New Housing Plan in a Nutshell

Is there a Silver Lining in all the latest Foreclosures and Doom and gloom in the Real Estate Market? Maybe...Have you heard about the most recent possible help you, as a delinquent homeowner, may have? Here is a synopsis, taken from Bloomberg News, highlighting the general conditions needed to qualify.

Under the proposal, mortgage servicers will work with borrowers to reduce monthly payments to 38 percent of their gross income, a threshold of affordability, by lowering the principal, reducing interest rates and extending the length of the loan term. The plan doesn't include money from the Treasury's $700 billion bank rescue and isn't mandatory for companies that received federal aid.
Conditions and Fees
Homeowners that qualify will receive notices about the program. Their loan modifications won't become final until they have made three consecutive payments, and there is no limit to the number of times a loan can be modified. The new payment will include all of the borrower's monthly housing costs, such as taxes and condominium payments.
Fannie and Freddie are paying mortgage servicers $800 to process each modification, which isn't available for investment or vacation properties. Fannie and Freddie will absorb the losses on loans or mortgage securities they own while investors in mortgage bonds guaranteed by the government-run corporations will bear a brunt of the losses on that debt.

So, if you qualify, you will receive a notice. Refinancing your home to 38% of your income will help you make those monthly payments, stay in your home and breathe a little easier! Basically, this percentage is what it "should" have been in the first place.

Maybe the Holidays won't be so bad, after all!

Historical Election Day for the United States of America

Today is November 4, 2008 and it is Election Day here in the United States of America. As many have said, it is historical for many reasons, no matter who is the President elect by tomorrow.

I voted this morning at Saint Mary's School in Warwick Neck and the turn out was not as large as I had anticipated. One of the volunteers did say that there was a large turn out approximately an hour before I arrived. I am not one for counting Electoral votes as I do not think they accurately represent the Vote of the People! To me, the Vote of the People should be the ONLY vote there is in any election. However, this is the way it is and we need to get out their and make our voices heard in sheer numbers.

My opinion is that many Americans have forgotten what our forefathers had originally intended when they wrote the Constitution. Especially the first amendment to the Constitution which is the Bill of Rights.


1 -freedom of worship, speech, press, right of peaceful assembly, right to petition the government

2 -right of citizens to bear arms3 -troops may not be quartered in private homes without owner's consent

4 -guards against unreasonable searches, arrests, seizures of property

5 -requires indictment by a grand jury for major crimes before trial, prohibits repeated trials for the same offense, forbids punishment without process & that you don't have to testify against yourself

6 -guarantees a speedy public trial for criminal offenses, trial by an unbiased jury, legal counsel for the accused, and that witnesses must attend the trial in the presence of the accused

7 -guarantees trial by jury in civil cases in anything valued at more than 20 US dollars

8 -forbids excessive bail or fines and cruel or unusual punishment

9 -people have other rights than those mentioned in the Constitution

10 -powers not delegated to the federal government belong to the states or the people

I would like my readers to take a moment and read each one, then stop and think about each one. How many of these are still the same in our current lives?Today is an important date in our history, not just because we have our first female vice president candidate and our first black candidate, but because our freedoms (Rights) have been usurped. The economy both in Federal and State governments has been grossly mishandled. We have been outright lied to and nothing can be done about it. Our rights to privacy are gone. The World hates us! The list is enormous and I do not have the time to list all the current problems we as a country are facing.

We should all be rioting in the streets, yet we are not.
Today is the day to be heard. If you do not vote today, you will have no recourse. Make this the day, we as Americans, stand up and be counted.

Take back our country. Our freedoms. Our Rights!

What is a Buyers Rep?

Today I was chatting with a nice young lady about purchasing her first home.

After the intial focusing on what she was looking for, where she would like to live, what her finances were and was she actively looking into finding a mortgage that was right for her, it occurred to me that she was waiting for me to tell her what my fee was.

Now this does not always occur to me because "I do not charge a fee"

Here is what goes on. First let me say that besides being a Broker, I am an Acredited Buyers Rep. This means that if you are looking for a house, I can assist you in not only finding it, but advise you of best places to go for a mortgage, give you helpful ideas about which mortgages are right for you, why you need the house inspected and places that you can call, how to make an offer that will be accepted or at least countered. I can give you loads of options, because this is my profession. If you have a question I will give you the answer. Now, why would I not charge for all this? Some Buyer Agents do charge in different areas of the U.S., and some right here in the Ocean State, but I do not. The reason is, most of the buyers' I work with are first time home buyers and they do not always have the finances to come up with a separate fee for a Buyer Agent.

Of course I need to make a living just like everyone else. Upon closing, I receive a fee for my services from the seller of the house. So there is no need to worry about paying a Buyer Agent! I actually thought, until my conversation today, that people simply knew this, but apparently it is not common knowledge. What I do is have a buyer sign a contract saying they will work exclusively with me for a prearranged amount of time. This way I know a buyer is committed to finding a house. If, after the prearranged amount of time, I have not found the right home, then we go our separate ways. There is no charge for my time for this either. The reason for this is I am pretty confident in my abilities to find what a Buyer is looking for! I feel that if I can't find it, it's not out there!

I hope this clears up any concerns for Buyers that would like to work with a Realtor, but do not think they can afford it.

Holiday Greetings

I belong to an art class where once a week we all get together, chit chat and paint. With music playing in the background and in a small cottage right on the water, the inspiration to paint comes easily. Some are using watercolors, some oils and some acrylics. I have tried them all through the years. I was fortunate enough to major in Fine Arts in college, and also to have studied under Herman Itchavitch (deceased) during my lifetime. There is no better feeling than painting, to me. All my problems disappear as I concentrate on my canvas. Sometimes the paintings don't come out the way I wanted them to. (more often than not:) and these go into a bag. The bag is stuffed to overflowing right now. Other times, a painting will just click and even I am amazed at how it turned out! Those go on my walls at home. Years ago I used to sell them, but I actually found myself missing my own paintings and started re painting some of the scenes I had done. My point is that I am using the photo on the left for my Holiday Greeting because I painted it. It's not one of my best, but for those of you who received cards from me, you know that this was my Holiday Card!

For those of you who may not have received a card, this is it!

Happy Holidays, peace and health to all of you!