Buying a foreclosure, says first­time home buyer Jena Edone, “can be a little scary when there’s no seller involved, and there’s no dis­closure on what’s happened to the property. You’re going visually on what the place looks like till the in­spection. But the flip side is, you can walk away with a really great deal.”

Full story is available on NorthJersey

Amy Haenner, a broker at Legacy Lending Group in Fort Wayne, Indiana, is processing eight mortgages this week. None of them are for home purchases.

Full story is available on BusinessWeek

Today, an increasing number of individuals are taking up residence in condominiums. People under the working population class in particular are gearing towards living in what is famously known as convenient, modern and highly central residences. The rise of home owners wanting to live in this type of home is very promising to the point that every condo holder must have condominium owners insurance to make their stay as pleasant and safe as possible.

Living in a condominium these days are far more convenient as compared to residing in standard homes. These residences are near or at the heart of metropolitan life, modern, elegant, stylish and you get to enjoy the best of both worlds – both in your personal and professional life. Because of this, condo owners are now obliged to consider condominium owners insurance in order to guarantee security of your personal belongings as well as indemnity during uncalled events. To help you understand more about this kind of insurance, here are some facts about it.

What is condominium owner insurance?

Like any insurance, condo owner insurance is a kind of home and title holder protection that safeguards any individual living in a condo unit against emergencies, natural phenomenon’s as well as value for personal possessions. Because condo home owners association gives importance to every resident, dwellers are now entitled to obtain a single package policy. In this way, it is more convenient and economical, allowing not only the owner but as well as the building protection against all kinds of elements.

What issues does this insurance cover up?

• Property – one of the most basic issues this insurance covers is a condo owner’s personal stuff surrounded by the unit. This pertains to an individual’s clothing, furniture, appliances, electronic gadgets, jeweleries and the likes. This assures the resident that any personal item lost or damaged due to condo issues will be most likely replaced.
• Natural Occurrences – inevitable circumstances like earthquake and typhoon can cause great havoc in one’s home and property, thus, offering tenants fast and speedy claims when the time calls for it. However, do keep in mind that there are different types of insurance allocated for these occurrences especially in building located in accident prone vicinities so make sure you inquire about it first.
• Individual Accountability – intended for guests visiting one’s place, this condo owner insurance protects condominium owners’ form shelling out too much money when unexpected emergencies happen such as getting injured or slipping inside the building.
• Building – from the floors, walls, elevator, parking lot and the likes this helps you be insured with these responsibilities.
• Home Improvement – having renovations in your condo can be covered by this insurance as well helping you trim down your home expenses.
• Home Value – instances like adding better and newer furniture s and fixtures other than the things already around the house can help your condo unit’s home value to appreciate.

How do you know when you have adequate or insufficient coverage?

Generally, the best thing for you to know when you have got just the right amount of home insurance or if you are in need to obtain more is by doing evaluations. Ask yourself if your present insurance can cover up every little detail of your condo. Also, see to it that your insurance gives you 100% coverage of any item lost or damaged. The best way to do this is by adding about 10% to 20% of your total estimation in order to adjust with modifications.

Is decreasing your condo insurance possible?

Yes it is. There are various ways that can aid you to make your insurance be more inexpensive. First, you need to know how much exact coverage your condo association and condo owner insurance has in order to make deductibles effective. A deductible is the sum of any covered loss you have to pay before the insurance repayments start. Increasing you deductibles can be done by setting up anti-theft devices (security locks, door bolts, CCTV cameras, a hallway video cam and security alarm system and fire safety (e.g. fire extinguishers or ceiling showers). A raise in deductibles lowers your premium as well as your insurance expenses.

By having a condominium owner insurance, living in these units has now become a lot safer and well-guarded. Enjoying your residence is obtained. In addition, knowing that your unit and all of your belongings are insured helps you relax more and gets rid of unnecessary stress.

As they say, there is no place like home. It is like an attachment that all people do not want to let go of any given time. A house is not just a structure; it provides comfort and security to the people living in it. Families bond and establish closer relationships in it. That is why, treasuring your home well is necessary. As a home owner or a soon to be owner, you can ensure your house by getting a homeowner insurance. It is a defense while at the same time letting you reap benefits as well.

To understand what homeowner insurance is all about, here is a complete question and answer guide to help ease you and other home owner’s thoughts. Knowledge is power so it is best that you arm yourself with it.

Question # 1: What is homeowner insurance?

Answer: Homeowner insurance is a form of real estate insurance that pertains to private residences. Also known as hazard insurance, it is a type of protection that assures every home owner financial security in times of natural disasters such as earthquake, fire, flood and other perils that may damage the value of the property.

This insurance is like a package deal since it implies the policy of covering both the harm to your residence, your accountability for any damages, property dents you and your family may have caused to your neighbors as well as the harm that your household pets may have done.

Question # 2: Why do you need to obtain this insurance?

Answer: Owning a house is a very significant investment to have. It is an asset that you must cherish and guarantee protection. Plus, purchasing a house these days require the need of homeowner insurance before you can completely gain ownership rights to the property.

Question # 3: What are the different types of policy?

Answer: Homeowner insurance policies quite vary from one another. The policy you have when you rent a house is not the same once you own it or when you live in a condominium or a co-housing property.

1.) If you pay for monthly home rents, then you have the

• HO4 – Renter insurance. This covers all individuals who rent a house wherein all your belongings (e.g. appliances and furniture’s) are insured against all types of calamities.

2.) When you own the house

• HO1 – Limited Cover Policy. The least insurance that gives protection to you and your asset and is no longer available in some parts of the states.
• HO2 – Basic Policy. Gives protection against all kinds of disasters and a policy that is also available for mobile homes.
• HO3 – Most Popular Policy. It is the most common type of homeowner insurance that gives protection for single-family homes to multi-family homes. The policy that offers the broadest insurance coverage.
• HO8 – Old Homes. Specifically intended for old age homes, HO8 insurance repays you all the damages of the house on a cash basis.

3.) When you own a co-house or condo

• HO6 – Co-op/Condo. This homeowner insurance policy covers all your possession from adversities as well as certain areas of the building that you own.

Question # 4: Where do you find the best homeowner insurance?

Answer: Your best choice is to rely on the internet to get you help in locating for the perfect insurance for you, your family and your home. There are hundreds of legitimate online companies out there offering this security. You can also contact your local insurance company or an agent to help you obtain it. Go to Insurance Local website to help you locate more homeowner insurance companies depending on which state you are living.

Keep in mind that you might need to get another insurance policy for earthquake and flood coverage especially if you live in areas where these disasters typically occur. Most general insurance’s do not cover these things.

Question # 5: How will you know that you got the best insurance rate?

Answer: The best solution to this is to never rush. Instead, take your time and shop around. Compare each online insurance company and local homeowner insurance firm’s rates, terms and services. Go for the one that you feel best suits you and your family’s needs.

Getting homeowner insurance is the best way to secure you, your family and your investment when certain natural occurrences take place. Financial assistance and coverage of the house is given to you in order to help lessen the burden.

Buyers these days are very picky, and with so many existing houses for sale on today’s market, they can afford to be.

Agents and brokers say buyers, especially first-timers, are wary of houses that even hint of problems.

These buyers feel that because they have had to stretch limited funds to cover down payment and closing costs, and with credit so tight, the last thing they need is having to replace a furnace when they move in.

One answer, and the emphasis is on “one,” is a home warranty, typically bought by the seller to cover the first year after the house is purchased. At year’s end, the new homeowner has the option of renewing the warran

Full story is available on philly.com

In many neighborhoods, “for sale” signs rival the number of telephone poles, and some of those signs are looking weather-beaten. Even owners of oceanfront properties are having trouble finding buyers, at least at a price that will cover the mortgage.

One way around this problem is to stay put until the economy turns around and the housing market recovers.

But if you’ve lost your job and need to move to find employment, that’s not an option. Even if you’re lucky enough to find a buyer, closing the deal could take weeks or even months.

In the interim, it’s not enough to ask your next-door neighbor to keep on eye on your property until the new owners move in.

You should also contact your insurance agent, or the company that provides your homeowners insurance.

Standard homeowners policies are designed to cover homes that are occupied. If you leave your home uninhabited for a month or longer, your policy may not cover damage or losses, says Michael McRaith, director of the Illinois Department of Insurance.

You could also expose yourself to lawsuits, McRaith says. If a child gets hurt while playing on your property, your insurance may not protect you from liability, he says.

Full story is available on Seattle Times

Certified distressed property experts, Karen Melillo and Anastasia Satras, of Sedona Realty, have made it their mission to inform worried homeowners of the options available. To that end, Melillo and Satras have created an information website.

The website covers all of the options available to homeowners facing foreclosure or who fear they soon will. The site explains in detail how a “short sale” works to avoid foreclosure and possibly loss of credit.

For some homeowners facing foreclosure, a short sale could be the lifeline that saves their credit and, perhaps, their self-esteem.

The website explains that a short sale might avoid foreclosure when a homeowner owes more on the property than it is currently worth (commonly referred to as being upside down). This typically requires that the homeowner has a qualifying hardship instead of simply wanting to get out of the property and buy another at a lower price. Acceptable hardships include, but are not limited to, mortgage payment increase, job loss, divorce, excessive debt, and forced or unplanned relocation.

Full story is available on Verde News

t’s the untold mortgage crisis– homeowners who get scammed while trying to keep their homes out of foreclosure.

In St. Louis, Friday, officials with the Federal Reserve Bank of St. Louis, the Federal Trade Commission, and attorneys general from Missouri and Illinois kicked-off an initiative to prevent loan modification scams. Julie Stackhouse is senior vice-president of the Federal Reserve Bank of St. Louis.

Stackhouse said, “Foreclosures are now approaching an all-time high of nearly 8-percent.”

That has created an environment ripe with opportunity for scam artists.

Illinois Attorney General Lisa Madigan said, “What they say to people is ‘We understand that you’re struggling, that you want to save your home, and we’re experts. We can work with your lender.’”

Madigan said it’s a lie.

“I have never seen a legitimate, for-profit loan modification service,” she added. “The vast majorityof these scammers do absolutely nothing that they promise to do. So they don’t contact the lender, they don’t get a modification on your mortgage, and they don’t represent you in court. So whether these folks call themselves ‘loan mod consultants’ or mortgage rescuers, these are totally con artists. And they are nothing more than opportunistic predators.”

Full story is available on KSDK.com

Failed mortgage lender Countrywide Mortgage, once the nation’s largest home lender, has agreed to pay $108-million in fines to the Federal Trade Commission for scamming homeowners in foreclosure out of excessive fees.

The Countrywide settlement comes more than two years after the FTC charged the failed lender with collecting excessive fees from cash-strapped mortgage borrowers in foreclosure. The cases involved jacking up fees for such services as property inspections, clean-ups, and charging $300 to mow a small track home’s lawn.

“Life is hard enough for homeowners who are having trouble paying their mortgage,” said FTC chairman Jon Leibowitz. “To have a major loan servicer like Countrywide piling on illegal and excessive fees in indefensible.”

Former homeowners that were victims of the alleged scam by the lender, taken over by Bank of America at the height of the Wall Street financial meltdown are expected to be reimbursed from the proceeds, but federal officials have not said how much or when they should expect to see any of the money.

Full story is available on Housing Predictor

When it comes time to buy that dream home, the cost to insure it is often overlooked. The Insurance Information Institute says there are two questions everyone should ask before they buy: How much will the home cost to insure? And, will separate coverage be needed for certain disasters, such as flood or earthquake?

Insurance is an expense you will have for as long as you own the home. Before purchasing a home, there are important factors to consider that will affect the cost of insurance. The I.I.I. has created a checklist to help:

• How far is the home from the fire department? Houses that are near a fire station with professional firefighters usually cost less to insure.
• What is the condition of the plumbing and electrical systems? Poorly maintained, unsafe and/or outdated systems can cost more to insure.
• Is the home vulnerable to wind damage? Find out if private insurance is available, or a state-run insurance program. Is there a windstorm deductible, and how high is it? A home on or near the beach may be more costly to insure than one inland.

Full story is available on Insurance Information Institute