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Fraud alert: Timeshare property resale scam

by Arnie Levine on July 22, 2011

in Current Affairs,Latest News

ar1265152166673961 150x150 Fraud alert: Timeshare property resale scamA federal court has temporarily halted a telemarketing operation that targeted consumers trying to sell their timeshare properties.  The defendants allegedly charged consumers thousands of dollars, falsely claiming they had buyers lined up for sales that supposedly would be reviewed and approved by the Federal Trade Commission.

According to court papers filed by the FTC, the Orlando, Florida-based defendants, who operated out of mail drop addresses in places such as Las Vegas, Boston, and Orlando, contacted consumers trying to sell their timeshare properties and told them they had buyers for their properties.  In order for the sale to proceed, the defendants charged consumers up to $3,150 – either as an “earnest money deposit” to commit them to the sale, or for sale-related expenses – which, consumers were told, would be refunded when the sale closed.  Consumers were instructed to pay by cashier’s check or money order sent by overnight delivery, and to immediately sign and return a “sales agreement” or “sellers’ document” that would be mailed to them.

In the complaint, the FTC alleged that the “sales agreement” was a marketing contract for advertising the property, not a sales contract.  Consumers who signed the contract and sent their payment to the defendants often were not contacted again, and consumers’ properties were never sold.

Contrary to the defendants’ alleged assertions, the FTC does not review or approve timeshare sales.

Escrow and Your Property Taxes

by Arnie Levine on July 22, 2011

in Current Affairs,Finance,Latest News

images5 Escrow and Your Property TaxesWhat Does it Mean to Escrow Property Taxes?

Escrowing your property taxes is a simple concept and useful tool for many property owners. When you escrow your property taxes, your lending company will assess you an extra amount over and above your mortgage payment each month. The amount and the fact that it is to be escrowed will be clearly delineated on your monthly mortgage statement. These payments are placed into an escrow account where they accrue and remain until it is time to pay your property tax bill.

Over time, you will have paid enough in small amounts to cover the taxes. When property tax bills are mailed out, your mortgage company will receive the actual bill and will pay it on your behalf. You will receive a notice of property taxes due from the taxing body. You’ll also be informed when your taxes have been paid.

Many mortgage lenders require their clients to escrow their property taxes, much the same as they require title insurance. When setting up your mortgage payment plan with your lender, you’ll learn whether or not you’re required to escrow your property taxes. If you are not required to do so, you may opt to anyway.

To Escrow or Not to Escrow?

Escrowing property taxes is popular for its simplicity and ease of use. Rather than remembering to save money for property taxes on your own, it is already written in to your mortgage payment. Paying a small portion of the taxes each month is often preferable for many people to coming up with thousands of dollars in property taxes when they are due. An added benefit is that your mortgage lender also takes care of physically paying the taxes. You do not have to worry about getting funds out of an account and then getting them to the appropriate taxing body.

On the other hand, there are property owners who do not escrow their tax payments. These individuals, firstly, are not required by their lender to do so or they may not have a mortgage. They also do not have trouble coming up with property tax payments when the bill arrives or they prefer to save the money on their own and earn interest in a private banking account.

Consider Your Money Habits

There is no right or wrong choice. It comes down to your personality, spending and payment habits. If you’re not a saver, are lax in your bill-paying or know you won’t have the lump sum available for your property taxes when they are due, then you are probably better off escrowing your taxes.

If you are a conscientious saver, don’t see a problem with having the lump sum available at tax time or prefer to handle tax payments on your own, then you may prefer not to escrow your property tax payments.

Your lender will be able to advise you about your options regarding property tax escrow. If you have a choice, be sure to carefully weigh the pros and cons and make sure it is the best decision for you.

If I’m refinancing my home, do I need title insurance?

Yes, when you refinance the lender considers it a new loan, even if you are using the same lender.  They require a new title search to look for any problems with the title, and will usually require you purchase a Lender’s Policy to protect their investment.  If you purchased an Owner’s Policy at the time of the original closing, it is in effect for as long as you or your heirs have an interest in the property.

Lenders prepare for lower loan limits, stop accepting certain applications

by Arnie Levine on July 14, 2011

in Current Affairs,Finance,Latest News

In anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America has stopped accepting conventional and government applications for loan amounts that will exceed the permanent loan amounts.  The deadline to submit loan applications was July 1.

According to an email from Bank of America, conventional loans that exceed the permanent loan limits will now be required to use non-conforming programs.

Barring congressional action, the maximum FHA, Fannie Mae, and Freddie Mac conforming loan limit will decline to $625,500 beginning Oct. 1, 2011, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum.

The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee.

Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.

California Association of Realtors will continue to provide information as it becomes available.

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July is Smart Irrigation Month

by Arnie Levine on July 14, 2011

in Current Affairs,Latest News

images3 July is Smart Irrigation MonthFine-Tune Your San Diego Home, Irrigation System, to Save Money and See Better Results

Residential irrigation systems offer convenience in protecting your landscape investment. Enjoy your yard, keep it healthy and beautiful while you water efficiently, saving time and money.

The Irrigation Association® offers these water-saving tips to maintain and update automatic irrigation systems:

1. Adapt your watering schedule to the weather and the season. Familiarize yourself with the settings on your irrigation controller. Adjust the watering schedule regularly to conform with current weather conditions.

2. Schedule each individual zone in your irrigation system. “Scheduling” accounts for the type of sprinkler, sun or shade exposure and the soil type for the specific area. The same watering schedule should almost never apply to all zones in the system.

3. Inspect your system monthly. Check for leaks, broken or clogged heads, and other problems, or engage an irrigation professional to regularly check your system. Clean micro-irrigation filters as needed.

4. Adjust sprinkler heads. Correct obstructions that prevent sprinklers from distributing water evenly. Keep water off pavement and structures.

5. Install a rain shutoff switch—inexpensive and effective. Required by law in many states, these money-saving sensors turn off your system in rainy weather and help to compensate for natural rainfall. The device can be retrofitted to almost any system.

Learn more at www.irrigation.org

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Click here to get loan information before the rates go up. To get started on viewing San Diego County homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact County Properties today for free counseling at (619) 540-5811 or (619) 301-0200 .

New Pro-Property Search. County Properties will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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New Law Requires Carbon Monoxide Detectors in Homes

by Arnie Levine on July 14, 2011

in Current Affairs,Latest News

carbon 11 New Law Requires Carbon Monoxide Detectors in HomesAs of July 1, 2011, the Carbon Monoxide Poisoning Prevention Act (Senate Bill SB-183) requires all single-family homes with an attached garage or a fossil fuel source to install carbon monoxide alarms within the home by July 1, 2011. Owners of multi-family leased or rental dwellings, such as apartment buildings, have until January 1, 2013 to comply with the law.

What is Carbon Monoxide?

Carbon Monoxide is a colorless, odorless gas that is produced from heaters,

fireplaces, furnaces, and many types of appliances and cooking devices. It can also

be produced by vehicles that are idling.

What is the effective date for installing a CO device?

For a single-family dwelling, the effective date is July 1, 2011. For all other dwelling

units, the effective date is January 1, 2013.

What is the definition of a dwelling unit?

A dwelling unit is defined as a single family dwelling, duplex, lodging house,

dormitory, hotel, motel, condominium, time-share project, or dwelling unit in a

multiple-unit dwelling building.

Where should CO devices be installed in homes?

They should be installed outside each sleeping area of the home including the

basement. Follow the manufacturer’s installation instructions.

Are CO devices that are required by SB-183 to be installed in each room?

No. They are required by SB-183 to be installed outside of each sleeping area.

For maximum protection against CO gas, it is recommended that a CO device be

installed in each sleeping room.

Are CO devices required to be approved by the State Fire Marshal?

Yes. SB-183 prohibits the marketing, distribution, or sale of devices unless it is

approved and listed by the CSFM.

If someone has a CO device that is not listed by the CSFM prior to the law, can they maintain it or does it have to be replaced?

Existing CO devices installed prior to July 1, 2011 may continue to be utilized.

Questions regarding carbon monoxide devices may be addressed to Deputy Mike

Tanaka at (916)445-8533 or mike.tanaka@fire.ca.gov

For full CSFM FAQ Memo including a link for all CSFM approved devices visit

http://www.fire.ca.gov/

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Click here to get loan information before the rates go up. To get started on viewing San Diego County homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact County Properties today for free counseling at (619) 540-5811 or (619) 301-0200 .

New Pro-Property Search. County Properties will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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BBB Student Ambassador Program

by Arnie Levine on July 14, 2011

in Current Affairs,Latest News

To celebrate their completion of the BBB Student Ambassador Program, 16 high school students gathered as the BBB presented them with awards and scholarships for their diligence in educating young consumers.

As a result of high disposable income, young consumers are often the objects of scams. In order to put an end to this targeted fraud, the Better Business Bureau created the Student Ambassador program, in partnership with Union Bank.

Created in 2006, the Program has reached thousands of teenagers across the county. This year alone, students spoke to over 2,900 of their peers, according to Mona Terry, BBB Director of Operations and Student Ambassador Coordinator.

In the beginning of each year, the BBB sends invitations for up to 4 juniors or seniors to participate in the program. Once students are chosen, they attend a two hour training which covers how to check your credit to the importance of keeping your private information private.

After training, the young ambassadors set off to present the information they’ve learned to their peers. Though they are required to give at least one presentation a month between March and May, scholarship recipients are chosen based on which students were able to reach the most of their peers over the course of those three months.

“By arming our Student Ambassadors with the knowledge of how to protect themselves from identity theft and providing them knowledge of how to use their money wisely, we empower high school aged students to teach their peers how to be savvier consumers and help spend their hard earned money in wise and safe ways,” said Terry.

And the winner is…

This year’s awards ceremony, which took place last May in the Union Bank building of Downtown San Diego, was packed with students, parents, siblings and teachers as they awaited the results.

  1. Taking third place Christine Girten and Quintasia Walker of San Diego High School split a $1,000 scholarship, after speaking to 468 students in 15 speeches,
  2. In second place, dividing a $1,500 scholarship was Ashley McQuerter and Dylan Phan of Serra High School who spoke to 524 students over 20 speeches.
  3. The grand prize winners, took home a $2,500 scholarship. Whitney White and Jose Morales of San Diego High School spoke to a whopping 843 students in 30 speeches.

For more information about the Student Ambassador Program, visit BBB.org or email Mona Terry at mterry@sandiego.bbb.org.

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Click here to get loan information before the rates go up. To get started on viewing San Diego County homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact County Properties today for free counseling at (619) 540-5811 or (619) 301-0200 .

New Pro-Property Search. County Properties will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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FTC stops bogus mortgage loan-modification business

by Arnie Levine on July 8, 2011

in Finance,Latest News,loan modification,Sellers,Short Sales

300px Mortgage debt FTC stops bogus mortgage loan modification business

Solutions

Under a settlement with the Federal Trade Commission, a federal court banned three men and their company from the mortgage modification business and ordered them to pay nearly $19 million for consumer refunds. The defendants allegedly deceived distressed homeowners with phony claims that they would negotiate with lenders to modify their mortgages and make them more affordable.

The FTC sued First Universal Lending and its owners in November 2009 as part of Project Stolen Hope, a continuing federal-state crackdown on mortgage foreclosure rescue and loan modification scams. As alleged in the FTC’s complaint, the defendants encouraged homeowners to stop making mortgage payments, saying lenders would not negotiate unless they were at least a few months behind in their payments. After charging consumers up to $7,000 in up-front fees, the defendants often did little or nothing to help them, the agency charged. The court subsequently halted the defendants’ operation, froze their assets, and ordered them to disable their Web sites and computers.

In addition to imposing a judgment of more than $18.8 million against the defendants, the settlement order bans them from the mortgage relief services business. It also permanently prohibits the defendants from misrepresenting material facts about any good or service, violating the Telemarketing Sales Rule, selling or using customers’ personal information, failing to properly dispose of customer information, and collecting payments from their customers.

The defendants are First Universal Lending LLC, Sean Zausner, David Zausner, and David J. Feingold, an attorney in Palm Beach Gardens, Florida.

The FTC asks people to report foreclosure rescue and mortgage modification scams to FTC.gov or by calling 1-877-FTC-HELP. The FTC makes those complaints available to federal, state, and local law enforcement through the Consumer Sentinel Network.

The Commission vote approving the proposed consent judgment was 5-0. The FTC filed the proposed consent judgment in the U.S. District Court for the Southern District of Florida. The consent judgment was entered by the court on May 25, 2011.

NOTE: This consent judgment is for settlement purposes only and does not constitute an admission by the defendant that the law has been violated. Consent judgments have the force of law when approved and signed by the District Court judge.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call
1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook and follow us on Twitter.

If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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Housing reform merging Fannie/Freddie?

by Arnie Levine on July 8, 2011

in Finance,Latest News,Real Estate news

For the clearest sign yet that U.S. housing reform is floundering, just take a look at the latest proposal. Two lawmakers, with industry lobbyists in tow, are heralding a union of Fannie Mae and Freddie Mac , which would leave the government still in charge. Even more than other ideas floating around, it would preserve the status quo. It only goes to show just how weak the political will is for a real fix.

The full details are still forthcoming but early reports hardly inspire much confidence. The newly created Frannie, as it were, would look a lot like the old government-sponsored entity framework. It would buy mortgages, package them into tradable bonds and, most significantly, come with a government guarantee. After pumping more than $160 billion into Fannie and Freddie, Uncle Sam should be seriously questioning guarantees, not embracing them.

Since being seized by the government three years ago, Fannie and Freddie have become even more important to U.S. housing. By propping up the market, this has terrified the real estate industry and consumer groups into thinking the disappearance of the GSEs would herald yet another downturn in home prices. That fear isn’t without merit. Fannie and Freddie, together with the Federal Housing Administration, are guaranteeing roughly nine out of 10 new mortgages and back roughly half the $10.6 trillion market.

But the debate needs to be far less myopic. Wringing out excesses, for one, will mean demand for home loans won’t return to the go-go days of yesteryear. That means the private sector could eventually shoulder a bigger share. Proposals should pave the wave for transferring risk back to where it belongs — the homeowner, the lender and other investors. Uncle Sam has already done more than his fair share.

The duration of the debate over Fannie and Freddie makes the path of least resistance — especially for politicians worried about re-election and other front-burner issuers like the deficit — ever more appealing. The proposal, from Representatives Gary Miller of California and Carolyn McCarthy of New York, crystallizes just what can happen when a crisis fades from view and indecision persists for too long. Few expect Congress to enact any legislation on U.S. housing reform until at least 2013 anyway. Sadly, that should make selling the status quo even easier.

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Rep. Gary G. Miller (CA-42) and Rep. Carolyn McCarthy (NY-04) are expected to introduce a bill tomorrow to merge Fannie Mae and Freddie Mac, and restructure the company into a government-held corporation.
The legislation will propose that the merged company purchase mortgages and sell them to investors as securities that are government-backed. The new company wouldn’t operate for profit-making purposes and wouldn’t have shareholders.
Under the proposal, a five-member board would govern the corporation, and it would be regulated by the Federal Housing Finance Agency, which would ensure that its market share didn’t exceed 50 percent of the mortgage market.

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Prudently underwritten loans with down payments of at least 20% to 25% don’t need a guarantee. “They only need the guarantee if they’re going to embark on low down payments,” he says. “That’s where the debate gets stalled.”

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 .

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

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Light The Night Walk for LLS

by Arnie Levine on July 8, 2011

in Cancer Survivor,Latest News

walk of lights michael hall1 Light The Night Walk for LLS

Michael Hall

Thanks to actor/ survivor Michael Hall (well known from the TV show “Dexter” and othe roles), for support of this important project for the “The Leukemia & Lymphoma Society ” (LLS). 

Please click donate to my Light the Night Walk campaign.

Each year, in communities all across the United States and Canada teams of families, friends, co-workers and local and national corporations come together to raise funds for The Leukemia & Lymphoma Society’s (LLS’s) Light The Night Walk events and bring help and hope to people battling blood cancers. 

Every Light The Night walker is encouraged to become a Champion For Cures by raising $100 or more to help fight blood cancer.  

Funds raised by teams and individual walkers provide:  

  • Lifesaving blood cancer research
  • Free educational materials and events for patients and their families
  • Local programs such as Family Support Groups and First Connection, a peer-to-peer counseling program
  • Comprehensive, personalized assistance through our Information Resource Center

Light The Night Walk events are evenings filled with inspiration. During this leisurely walk, walkers carry illuminated balloons – white for survivors, red for supporters and gold in memory of loved ones lost to cancer – thousands of walkers – men, women and children – form a community of caring, bringing light to the dark world of cancer.  

EARN FREE GAS CARDS BY RAISING FUNDS USING YOUR LIGHT THE NIGHT WEB PAGE. 

During the months of July and August if you raise $250, you’ll get a gas card worth $15. Raise $500 and you’ll receive a gas card worth $50. The more you raise, the more you get. 

Get online now. You’ll need gas to get there! 

All funds raised through Light The Night walks go directly to researching cures and more effective treatments for cancer. The lives saved are proof that Light The Night participation is critical for the continuing support and care of patients. 

Visit www.lightthenight.org/freegas for additional information.  

EARN FREE GAS CARDS BY RAISING FUNDS USING YOUR LIGHT THE NIGHT WEB PAGE.  

During the months of July and August if you raise $250, you’ll get a gas card worth $15. Raise $500 and you’ll receive a gas card worth $50. The more you raise, the more you get.  

Get online now. You’ll need gas to get there!  

All funds raised through Light The Night walks go directly to researching cures and more effective treatments for cancer. The lives saved are proof that Light The Night participation is critical for the continuing support and care of patients.  

Visit www.lightthenight.org/freegas for additional information.We are Taking Steps To Cure Cancer! Join us!  

Please click donate to my Light the Night Walk campaign.

San Diego’s 2011 Light The Night Walk information: 

Friday, November 4, 2011  

Del Mar Fairgrounds
2260 Jimmy Durante Blvd.
Del Mar, CA 92014  

Walk Distance: 2 miles
Check In & Festivities: 6:00pm
Opening Ceremony: 7:00pm
Walk Start Time: 7:30pm  

Click here to register now to become part of San Diego’s Light The Night Walk 2011!    

Or visit us at www.lightthenight.org/sd  

Untitled7 Light The Night Walk for LLS

Arnie and Lisa Levine

Message from Lisa Levine of County Properties Cancer is no longer the disease that you whisper about and know someone that knows someone that has it. Cancer has affected most of our lives in a close proximity. Click to read my husbands cancer survivor story. Please share your experiences with the opportunityto help cure this disease. Our other LLS project is Operation Bear Hug help to cure cancer. 

Katharine Hepburn’s Mansion Up for Grabs

by Arnie Levine on June 30, 2011

in Current Affairs,Latest News,Luxury Homes

10 Mohegan Ave, Old Saybrook, CT 06475

$28,000,000.00

Click for: VIRTUAL TOUR

katherine Katharine Hepburns Mansion Up for Grabs

Katharine Hepburn former Estate “Paradise” Completely renovated

  • Bedrooms: 6
  • Bathrooms: 7.5
  • Full Baths On First Floor: 1
  • Full Baths On Second Floor: 4
  • Full Baths On Third Floor: 2
  • Sq.Ft.: 8368
  • Year Built: 1939
  • Fireplace:  7
  • Pool: no
  • Architecture Style: Colonial
  • Basement: Crawl Space
  • Cooling System: Central Air
  • Floor Covering: Tile, Wood
  • Heating Fuel: Oil
  • Porch: Screened In
  • Driveway Type: Crushed Stone
  • Mechanical Equipment: Auto Garage Door Opener, House Wired for Multi-Line Phones, Intercom, Smoke Detector, Sprinkler System
  • Energy Features: Full Screens, Multi Zone Heat, Thermo Pane Windows
  • Exterior Feature: Breezeway, Garden Area, Underground Utilities
  • Hot Water Source: oil
  • Laundry Room Location:
  • Sewage System: septic
  • Water Source: Private Well
  • Exterior Type: Brick
  • Gated Entry: no
  • Parking Type: attached garage
  • Room Count: 15
  • Water Front: Beach, Dock, Frontage, Sound, View, Pond
  • Acres: 3.45
  • Misc features: private rec facility: Golf, tennis

Click here to get loan information before the rates go up. To get started on viewing San Diego County homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact County Properties today for free counseling at (619) 540-5811 or (619) 301-0200 .

New Pro-Property Search. County Properties will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

Luxury homes self search for San Diego California

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