Foreclosure halts across the nation

If you are reading all the news about banks halting foreclosures across the nation due to what they call "robo-signing", you may be wondering how this affects Rhode Island foreclosures. Rhode Island is a non-judicial foreclosure state. This means that these problems will NOT affect Rhode Island foreclosures.  The 23 states that are affected are Judicial states.

UPDATED 10/08/2010

All 50 states are now being affected by BOFA and some others.
This should "not" affect short sales.

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!

Neighborhoods in Rhode Island

Once again Rhode Island Monthly has put together a great resource for Rhode Island neighborhoods. After each one there is a general synopsis of the neighborhood. Check it out here if you are wondering about a specific neighborhood. Also Active Rain has started their Localism site which will eventually be featuring small neighborhood areas.

House for Sale Warwick, RI New Price!

THIS HOUSE IS SOLD. EMAIL ME FOR OTHERS

38 Largo Road in the

Strawberry Field section of Warwick!

Cute 2 bed ranch in need of someone to take care of it! Fully fenced back yard w/shed. Good sized deck, attached garage, full basement, gas heat, everything you have been looking for!

This is a bank owned home. What that means to you is when you make an offer, have your prequalification letter ready and be prepared to buy AS IS.

This home needs TLC, ie painting, cleaning.

Priced reasonably at $167,000.

Email me for a showing at Karenhurst@rihome.net

Rhode Island First time homebuyers' dilemma

Are you looking to buy a home in Rhode Island? Are you a first time home buyer without any savings?

It used to be that you could go to RIHMFC (Rhode Island Home Mortgage and Finance Company) and if you had decent credit, be able to borrow 100% of your mortgage and get help with closing costs. In the past couple of weeks, RIHMFC's criteria has changed. This is due to all the mortgage mess we have been hearing about in the news and all the foreclosures going down.

There are two schools of thought on buying a home with a 100% mortgage. One is that people should be "saving" for their own down payment and their own closing costs. The other is that many, many people will not be able to own their own home without this help.

I am one of those people who has an obsession for putting people into homes of their own. This is the reason I went into Real Estate! Nothing makes me happier than searching for a home, uniting someone with a good Mortgage broker and a great loan and then seeing them in their own home. In my opinion there is a psycological feeling of pride when someone actually buys a house. It changes their whole perspective on things. It is called "nesting". Both men and women have the nesting instinct.

The point of this post is simply to remind people that even though there are many changes going on in the mortgage industry, there are still many programs out there to get you into your first home. Don't give up! Call a Realtor, preferably me:) and I will advise you on what you need to do.

Most importantly in these turbulent Real Estate days, you need to have good credit, so make sure you pay your payments on time and try to clean up any charge cards or loans you may have.

If you are looking for a home in Warwick, Cranston, or East Greenwich, and need some help, I am here for you. Happy Hunting!