According to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. (You can search for unclaimed assets at MissingMoney.com .)
If your heirs don't know about these accounts, they won't be able to lay claim to them, and the money could languish. The U.S. Department of Labor estimates that each year tens of thousands of workers fail to claim or roll over $850 million in 401(k) assets. You can track unclaimed pensions, 401(k)s and IRAs at Unclaimed.com.
Monday, July 11, 2011
Friday, July 8, 2011
Facebook Launches Video Chat Feature
Video chatting is coming to Facebook through a deal with Skype, announced Mark Zuckerberg, Facebook’s founder and chief executive, at a news conference Wednesday.
Russell Haskins with Homes & Land Media told Inman News that he sees Facebook video chat feature a powerful tool for real estate professionals in landing new clients and reaching out to younger clients.
"I guarantee you people will be interviewing agents using this new tool, whether [agents] like it or not," Haskins told Inman News. "If you're not ready, they can click on another agent and call [that agent]. I think this is another [tool] separating tech-savvy agents versus those who are timid."
Other real estate pros say they see the value in the video conferencing feature for using with oversea clients or clients relocating from other states too.
To use the video chat tool on Facebook, you’ll soon be able to just click a button on your Facebook chat list or a friend’s profile page to connect. (A plug-in download will be required to make and receive calls.) Facebook’s new video conferencing tool does not allow for group chats and is not available on mobile phones. It currently can be accessed at facebook.com/videocalling, until it officially rolls out in the next few weeks.
Russell Haskins with Homes & Land Media told Inman News that he sees Facebook video chat feature a powerful tool for real estate professionals in landing new clients and reaching out to younger clients.
"I guarantee you people will be interviewing agents using this new tool, whether [agents] like it or not," Haskins told Inman News. "If you're not ready, they can click on another agent and call [that agent]. I think this is another [tool] separating tech-savvy agents versus those who are timid."
Other real estate pros say they see the value in the video conferencing feature for using with oversea clients or clients relocating from other states too.
To use the video chat tool on Facebook, you’ll soon be able to just click a button on your Facebook chat list or a friend’s profile page to connect. (A plug-in download will be required to make and receive calls.) Facebook’s new video conferencing tool does not allow for group chats and is not available on mobile phones. It currently can be accessed at facebook.com/videocalling, until it officially rolls out in the next few weeks.
Wednesday, July 6, 2011
Quote
"The best way to predict the future is to create it."
Peter Ferdinand Drucker
1909-2005, Political Economist and Author
Peter Ferdinand Drucker
1909-2005, Political Economist and Author
Jennifer Aniston Sells Her Beverly Hills House for $37-38 Million
Jennifer Aniston has sold her Beverly Hills estate, which had been listed for $42 million, for $37 million to $38 million.
Designed by Hal Levitt, the restored 1970 house sits on about an acre. The living space of nearly 10,000 square feet contains two living rooms, two kitchens, a gym, five bedrooms and 71/2 bathrooms. Outdoor amenities include a swimming pool, a spa, ponds, fountains, an alfresco living room, fireplaces and another kitchen.
Aniston, 42, starred this year with Adam Sandler in the comedy "Just Go With It," but she is still best known to TV audiences for her Emmy-winning role on "Friends" (1994-2004).
She bought the property in 2006 for $13.5 million, according to public records.
When you think about it she bought that house atthe high of the market, and made a hefty profit. That's how smart real estate investors are. They know how to purchase real estate, embellish their properties and sell them at a higher profit.
Andre Plessis REALTOR
To find out how to buy and sell real estate correctly, call 1-877-APPLYFREE
Designed by Hal Levitt, the restored 1970 house sits on about an acre. The living space of nearly 10,000 square feet contains two living rooms, two kitchens, a gym, five bedrooms and 71/2 bathrooms. Outdoor amenities include a swimming pool, a spa, ponds, fountains, an alfresco living room, fireplaces and another kitchen.
Aniston, 42, starred this year with Adam Sandler in the comedy "Just Go With It," but she is still best known to TV audiences for her Emmy-winning role on "Friends" (1994-2004).
She bought the property in 2006 for $13.5 million, according to public records.
When you think about it she bought that house atthe high of the market, and made a hefty profit. That's how smart real estate investors are. They know how to purchase real estate, embellish their properties and sell them at a higher profit.
Andre Plessis REALTOR
To find out how to buy and sell real estate correctly, call 1-877-APPLYFREE
Monday, July 4, 2011
New Federal Program Offering Aid To Struggling Homeowners & It Doesn't Need to be Repaid.
For the nearly 4 million homeowners who have fallen behind on their mortgage payments, the federal government is offering a new remedy: free money to catch up on their loans.
The Emergency Homeowners Loan Program is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a full recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.
Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America, the program is making loans with far better terms than anything on offer at a local bank. The loans are interest-free. Payments go directly to the lender for a portion of the borrower's monthly mortgage, including missed payments or past due charges. And when the assistance period, which runs for up to two years, ends, 20% of the loan is forgiven with each passing year. In other words, for qualified borrowers who stay in their home for at least five years after the assistance period and who don't fall behind on their mortgage again, this money doesn't have to be paid back.
The program started last week and will take applications through July 22. To be eligible, homeowners must have lost income and be at risk of foreclosure due to involuntary job loss, underemployment or a medical or other economic condition; details on the application process are available online through NeighborWorks America.
Andre Plessis, REALTOR Los Angeles, CA
http://www.wealthcreationteam.net/
The Emergency Homeowners Loan Program is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a full recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.
Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America, the program is making loans with far better terms than anything on offer at a local bank. The loans are interest-free. Payments go directly to the lender for a portion of the borrower's monthly mortgage, including missed payments or past due charges. And when the assistance period, which runs for up to two years, ends, 20% of the loan is forgiven with each passing year. In other words, for qualified borrowers who stay in their home for at least five years after the assistance period and who don't fall behind on their mortgage again, this money doesn't have to be paid back.
The program started last week and will take applications through July 22. To be eligible, homeowners must have lost income and be at risk of foreclosure due to involuntary job loss, underemployment or a medical or other economic condition; details on the application process are available online through NeighborWorks America.
Andre Plessis, REALTOR Los Angeles, CA
http://www.wealthcreationteam.net/
Saturday, July 2, 2011
Should You Reduce The Size of Your Mortgage?
Emotionally, it feels good to reduce the mortgage balance, but as I’ve pointed out many times, what feels good isn’t always right.
Let’s say you owe $200,000 on your mortgage. You refinance, bringing $50,000 to settlement so that your new loan balance is just $150,000. Your new mortgage payment is lower than the old one, but it’s still due every month. If you lose your job, have a medical emergency or encounter any other financial difficulties, you might find making your new mortgage payment just as impossible to do as it was before, with the old mortgage. But if you still had that $50,000, meaning, if you hadn’t given it to the banker when you obtained your new mortgage, you would now still have the ability to make mortgage payments for months, maybe even years.
As you can see, it doesn’t matter how small your mortgage balance or payment is if you don’t have the cash available to make this month’s payment. And that’s just one reason among many others not to prepay your mortgage.
Let’s say you owe $200,000 on your mortgage. You refinance, bringing $50,000 to settlement so that your new loan balance is just $150,000. Your new mortgage payment is lower than the old one, but it’s still due every month. If you lose your job, have a medical emergency or encounter any other financial difficulties, you might find making your new mortgage payment just as impossible to do as it was before, with the old mortgage. But if you still had that $50,000, meaning, if you hadn’t given it to the banker when you obtained your new mortgage, you would now still have the ability to make mortgage payments for months, maybe even years.
As you can see, it doesn’t matter how small your mortgage balance or payment is if you don’t have the cash available to make this month’s payment. And that’s just one reason among many others not to prepay your mortgage.
Friday, July 1, 2011
5 Real Estate Scams
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
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