the house of Carolyn’s mother at a high interest of 13%. Things became bleak when Sharp-Hegarty lost her main job and they fell behind a few months in the mortgage.
Once foreclosure knocks at the door not many options are left. But she fell into the trap of promises put out on the Internet by Equity Holding Corporation, a land trust company. Equity suggested a way out of the dilemma was to form a Trust for the house. This would give the debtor few years time to recoup and recover by arranging for an investor to pay the dues. In good faith the Hegartys sent the monthly cheque directly to Equity to pay the mortgage company. But each month there were extra fees. Once more the debt backlog increased. To their dismay, attempts at refinancing showed that they no longer owned the property! Equity had got them to sign off the property to themselves! Playing upon sentiments Equity had got them to sign documents on good faith without scrutiny.

Other owners teamed up with the Hegartys to sue Equity for violating state and federal consumer protection laws. Kim Breger of Harvard Law School’s legal services observed that Equity had levied an interest of 68% per annum by borrowing against the homeowner’s equity. It cancels the backlog but at an extremely high price. Although the Hegartys got back the deed and a cash settlement, others were not so lucky. Team Five investigators dug up the fact of hundreds of other victims of Equity Holding Corporation from Massachusetts Registry of Deeds. Half the house-owners of Worcester County lost their houses. Equity sold it to third parties.

Equity protests that the homeowners know what they are doing when they sign. It is not their fault that if the party gets further into debt. Their way out of a debt trap is better than putting the house than bankruptcy or putting the house up for sale.

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Dallas is the place to hunt and forage for real estate. Dallas Texas, USA and is the seat of Dallas County. It ranks third in Texas and ninth in USA. By population count it is the fourth largest in America Gamma World City. It has a humid subtropical climate with some amount of snow in winter. Freezing rains disrupt life and tornados are the biggest threat to Dallas. Consisting mostly of flatland Dallas lies on the western edge of the Austin Chalk formation. Trinity River passes through Downtown West Dallas, South Dallas and Pleasant Grove before meandering off towards Houston. Levees protect the city from floods. Hitherto a drainage ditch it is now the object of a beautifying program, which will be completed by 2010. It will mean new parks, trails and improvement in transport.

Dallas is at the heart of the largest metropolitan region in USA and lacks any navigable link to the sea. It is well known as a center for cotton, petroleum, telecommunications, computer technology, banking, insurance and transportation. Numerous railroads and motorways converge and pass through this homeland of industrial and financial giants. Even when oil interests shifted towards the port area of Houston, Dallas continued to be leading in drugs, books, jewellery and liquor. It already was the center for cotton, grain and buffalo. It is the world’s leading inland cotton market and manufactures saddlers and cotton gin machinery. In 1958 the invention of integrated circuit in Dallas has made it the leader in manufacture of high technology. Dallas Market Center is the world’s largest technology and wholesale trade complex. It is known as Silicon Prairie.

Landed property is in high demand. From 1988-2005 not a single high-rise has been built within the downtown freeway loop. North-Dallas lacks developable land. The suburbs close on the north and most of the new houses have been built in Carrollton, Coppwell, Frisco, Mckinney, Plano and Richardson. From the mid 2000’s downtown market took a turn around and there grew up multiple art venues, office and residential towers and residential conversions. One of the hottest real estate markets are in uptown Dallas and major advances is being made in underdeveloped South Dallas and Oak Cliff areas. Construction is also going on in the region around the upcoming University of North Texas in Dallas. White Rock Lake is a beauty spot on the face of Dallas with its facilities for boating, biking and walking. The Lakewood and Casca Linda estate neighborhoods of East Dallas boast of having the 15^th tallest building in the world. The Real Estate market deals in condos, town or loft homes.

At the click of the net Dallas Real Estate ins and outs will open out its secrets for you to pick and choose.

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Washington District of Columbia or Washington D.C city is the capital of the United States of America. Named after the first president of the US George Washington, this city has many places of tourist interest. This city is filled with museums, historical buildings, malls and other places of interest.

Being the capital, the city has an ever-growing population. It is one of the most densely populated cities in the country. Being the capital, it attracts too many outsiders. Hence, the cost of property in D.C. is very high. If you are planning to invest in Washington, you are making the right investment. There is no place better than D.C. to invest, as the prices are likely to increase most of the time, and land in D.C. is considered far more valuable than gold.

Association of Foreign Investors (AFIRE) has listed Washington D.C. as the best urban real estate market in the world. This is the third consecutive year that D.C. has achieved this feat. It beats London and Tokyo to grab the first spot. The stability of the government and the city makes it the fore runner. The city authorities have set certain limits on the heights and kinds of buildings that can be built in a certain area. This is a major factor which is attracting a lot of foreign investors.

The percentage of returns on the office complexes is as high as 8%. Multifamily buildings are also in the high return criteria and are showing annual returns of around 14%.

This city is a 24*7 city and has all sorts of entertainment for all kinds and classes of people. The crime rate is well under control and so it’s a safe place to be in. The city has different sections and people settle into these sections according to their work and needs. There is so much job growth around that the city has become a hot spot.

The areas beside the huge shopping malls are in huge demand. Places beside the massive IT sector building are in demand too. The suburbs too are now bursting with people. The city is giving jobs to so many Americans and foreigners that people don’t mind the distance as long as they are in D.C. Due to the safety, security, proper livelihood, education and other good factors, the real estate in Washington D.C. is always in boom.

You can invest in the out of court foreclosures in Washington, though you can find foreclosures being conducted in the court also. You should just be aware of the laws and sale or auction procedure in the state of Washington D.C. before investing. For this, you can contact any realtor or real estate agency for assistance. This will save you from getting duped by the seller.

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Real estate expert Ralph Marcus Maupin Jr. has presented four numbers of DVD removing the myths and secrets about what really happens behind the scenes when a property falls into the process of foreclosure. The DVD is for those who could not attend his recent workshop but wants to tap the foreclosure market for investment in real estate.
Mr. Maupin shares his personal experiences in this matter. Other participants came forward with their harrowing experiences also. It was a chance to learn the about the ins and outs of the foreclosure experience and find out a panacea for one’s own particular problem.
In particular the DVD covers terminology, public records, order of priority, lien position, foreclosure affected by bankruptcy, the process of foreclosure, legal news, negotiating foreclosures and buying the same. Maupin’s knowledge about real estate includes all sides from marketing to finance and from construction to remodeling. This has made it possible for him to grasp the latent possibilities of real estate and to develop new marketing and business ideas for his set up. He is one of the founders of the National Real Estate Network and continues to learn with each passing experience and encourages other investors to follow suit. The site www.megaeveningevent.com gives all the information he has gathered since the days he opted for real estate classes as against ballroom dancing. He started by buying properties as rental investments on a part time agreement. Soon it became his full time job. Apart from getting his real estate license and working in sales he also continued to get rental properties and buy off distressed properties, renovate them and re-sell them. He also conducts real estate classes and gives instructions regarding finding, fixing and selling of real estate, how to generate leads, financially calculate, acquaint the curious with real estate documents, ways of credit restoration etc. Maupin instinctively understands the hidden potentialities behind each property and how best to develop it by maximizing its plus points.
Mark’s Corner is a regular newsletter web full of practical tips about real estate, check out articles on regrets, disappointments, protection, regret lending, money and partnership, demolished homes, selling, loans, wrangles etc. It is the best guide for the would-be successful investor and for those who do not want to be negative investors.

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Atlanta is in Georgia, USA. A rapid urban sprawl and economic development has made it the driving force for the New South and an international cosmopolitan city. It hosted one of the Summer Olympics. Atlanta is linked to the legendary figure of Martin Luther King and Civil Rights Movement.
Atlanta has an area of 343 square kilometers – 1.8 km being water.  It is 320 meters above sea level, south of Chattahoochee River. Atlanta has a humid subtropical climate with abundant evenly distributed rainfall and mild winters.
The skyline of Atlanta is dotted with high-rise and mid-rise buildings of postmodern vintage. The Bank of America Plaza is the tallest landmark and the tallest building after Chicago and New York. High-rises are clustered around three districts – Downtown, Midtown and Buckhead. There are two major suburban clusters – Perimeter Center to the Northeast and Cumberland/Vinings to the Northwest. The Central business district operates around Weston Peachtree Plaza.
Moving on from the general to the particular the real estates are spread out over fourteen regions – Fulton county North, Atlanta, Fulton county South, Deklab county, Gwinnett county, Barrow, Jackson and Habersham & Banks counties, Bartow, Cherokee, Gordon and Pickers counties, Cobb counties, Carroll, Douglas, Haralson, Paulding and Polk counties, Coweta, Fayette and Spalding counties, Clayton, Henry and Rockdale counties, Butts, Newton, Walton and Lumpkin counties and St. Mary’s area.
There are detailed maps on the Internet. Direct communication can be opened with the realtors regarding purchase, sale, mortgage, lease and foreclosure. It is well to bear in mind that each state has separate real estate laws. Taking the services of MLS or Multiple Listing Service – organization that collects, compiles and distributes information about listed homes, will be of great help. Through Atlanta foreclosure listings-guides, properties being sold below market values can be located. With the help of foreclosure deals the client will be able to avail of savings ranging from to 10% to 50%. At the click of a mouse it is possible to know how many come under the categories of foreclosure, pre-foreclosures, bankruptcies and auction in Atlanta.
The price of property in Atlanta is determined by the postal address and amenities offered. For instance the price of two bedrooms with one-bath units in zip numbers of 30310, 30311, 30315 are around $82,000.00, $88,000.00 and $90,000.00 respectively. In the postal zone of Atlanta 49 three bedrooms with two baths cost around $182,000.00 and five bedrooms with four baths is approximately $315,000.00. In Atlanta 13 the price scale is higher with two bedrooms with two baths priced at about $712,000.00.
If Atlanta calls out to you then it is the place to let down your roots and relax.

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Los Angeles is in California, USA. It is LA or the City of the Angels and is the alpha city in the world as the international center of culture, science, technology, international trade and higher education. It throbs with the vibrations of movies, television and recorded music.

Realtors dabble in Real Estate. The best bet, either for the buyer or the seller is to go the Los Angeles Internet and browse through the various real estate dealers, compare their rates and services before making the final decision.

Los Angeles has an area of 3 square miles of which 29.2 consist of water. It extends for 44 miles north-south and 29 miles east-west. Elsie Peak is the highest point and he seasonal Los Angeles River flows through it. Its beaches, dunes and Mediterranean climate of mild winters and summers have made it the magnet city.

LA divided into many neighborhoods – Downtown, East, South, Harbor area, Hollywood, Wishire, Westside and San Fernando and Crescenta valleys. Well-known areas are Venice Beach, Downtown, Silver Lake, Hollywood Hancock Park, Koreatown etc. The extremely affluent areas are Bel-Air, Hollywood Hills, Pacific Palisades and Brentwood.

Real Estate dealers price their properties according to the location and amenities of various properties. There are beachfront bungalows offering the best in urban living and landmark estates with old world charm. Sherman Oaks offers the ultimate in California lifestyle – glass walls overlook a sparkling pool and the Canyon. The ceilings are high, hardwood floors and living rooms with fireplace. There are the Chef’s kitchen, romantic master suite, updated bath, spa tub and huge walk-in closet. Benedict Canyon offers huge dens with built-in gourmet kitchen, large guest bedroom with bath and double sinks, steam shower, French doors, and black-bottom pool, built in BBQ and frig. Brentwood has study with built in bookcase, renovated 60’s house with three bedrooms. Beverly Hills dreams have maple floors and flexible door panels. Steps in Channel Pointe Parisian style houses lead to sandy beach sites with private sun decks and a view of Ocean Marina Inlet. Most of the residences have spacious office rooms for busy bees. Beverly Hills offer Mediterranean villas with seven bedrooms. Cheviot Hills have traditional houses, beamed ceiling, and step down full bar dining room, indoors BBQ, laundry room, lagoon style pool, tremendous yard and huge attic. Santa Monica, Pacific Palisades residences boast of, Asian contemporary indoors with billiard rooms.

Ready made or customized Real Estate dealers have the answer if you shopping for property in Los Angeles.

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