Loan Modifications

As each day passes I keep getting more and more requests for information on loan modifications, so I figured it was time to gather some information in hopes that I can help at least one person stay in their home.

First place to start; check with your lender to see what loan modification programs they offer and what are their qualifications. If you have suffered a job loss, seperation, divorce, military service or sickness, most lenders are willing to work with you to help you stay in your home, and these situations are legally accepted as a form of hardship. On that note, they must see that you are dedicated and willing to do whatever it takes on your part to come to a reasonable solution.

According to the lenders I have spoken to, they all have different programs and offer different solutions. Some will offer to refinance you all together, others look at the equity in your home and other assets, most look at everything. Remember, they took a chance on you the first time around and they are willing to give you a second chance, so be cooperative and honest, it makes things so much easier for all parties involved. This is not time to point the finger, remember your goal is to keep your home.

If you still have the ability to pay your current mortgage, at it's current rate but you are seeking to take advantage of lower payments through loan modification, I must warn you, you could be making things much worse for yourself. The last thing anybody needs is to be charged and prosecuted for fraud. If you've already assumed a "get out of the contract mindset" and are willing to walk then a loan modification is not for you. You should be considering other options such as a Short Sale or Bankruptcy. So do us all a favor and just do the right thing. In the end it will affect us all.

If you are worried that your credit score is so bad you won't possibly qualify, don't fret. Unlike the option to refinancing out of trouble, which requires you to apply for a new loan, a loan modification simply adjusts the terms and perhaps reduces the balance of the loan currently in place. Your credit score is not the most important factor in determining wether or not you qualify. In fact, a successful modification can improve your credit score over time.

The worst thing you can do is ignore your lenders requests to communicate with you. Pick up the phone before it's too late and find out about your options. Lenders are more willing to work with you now than I've ever seen in the past. This is to your advantage...just don't take advantage.

I have gathered a few links from a simple search on Google and Bing. I do not endorse or promote any of them, I just thought they offered great information from reliable sources.

BEWARE!!! There are scams out there!! DO YOUR HOMEWORK!!

As always, Caveat Emptor; Buyer Beware!!

Feel free to call or email me with questions. Make it an awesome day!!

Nicole Dion-LeBlanc

Realtor

nicole@for-sale-for-rent.com

www.for-sale-for-rent.com

http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm

http://realestate.msn.com/article.aspx?cp-documentid=20589023

http://homeloans.bankofamerica.com/homeloanhelp?cm_mmc=CRE-Mortgage-_-Google-PS-_-lender%20loan%20modification-_-MHA_Loan

http://realtytimes.com/rtpages/20090126_myths.htm

http://loanmodificationmonitor.com/articles/3-things-to-know-before.php

Chinese Drywall

Well today I attended a workshop on Chinese Drywall and I thought I would share this information for those of you who think you may have a Chinese Drywall problem and for those of you who are in the market to purchase a home.

Drywall imported from 2004-2008 with the imprinting of Made in China and/or KNAUF, a German Company with a manufacturing plant in China, have been identified as defective drywall. Not all drywall used in home during this time was defective. In fact, it has been identified that a home can have non-defective drywall along side of defective drywall.

Below is a graph provided by the CPSC, Consumer Product Safety Commission, of where it has been reported and we are number two on the list to have received the most, with Florida being first.

To date, the CPSC has received about 1,501 reports from residents in 27 States, the District of Columbia, and Puerto Rico who believe their health symptoms or the corrosion of certain metal components in their homes are related to the presence of drywall produced in China. State and local authorities have also received similar reports. We received our first incident report from a consumer on December 22, 2008. The majority of the reports to the CPSC have come from consumers residing in the State of Florida while others have come from consumers in Alabama, Arizona, California, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming, and the District of Columbia.

For more information on information related to Chinese Drywall please visit the CPSC website at http://www.cpsc.gov/info/drywall/

Again, Caveat emptor"Buyer Beware"

Thanks for reading!! Please come again!!

Nicole Dion-LeBlanc, Realtor

nicole@for-Sale-For-Rent.com

www.For-Sale-For-Rent.com

******SPECIAL REPORT!****** Meth Labs in Homes

OK, so some of you knew that I attended a workshop today on Meth Labs in Homes.....the information I received was startling! Lets get to the facts first....

State Regulations

~Currently 18 states are regulated and have established remediation standards

~May states have regulations at city and county levels

~Many have also set standards for other contaminates involved in meth production

~Many have also established disclosure laws for the ssale and/or lease of any former clan lab

~Louisiana does require the disclosure of known meth lab activity

Louisiana Regulations

~No state specific regulations regarding testing and/or decontamination of illegal drug lab properties....

**Remediation can cost upwards of $160, per room for lab testing alone....to remediate the problem--a 1500 SF home, 3/2 can cost in the range of 18-20K!!!!!

~The property disclosure statement lists the following which applies to meth comntamination

*Does the property or any of it's structures contain any of the following? (Check all that apply and provide the nature and frequency at the end of this section.)

Crystal meth exposure ()Y ()N ()NK

(for those of you who don't know, the property owner is required to fill out this paperwork......this about this for a minute....it's a legal document that is public record...you think anyone will report that?!?!?!?!)

~You can find a partial list on the DEA website, however it's not regularly updated or maintained....

~http://www.usdoj.gov/dea/seizures/louisiana.html

National Statistics

~Approximately 1 in 10 labs discovered

~Some states report 1 in 30 discovered

~Current estimates indicate 2-3 million unidentified labs exist in the U.S. alone

~75% of known meth labs are rentals

Louisiana Statistics

DEA REPORTED ROUGHLY 2,264 CLAN LAB SEIZURES BETWEEN 1997 & 2007

Statistically = 22,640 labs

1 in 10 labs busted

This would be considered a conservative estimate in some areas of the country. The west coast saw the first high concentration of meth labs in the early 1990's and now the east coasts are being infiltrated....

Meth Manufacturing

Most common methods

RED-P

Red Phosphorous, Pseudoephedrine, Blue Iodine (red, white and blue)

Anhydrous

Anhydrous Ammonia, sodium Metal or Lithium

(NAZI Method) or (Birch Method)

~All methods of manufacturing include the oxidization & reduction or synthesisation

~In most cases, reagents are also created prior to the actual cook

~Many of the chemicals and substances are extremely reactive when heated or mixed woth the other substances

~During the process gases and airborne contaminates are produced leaving hazardous residues

behind

Meth Use

Common Question

Does meth contaminate? YES!!!

Many states have established secondary cleanup requirements for meth use properties.

Blood Borne Pathogens

Micro organisms which have the capability to live outside of the human body for prolonged periods of time

~95% of intravenous drug users test positive for Hepatitis

~15% of intravenous drug users test positive for HIV

Florida Medical Examiners office reported 58 deaths attributed to meth between Jan & June of 2006

What To Look For

~Strong Smells

~Urine

~Unusual chemical odor or either, ammonia or acetone

~Windows blacked out

~People going outside to smoke

~Strange ventilation equipment

~Open windows and seemingly inappropriate times

~signs of chemical burns and spills

~Dark red stains in sinks, tubs or toilets

~Visible areas in yard where chemicals have been dumped or burned

~Packaging or containers from large quantities of cold medicines

~Jars containing clear liquid whith white or red colored solids or crystals

~Jars or cans with rubber hoses connected

~Propane tanks with fittings turning green or blue

~Excessive amounts of trash

~ Alcohol, benzenes, paint thinner, starter fluid, heat, ammonia, red phosphorous, Drano, Lye, muriatic acid, batteries, match boxes, Epsom salt, cold tablets, rock salt, camp stove fuel propane cylinders

FOR EVERY POUND OF METH PRODUCES AN ESTIMEATED 5-7 PUNDS OF TRASH!!

~Property may have already been cleaned if bank owned or foreclosed

~The cleaned debris has likely been already removed

~No testing or decontamination has been done

If You Suspect A Meth House

~Do not open coolers

~Do not touch any items

~Handling meth waste can burn your skin and eyes

~Breathing in gases can send you to the hospital

Exhaust Fans

~MUST be inspected

~Many will have altered ventilation

~In some cases ducting will be directed into another area or structure

Heating/Cooling System (HVAC)

~Of most concern are central forced air heating and cooling systems. These systems will concentrate cantamination in almost every case.

~These systems can trans locate contamination throughout the entire house

~In most cases HVAC's must be completely removed or disposed of

Painting / Encapsulation

~Encapsulation should NEVER be considers an alternative or decontamination

~Never encapsulate until standards are met

~Use only poly based coatings

~Encapsulation can be used to prevent cross contamination when removing contaminated materials

Sampling

~A comprehensive sampling must be implemented

~Pre sampling will be biased

~Post sampling wil be tandom

~Both must be documented

~Documentation will be noted on a floor plan and photograph

~only quantitative sampling analysis should be used for pre and post tests

Sample Types

~Qualitative:

simply shows a presence or absence without an actual numeric value

~Quantitative:

shows an actual numerical value of residue in delineated areas

Documentation

Each sample must be documented

~Floor plan

~Photos

~Quality Control

Surface Sample Wipes

~Non-absorbent surfaces including: counter tops, floors, walls, ceilings, appliances and plumbing fixtures

~Absorbent sampling generally not applicable , materials must be disposed of

Sampling

~The most recognized method of sampling in the nation is surface wipe sampling

~The most recognized area of sampling in the nation is:

One Hundred Square Centimeters or 100CM(2)

~The area is equal to an area of 4x4 inches

Sample Analysis

~Samples are tested for meth only

~Testing for other constitutes is very expensive

~Analysis sould only be performed by a certified lab familiar with meth analysis

~Many states require testing for other drugs

Current Standards

~What are acceptable residue levels??

The most recognized standard of residual contamination nationwide is:

point one micrograms per one hundred square meters

Test For What???

~The actual molecule is considered extremely resilient and very insoluble

~This is why it is used as the marker

~It is also very inexpensive to analyze which makes sampling more affordable

Meth Blank/Field Bank Quality Control

~A quality control sample known as the method blank or field bank must be included with every experiment ~The purpose of it is to prove that not pre or cross contamination took place
~A chain of custody must also accompany all samples from cradle to grave

I hope you have found this information as useful as I did.....If you suspect meth use in a home you are interest in, I would suggest moving on......you can also check police records for garrets at the address and talk to the neighbors.....if anyone will know, the neighbors will!! Don't wait till it's too late! Meaning after you buy.....

Meth lab pictures for renters, realtors, home owners, home buyers

July 16, 2009 by Meth Lab Homes

ClICK HERE: http://methlabhomes.com/2009/07/meth-lab-picture-for-renters-realtors-home-owners-and-buyers/

Here's someone's story...I mean nightmare: http://methlabhomes.com/my-meth-lab-home-story/

PLEASE PLEASE PLEASE, DO YOUR OWN HOMEWORK.....IN THE END, UNFORTUNATELY, YOU WILL BE LEFT HOLDING THE BAG.......

Make it an awesome day!!

Nicole Dion-LeBlanc, Realtor
nicole@for-sale-for-rent.com
www.For-Sale-For-Rent.com

Buyers of Lease-To-Own Need to Research Property and Seller

Buyers of Lease-To-Own Need to Research Property and Seller

by Phoebe Chongchua

Phoebe Chongchua is an award-winning journalist, an author, customer service trainer/speaker, and founder of Setting the Service Standard, a customer service training and consulting program offered by Live Fit Enterprises (LFE) based in San Diego, California. She is the publisher of Live Fit Magazine, an online publication that features information on real estate/finance, physical fitness, travel, and philanthropy. Her company, LFE, specializes in media services including marketing, PR, writing, commercials, corporate videos, customer service training, and keynotes & seminars. Visit her magazine website: www.LiveFitMagazine.com.

Phoebe's articles, feature stories, and columns appear in various publications including The Coast News, Del Mar Village Voice, Rancho Santa Fe Review, and Today's Local News in San Diego, as well as numerous Internet sites. She holds a California real estate license. Phoebe worked for KGTV/10News in San Diego as a Newscaster, Reporter and Community Affairs Specialist for more than a decade. Phoebe's writing is also featured in Donald Trump's book: The Best Real Estate Advice I Ever Received and The Complete Idiot’s Guide to Buying Foreclosures. She is the author of If the Trash Stinks, TAKE IT OUT! 14 Worriless Principles for Your Success.

Whether you're a buyer who suffered a foreclosure not long ago or you're a long-time renter interested in becoming a homeowner, the lease-to-own option may be good for you. I've written about this before (see my Lease to Buy May Be Good Option column) but a reader recently emailed me wondering where to find these rent-to-own properties. That question caused me take a closer look at this niche market. Here's what I found.

Wendy Patton, author of Rent to Buy, due out this month, talked to me about how to find the rent-to-buy properties and why potential buyers should research not only the property but the seller as well.

Patton recommends looking through Craigslist or the newspaper to find the properties. "I just call up owners [of properties for rent] and talk to them about their home," says Patton. She says your real estate agent can help with this process. Patton finds that many landlords whose properties are for rent actually would consider selling.

"Depending on where you are [located] in the country, 30 percent to 50 percent would say yes they would," says Patton.

Patton says that homes that have been on the market more than 120 days are a good starting place. She says buyers and their agents should investigate to make sure that the property is not upside down or an REO (real estate owned by the bank). "[Banks] don't do that yet but some of them might be starting to," says Patton.

The other thing Patton says to check is to see if the home is vacant. Of course, if a home is vacant that can put pressure on homeowners to consider a rent-to-own option. "Most of the time if the [homeowner] has already moved and they're not upside down, they obviously didn't have to sell to move so they're a perfect candidate to be a seller on a lease option or rent to own.

"They need to make sure the seller is not upside down. How do they confirm that? By looking at the mortgage statement through getting a mortgage authorization statement. … They need to make sure that the seller is not in foreclosure or going to go into foreclosure during that option period," says Patton. She says this is critical so that the buyers' payments are protected during the time that they are renting with the option to buy. Patton says buyers need to make certain "that the payment that they're making every month is going to be protected to go against that mortgage as a payment. In other words, instead of just paying the seller directly, maybe they should be paying the lender directly or through a third party that's going to pay the lender so that during that option period it's not swept out from underneath them in foreclosure," says Patton.

"Unfortunately, that's happened many times. Patton says, "[The buyer] gives the seller $10,000 or whatever the option is and then is making monthly payments when all of a sudden the sheriff shows up at their door and says 'You've got 24 hours to get out. The house has been foreclosed on.'" So even though the buyers were making payments to the seller, the sellers were not passing on the payments to the lender.

Other areas of concern are how repairs are handled. "Technically the seller is usually responsible for repairs if it's a rental but in a lease-to-own, it can be more equitably split. Maybe the buyer pays the first $500 and the seller pays anything over $500. The repairs are negotiable items," says Patton.

Inspections are absolutely necessary, says Patton. As with all home purchases, an inspection by a professional can help to expose any future problems with a property. The home inspection also allows buyers to identify trouble spots that they may want to use to negotiate repair procedures and price.

One other important consideration for renters interested in becoming buyers, whether you're doing a lease-to-own or not, is to use the rental period time to build or clean up your credit. "There's different credit repair companies that are reputable that can help them repair their credit," says Patton. She adds that it's vital to find a company that guarantees certain criteria that will be a benefit for the money they are spending in the credit repair program. Patton says before you begin a program do your research. "They have to have provisions of what the company is going to do for them and how the company is going to help [their credit score]." For more information on improving your credit score read my column called, What to do When Credit Card Debt is Keeping You Locked Out of Homeownership.

Published: September 11, 2009

Contact Phoebe at (858) 259-3646 or phoebe@livefitmagazine.com. VisitPhoebeChongchua.com for more information.

and now for my commentary on the issue..........

As with anything else....The saying goes; Caveat Emptor = Let the buyer beware

While lease to own may be appealing to some and a better fit for others, don't be to quick to jump the gun. Homeownership is a dream for most of us and can turn into a nightmare if you're not careful. The above article offers great advice for those considering Lease To Own as an option. Please take the advice in this article and if you need help, please give me a call, I'll be more than happy to answer any of your questions. My job is to make sure you have a great home buying experience.

Make it a great day!!!

Nicole Dion-LeBlanc