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March 2007
When you're traveling for business or pleasure...how safe is your credit card while you're in your hotel room?
Most would answer "very safe" because the card is right there with you, either tucked securely in a wallet or locked in the safe. But beware...it might not be as protected as you think. There is a new scam lurking about hotels, and it's not coming from hotel employees - it's from people outside the hotel altogether. Here's how it works:
The phone in your room rings and the individual on the other end identifies themselves as someone from the front desk. They say there is a problem with your credit card and the number needs to be verified. You cooperatively pass along the information, and don't think about it again until the monthly statement arrives with a slew of charges that are not yours.
Suddenly you realize while on vacation or caught up in an important business trip, you were scammed!
So how do these individuals get to your room if they do not know your name? They simply call the hotel and randomly ask for room numbers until they can get through to a person in the room, or they ask for a hotel guest with a common last name like "Smith" until the connection is made. One way or another, they get through and scam hotel guests.
If a call is ever made to your hotel room requesting credit card information, taking just one precautionary step will confirm whether or not the call is a legitimate one. Simply ask for the hotel employee's name and tell them you will come down to the front desk and provide the credit card information. Asking for the name may cause the scammer to panic and hang up - but even if a name is given, take the time to go to the front desk and confirm the call. According to the American Hotel and Lodging Association, hotels never ask for credit card information over the phone. So, chances are good that receiving a call like this is a scam, and taking the time to walk down to the front desk will confirm whether there really is a problem with your card.
Be on guard for anyone asking for your credit card number over the phone, and ensure that you can enjoy your vacation or focus on that business trip with the peace of mind that you are not getting scammed.
6:33 PM - Mar. 31, 2007 - {1} -
Our friends at msn.com have once again come up with the perfect list - what is the best time to travel to some of the best destinations in the world. If you're going somewhere this year check this out.
March: Phoenix
The warm Arizona desert takes on even greater appeal in March, when spring training baseball comes to town. Twelve teams play daily pre-season contests in the Cactus League, nine of them within 40 minutes of Phoenix. Games are quick afternoon affairs, with most of the big leaguers departing after four or five innings. That leaves plenty of time for 18 holes at Troon North Golf Club, or a spa treatment at the legendary Sanctuary Camelback Mountain Resort.
April: Amsterdam
The pleasures of April in Paris are the stuff of movies, but the City of Light can't top springtime in Holland. The fields and gardens southwest of Amsterdam are at their most spectacular in April, when millions of tulips, hyacinths, daffodils, crocuses and other bulbs burst into bloom, creating a blanket of riotous colors that stretches for miles. The colors are so vivid that photographers from Fujifilm come here periodically to check their film's accuracy. For the complete Netherlands experience, rent a bicycle at Keukenhof Gardens and pedal your way around the bulb fields.
May: Yosemite National Park
America's most photographed national park is at its finest in May, when the snow-capped peaks of the Sierras melt into Yosemite Valley, creating the majestic waterfalls for which the park is renowned. You'll have even more pristine wilderness practically to yourself if you visit during the short window between the opening of the Tioga Pass Road (late May or early June, depending on snowfall) and the onslaught of summer crowds. The 39-mile Tioga Roads head out of the Valley (where 90% of Yellowstone's 3 million annual visitors spend all their time) into lightly used Tuolomne Meadows.
June: Chicago
Summers in the Windy City are short, so Chicagoans fill them with as many outdoor events as they can think up. The Chicago Gospel Festival gets things started on a joyful note during the first weekend in June, followed the weekend after by the Chicago Blues Festival. At the end of the month, millions gather for the Taste of Chicago, when more than 60 restaurants dish out samples of their ribs, cheesecake, pizza and funnel cakes. Ravinia, the summer home of the Chicago Symphony Orchestra, begins its season of outdoor concerts in June, and the Cubs play 14 baseball games at Wrigley Field in June, plus another three against the White Sox at U.S. Cellular Field (June 22-24) for hometown bragging rights.
July: Alaska
The warm days and short nights of July create the ideal conditions for experiencing America's last frontier. You'll never see everything Alaska has to offer, but go ahead and try. Hike in Denali National Park; cruise through the fjords and inlets of the Inside Passage; ride a float plane into the wilds of the Kodiak peninsula to see bears; or kayak along the Katmai coast and watch sea otters napping on icebergs.
August: Australia
If there can be an ideal month to see a whole continent, it's Australia in August. That's winter Down Under, but Australian winters are more like Florida's and less like the snow and sleet onslaughts of the American Midwest. In August, conditions are perfect at Australia's two biggest natural attractions. The Great Barrier Reef is one of the world's top snorkeling and scuba diving destinations, but between October and May, it's plagued by humidity and deadly box jellyfish. Ayer's Rock is a stunning place of mystic beauty, but Outback summers (December through March) are blistering. August is also lovely in Sydney, where cloudless 65-degree days are perfect for climbing the Sydney Harbour Bridge or marveling at the Opera House.
September: Kenya and Tanzania
The time to go on safari is during dry season, when thirst drives huge concentrations of animals to dwindling numbers of watering holes. You're also more likely to see wild animals when they aren't obscured by the rainy season's lush foliage. In September, millions of wildebeest, zebras, gazelles and other herbivores migrate from Tanzania's Serengeti into Kenya's Masai Mara in search of water, and predators like lions and crocodiles track them in search of a meal. The incredible array of wildlife is one of the world's great spectacles.
October: Vermont
The Green Mountain State dons a showy blanket of crimson and gold every autumn, drawing leaf-peepers from around the globe. Days spent biking, horseback riding, pumpkin picking or simply wandering driving back roads turn into nights spent by the fireplace at a charming country inn. Accommodations are more expensive this time of year, and for good reason: Almost anywhere you go in Vermont, you'll be surrounded by a picture-postcard scene, complete with spotted cows and covered bridges. Route 100, which runs the length of the state, is an excellent driving tour; the Long Trail, a 270-mile predecessor of the Appalachian Trail, is one of the finest hiking trails in America.
November: India
The end of the monsoon season brings warm, dry days to much of India. It also begins a season of celebrations-the grandest of which is Diwali, the Hindu festival of lights that commemorates Lord Rama's return from exile. The five-day party is celebrated throughout India with fresh flowers, the exchanging of gifts, and the lighting of candles and fireworks to symbolize the triumph of light over darkness and good over evil. Also in November is Rajasthan's Pushkar Mela, the largest camel fair in all of Asia.
December: New York City
Frank Sinatra liked New York in June, but most people prefer Gotham when it's wrapped up with a big red bow for the holidays. Visitors flood the Big Apple every year to watch the lighting of the Rockefeller Center Christmas tree, glide on the tiny skating rink below, take in a Broadway show and browse the windows of the big department stores. With the best of every cuisine in the world, and nightlife that rocks until dawn, where better than "the city that never sleeps" to spend the longest nights of the year?
January: Maui
Go to Maui in January and you'll be twice blessed. First, most of the holiday crowds have gone home already. And second, you'll catch the annual migration of Pacific humpback whales, which pass by Maui's warm waters on their way back to Alaska. You can take a whale-watching cruise to get up close and personal with these giant mammals, but you're just as likely to spot them leaping out of the water while you lounge lazily on one of Maui's gorgeous white-sand beaches.
February: Brazil
February falls in the middle of South America's summer, so when Brazilians party, it's during weather warm enough to wear the world's skimpiest swimsuits. Rio's Carnaval is the mother of all celebrations-a decadent four-day party on practically every block, with colorful floats and thousands of samba dancers in outlandishly revealing costumes. But don't overlook equally entertaining festivities in Salvador (with an African flavor instead of samba) or Olinda.
6:25 PM - Mar. 29, 2007 - {0} -
It seems like we can't live with them and can't live without them. Here are some tips that
might make living your cell phone a little easier.
FIRST
Subject: Emergency
The Emergency Number worldwide for Mobile is 112. If you find yourself out of the coverage area of your mobile network and there is an emergency, dial 112 and the mobile will search any existing network to establish the emergency number for you, and interestingly this number 112 can be dialed even if the keypad is locked. Try it out.
Subject: Have you locked your keys in the car?
Does your car have remote keyless entry? This may come in handy someday. Good reason to own a cell phone: If you lock your keys in the car and the spare keys are at home, call someone at home on their cell phone from your cell phone. Hold your cell phone about a foot from your car door and have the person at your home press the unlock button, holding it near the mobile phone on their end. Your car will unlock. Saves someone from having to drive your keys to you. Distance is no object. You could be hundreds of miles away, and if you can reach someone who has the other "remote" for your car, you can unlock the doors (or the trunk).
Editor's Note: It works fine! We tried it out and it unlocked our car over a cell phone!"
Subject: Hidden Battery Power
Imagine your cell battery is very low. To activate, press the keys *3370# Your cell will restart with this reserve and the instrument will show a 50% increase in battery. This reserve will get charged when you charge your cell
next time.
Subject: How to disable a STOLEN mobile phone?
To check your Mobile phone's serial number, key in the following digits on your phone: * # 0 6 #. A 15 digit code will appear on the screen. This number is unique to your handset. Write it down and keep it somewhere safe. When your phone get stolen, you can phone your service provider and give them this code. They will then be able to block your handset so even if the thief changes the SIM card, your phone will be totally useless. You probably won't get your phone back, but at least you know that whoever stole it can't use/sell it either. If everybody does this, there would be no point in people stealing mobile phones.
And Finally....
Cell phone companies are charging us $1.00 to $1.75 or more for 411 information calls when they don't have to. Most of us do not carry a telephone directory in our vehicle, which makes this situation even more of a problem. When you need to use the 411 information option, simply dial: (800) FREE 411, or (800) 373-3411 without incurring any charge at all. Program this into your cell phone now.
3:53 PM - Mar. 27, 2007 - {0} -
As we find ourselves on the threshold of spring, let's partake in a little imagery. Try to envision yourself standing in the room of your home that faces the backyard. Peering through the largest window, allow your mind's eye to scan the entire yard. Now, move to your front room and scan the front yard. What do you see?
If your description includes the words "lush" and "vibrant", or phrases like "thriving" and "full of life", congratulations are in order. Somehow you managed to maintain a great looking yard throughout the winter. On the other hand, if it contains adjectives such as "drab" and "dreary", or clichés like, "in need of a facelift", roll up your sleeves – it's time for an outdoor project.
Why a Spring Garden?
For the purposes of this article, the term "garden" refers to any assortment of plants you may envision. For some, it may be a victory garden filled with vegetables. For others, it may be a walkway lined with flowerbeds. There are also those whose "gardens" consist only of potted plants and flowers, and maybe a few herbs. You get the idea.
The first reason for planting a spring garden is because... it's spring. Metaphorically speaking, springtime symbolizes a new beginning. This rebirth of sorts lets us know we've survived another winter and have a summer of sunshine, longer days, and outdoor activities in our near future. What a great reason to enhance the aesthetics outside of our front and back doors.
Realistically speaking, springtime is ideal for most planting. In terms of a vegetable garden, the optimal seed-sowing time is between April and June. The same is also true for most flowers, as well as flowering trees and shrubs. For plants that may require indoor sowing, prior to a transfer outdoors, February and March are a perfect time to get this accomplished.
The next reason to plant a spring garden is it will improve the look of your home. This is especially important for any homeowners looking to sell. Another incentive for trying your hand at gardening is the benefits you'll reap from preparing fresh vegetables out of your garden or decorating your home's interior with fresh-cut flowers. These are not only money savers, but also the "fruits" of your labor, which will serve as constant reminders of the unification of your creativity and hard work.
Lastly, gardening is an outdoor activity that can be enjoyed by anyone. It's not only great exercise, it's also the perfect excuse to enjoy a little sunshine and breathe some fresh air.
Getting Started
There's a saying in woodworking, "Measure twice, cut once". This refers to the fact that measurement and planning are paramount when it comes to execution and the elimination of mistakes. The same is true when it comes to creating a spring garden. The more you conceptualize, sketch, measure, and plan, the better your garden will turn out. As a result, knowing what you want and how you want it to look will make your job much easier.
If you're not sure what you want when it comes to plant choices and garden design, there are a few things you can do. First, go online and search for gardening websites like www.thegardenhelper.com. Websites of this nature are not only great when it comes to general information, they also have a tendency to inspire creativity. Thegardenhelper.com even has a forum where registered members can post questions for fellow members to answer.
Another option is to take pictures of your yard and bring them to a local nursery. Rest assured, someone working there will have great design ideas along with a well-rounded understanding of plant life. What's even better, these local experts will be knowledgeable when it comes to the weather and growing conditions associated with your area.
The next step is to test the soil's pH level. "pH" (which stands for potential Hydrogen ions) is the measurement that determines the soil's acidity or alkalinity. This is important because plants need soil conditions that are appropriate to their needs. Some plants are so sensitive that they won't even grow, let alone thrive, in conditions that are less than optimal.
Testing your soil's pH level is no big deal. First, check with your local nursery to see if they'll do it for you. This process requires you bringing them a soil sample. If your nursery does not offer this service, they will more than likely sell home testing kits. These kits are nothing more than a test tube that holds the soil sample as well as a testing solution. Add the solution to the soil, shake, and wait the appropriate amount of time, as stated in the instructions. The solution will turn a color that corresponds to a chart of pH levels in the kit's manual.
Now that you know what you want to plant, as well as the conditions of your soil, you are halfway there. The next step is to consult either your local nursery or the Internet as to how to adjust the soil in order to make it optimal. The condition of the existing soil, as well as the type of vegetation you're looking to plant, will dictate the appropriate course of action. The good news is that adjusting soil is usually not that difficult.
Whether you're planting from seed or transplanting, every type of plant life comes with specific criteria in terms of planting depth, as well as the required space in between plants. Prior to planting, research the criteria using either the Internet, the experts at your local nursery, or both.
Once you understand what needs to be done, both in terms of the soil and subsequent planting, it's time to purchase some equipment. For those of you who may be gardening novices, here is a list of some basic equipment you will most likely need:
- A good quality trowel
- A spade (you'll use this for digging and transplanting)
- A medium-sized shovel
- A hoe
- A pair of pruning sheers
- A sharp gardening knife
- A 5-gallon bucket
- A small wheelbarrow
- A high quality garden hose and nozzle
- A watering can
- A brimmed hat and sturdy gardening gloves
A Few More Tips
As a fledgling gardener, you will help your cause by choosing plants, vegetables, and flowers that typically thrive in your area. The point being, learn how to work your garden before you take on fussier types of vegetation. Once again, gardening websites and local nurseries are the best sources for this information. Something else to consider when planting vegetables is that you should stick to planting what you like to eat. Otherwise, you'll find yourself constantly giving away produce.
Prior to planting your garden, observe your yard throughout the day. Take notes on where and when the sun hits, as well as for how long. This information will be quite helpful as certain plants do better in direct sunlight, while others do better in shade.
Potted plants (both outdoor and indoor) typically do better when placed in an area that closest resembles their natural habitat. For example, most cacti do best in direct sunlight and benefit when placed in the sunniest spots of your home. At the same time, many tropical plants do well in warmth and humidity, and can thrive in bathrooms which receive natural light. Do your research on the plants you choose, and place them in the most appropriate spots around your home.
Herbs not only do well in backyard gardens but also grow quite nicely when potted and placed on a balcony or deck. They even grow well when planted in window boxes and placed on your windowsill. The point is that no matter where you live or how small a space you have to work with, anyone can have an herb garden.
Whatever you do, don't let springtime pass without taking advantage of planting opportunities. A spring garden of any kind will not only enhance your home but may enhance your life as well. Good luck and happy gardening.
1:14 PM - Mar. 25, 2007 - {0} -
You did everything right; everything your trusted real estate agent advised you to do. You were referred to a qualified mortgage professional, had a great, meaningful conversation about your short- and long-term financial goals, and were quickly pre-approved for a loan. Together, you and your agent then searched for and found the perfect home within your budget, and put in an appropriate bid. Finally, you completed the application for your mortgage and were well on your way to qualifying for your piece of the American Dream.
Then one night, while eating dinner, it began. They began! Call after frustrating phone call from fast-talking loan officers with pie-in-the-sky loan programs you hardly understood. You told them you weren't interested, but they kept on calling. Some were relentless! Some were shameless! And some were even downright rude!
How did this happen? How is it that every mortgage company around suddenly knows more about your plans to purchase or refinance a home than even your closest friends and family members?
No, your real estate agent and mortgage professional did not sell you out. In fact, doing so would be an illegal breach of your privacy. The true culprits in this all-too-common scenario are the credit agencies themselves. That's right. The same agencies that hold the key to your most vital credit information not only allow for your file to be flagged whenever you apply for a home loan, they actually sell your information as leads to the highest bidders.
Certain mortgage companies will pay top dollar for the opportunity to know exactly who is in the market for new financing. The practice results in what's known within the industry as "trigger leads." With a price tag of somewhere between $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score, are sold to mortgage companies which then blindly solicit your business.
Unfortunately, no legislation presently exists to prevent credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of solicitations designed specifically to try and discredit the mortgage professionals you know and trust. Their offers may consist of bait-and-switch loan programs which could be counterproductive to your financial goals and needs. After all, you didn’t ask these people to call, you weren’t referred to them, and they know nothing about your personal financial situation. So, how can they possibly know what's right for you?
Your best option, then, is to be prepared. Prior to applying for any loan or mortgage program, be sure to visit www.optoutprescreen.com first and opt-out of future credit bureau solicitations. If, however, you're already deep into the process and it's too late to completely opt-out, request that any solicitors who contact you place your name and number on their Do Not Call list. All telemarketing companies have their own internal Do Not Call list that they must abide by.
Be sure to take down the name of both the company and the individual who made the call, and to let the solicitor know that you're doing so. This way, you will have grounds to seek action against them, should they call again. Let them know that you're aware of your rights and, more importantly, of their obligations.
If, however, you are curious about their programs, listen to what they have to say; but be prepared to ask them a question or two from the list below once they've offered you a rate that seems too good to be true.
- Where did you get my information? Who gave you permission to call me, and how much did you pay for my information?
By asking this series of straightforward questions, you demonstrate that you're not an uninformed or unsuspecting mortgage applicant who can be easily victimized.
- Why should I be willing to speak with you when you weren’t referred to me by someone I trust?
This question demonstrates that you're interested in a long-term relationship with a trusted advisor.
- How are mortgage interest rates determined, and what impacts the rates that you are offering me today?
Many unprofessional and uninformed individuals believe that home loan rates are based on the 10-Year Treasury Note. This, however, is not true. Mortgage interest rates are actually based on mortgage-backed securities or mortgage bonds. In fact, many times these securities trade in opposite directions, and anyone who's looking at Treasury Notes to determine the lock on your loan will provide you with inaccurate information.
Asking this question will demonstrate that you're aware of the fact that mortgage rates can change frequently, even hourly, depending on economic news and market volatility. If they can’t share this information with you, what else might they be leaving out?
- What impact does the Federal Reserve have on the rate I will be paying for my first mortgage with you?
The answer here is that it does not. The interest rates that you pay are impacted by the bonds and securities markets. When the Fed changes short term rates, the "Fed Funds Rate" or the "Discount Rate", only rates for items such as Home Equity Lines of Credit (HELOCs), credit cards, and other similar loans are directly impacted.
- What are the specific closing costs associated with the rate and program you're offering me today?
Many times, interest rates will be quoted with origination fees or discount points included in order to deliver the attractive interest rate being offered. While in some cases your situation may warrant paying these fees to get a better rate, you should always be made aware of these fees and options up front. Also, be aware of any fees disguised as a "Funding Fee." In some cases, these fees have been hidden in order to deliver what seems like an exceptionally low rate with "no points or fees."
1:08 PM - Mar. 23, 2007 - {0} -
Government-sponsored mortgage marketer Freddie Mac is the latest company to weigh in on the growing concern over lending to unqualified home buyers, saying it's tightening its standards for buying mortgages held by such borrowers.
The McLean, Virgina-based company said it would start enforcing the new standards after Sept. 1, 2007.
Shockwaves have been rippling through financial markets as more signs emerge that relaxed lending standards during the housing boom of recent years are leading to escalating defaults and rising losses for lenders and owners of securities backed by such loans.
The latest concern was sparked a few weeks ago, when banking giantHSBC said its bad-debt charges will be 20% higher than forecast, primarily reflecting deterioration for U.S. lender Household.
Among smaller lenders, the credit crunch in the market for low-end mortgages has left companies specializing in these sub prime loans at the mercy of big financial institutions. Several have already filed for bankruptcy.
For its part, Freddie Mac said Tuesday that it would stop buying those mortgages that have "a high likelihood of excessive payment shock and possible foreclosure." Instead, the company plans to buy only sub prime adjustable-rate mortgages, and securities backed by such loans, that have been qualified at the fully indexed and fully amortizing rate.
Freddie Mac also said it would limit the use of loans that don't require income verification or other documentation, and will recommend that lenders collect adequate escrow for taxes and insurance payments.
Moreover, the company said it's developing new fixed-rate and hybrid adjustable-rate mortgages with the aim of giving lenders "more choices to offer sub prime borrowers."
The firm said its new requirements cover mortgages known as 2/28 and 3/27 hybrid ARMs, which currently make up about three-quarters of the sub prime market.
Specifically, Freddie Mac said it will require that borrowers applying for these products be underwritten at the fully indexed and amortizing rate, as opposed to the initial "teaser" rate-often several percentage points below the actual rate for most of the life of the loan.
The company also will limit use of low-documentation loans, so-called "no income verification" products in combination with the 2/28 and 3/27 hybrid arms.
In addition, the company won't purchase "no income, no asset" documentation loans and will limit so-called "stated income, stated assets" products to borrowers whose incomes derive from hard-to-verify sources, such as self-employed persons and those who participate in the cash economy, the firm said in a press release.
"There will be a reasonableness standard for stated incomes," Freddie Mac concluded.
12:59 PM - Mar. 21, 2007 - {0} -
Los Angeles maintained its firm grip on the unenviable title as the nation's least affordable housing market in the fourth quarter of last year, according to a recently released survey.
This is the ninth consecutive quarter that the Los Angeles/Long Beach area anchored the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
In the October-through-December period, just 2% of the homes sold here were affordable to families earning a median income of $56,200. The median priced house in that time cost $525,000.
By comparison, 40.4% of homes sold nationwide in the last quarter were affordable to families earning the median income of $59,600. But the national median price averaged $248,000 during the quarter.
California also accounted for 18 of the nation's 20 least affordable markets and the top seven least affordable, according to the index.
During last year's fourth quarter, appreciation rates moderated in most of the states markets and prices fell in some. But it was not enough to change a well-entrenched trend. For example, affordability in the Los Angeles area inched up from 1.6% in the third quarter, according to the survey.
"A one or two percent drop in price has little effect on affordability," Wes Keusder, chairman of the California Building Industry Association and owner of Costa Mesa-based Keusder Homes, said in a statement.
Indianapolis, where 89%of homes sold in the fourth quarter were affordable to families earning the area's median household income of $65,100, was the nation's most affordable market. The median price there was $113,000 during the quarter.
"It's improved the past four or five months. It certainly appears that affordablility was at its worst last summer," John Karevoll, an analyst at DataQuick Information Systems, said of California's situation.
12:51 PM - Mar. 19, 2007 - {0} -
When it comes to controlling the home thermostat, it's clearly a battle of the sexes. As temperatures dropped across most of the country in February, advertising agency MARC USA surveyed men and women in 800 households to find out who controls the inside temperature. The survey was conducted by OpinionZone(TM), the agency's online research panel.
When asked about adjusting the thermostat at home, 62% said that one partner is in control. However, who controls the dial depends in some degree on whom you ask, explains Karen Leitze, SVP/ Director of Research and Strategic Planning. While 70% of women report that they control the home thermostat, 56% of men say they are in charge. "Control may be a matter of perception," Leitze adds.
To find out what control actually means, respondents were asked what they would do if their partner/spouse made it too warm or too cold. While 89% of all respondents said they would take some action, more than one-third of men (35%) said they would suggest a change or ask permission of their spouse/partner before touching the dial. Temperature control is more clear-cut with women as 80% report they would just change the temperature without consulting their spouse/partner. It's no wonder some men think they're in control, but their spouses/partners think differently.
How important is thermostat control? More than two-thirds of respondents (67%) say they and their spouse/partner differ on a comfortable home temperature. When spouses/partners have differing temperature preferences, who is more likely to raise the thermostat? Gender and age are both factors in who likes it hotter or cooler.
With younger respondents (ages 21-44), four out of five men (79%) said they prefer it cooler than their spouses/partners. Younger women generally agreed with 60% saying they prefer it warmer than their spouses/partners.
However, for all respondents age 45 and up, there was just about a 50/50 split on which partner/spouse wants it warmer or cooler.
It seems that women become more tolerant of cooler temperatures as they age or maybe men feel the cold more as they get older. Perhaps both are true. Is it hot flashes for women? Are men less macho about the cold as they age? Do these feelings about heat and cold hold true when it's warm outside? MARC USA will find out when temperatures hit 90 degrees this summer.
12:48 PM - Mar. 17, 2007 - {0} -
Income tax, sales tax, estate tax, excise tax, alternative minimum tax...and just when you thought you'd paid them all...along comes your property tax bill as a homeowner. But did you know that the National Taxpayers Union estimates that as many as 60% of homes are assessed for too high of a value, resulting in an incorrectly larger property tax bill? Chances are good you might be in that group of people paying too much, so taking the time to review your property tax bill could save you a nice chunk of change.
The good news is that it's easy.
First, contact your local tax assessor's office and ask for someone in the reassessment area. Find out when appeals are heard, and how the process for submitting a property tax appeal works. Additionally, ask for a copy of your property card. Review the card and confirm that the basic information about your property is correct. For example, is the square footage and number of rooms for your home accurate? If the number is incorrect, the county may change the assessment without a formal appeal. If everything on the property card is correct but the assessed value still seems too high, your next step is to gather the following documentation to support an appeal. And don't be surprised if the assessed value is lower than what you think the market value for your home is - many counties use a formula which uses a percentage of market value to determine assessed value. Ask what the formula is, because an assessment which is less than market value still might be too high.
If you have a current appraisal that supports the value being lower using recent market-value information, many counties will accept a copy of the appraisal with the appeal. If the appraisal is outdated, you can order a new one - just call me for a referral to a great appraiser. You can also visit the local assessor's office or search online, and look through the public records for other homes that have similar features to yours, but have lower assessments. Additionally, contact me to get in touch with a great Realtor who knows your area. They will be able to give you current market information for your neighborhood, and help you see how your market value and assessed value stacks up against your neighbors.
Submitting an appeal is generally a fairly simple process, but make sure to take the time to fill out all forms in advance and be prepared with your documentation if there is an in-person hearing that needs to take place.
More good news - according to the National Taxpayers Union, about 33% of property tax appeals succeed! Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home. Please feel free to contact me for more information on this money-saving tip.
12:37 PM - Mar. 15, 2007 - {0} -
Safeguard Your Home and Business against Lock Bumping
The videos on lock bumping are all over the Internet and on local news stations throughout the country. It is becoming common knowledge how to bypass a lock using the method called lock bumping. The spread of this information is causing great concern for individual safety and security for home and business.
As a security professional, I am often asked, “Can people really open locks that easy?” “Should I be concerned?” “What can I do about it?” and “What do you recommend?”
The method of lock bumping using bump keys has been around for many years. The recent spread of this information on lock bumping across the Internet and the news has increased the use of this technique for illegal purposes, and now requires individuals to take precautionary action to protect themselves and their property.
In addition to the security concern, there is an insurance issue. If your home or businesses is burglarized and there are no signs of forced entry, does your insurance cover the loss? If the method used to break into your home or business was the lock bumping method, the signs of forced entry would likely be minimal and might not even be visible.
Installing bump proof locks will provide better safety and security. One of the best bump proof locks on the market is the BiLock cylinder. Most locks have both top and bottom pins and locks with top pins are susceptible to lock bumping. BiLock is a 12 pin locking system with no top pins. The BiLock cylinder also has two sidebars and a trigger mechanism within the key. BiLock is also a restricted key, high security system which allows you to have greater key control. These lock cylinders can be purchased as part of the deadbolt or door knob lock. They can be added to most commercial locks and some residential locks without having to replace the entire deadbolt or door knob.
For homeowners, the easiest solution is to purchase the deadbolt with the Bilock cylinder and replace your existing deadbolt. This is normally a simple installation and usually fits within the existing holes currently on the door.
The BiLock lock system with its patented U-shaped key design and trigger mechanism within the key, require two proprietary key machines to produce a key. These key machines are only available to authorized BiLock dealers, and helps eliminate unauthorized key duplication. This provides another layer of security knowing that no one has copied the key to your home or business. All keys are numbered at the time they are issued. Simply keep an accurate record of the distribution of your keys - as long as all keys can be accounted for, there is no need to change the locks.
The cost to upgrade your locks to prevent lock bumping is more than your average lock but it is a worthwhile investment to maintain the security of your home or business. The cost is small when compared to a denied claim for loss from your insurance company!
When the BiLock lock system is installed on your home or business, you can rest assured knowing that you have bump proof locks on your door.
Dave Jabas
Lock expert with 30 years experience, specializing in door hardware, door locks and bump proof locks for residential and commercial applications. 3:56 PM - Mar. 13, 2007 - {0} -
According to Tim Ray at Apollo Mortgage, consumers are often misled when it comes to the subject of the Federal Reserve and how it affects mortgage interest rates. Often the media is the culprit causing the confusion. In the last few years, the Fed has taken action that caused mortgage interest rates to move in a direction other than what consumers expected, because the media provided weak reporting on the subject.
The Federal Reserve affects short-term interest rate maturities, the Fed Funds rate, and the Overnight Lending rate. These factors have a direct impact on the Prime rate. If you took only this into consideration, you may mistakenly conclude that changes made by the Fed will cause a similar movement in mortgage interest rates. However, mortgage interest rates are dictated by the trading of mortgage-backed securities, which trade on a daily basis. The real dynamic at the heart of interest rate movement is the relationship between stocks and bonds.
Stocks and bonds compete for the same investment dollar on a daily basis. There is literally only so much money to be invested. When the Federal Reserve feels that interest rates need to be decreased in an effort to stimulate the economy, this reduction in rates can often cause a stock market rally. When the market becomes bullish, the money to invest in stocks comes from the selling of mortgage-backed securities.
Unfortunately, selling mortgage-backed securities to fuel stock market rallies causes interest rates to go up, not down.
Historically, there have been many times when the Federal Reserve has increased interest rates. Stocks then sell off in fear that the increase will affect corporate profit margins, and the liquidated stock assets need a place to park until the next rally comes along. The safe haven is found in mortgage-backed securities which cause mortgage rates to drop.
The daily ebb and flow of money is what matters most when it comes to the movement of mortgage interest rates.
3:18 PM - Mar. 13, 2007 - {0} -
There are places all over the world where getting svelte and seeing the sites go hand-in-hand according to our friends at msn.com Whatever your idea of a great vacation-deserted Caribbean beaches, viewing wildlife in Africa, or even a cruise-chances are we've covered it on our list. Make your next trip a Get in Shape Vacation, and you'll come home with the best souvenir of all: a hot new bod.
1. Alsace
Looking for your inner Lance but not quite ready for the Tour de France? No sweat (just yet): Head to France's Alsace region, near the Swiss and German borders. With designated bike routes throughout the area, it's a pure delight to pedal beside the beautiful Vosges mountains, through charming villages, and past the fantastic vineyards that lie along the 170km-long Route des Vins (wine route) where crisp Rieslings and Gewurztraminers are born-after all, you can't go all the way to France and not indulge at least a little.
2. At Sea
Though most people plan to pack on a few pounds on their cruise vacation-after all, it's easy to overindulge at those all-you-can-eat-buffets!-Crystal Cruises aims to buck the trend with its wellness-themed cruises. In addition to the usual on-board entertainment, the line's 2007 Mind, Body, and Spirit sailings to the Caribbean and Mexican Riviera encourage you to get buff onboard, whether in the state-of-the-art gym, a yoga or Pilates class, or on the quarter-mile track along the open-air Promenade Deck, where you can enjoy stunning ocean views while running your laps. With a full menu of healthy meals to keep you refueled, you'll have no problem saying "no thank you" to the midnight buffet.
3. Dominica
Head to Dominica, where healthy pursuits constitute the majority of things to do. Indeed, the main attractions on this unspoiled, lush island involve rainforest hikes, swimming in natural thermal pools, and overall personal wellness. To jump-start your new healthy lifestyle, book the Jungle Spa Adventure Package at the Jungle Bay Resort & Spa and get your room, organic gourmet meals (breakfast, lunch, and dinner), a daily half-hour spa treatment, morning yoga class, and several active excursions like hiking, bicycle tours, and kayaking included.
4. Hawaii
Paddling against the surf is one way to tone and tighten, and if you can actually learn to stand up on the surfboard-well that's a huge bonus. Hawaii is synonymous with surfing, and now you can learn this exhilarating sport and get in shape on your next vacation. SwellWomen, a surf and yoga outfitter on Maui's Kaanapali Beach, provides healthy, action-packed vacations for both men and women, complete with surf lessons, yoga classes, nutritious meals, and accommodations. Only want surfing lessons? We recommend Hawaii Surf School on Oahu's North Shore, home to the epic waves of Waimea Bay and the Banzai Pipeline.
5. Hua Hin
There's a lot more to feeling good than just looking good, and Thailand's Chiva Som retreat in Hua Hin treats your whole person: mind, body, and spirit. Options range from a weeklong weight management program to an intense four-week detoxification complete with a juice fast and colonics, but all programs feature one-on-one fitness and nutritional counseling, a diet of Asian spa cuisine, and daily activities like Thai boxing, weight training, aqua aerobics, biking, and yoga. This East-meets-West approach to wellness also boasts a beautiful beach setting on the Gulf of Thailand and a location near several cultural attractions (temples, caves, and a royal palace), so guests can get out and explore as well.
6. Kerala
Where better to get in touch with your inner yogi than in the birthplace of the practice? Though India is often chaotic, Kerala is a peaceful place in the progressive and pristine southwestern part of the country, where you can close your eyes and say oooommmm amid an exotic landscape of sandy beaches, vibrant jungles, coconut groves, and tropical rivers. Book yourself into a two-week retreat at the Somatheeram Ayurvedic Resort and treat your body to yoga, meditation, and massages. Extend your relaxation endeavors beyond the resort by tacking on a guided kettuvallam (houseboat) cruise tour through Kerala's bucolic backwaters. Then treat your mind to Indian music, dance performances, and guided excursions to cultural and spiritual sites.
7. Killington
Instead of sweating off those pounds on the treadmill, head to the New Life Hiking Spa in Killington, Vermont, where hikers of all levels can storm the picturesque terrain of the Appalachian Mountains and Long Trails. Challenging hikes, yoga, Pilates, weight training, and swimming are all part of the program, as are healthy cuisine, wellness workshops, and cooking classes designed to keep you on track once you get home. And since your hard work deserves a reward, don't forget to take advantage of the exceptionally priced spa services on offer here as well.
8. Scottsdale
After a day of wellness-think golfing, hiking, biking, and rock climbing-who wouldn't want to return to a little (or a lot) of luxury at their hotel? Posh Scottsdale, Arizona offers the best of everything, both outdoors and in, and is truly an oasis in the desert. Book the Hike and Bike package at the Four Seasons Resort Scottsdale to combine rugged outdoor adventures with luxury digs-after half-day hike and bike excursions, enjoy a 50-minute spa treatment before retiring to your luxury casita-style guestroom. You may be worn out from all that exertion, but don't sleep in, since daily breakfast for two is also included.
9. Tulum
The name Bikini Boot Camp says it all, and you should definitely expect to be swimsuit-ready after taking this intense weeklong, workout vacation at the Amansala Resort in Tulum, Mexico. The health-and-wellness program shapes and sheds your pounds through a combo of body-sculpting classes, power ab sessions, bike and kayak excursions, Pilates, and yoga. Sure you'll have to forgo the margaritas and nachos for low-fat meals like freshly grilled fish and jicama salads, but the healthy food will keep you energized while beachside massages and specialized spa treatments help you relax. And when you've trimmed down and toned up, you can take a break from the burning workouts to enjoy the white-sand beaches, crystal-blue Caribbean Sea, and nearby Mayan ruins.
10. Watamu
If you've ever longed for the grace, agility, and speed of a jungle panther, there's probably no better place on earth for you to acquire it than in Watamu, Kenya, the base of the Wildfitness program. This intense nine-day to five-week course incorporates the profound beauty of its natural surroundings into its body-changing workouts: Expect to run on the beach and engage in two or three daily training sessions, challenging swims, yoga, massages, nutritional evaluations, and more. But don't worry, you don't have to spend all of your time in Africa working out: Wildfitness will arrange for you and your new bod to take a safari.
3:09 PM - Mar. 11, 2007 - {0} -
Just like King Kong clutching the top of the Empire State Building…Bankrate, the "800-pound Gorilla" of online home loan rates is falling under fire. The Bankrate website draws millions of visitors, as it promises to give a listing of companies and their rate and cost offerings for mortgage loans, and even passes that information on to most of America's largest newspapers as fact. It proclaims itself to be a tool for the consumer, just delivering information and advice…but as many reputable mortgage lenders have known all along, it turns out that consumers are finding the reality of Bankrate to be a little different.
According to Mortgage Market Guide, a lawsuit is in the works against Bankrate, after hundreds of consumers complained about lenders who failed to deliver the rates and terms they promised on the website. In fact, one lender actually told a Bankrate employee that a consumer would need a "direct pipeline to God" in order to qualify for the rates and terms they advertise on the site. Why would a lender post rates and terms they are unwilling or unable to honor? To lure in consumers who truly want to believe that they are getting an interest rate or cost package that is significantly lower than all the competition. And by the time the consumer finds out they are not getting the package they were promised, they likely have wasted enough valuable time that they feel somewhat stuck to use whatever terms the lender hauls out.
Of course there are real reasons that the terms of a loan package can change mid-stream. When working with a reputable lender, it would generally only be caused by a change from what was submitted on the loan application. Some examples of this include a change in credit, income, employment, debts or assets.
So are there any reputable lenders on Bankrate? Yes, of course. And some of those lenders were the ones who prompted the lawsuit in the first place. As they were posting real interest rates and terms they could actually honor, they could see that consumers would instead be contacting the less-reputable lenders who were posting completely unrealistic rate and cost offers. And the consumer might not find out the difference until it was too late. Mortgage lenders get their money from essentially the same places - so anytime there is a very large difference between quotes on identical programs, it pays to ask some questions.
Bottom line - the internet at large can be a great place to gain basic trends and information about a home loan, but the Bankrate lawsuit illustrates the need to work with a Trusted Advisor. A home loan is generally the largest financial transaction of your entire life - working with a real professional who can advise you on correct strategies and programs for your needs is a must. And like your mom or dad always used to say - you get what you pay for, and solid advice from a real professional may cost more than a bargain basement operation.
Most importantly, remember that the absolute lowest rate and terms on the WRONG financial strategy or loan program for your life will prove to be far more costly than a competitive rate package on the RIGHT strategy, which correctly fits your financial goals and needs
3:04 PM - Mar. 9, 2007 - {0} -
In any event, Daylight Saving Time (DST) will be springing a bit further this year. Back in 2005, Congress enacted the Energy Policy Act, which will extend DST by one month - beginning earlier in the spring and lasting later into the fall - beginning on March 11th and ending on November 4th.
Originally the bill was written to extend Daylight Saving by two months, but some very verbal opponents fought the change. Farmers say that DST has a negative impact on their livestock in general - as it is tough for them to adapt to the time change, and they therefore produce less milk, eggs, etc. Because DST is not followed uniformly around the world, airlines claim that it might mean many missed international flight connections. Additionally, TV and Cable stations argued that they will lose viewers and advertising revenue, simply due to less time spent in front of the television because of more time spent outdoors in daylight. So a compromise of one additional month of DST was reached - and Congress did retain the right to revert back to the old dates if the change proves to be widely unpopular, or if the energy savings aren't significant.
Why the change?
After making the adjustment to getting up an hour early, Americans overwhelmingly like Daylight Saving Time. There is simply more sunlight in the evenings to enjoy the outdoors and get things done. Additionally, there may be emotional benefits, as we typically feel better with more daylight. Plus, increased hours of daylight saves energy on a national scale. Less electricity is needed, as fewer lights are turned on as early in the evening...and with energy costs so high, even a small amount of savings is very welcome.
And brighter is safer - studies have shown that the DST shift reduces traffic accidents. An increase in accidents in the dark mornings is more than offset by the evening decrease in accidents, due to the increased visibility gained with more sunlight. Halloween will be much safer too - child pedestrian deaths are four times higher on Halloween than any other night of the year. Now, young trick-or-treaters are able to spend an extra hour out getting treats in the light. Candy manufacturers are happy too, as they've lobbied for years to have DST extended through Halloween.
A study by the US Law Enforcement Admin also determined that crime is consistently lower during DST, with violent crimes down as much as 10 - 13%. For many crimes, like mugging, darkness is a factor - so more light in the evening hours reduces these types of crimes.
And throughout its long history, Daylight Saving Time has had a remarkable and sometimes unexpected impact.
A man was actually able to avoid the draft for the Vietnam War using a Daylight Saving Time loophole. When he was born, it was just after midnight, DST. When he was drafted, he successfully argued that in his home state of Delaware, standard time - not DST - was the official time for recording births. So he was technically born on the previous date - which had a much higher draft lottery number - and he was able to avoid being drafted.
In September 1999, the West Bank was on Daylight Saving Time, while Israel had switched back to standard time. A group of West Bank terrorists prepared some timed bombs - but misunderstood the time change - and the bombs exploded early, killing the terrorists themselves, rather than the intended victims - two busloads of innocent citizens.
In the 1950's and 60's, each state and locality was permitted to choose start and end DST dates as they desired. During 1965, Minneapolis and St Paul - which are considered one metropolitan area - didn't agree on start dates, and for a period of time, these Twin Cities had a one hour time change between them. And on one Ohio to Virginia bus route, passengers technically had to change their watches seven times in 35 miles!
To keep to their published timetables, Amtrak trains cannot leave a station before the scheduled time. So when the clocks "fall back" in the fall, all trains that are running on time actually stop at 2:00am - the official time of DST change - and wait one hour before resuming their routes. In the spring, the routes instantaneously become one hour behind schedule, but they just keep going and do their best to make up the time.
So Daylight Saving Time sure can have some unexpected impact - and we'll all have to be ready early this year.
In particular, be sure to double-check all of your electronic devices and confirm that the time is correct. Although you may be accustomed to your computer and digital clock in your car automatically updating, the recent change of dates for daylight saving time may require that these devices be manually changed, as they now may not be ready to update to the correct time on the correct date!
3:02 PM - Mar. 7, 2007 - {0} -
You know, either the criminals keep getting smarter or we keep getting dumber. We're not sure which. This You Tube video was brought to our attention by another blogger, Jim Lee of Knoxville, Tennessee.
It shows the latest in criminal thinking regarding breaking into your home. We strongly suggest you view it and take action to make your home more secure.
http://www.youtube.com/watch?v=hr23tpWX8lM
Pretty scary, isn't it?
2:52 PM - Mar. 5, 2007 - {0} -
Anyone who knows us, knows we will partake in a bottle or two of wine from time to time. Some people says it's more like daily but that is really not true. We have had our share of times when the cork just didn't want to come out of the bottle. We have resorted to pushing it in with a pen (come on, you've done it too!) but then we came across this article on msn.com which told us the right way to do it.
The next time you find yourself battling with a cork wedged intractably in the neck of a wine bottle, think of your predecessors in 17th and 18th centuries. Opening a bottle then, says Raj Kanodia, "was quite an experience."
"Often," says Kanodia, a collector of corkscrews who runs a Web site dedicated to implements of uncorking, "the bottle would break."
Even then, it seems, the tyranny of a tight cork knew no mercy. But think of the alternative, says Kanodia. "If the cork was too loose, the wine would spoil. Once a decent corkscrew was invented, it changed the ritual of opening a bottle of wine."
Yet hundreds of years after the invention of a decent corkscrew, many still sometimes struggle with that ritual.
"Sure, it happens occasionally," says Dieter Schafer, a Seattle-based wine educator and sommelier who has been deftly removing corks from bottles for nearly 50 years. And if it happens to Schafer, even though just occasionally, what chance do the rest of us have to get a cork out cleanly?
A very good chance, Schafer insists. All it takes is the right corkscrew and some practice. The right corkscrew
For 20 years, Raj and Justine Kanodia have had a thing about corkscrews. Their collection, antique and otherwise, now stands at about 500. Their Web site, Corkscrew.com, sells dozens of varieties. So many different types come through his door in the San Francisco Bay Area, Raj Kanodia says, that he has trouble picking out just one favorite. It depends on your wine, your cork, and your personal preference of corkscrews.
Kanodia classifies the openers in two categories: "leverage" corkscrews, in which a lever reduces the amount of force you must apply to get the cork out, or "torque" corkscrews, in which turning a handle inserts the corkscrew and extracts the cork.
For beginners and the nervous, Kanodia says, "A double-lever corkscrew - a wing corkscrew - with a good worm is very reliable."
The wing corkscrew is named after the levers on either side of its frame. Inside the frame is the "worm," the spiral that drills into the cork. To operate a winged double-lever corkscrew, lift the wings, place the frame over the neck of the bottle, put the wings in the down position, turn the handle at the top to insert the worm and watch the wings rise upward like those of a graceful butterfly. Push the wings down and the cork comes out. There's only one caveat, Kanodia says: Spend a little more and get a decent wing corkscrew. The cheap ones don't work as well.
If you have motives other than simple and safe cork extraction, Kanodia has further recommendations. For pizzazz, it's hard to beat the Zig-Zag, a compound-lever corkscrew from France. The Zig-Zag has four sets of hinges that expand as you use it, putting on an impressive show of 1920s technology each time you remove a cork.
If you have arthritis in your hands or simply aren't excited about using the force equal to lifting 100 pounds that Kanodia estimates is necessary to remove a cork, try the spring-loaded corkscrew made by Sieger in Germany. A strong spring attached to the worm extracts corks with a minimum of tugging, and the bright plastic bulb that houses the spring looks very James Bond in the Connery years.
The right technique
Despite the temptations of German engineering and French design, Schafer, the sommelier, continues to stick with his traditional waiter's corkscrew. There is something appealing about the standard for professionals everywhere; nothing can make you look like you know what you're doing faster than deftly wielding one of these babies. But whatever corkscrew you use, says Schafer, follow procedure.
First, unless you have had lots of practice, find a stable surface to put your bottle on, and hold it firmly. It's time to remove the capsule. This is the covering over the cork, which used to be called the foil before many wineries stopped using metals. With a small knife - waiter's corkscrews come equipped with their own - cut around the capsule just below the lip of the bottle, and remove the top part of the capsule. You can remove the entire capsule, Schafer says, but it just doesn't look as nice. After the capsule is off, wipe the top of the bottle with a clean cloth.
Next comes the crucial yet tricky part: inserting the worm. To avoid breaking the cork, or worse, the bottle, it's important to get the worm as close to the center of the cork as possible. Some corkscrews hold the worm in a frame that can help you center it. If you are working with a waiter's corkscrew, Schafer says first hold the worm horizontal to the cork and locate the cork's center with the tip. Tilt the corkscrew to the vertical position and begin turning, making sure to keep the corkscrew very straight.
At this point, consider the length of the cork. You don't want to drill your worm all the way through, Schafer says. A tip: composite corks - the hard type that are made from bits of cork glued together - are often shorter than corks that come from a single piece of bark.
Once the worm is in the cork, gently ease it out bit by bit. Waiter's corkscrews come with a lever that fits over the lip of the bottle. Hold this down with one thumb while you ease the cork out with your other hand.
After the cork is out, check to make sure no dust that could be pushed into the wine has collected on the lip of the bottle. Then wipe by dipping your cloth-covered finger just slightly inside the lip.
Now reward yourself with a glass of wine.
If despite your best efforts it all goes wrong, Schafer says not to worry. If your wine touches the capsule or your cork bobs in the bottle, it won't hurt the flavor. And it will give you an excuse to perfect your technique through practice, practice, practice.
1:10 PM - Mar. 3, 2007 - {0} -
Large parts of the country are just now seeing the large numbers of foreclosures that we in Colorado have experienced for the past two years. As always, it seems where people are in trouble, there are predators out there waiting to pounce.
Convinced that home foreclosures will rise dramatically in the next two years, the chief economist for the Real Estate Center at Texas A&M University warns that a new scam threatens home buyers desperately looking for a way out of financial stress.
"Predatory lenders now offer what they call ‘rescue loans,'" said Dr. Mark Dotzour, "but home buyers are neither rescued nor do they actually receive loans."
Home buyers who purchased homes with subprime loans are especially vulnerable, he said. Predatory lenders are targeting subprime borrowers who have some equity built up in a home but who are having difficulty meeting monthly mortgage payments.
Home buyers with impaired or nonexistent credit histories often turn to subprime loans despite the higher interest that comes with them. According to Dotzour, many are about to discover that their "American dream" has turned into a nightmare.
Here is how the scam works. The home buyer gets behind on mortgage payments. The predatory lender offers a "loan to get caught up" on the delinquent mortgage payments. In exchange for the rescue, the homeowner signs over the title to the predator, who promises that the home buyer may remain in the home while paying rent. The predator then sells the house to someone else, and the original homeowner gets an eviction notice.
About a dozen states have passed laws designed to deter rescue loan fraud, but Texas is not one of them.
"The scam is called a loan, but it is not," says Dotzour. "It really is a buy-out with a leaseback."
Dotzour fears the problem is going to get much worse. As of Oct. 31, some 4% of borrowers who obtained subprime loans in 2006 were 60 days or more behind on payments. He said the delinquency rate is running twice that of a year ago.
"Foreclosures are up 27 percent in the last 12 months," said the noted economist, "but that's still low in my books. I'm betting 2007 U.S. foreclosures will double last year's total."
Subprime mortgage volume has increased fivefold in five years. The Mortgage Bankers Association estimates that $1.1 trillion to $1.3 trillion in subprime loans are due to adjust to higher interest rates in 2007.
Remember that old adage, it if seems too good to be true, it probably is.
1:04 PM - Mar. 1, 2007 - {0} -
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