Roland's Blog

Vote for Thea Agnew in the 2009 Operation Rising Star

Tue, 17 Nov 2009 11:23:15 -0600

If you have not heard, Thea Agnew is competing in the 2009 Operation Rising Star and she needs your help. Please vote for Thea Agnew in the 2009 Operation Rising Star today ! (November 17, 2009)

OK... You ask, what is Operation Rising Star ?

This is a US Army MWR contest like American Idle where the contestants are either in the military or a military spouce. Thea Agnew according to the Operation Rising Star website has moved to the final 6 and the online VOTE is a vital part in her making it to the final 3 in tonights performance. According to the Operation Rising Star Website, YOU can vote as often as you like during the selected voting times listed below. Please take the time to help Thea Agnew make it to the TOP 3 and beyond. Have everyone you know take the time to visit the link below and VOTE for Thea Agnew who is representing Ft. Campbell, Kentucky in the competition.

The voting is open for 2 hours today starting at 1:00 PM CST and again at 8:30 PM CST.

Please click this linke and VOTE for Thea Agnew

The Operation Rising Staris taking place at the Wallace Theater, Fort Belvoir Virginia and can be seen on the Pentagon Channel broadcast.

Calling all Active Rain Members... Thea Agnew is a Active Rain Member and would appreciate all our support !

Please click this linke and VOTE for Thea Agnew

Once you have Voted:

Please comment below to show Thea your support

This girl can sing ! The judges gave her great reviews after her last performance. I was happy to see on the website that Thea was selected for round 2 tonight.

Meet the Judges and Celebrity Guests

UPDATE: November 19,2009 - Finals / Top 3

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Party Lite Event in Clarksville, TN

Sat, 14 Nov 2009 11:53:33 -0600

It's almost Christmas and Terri Woodworth is hosting a Party Lite Event in Clarksville, TN. This is a great opportunity to order Christmas gifts. If you are not able to attend, you can still order online.

Party Lite Event

EXiT Realty Clarksville

1289 Northfield Dr. Ste 3

Clarksville, TN 37040

Saturday November 21, 2009

Starts at 2:00 PM - Upstairs training room

Terri Armesto Woodworth says: Start your Christmas shopping now. Join us For the Party Lite Event at Exit Realty Clarksville on Saturday November 21, 2009 @ 2 PM

Please plan to attend and invite your firends too

See you there !

Terri Woodworth 931-320-9511

Please RSVP to attend HERE

~OR~ Order online at:

www.partylite.biz/carolinesdream ~ Host: Terri Woodworth

If you go under shop and enter Terri Woodworth it should take you to my show and allow you to place orders.

Happy shopping!!!!"

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Is It Wrong to Work With More Then One Realtor?

Fri, 13 Nov 2009 00:18:04 -0600

Buyers... how many Realtors have you contacted to view homes ? Liz tells us why you should work with only one Realtor.

Via Liz Moras ~Chilliwack Realtor, Chilliwack,Hope,Langley,Abbotsford (Harrison Hot Springs, Cultus Lake):

Is It Wrong to Work With More Then One Realtor?

Home buyer: " Is it wrong to work with more then one Realtor at the same time? I'm trying to follow proper home-buying etiquette. My friends tell me it's O.k. as long as I keep track of which Realtor showed which property. That way, if you end up purchasing, the correct Realtor is compensated. I've not signed any exclusive contracts with any Realtor.

Is it OK as long as I make sure both Realtors realize I'm working with another agent as well? Some people have told me that Realtors know customers might be working with others, and it's not a big deal."


Isn't that a good question? As a Realtor, I definitely have a 'biased' perpective and answer to that question. But since the question involves 'working with a Realtor' - who better to answer it? :)

1.)Yes - if you're working with Realtor's in two different Cities - where each has their own area of expertise! Go ahead and Use 2 Different Realtors! As a matter of fact your local Realtor can probably refer you to a Realtor in the city you're moving to.

2.)If you are Selling Your Home and Buying again - it is possible to work with a Listing Agent to sell your home and a Buyer's Agent in the purchase of your new home. Often these 2 Realtors can even be a part of a team where they tag-team each other.

More importantly however, is the Buyer asking about this from a legal or moral/ethical perspective?

First of all I want to say that Real Estate Associations in each Province and State have their own rules. There used to be 'threshold' rights in British Columbia. This is where the Realtor who introduces you to the house - is the Realtor who gets the commission. However it's not so cut and dried anymore.

If you signed a Buyer's Agency Agreement - then you are under 'contract' to work with that and only that Realtor. If for some reason you choose not to - then your new Realtor may very well end up getting paid by YOU or not at all! And YOU will be breaching a contract to work with another agent. This can get ugly ... and no one wants "ugly" ...

However if you have No Contract - Let me Tell you You some Reasons Why it is NOT a good idea to work with more then One Realtor!

Home Buyers often call on signs and advertisements and talk with MANY real estate agents until they find a home that they want to buy ... and then just work with the listing agent to buy the home. Sometimes this is not a good idea, as the home buyer may not get the best deal if the listing agent is looking out for the best interest of the seller ... not the buyer.

Or the Buyer may work with several different Buyer Agents to see who will find them the best deal. This is ALSO not a very good idea for a couple reasons ...



1. First of all all Agents have the same access to the same homes for sale via the local MLS. They all have the potential of finding the "best deal".

However Agents only get paid when they successfully find a home for a home buyer ... and it closes. All the up front work of finding the home is done without pay and in good faith that the home buyer that they are working with is using them to represent them. If a home buyer is not disclosing that they are potentially working with other agents, then the Buyer Agent does not have the ability to fairly weigh out the situation and determine whether or not they want to work with that home buyer.

There Are some exceptions though:

If a home buyer wants to work with more than one agent (for whatever reason), the right thing to do is to NOT sign a Buyer Agency Agreement and to notify each agent of this decision.

If a home buyer is considering buying different types of property or different areas, they may consider hiring an "expert" for each area.

If you're still not sure and don't know if you will like being 'married' to just one agent - Consider signing a week long Buyer Agency agreement - If after that week, the agent is not a good fit, then the home buyer can move on and find a new agent. Win Win right?

Finding ONE agent to work with is generally going to be your best bet.





If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.

Copyright © 2009 By Liz Moras, All Rights Reserved. All photos by Liz Moras ( except the one's I'm in!). All information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd..

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Here Come The Blog Cops! December 1 FTC Changes

Mon, 09 Nov 2009 16:08:54 -0600

is your Blog or online media in compliance ? Ken tells us about the FTC 16 CFR Part 255 below:

Via Ken Cook, FHA Home Loans 678-439-8683:

December 1st, The FTC, Testimonials and your Blog/New Media

December 1, 2009 is the date your blog and all new media advertising meets new enforcement and scrutiny. Meet the Federal Trade Commission 16 CFR Part 255 "Guides Concerning the Use of Endorsements and Testimonials in Advertising". Much of the "guide" applies to celebrity endorsements and the use of "disclaimers" such as those which say "results not typical".

The word "endorsement" is used 188 times in 16 CFR 255 and the word "testimonial" is used 92 times. Where the real danger comes in, of course, is if someone complains to the FTC about something they read on your blog, Facebook, Posterous or any other New Media outlet. You and I, reader, both know there are "testimonials" even here on AR which are not even from real customers or are using real customer's names but they have no idea those testimonials exist. That is the focus of 16 CFR 255 in addition to endorsements and testimonials on late night television.

It has been noted that it is difficult to determine how much deception actually occurs from false testimonials and I am sure it would be very difficult and costly to prove a violation of FTC regulations on a small basis for individual blogs. The best way to avoid violations is to solicit testimonials from your clients that you can keep on file or to use a third party company like iKarma for example.

Thanks to Jeff Link for pointing out the more English short segment FTC REVISED Guides Concerning the Use of Endorsements and Testimonials in Advertising.

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Excuse me BofA! You CAN NOT have it both ways!

Sat, 07 Nov 2009 22:45:32 -0600

Oh my.. Bank Of America, You say what ??? Jane has the story below.

Via Jane Penttinen (Sunstreet Mortgage, LLC - Sr. Loan Officer):

Excuse me BofA! You CAN NOT have it both ways!

I refinanced a loan this week for some past clients. I did their purchase loan in 2005. We did an 80-15-5 because they had another home that had not closed yet. The 15% second was a home equity line of credit. Their previous home sold and they paid off the 15% second in March of 2006. They never drew another dime on the equity line.

June 2008:
They received a letter from Countrywide telling them their 0 balance equity line was frozen. They were not allowed to take any draws on the line because the value had decreased. No problem for them. They weren't using the line anyway.

Like lots of other people, the equity in their home has evaporated but current rates are still better than what they had on their first so we put together a Freddie Relief refinance - a great deal for them. We are able to drop their payment $200+ per month and because they didn't have PMI on the original loan, there is no PMI on the refinance even though their LTV is now 95%.

October 2009:
Bank of America (aka Countrywide) rears its ugly head! There had never been a Deed of Release recorded for the "no longer usable" home equity line of credit. The title company received a notice from BofA that there would be a $350 Early Termination Fee in order to do the Deed of Release. Early Termination Fee? On a line of credit they were no longer allowed to use?

Really?? This Early Termination Fee showing on the HUD1 would prevent them from completing the Freddie Relief refinance.

My client took BofA the statement from March 1996 showing where they had paid it off. She took them the letter from June 2008 saying they no longer had a home equity line of credit. She took them the statement showing the $350 Early Termination Fee. She asked them how in the world they could expect an Early Termination Fee when they were the ones who terminated the line. BofA's response - "We didn't close the line. We just won't let you use it." My client spent over an hour discussing this with the Wizards of BofA. At one point they actually told her "if you do your refinance with us we may consider waiving the fee".

Really?? My client told the Wizards of BofA "either this fee gets waived and you allow the title company to record a Deed of Release or I will go to the Attorney General and see what they think! You CAN NOT have it both ways! I didn't terminate the equity line - you did."

Guess what? She got it! Refinance paperwork is all signed - we will record and fund on Monday.

BofA - what are you thinking? How many other people are you pulling this stunt on?

Jane Penttinen, Sr. Loan Officer

Sunstreet Mortgage, LLC

520-547-4150

If you, your friends or family require the services of a mortgage professional, please don't hesitate to call me. I am never too busy for any of your referrals.

BK090736

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Kenmore Washer and Dryer set For Sale

Sun, 01 Nov 2009 09:46:19 -0600

Kenmore Washer and Dryer set For Sale

Location: Clarksville, Tennessee

Great working set for only $300

Call: 931-320-9411

Kenwood Washer 80 Series

Heavy Duty
Super Capacity Plus
Quiet Pak
3 Speed Motor with 4 Speed Combinations
Ultra Rinse System
Push & Turn clockwise to set
Pull to start
Push to stop

Kenmore Dryer 70 Series

Heavy Duty
Super Capacity Plus
Quiet Pak
Push to start Dryer

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Vince Young will be starting QB today against the Jags

Sun, 01 Nov 2009 01:41:57 -0600

Sunday Nov 1, 2009

Tennessee Titans owner Bud Adams has spoken and Vince Young will be starting QB today against the Jags as the Titans seek their first win of the season.

Vince Young has not started a game since the season opener last year against the Jags when he left the game with an injury then replaced as the starter by Veteran Kerry Collins. So far this year the Titans are still searching for that first win of the season. Can Vince Young use his legs and help the team rid the goose egg ?

Ironically the Tennessee Titans have not won a game since they lost to the Steelers last year. So many claim it's the curse of the towl. It has been reported that Keith Bulluck and LenDale White have autographed a terrible towl and sent it to the Allegheny Valley School with a note. "LenDale and Keith wish you all the best. P.S., please release the curse,"

See the story here

Now I will hear from my many Steeler fans I'm sure... But I will still be a true Tennessee Titans fan and and say GO TITANS ! Lets look for the Titans to get their first win of the season and finnish out the season with a decent record. Yes.. there is still time to at least break .500 or better.

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Reminder: Time Change - Set your clocks back 1 hour

Sun, 01 Nov 2009 00:42:35 -0500

Just a friendly Reminder: Time Change - Set your clocks back 1 hour. Tonight we get to gain an extra hour of sleep as it's time to fall back with our clocks tonight. The good thing in the fall, if you forgot to turn your clocks back, you may just be an hour early for church or what ever you have on your daily agenda. Of course there is nothing wrong with that. It's much better than missing church in the spring if you forget to set you clock in advance.

Hope everyone had a great Halloween. November is here and it's going to be a great month. Just think Christmas is only 55 days away and 2010 will be here before you know it !

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

"Fright on Franklin " in Downtown Clarksville

Sat, 31 Oct 2009 03:13:21 -0500

Looking for a fun and safe activity for the children this Halloween ? Come on down to the "Fright on Franklin " in Downtown Clarksville today Saturday October 31, 2009.

The City of Clarksville is hosting the "Fright on Franklin " in Downtown Clarksville today from 4:00 PM to 7:00 PM as local business owners and organizations will set up booths and pass out candy for the trick or treaters this year.

They are also having a costume contest for the kids starting at 5:00 PM and a pumpkin carving contestwhere the pumpkins will be displayed along Frankin Street for judging.

This year the Clarksville Jaycees will also participate in this even instead of the annual Trunk or Treat.

Click here for more information on the costume contest

Check this out.....

Costume Contest Categories:

Babies
Toddlers
Kids 5-8
Pre-teens 9-12
Teens 13-17
Adults 18-54
Seniors 55 & up
Dogs

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Extreme Makeover Home Edition: Scott Family scheduled to air in December 2009

Sun, 25 Oct 2009 22:30:28 -0500

It has been a great week as Extreme Makeover Home Edition returned to the Clarksville - Montgomery County area to suprise one lucky family for an Extreme Makeover. The question on every ones mind.... Who was the lucky family going to be. Excitement was in the air as Saturday October, 17th arrived and the awaited announcement that the Scott family in Woodlawn had received the knock on their door.

It was great to see so many people willing to give up their own time with families and come together to help build the new dream home for the Scott Family. All week long there were so many volunteers working around the clock to accomplish the task of building a new home in only 106 hours.

The old house came down on Sunday afternoon and by midnight workers started pouring the foundation for the new home and by Monday morning the walls were going up. To see this house come from the ground up and to see the finished product that the Scott family will call home is amazing. This is a team effort that was headed up by local builders Don Duncan and Bert Singletary and thousands of volunteers under the direction of the Extreme Makeover Home Edition crew.

MediaWorks and TruePix who stayed on site documented the whole project throughout the week capturing the build process which will create memories for this Extreme Makeover Home Edition in Woodlawn Tennessee. CLICK HERE to view photos and updates from the week.

Usher was the guest star of the week and was there to welcome the Scott Family home. The streets were lined with Builders Don Duncan from Duncan and Duncan Construction and Bert Singletary from Singletarty Construction along with members of the Clarksville Police Department, Montgomery County Sheriff's Dept, EMS, Fort Campbell Soldiers from 5th SFG, Volunteers, spectators, friends and family as the limo arrived. The excitement was in the air as thousands cheered their arrival. When the Scott family got out of their limo, you could see they where so excited as Ty Pennington greeted them next to the bus along with John, Paige, Michael and Usher.

On Saturday the Scott family was greeted by key contributors and was able to destroy her motgage.(Note from the Leaf chronicle) and MediaWorks released that ABC announced that the Extreme Makeover Home Edition - Scott family show will air on December 6, 2009.

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Extreme Makeover Home Edition: Scott Family Update October 22, 2009

Thu, 22 Oct 2009 02:13:19 -0500

October 22, 2009

Woodlawn, TN

Things are moving right along at the Extreme Makeover Home Edition site in Woodlawn, Tennessee as hundreds of volunteers are working through the night putting down sod, laying wood floors and other details inside the home as we are working around the clock to complete the 106 hour build on the Scott family home.

Today is a BIG day as there are a couple things going on in support of the Scott families Extreme Makeover. There will be a food driveheld in the spectators parking lot. Everyone is asked to bring one can of food which will go to the Urban Ministries. There will also be a blood driveheld in the parking lot at Woodlawn Elementry School. In addition to this, Farmers and Merchants Bank is still collecting cash donations as well. For those still wanting to volunteer, please visit the website and sign up.

There is still alot of work to be completed before Friday when the Scott family along with Ty Pennington shout out... Bus driver.... Move that bus ! Be sure to come on out and see what all the Volunteers along with the crew of Extreme Makeover Home Editionhave done to give the Scott family their new home in Woodlawn.

Please don't forget to click this link and donate

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Extreme Makeover Home Edition: Scott Family Update October 18, 2009

Sun, 18 Oct 2009 22:53:52 -0500

October 18, 2009

Woodlawn, TN

Day 2 of the Extreme Makeover Home Edition: Scott Family entered Day 2. The house is gone and the ground work is in motion. Workers will work through the night tonight getting the ground ready and concrete poured. It won't be long until the framing begins and the new home for the Scott family starts to take shape. The clock it ticking on the 106 Hours to get the house built. Don Duncan and Bert Singletary lead the build team to build a new home for Trina Scott and her 3 daughters.

Before the house was torn down, we went in and took out many items that have been donated to the Habitat for humanity. It's great to see things that are able to be used by others.

The Spectator area has been set up for those wanting to come out and see the home as it is being built. You can visit the site from 7:00 AM to 7:00 PM Parking will be at Woodlawn Elementary School and bus transportation will be available to the site. On Thursday there will be a blood drive from Noon to 6:00 PM and a canned food drive will be ongoing this week as well.

Also, please don't forget that Farmers & Merchants Bank will be accepting cash donations for the project and the family. If everyone could donate $1.00, Just imagine how much money could be raised.

Click here to Donate

Even if you are not local and want to contribute, please feel free to Donate by clicking the link above

Note from the builders:

Builders Need Drinks for Construction Crew Builders on the Extreme Makeover site in Montgomery County have a need today for drinks for construction workers. Some bottled water is available, but construction workers also need sodas and energy drinks. Even though temperatures are comfortable, workers will be needing hydration...

If you are able to provide drinks, please bring them to the voluteer staging area at the Clarksville 79 Riding Club on Lake Road.

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Extreme Makeover Home Edition: Scott Family

Sun, 18 Oct 2009 00:43:13 -0500

July 17, 2009

Woodlawn, TN

Today Extreme Makeover Home Edition suprised Trina Scott and her three daughter as they where chosen for a new home to be built by local builders Duncan & Duncan Construction along with Singletary Construction.

The Scott family will get a Disney World vacation while their new home is being built. Trina's husband David was a Clarksville Police officer killed in the line of duty in June 2002.

Press Release

There will be a spectator area open to the public starting Monday October 19, 2009.

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Extending the First Time Home Buyers Credit for Military Families

Mon, 12 Oct 2009 22:29:31 -0500

Looks like our military men and women serving over seas will get an extention on the First Time Home Buyer Tax Credit. Cindy gives us the details below.

Via Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World):

The US House of Representatives overwhelming voted to extend the first time home buyers credit for an additional 12 months to anyone in the military who has served overseas for three months in 2009. In a vote of 416 to zero the bill now has to go the US Senate and the President for final approval.

This extension could give up to 350,000 military families currently deployed overseas unitl November 2010 to take advantage of the current tax credit. In addition the IRS "recapture" rules will be waived for any service member who is deployed and must sell or rent their home.

Known as the Service Members Home Owners Tax Act this bill also contains the provision to waive the income tax liability currently in the expanded Department of Defense Homeowners Assistance Program.

The next step for this bill (HR 3590) is for the Senate Finance Committee to review the bill and hopefully move it to a vote in the full Senate.

This seems to be one time that the US Congress, Senate and President should be able to agree. Extending the tax credit for our military is the right thing to do no matter what your political beliefs.

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Mortgage Delinquencies - The Coming Storm

Sun, 11 Oct 2009 00:32:28 -0500

Here is a very interesting report from Jeff about the number of mortgage delinquencies across the country. For the 2nd Quarter 2009, Tennessee is # 16 on this list and Kentucky is # 22.

Now I do know that BOA and Freddie Mac along with other Mortgage companies are indeed trying to help homeowners with a lone modification. Actually just today I was able to help a homeowner get a 3 month trial payment and reducing their payment from 7% down to 2%. Of course they must qualify for the Loan Modification and there are some requirements such as the home to be owner occupied.

Read this article and let me know what you think.....

Via Jeff Geoghan MBA - Lancaster PA Real Estate Expert (The Jeff Geoghan Realty Group, Coldwell Banker Lancaster PA):

This is one of those posts where I wish I didn't have to write it, but felt it was so important to my readers that I would be remiss not to at least talk about it.

Everyone out there probably knows somebody who is behind on their mortgage payments, looking for alternatives and likely also just finding out that their home's value has dipped below what their loan amount is. I know some within my own personal circles. It's a tough situation for me to advise them as a professional because it's such a personal challenge to their pride and self-worth, not to mention their plans and dreams for the family. The question we're asking is "when is this going to stop and where are we heading?"

I'm going to put up a few graphs that show the trends nationally with regards to mortgage delinquincies:

This chart is by quarter - Single-family mortgages set a new record delinquency rate in the second quarter of 2009, according to a quarterly survey by the Mortgage Bankers Association. Those of us in the real estate business see the foreclosure process (just visit the local Sheriff Sale docket to see the current numbers) but the looming delinqency-to-foreclosure issue is far, far larger.

The Wall Street Journal on 8/3/09 reported the following quote: “While subprime mortgages sparked the first round of housing problems two years ago, now "troubles are lurking further up the food chain," says Joshua Shapiro, chief U.S. economist at MFR Inc. White-collar job losses have accelerated while more adjustable-rate loans to prime borrowers are resetting to higher payments. ‘You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top,’ he says.”

The first objection someone may have would be to say "yes, but historically those who are delinqent usually get their act together and come current on the mortgage after a while". That WAS true, but not anymore! We call that the "Cure Rate", that is the rate of delinquencies that go back to current. The Wall Street Journal reported on 8/24/09 about a Fitch analysis that found that the Cure Rate from 2000-2006 was 45% (which means about half of people fix their delinquency). However, as of July 2009 the rate had dropped to just 6.6%! That means that over 90% of delinquent customers are going to foreclosure. Take a look again at the above chart...

The next thing someone will say is "well, that's the 'sand states' and not my area". Here's the chart for all 50 states showing the same breakdown of delinquencies and foreclosures. Guess what - most states have a significant problem, especially compared to historical figures.

Now the next thing someone may say is "aren't those loans going to get 'fixed' by a loan modification?" I know several people right now who are applying for a Lancaster County loan modification but are waiting and waiting. I hope it works out for them...

In reality, loan modifications are hardly making a dent. To me, that's a burning question. Why arent banks being more aggressive in giving customers the option to extend their loan and/or reset to a lower rate? Why are they being SO difficult? The people I know don't want to be foreclosed. They CAN make payments. They just need the terms redrawn to allow them to catch & keep up. Loan modifications are not helping us get this crisis under control.

What are the causes of all these delinquencies? Here's a chart that is enlightening:

We hear a lot about adjustable rate mortgages being the culprit, but the reality is that it's the loss of jobs and the tanking real estate market that's the perfect storm. See my previous post on unemployment in the nation, the state and Lancaster County.

Keep in mind, this post is not intended to give us "good news". You may be experiencing good things in your market and that's great. My intent is to get us thinking about the challenges that aren't going away and how we're going to address them as homeowners, agents and professionals. I'd love to hear your ideas!

Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

Roland's Blog

Vote for Thea Agnew in the 2009 Operation Rising Star

Please click this linke and VOTE for Thea Agnew

Please click this linke and VOTE for Thea Agnew

Meet the Judges and Celebrity Guests

Party Lite Event in Clarksville, TN

Please RSVP to attend HERE

~OR~ Order online at: www.partylite.biz/carolinesdream ~ Host: Terri Woodworth

Is It Wrong to Work With More Then One Realtor?

Here Come The Blog Cops! December 1 FTC Changes

Excuse me BofA! You CAN NOT have it both ways!

Kenmore Washer and Dryer set For Sale

Vince Young will be starting QB today against the Jags

Reminder: Time Change - Set your clocks back 1 hour

"Fright on Franklin " in Downtown Clarksville

Extreme Makeover Home Edition: Scott Family scheduled to air in December 2009

Extreme Makeover Home Edition: Scott Family Update October 22, 2009

Please don't forget to click this link and donate

Extreme Makeover Home Edition: Scott Family Update October 18, 2009

Click here to Donate

Note from the builders:

Extreme Makeover Home Edition: Scott Family

Extending the First Time Home Buyers Credit for Military Families

Mortgage Delinquencies - The Coming Storm

~OR~ Order online at:

www.partylite.biz/carolinesdream ~ Host: Terri Woodworth