Man Faces Charges for 5 Fraudulent Mortgages

August 17, 2009
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Jeffrey Barry who was arrested in Houston, Texas, has been charged with five counts of obtaining mortgage proceeds under false pretenses in a mortgage fraud scheme.  Five fraudulent mortgages worth nearly a half-million dollars were involved.  He shall be extradited to Michigan.

Here is how Barry executed the scheme:  When a homeowner is already at risk of losing his or her home, Barry would approach him or her, offering his services as a “mortgage foreclosure rescue” agent.  He pretends to attempt saving their home from foreclosure by offering to buy it from the homeowner and selling it back to the homeowner under a land contract.  But then, the down payment is…

Actor J.K. Simmons 4,190-Square-Foot House Comes on Market for $1.795M

August 17, 2009
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Actor J.K. Simmons is now selling his house for $1,795,000.  This is quite a price cut from the previous asking price of his contemporary-style house in Los Angeles’ Hollywood Hills which was $1,995,000.

Simmons’  house has been on an on-again, off-again listing and Lauren Beale of the Los Angeles Times wrote on August 3 about Simmons’ new asking price.  A story about Simmons’ listing of the 4,190-square-foot house was first broken in October last year.

The house is just next door to the 4,014-square-foot house that Pussycat Doll Nicole Scherzinger purchased from MTV’er Daisy Fuentes in 2006 for $2,165,000.  Both houses are located on a private street.

Built in 1999, Simmons’ house has…

Understanding Your Homeowner Rights Might Alleviate Foreclosures

August 15, 2009
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If you are to go through a foreclosure process, better be prepared.  The best preparation you can have involves a lot of reading and knowing about the process itself, and most importantly, about your rights as a homeowner.  It is going to be a long series of court proceedings and deadlines.  You have to pay special attention to these proceedings and deadlines to know how much time you have to protect your homeowner rights on a foreclosure.  However, you must remember that with your homeowner rights, it is still possible to delay if not alleviate the foreclosure.  So be sure that you understand your rights and how they can help…

So You Want to Be a Home Inspector?

August 15, 2009
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Earlier, we have discussed the things that a home inspector does.  Maybe you answered, “Yes, I can do that… and that, and that…” the entire time you were reading about the job.  So now, start taking your baby home inspector steps and help yourself with the following guide.

First things first: prepare to do some formal training when attempting to become a home inspector. In order to function efficiently in this capacity, you will still need some schooling even if you already work in the construction industry. You may already have an eye for spotting problems within a home - and this ability will certainly serve you well as a professional home…

What Does a Home Inspector Do?

August 15, 2009
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Being a home inspector is a viable profession that’s usually in demand, especially in a thriving real estate market.  If you’re thinking of becoming one, it would really help if you are naturally meticulous and particular about details.  In other words, if you have an obsessive-compulsive personality disorder, that could actually help you succeed in the profession.  Why?

The answer to your question is because the job of a home inspector is to give customers a realistic review of a home.  If you are going to be an inspector, you are not going to estimate the value of an appraised home; instead, you are going to make a comprehensive listing of…

Federal Reserve is Kept From Raising Interest Due to Commercial Real Estate Meltdown

August 13, 2009
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What’s the difference between the economy and residential real estate markets and the commercial real estate market?  If you have been watching or listening to the news, you can easily answer this question with, “While the former is gaining their footing, the latter is still struggling.” And this is keeping the Federal Reserve from raising interest rates in the near term.

Although this is a definite downside to commercial real estate, this is also a definite upside to the residential markets who are now taking advantage of the suffering commercial real estate.  A strong bottom being formed gains the confidence of consumers and the interest rates that are dropping only enhances…

What is a Mortgage Calculator and What Can it Do for You?

August 13, 2009
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Not everyone loves Math.  And it would even be more acceptable when we put it this way: most people dislike Math and/or anything related to it.  Unfortunately, Math is everywhere—even in your mortgage! But fortunately, there is such a thing called a mortgage calculator, which is designed to do the entire Math for you.  Whether you are realtor, a mortgage company owner, someone who works in the business world or an individual who is interested in determining the monthly payment that is associated with a potential or current loan, the mortgage calculator is a helpful tool for you.

The process of determining the monthly payment on a loan would be much…

Craigslist Rental Scam from Nigeria is Now in America

August 13, 2009
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Renters in America are now the new target of the Nigerian con artists, which is famous for the Advance Fee Scam, or 419 frauds.  Just like how most common frauds are done, they try to collect rental deposits on homes they do not own.

Now if you are looking for a rental property and you are using Craigslist in the process, you should not only be making contact through the internet.  It is always safer to transact an important matter with someone face to face.  Otherwise, you and your money could be in danger, especially if a deal seems too good to be true.  Yes, it is most likely not true. …