Since March, more than 400 people have been arrested in a Justice Department initiative to crackdown on mortgage fraud. And just yesterday, an additional 60 arrests were completed all across the country.
According to the FBI, 144 mortgage fraud cases have caused over $1B worth of damage, which is what has led to so many recent arrests.
“Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation’s housing market and to the peace of mind of millions of American homeowners,†said Deputy Attorney General Mark R. Filip. “Operation Malicious Mortgage and our other mortgage-related enforcement actions demonstrate the Justice Department’s commitment and determination to combat these criminal schemes, hold their perpetrators accountable and help restore stability and confidence in our housing and credit markets.â€
“Operation Malicious Mortgage is a concerted, joint law enforcement and prosecutorial effort aimed at disrupting individuals and groups engaged in mortgage fraud,†said FBI Director Robert S. Mueller, III. “This operation is an example of our unified commitment to address this significant crime problem. The FBI will continue to direct investigative and analytic resources towards mortgage fraud and corporate securities fraud that threaten our nation’s economy.â€
- Source: The US Department of Justice
At one time, South Carolina was considered one of the worst state’s in terms of number of mortgage fraud cases, but a spokeswoman for the Consumer Affairs Department said Tuesday the conditions improved following the formation of a mortgage fraud task force that includes the U.S. attorney’s office and the FBI.
It’s definitely unfortunate that so many people have suffered as a result of the greed and dishonesty of a few. And even though 400+ arrests seems like a lot, when you take into context of the entire nation, not just the Fort Mill, Rock Hill SC area, you realize that not all mortgage brokers are bad.
It just reiterates the importance of finding trustworthy, reputable professionals to work with. Ask your friends and associate for referrals and be sure to ask lots of questions yourself. And as always, if something seems fishy or ‘too good to be true’, chance are they probably.
If you’re looking for a reputable, trustworthy mortgage professional for your new Fort Mill or Rock Hill home purchase, be sure to Contact Me and I’d be happy to make a few recommendations.
Filed under Carolina Business News, Carolina Real Estate, Mortgage Rates by 
Have kids that are out of school for the summer? Are they already coming to you constantly saying, “I’m bored. I don’t know what to do!”
Well, I can speak from experience… it’s NO FUN!
So, I was fortunate enough to come across this little gem of a resource in the Charlotte Observer’s MomsCharlotte.com recently. It lists 20 different activities you can do with your kids that are in the Charlotte NC, Fort Mill SC, and Rock Hill SC area.
Here are the ones that I think my kids, almost 9 and almost 7, would enjoy:
- The Mint Museum of Craft + Design. It’s free on Tuesdays from 10 a.m. to 2 p.m. Pick up the family guides and scavenger hunts at the front desk, and don’t miss the kid-friendly, hands-on activities on the mezzanine level. Also, from 10 a.m. to noon on the second Tuesday of the month, parents and children ages 1 to 4 can drop in for a free art-making experience. 220 North Tryon Street, 704-337-2000, www.mintmuseums.org.
- Airport Overlook Park. Pack a lunch and come here to watch the planes take off and land at Charlotte/Douglas International Airport. Off Old Dowd Road near the intersection with Besser Drive.
- Public spraygrounds. Mecklenburg County Park and Recreation’s five spraygrounds feature sprays, nozzles and spouts that spray water for children to run through and frolic under. Open seven days a week in the summer, 10 a.m. to 8 p.m. Several have playgrounds next door, making them a perfect place to spend hours. Locations: Nevin Park, 6000 Statesville Road; Cordelia Park, 2100 North Davidson Street; Latta Park, 601 East Park Avenue; Veterans Park , 2136 Central Avenue; and West Charlotte Recreation Center, 2400 Kendall Drive. (704) 336-3854. www.parkandrec.com.
- ImaginOn. This uptown magnet of family fun is part children’s theatre, part library, and it’s always free. While Children’s Theatre productions require tickets, in other areas kids can put on a puppet show, play with trains, try on costumes, play computer games and, of course, check out books. The facility has lots of free storytimes each week, as well as rotating exhibits in its lobby. 300 E 7th St. 704-973-2780. www.imaginon.org.
- The Energy Explorium at Lake Norman. Located at McGuire Nuclear Station, the Explorium features hands-on exhibits and interactive games designed to introduce kids to the wonders of electricity and nuclear power. They can even use the power of a treadmill to operate a TV. The explorium also offers a mile-long nature trail, a picnic area, and a large deck that overlooks Lake Norman, the Cowans Ford dam and two nuclear silos. No admission fee. 13339 Hagers Ferry Road in Huntersville. 704-875-5600. www.duke-energy.com/visitor-centers/energyexplorium.asp
- Charlotte’s Asian Corner. You could hop on a plane and 16 hours later land in China, or you could hop in a car and head ten minutes northeast of uptown to The Asian Corner Mall and New Century Grocery Store. Your kids will love the fish, frogs and shellfish in the aquarium, trying the koala bear and “intellect†cookies, and other new sights and tastes.
- See a free movie. Some are outside on the big screen; others play weekdays in commercial theaters. Check out MomsCharlotte’s comprehensive list of free movies playing this summer.
- Kids’ Workshops at Home Depot. Offered the first Saturday of each month between 9 a.m. and noon at most stores, kids will learn to hammer nails, turning screws and sanding wood while they build things such as bird houses and catamarans. Designed to teach kids do-it-yourself skills and tool safety, while instilling a sense of accomplishment. No registration required. www.homedepotclinics.com
- Lowe’s Build and Grow Clinics. Held twice a month on the second and fourth Saturdays from 10 a.m. to 11 a.m., kids will build things such as a dune buggy, a picture frame and more. Different clinics target children of different ages. Registration is required but can be done online. www.lowesbuildandgrow.com
There are quite a few more so be sure to check them out at MomsCharlotte.com.
Filed under Fun Stuff, Life In the Carolinas, Out and About in the Carolinas by
Consumer confidence is apparently at its lowest levels since 1992 as housing prices continued to fall, the most on record. As a result, it’s looking more likely that people will be cutting back on their spending IN SPITE of the recent ‘stimulus checks’ we received from our dear old Uncle Sam.
In terms of what this means for the housing market, the AP is reporting that recovery” following the 1990-1991 contraction.mortgage defaults and foreclosures are adding to the glut of properties on the market. Stricter loan rules are also making it more difficult for prospective buyers to get financing.
As for what this means for the Rock Hill SC, Fort Mill SC, and Charlotte NC real estate markets, the market continues to be amongst the strongest in the country, which over all could be considered a good thing. But because of the way we get impacted by other areas of the country, we are seeing some of the side effects of this lack of consumer confidence.
It is most definitely a buyers market, and probably will be for a while longer, but that doesn’t mean it’s not a good time to sell your home. With the increased number of forclosures becoming available, and the tighter lending guidelines, it just means you need to do a better job of making your Rock Hill SC or For Mill SC home stand out against the competition and you need to price it correctly. Nothing will cause your home to sit on the market longer than overpricing your property based on current market conditions.
Filed under Carolina Real Estate, Market Trends by
If you think foreclosures only happen in the middle class, $100-250K housing market, think again.
There’s a $19.5 million dollar home located in the very well known Hampton’s that’s gone into foreclosure. The home which sits on 4 acres of land features 18,000 square feet, a 5-person elevator, a ‘flower cutting’ room, 8 bedrooms and 9 1/2 bathrooms.
My favorite line from the story is by Jacob Benaroya, president and managing partner of Biltmore Capital Group, a New York-based firm that purchases problem loans from mortgage lenders. He said, “These high-end areas were thought to be immune to foreclosures…but we’ve now seen that being wealthy doesn’t preclude you from being stupid with your money.â€
Check out this video tour of the absolutely amazing property:
Read the full story HERE.
Filed under Lessons Learned, Market Trends, Virtual Tours & Photos by
Consumers should remember that maintenance costs need to be considered when purchasing a home. All homes require constant care. General estimates indicate that every home will require between 1 percent and 3 percent of the home’s value in annual maintenance costs, and this figure does not necessarily include major or emergency repairs.
Prevention Saves Time and Money
The ongoing maintenance of a home is a significant contributor to holding or increasing its value. According to Kathleen Kuhn, president and CEO of HouseMaster, “Homeowners should plan a solid preventive maintenance schedule, so problems can be fixed before they become more costly and damaging. Quite often when we inspect homes, many of the damages we find would have been preventable with some routine monitoring and smaller repairs. But left unchecked, minor concerns grew into more significant defects.â€
There are many other benefits for current and potential homeowners when they incorporate preventive maintenance into their annual planning. Preventive maintenance:
- Avoids expensive emergency repairs: Contractor fees rise in proportion to the urgency and the hour of the service call.
- Saves money and aggravation: Repairs planned for completion during off-peak times are less expensive and stressful.
- Minimizes homeowner insurance premiums: Correcting deficiencies before they represent an insurance claim will keep premiums reasonable.
- Eliminates costly consequential damage: When major home components, like a roof, fail, the damage to home interiors and furnishings can be substantial.
- Homes in good condition sell at higher prices than neglected counterparts.
Create a Maintenance Checklist
Every house is different, but there are some common elements every homeowner can include on a regular maintenance list:
- Check the grading and drainage around the foundation
- Seal driveway and walkway cracks
- Check fencing and gates
- Check and trim trees near the house
- Check for deteriorating/damaged siding
- Check for loose, damaged, or missing roofing and flashings
- Clean all gutters and leaders
- Check weather-stripping and seals on all windows and doors
- Insulate water lines that are subject to freezing
- Check condition of the water heater
- Check ventilation openings for nests, blockage
While this list is not comprehensive, it’s a good start to identifying some potential trouble spots in any home.
Do Your Own Research
In order to personalize your home maintenance checklist, it’s important to learn as much about your particular home’s operations. Many Web sites and newsletters contain valuable information and tips, and housemaster.com® contains a wide array of resources for homeowners, homebuyers, and home sellers such as a Home Defect Survey, A Preventive Maintenance Checklist, Common Home Concerns Overview, and Home Inspector selection guidelines.
Even if you are not comfortable making repairs on your own, simply learning more about spotting potential problems can help reduce the extent and cost of contractor repairs. Kuhn adds, “More and more homeowners are calling us to inspect the homes they currently own to help them identify potential problems and develop a plan of action for home maintenance. A home is a major investment. We tend to monitor our financial and investment portfolios quite closely, and it’s equally important to monitor the status of our homes.â€
Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue. More home safety and maintenance information is available online at housemaster.com.
This information is provided with permission for general guidance purposes only and as a courtesy of housemaster.com. Neither HMA Franchise Systems, Inc. nor the local HouseMaster® franchise warrants its accuracy and assumes no liability related to its use. Contact the local franchise office and/or qualified specialists for advice pertinent to your specific house or circumstances.
© Copyright 2008 HMA. Each HouseMaster franchise is an independently owned and operated business. HouseMaster is a registered trademark of HMA Franchise Systems, Inc.
Filed under Buy Your Dream House, Home Buyers, Home Inspections, Home Repairs by
