Last time I received one of these real estate notices in the mail, a group of others did, too. This was when there was a scam going on for a service to "negotiate" your property taxes down to current values for a small fee. This company ended up with a lawsuit filed.

Today I got a "Form 77748-I" Predatory Lending Notice with an 800# to call because they "have determined that your loan may have violations of Truth In Lending Act (TILA) and or the Real Estate Settlement Procedures Act (RESPA)."

Now I haven't called, and don't plan to, but I am pretty sure this is more of the same.

A loan officer directed me to this site years ago, as an easy way to eliminate annoying and unsolicited credit card offers and stabilize my credit score. Apparently these companies hit up your credit to "prequal" you for their unsolicited product. They don't count as a "hard" hit, but after 15 or 20 it will affect your score by a few points.

It's like the do not call registry and works for 5 years before renewal is required (if you do an online registration). For more info:

http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt063.shtm

And a link to the site:
https://www.optoutprescreen.com/?rf=t

Why is this important? Not only will it help your credit score stabilize, but if helps reduce the risk of credit/identity theft. How many of these offers do we throw in the garbage? It's definitely beneficial to eliminate a possible problem at the source.

Yep, we're still around and this has been the BUSIEST December I can recall, for sales and for property management. Usually people aren't interested in moving at this time of the year, but the economy may play a part in this. Traditionally rents are highest in the late spring and summer when most people move, making December and January the slow months where rents come down or move-in specials are advertised.

Sorry all, it's been a month since our last posting! Just trying to get caught up and breathe! The market may not be climbin, but priced right, there are definitely buyers out there, grabbing some deals. In some areas, properties in the $1M range are still getting multiple offers. Same with rentals–it's busy if it's priced right!

Are they really helping the buyers? July 30 new regulations are affecting buyers now…who went into contract thinking that a 17-day financing contingency would be plenty of time. Now there are hold periods in effect due to Reg Z, and lender has to review signed seller disclosures before the loan process can move forward, including ordering the appraisal. That's the summary. So one week into the contract, the lender may not yet be able to order the appraisal due to the disclosure review period.

What if the appraiser brings the file in under sale price? There's an appeal board. How does this affect the buyer? Say the appraisal comes in $35K under the sale price due to an appraiser unfamiliar with the area…..or comps that are all trashed REOs…..real estate agents and loan officers can't go to bat for their clients and provide supporting data to help the appraiser.

So the laws to help "guide" the loan process keep the honest people honest, but it seems like they're going to put unnecessary burden on buyers and sellers alike. Thirty-day escrows may be a thing of the past.

Click here for some details about July 30 regs.