Author Archives: Donald

Want to Sell? Make Your Home Stand Out

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What should you do if you want to sell your home?  How would you display it for the best results?  A recent HGTV show suggested that you should make your home appeal to the masses.

But this brings up a difference of opinion.  Alice Chan disagrees.  She thinks  homes targeted toward the masses are boring white boxes and that a house decorated in a plain manner would soon disappear in a blur.  Nothing would distinguish the house from any of the others that were viewed the same day.

Besides, she argues that the “masses” are not going to buy it and live in it. An individual is.

She believes the home should be targeted toward the type of person you would expect to live in the home.

Read more: http://www.trulia.com/blog/ailce_t_chan/2011/08/don_t_make_your_house_appeal_to_the_masses

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MERS Wins Case in Kentucky

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The U.S. Court for the Western District of Kentucky, Paducah Division, has ruled in favor of Mortgage Electronic Registration Systems Inc. (MERS). The case was filed against MERS by the clerks of two Kentucky counties where they sought to collect the recording fees that the banks avoided by using MERS.

Kentucky law, like most other states specifies that when a loan is assigned the holder of the loan must record the assignment within 30 days. It appears to me that MERS did NOT comply with Kentucky law and may still face some consequences. But, the judge ruled that the county clerks had no standing in the case because the law was designed to protect the property owner, not the clerks.

First, the county clerks are not members of the class of persons the General Assembly intended to protect by the recording statutes cited by Plaintiffs. Here, the class of persons intended to be protected by Kentucky’s land recording system consists of existing lienholders seeking to give notice of their secured status; prospective purchasers and creditors seeking information about prior liens; and owners of property seeking release of liens once debts are paid off.

And:

The purpose of the statutes cited by Plaintiffs is to assure that liens are discharged when an underlying loan is paid off, to give subsequent purchasers and lenders notice of recorded liens, and to allow creditors to give notice of their secured interest in the property.

The suit was dismissed with prejudice.

Read more: http://nationalmortgageprofessional.com/news28486/legal-action-against-mers-dropped-kentucky

And the ruling: http://www.leagle.com/xmlResult.aspx?page=1&xmldoc=In%20FDCO%2020120221C28.xml&docbase=CSLWAR3-2007-CURR&SizeDisp=7

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Evicting Tenants Using a Tractor

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Here is a novel eviction technique, but I don’t suggest you try it. Paul Finman in northern Idaho had been trying to get the occupants of his house (I understand that they were not paying rent so that makes them occupants and not tenants) for 18 months.

The occupants were a family of “sovereign citizens”, folks that don’t recognize the legitimacy of the government. They must also have not recognized the legitimacy of the landlord either.

Apparently, he decided to solve his problem on his own. Using a farm tractor with an end loader he began dis-assembling the house. Three of the occupants, the wife and two children, were inside and fled. The husband was not present at the time. Of course, this action got the sheriff involved and they arrested Finman, charging him with three counts of assault.

Finman eventually pled guilty to disturbing the peace and received a sentence of 180 days, which was suspended after two days. He was also fined $400 and costs.

It would appear that it cost him a lot less here than a regular eviction.

Who wants to try it here?

Read more on eviction.

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FHA Loans Soon to Become More Expensive

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Do you need/want an FHA loan? It will soon get more expensive.

Expect to pay more. FHA needs the money and thinks you can afford it. The new fees are set to begin April 1 of this year.

Even though FHA itself doesn’t make the loans, it insures them.

First, the mortgage insurance premium will rise from 1.15% to 1.25% for loans under $625,000. The premium will be even larger for larger loans.

FHA will also increase the upfront mortgage premium from 1.0% to 1.75&.

According to The New York Times, a borrower with a 3.5 percent down payment with a mortgage of $193,000 can expect to pay an upfront mortgage premium alone of $3,377, compared to the prior $1,930

The premium can be rolled into the mortgage.

The FHA expects to raise $1.25 Billion additional revenue by Sept. 2013.

The NAR (Realtors) is strongly opposed to this action.

Read more on mortgage fees.

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Former Nevada State Senator William Raggio Dead at 85

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Former Nevada State Senator William Raggio died yesterday, 2/23/2012 while vacationing in Australia.  Raggio was 85.  He was the longest serving member of the Senate’s history.

Nevada State Sen William Raggio

Sen William Raggio

R.I.P.

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