Eileen Fitzgerald, Chief Operating Officer of NeighborWorks America, and Los Angeles Mayor Antonio Villaraigosa at the roll-out of the Loan Modification Scam Alert campaign.
It's a sad reality that a great number of Americans facing foreclosure become victims of scam artists. As part of a nationwide "Loan Modification Scam Alert" campaign that involved a number of cities across the country, a new website called LoanScamAlert.org has been launched by NeighborWorks America® to help in the fight against these depraved predators. Distressed homeowners who feel they are being preyed upon by scam artists can make a report through the website or by calling 1-888-995-HOPE (4673).
In addition to giving tips on how to spot a scam, the site also features interviews with victims of loan modification scams. It's worth it for all homeowners -- not just those facing foreclosure -- to watch some of these videos. They are an education. As Sun Tzu said: Know thy enemy.
Has anyone out there been approached by a loan modification scam artist? If so, tell us about it.
True or false: We've reached the bottom of the home remodeling decline?
Harvard says it's true, so it must be, right?
2010 is the Year of the Hammer, particularly by the second quarter, the study (released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University) suggests. Despite unstable housing market prices and roof-shattering foreclosure rates, potential remodelers may see "favorable financing costs" and increased home sales as reasons for taking on some nonessential improvement projects.
If the prognosticators in Crimson Country are correct, this is great news for contractors, remodelers and homeowners alike. It's still too soon to pop the champagne, but tell us, what's the first project you'll hire-out?
NBA superstar Michael Jordan unveiled plans for a 37,942-square-foot in Jupiter, Florida.
His Airness's home plans include an elevator, 11 bedrooms, cottage and guard gate. For those who lack a sense of scale, 37,000 square feet is about the size of your local Kmart.
Being a full three times the size of the neighbors' houses, some people are not thrilled with the proposal. "It's insane, a waste. Cities see nothing more than a tax base in these giant homes, but I can't imagine anyone needing anything like that, except to show off," said Joanne Davis of 1,000 Friends of Florida. What do you think?
After failing to find a buyer, the house built entirely out of Legos in Surrey, England, is being dismantled brick by mult-colored brick. Built by James May of the BBC's Top Gear, the home was never intended as a permanent structure and was built on a vineyard without the necessary permits. It did however feature a working toilet, shower and a "very uncomfortable bed." One visitor apparently made off with the Lego constructed cat.
Alas, the vineyard needs to grow its grapes and May had to sell or dismantle. Legoland was interested but could not afford the moving fee. So the 3.3 million Lego bricks are coming down and will be donated to charity.
What do you think: Silly waste of time or Genius tourist attraction?
In today's real estate market, foreclosures abound. Is it time to cash in on the opportunity? As this article in the Wall Street Journal points out, finding a good foreclosure can be difficult.
Banks don't like to advertise a home as "bank owned" but do provide lists of homes for sale on their websites. Search for "REO" (real-estate owned) on lenders' sites. Other sites to check include RealtyTrac.com, BankHomesDirect.com, and Foreclosures.com, all of which are for-pay sites. You can also check the Foreclsoure Google Map (free) for listings in your area. Finding a real estate broker with experience dealing with REOs is also a good move.
If you do go ahead with buying a foreclosure, make sure to get a thorough inspection. The phrase "buyer beware" applies in spades to foreclosed properties. Also, do your homework - good foreclosure properties go quickly and it helps to have all your paperwork in order before making an offer. Tip: Don't try to bargain the price down further. Banks are already pricing the property at a steep discount already.
It's a potentially treacherous road but it can have a big payoff. Anyone out there pursuing this angle?
Home sales may be down but building quality is up.
According to a report from J.D. Power Associates, customer satisfaction improved for a second consecutive year, reflecting an improvement in workmanship, materials, warranty and price.
During the boom, reports of shoddy construction surged while builders struggled to keep up with the demand. Indeed, we've been following the case of the dangerous imported drywall for some time now. Are we entering an era of quality building again? Time will tell.
The housing downturn has got a lot of people asking 'When will home prices recover?' According to this study from The Federal Housing Finance Agency, it could be awhile. Tracking real estate busts since 1975 found that price declines typically play out over a course of three years and nine months. A recovery, on the other hand, takes almost twice as long -- six years and eight months.
Given that it's not clear if we are at the bottom or are in recovery mode, the best advice would be to sit tight, not worry about it too much and see what can be fixed around the home. Here are five easy home improvement projects with big returns:
Fix the flooring: Many realtors recommend updating your home's flooring to improve a home's resale value. Get started by entering our Lumber Liquidators Fall Giveaway for up to $4999 in free Bellawood hardwood floors.
Paint the home neutral colors: According to this article, neutral colors make a home look better in online photographs, a key method in selling a home.
Increase your home's curb appeal with good landscaping - landscaping your property can increase a home's value by as much as 15% according to this article.
Invest in the kitchen - kitchen remodels are still paying off in today's down market, according to this post.
