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Should you refinance your mortgage? – WDAM

By Andrew Housser

Beginning in 2012, homeowners hurried to refinance their mortgages as interest rates fell to historic lows. Refinancing replaces an existing mortgage with a different one. Most people refinance to obtain better loan terms and interest rates. While interest rates now have increased slightly, they still remain near historic lows.

Depending on your current financial situation, refinancing may or may not be a wise move. Before making the decision, carefully consider these pros and cons.

Benefits of Refinancing

1.      More money in your bank account. If you refinance to get a lower interest rate, the result will be a lower monthly mortgage payment. The key, of course, is to be smart with the “extra” cash you will have. Wise consumers will use the funds to pay off debt, such as credit cards or student loans, or beef up emergency savings.   

2.      A secured interest rate. If you have an adjustable-rate mortgage or ARM (also called balloon or variable-rate), your interest rate – and therefore your mortgage payment – will increase eventually, depending on the terms of your loan. Refinancing to a fixed interest rate may save money over the long term, even though it may increase your interest rate and payment in the short term. It also ensures that you will not have a spike in payments in a few years.

3.      Access to extra cash. A cash-out refinance loan allows you to refinance your mortgage for more than you currently owe and keep the difference. This may sometimes be a viable option if you need to pay for major house renovations like replacing a roof or windows. Some people find it necessary to help pay for a child’s college tuition. Others might pay off out-of-control credit card debt. If your goal is to pay outstanding debt, make sure you have a plan in place for dealing with your credit card use before you refinance. If you continue to rack up charges, you will simply end up with a bigger mortgage and credit card debt.

4.      Faster mortgage payoff. Depending how low interest rates are, you may be able to get a shorter-term mortgage that you can pay off faster without significantly increasing your monthly payment.

Drawbacks of Refinancing

1.      It will cost you. Refinancing costs may include an origination fee for applying and processing. You also may pay discount points (may be tax-deductible), and settlement charges including payments for appraisals, title searches and credit reports. You also may face a penalty for paying off your current loan early. Closing costs associated with refinancing can amount to thousands of dollars. Nationally, closing costs on a $200,000 loan in 2012 averaged $3,754. Since it takes time to recoup this amount in interest savings, experts suggest refinancing only if you do not plan to move within the next few years.

2.      Your home may be at risk. If you are considering a cash-out refinance to pay off credit card debt, make absolutely sure you are able to do that and continue to make your mortgage payments, in full and on time, each month. If you can’t make credit card payments, you will receive collections calls and your credit rating will suffer. But if you can’t make your mortgage payment, your home becomes at risk for foreclosure.

Talk to your current lender if you are considering refinancing. Most require borrowers to make payments on a mortgage for at least 12 months before refinancing. After that period, lenders often would rather offer a better rate to existing customers in order to keep the business. As an added bonus, you might save money if your current lender does not require a new title search or appraisal.

Whatever you decide, evaluating a possible refinance does not hurt. To protect your credit, compare refinance lenders all at once, so that they all check your credit history simultaneously. This minimizes the effect of credit checks on your credit score. Then use your lower payment or better terms to improve your financial state – now and in the future. 

Andrew Housser is a co-founder and CEO of Bills.com, a free one-stop online portal where consumers can educate themselves about personal finance issues and compare financial products and services. He also is co-CEO of Freedom Financial Network, LLC providing comprehensive consumer credit advocacy and debt relief services. Housser holds a Master of Business Administration degree from Stanford University and Bachelor of Arts degree from Dartmouth College.

Article source: http://www.wdam.com/story/26396071/should-you-refinance-your-mortgage

Why Your Team Sucks 2014: New England Patriots

Why Your Team Sucks 2014: New England Patriots

Some people are fans of the New England Patriots. But many, many more people are NOT fans of the New England Patriots. This 2014 Deadspin NFL team preview is for those in the latter group.

Your team: New England Patriots.

Your 2013 record: 12-4, featuring an AFC title game curb-stomping at the hands of the Broncos, who were themselves curb-stomped by the Seahawks in the Super Bowl two weeks later. Obviously, this means that if the Patriots had played the Seahawks, they would have lost 945-6. God, I would love to see that happen in a Super Bowl one day. I’d love to see Pats fans get all stammery and annoying just because Pete Carroll beat them senseless. HE’S NAWT REALLY A GOOD COACH! WE KNOW BETTAH!

Two of the Patriots’ four regular season losses last season came down to ticky-tack ref calls, like this one:

Lemme tell you something: Nothing brings me more joy than a Pats fan bitching about the refs while having ZERO memory of the Tuck Game. I thought the refs were on our side! Eat shit, fucko. Next time, don’t go pushin’.

Your coach: Bill Belichick. FUN FACT: Whenever Bill Belichick trades a player for refusing a pay cut, Jim Nantz has to go wipe the ejaculate off the inside of his khakis. Belichick controls his players like a 19th century railroad magnate, and nothing pleases the hot take providers of America more. Every Tom, Dick, and Sully thinks a player who would dare play for another team besides the Patriots, or even consider getting more money in free agency, is unworthy of being a Belichick Man.

Such is Belichick’s master manipulation of the media that he can make ANY move and have people searching for the hidden brilliance behind it. He can never just do something DUMB. There must be a subtle genius to trading away Logan Mankins for Tim Wright and a draft pick. Mankins is clearly washed up now. And Wright will clearly post numbers similar to Aaron Hernandez despite being as useful as a sack of flour in Tampa last season. The process is always the same. “This trade looks bad. But now that I remember Bill Belichick was behind it, IT’S A MASTERSTROKE.”

Your quarterback: Tom Brady. I want those toilets shined so bright I can see my face in them, Tommy. I actually believe that Tom Brady goes home to Gisele and is basically her slave. After spending all week telling shitty receivers what to do and calling out blocking assignments for undrafted linemen, I bet he would like nothing more than to go home, relinquish control of everything, and let his wife kick his ass all over the place. Real Fifty Shades-type shit, with stiletto heels up his ass and everything.

It’s worth noting here that a shocking number of Boston fans LOVE calling Brady washed up, because they think he’s a pretty Cali boy and not one of them, and they can only tolerate Brady when he’s winning titles. The lack of affection is stunning. In any other town, Brady would be a god. But Pats fans hate being repped by a dude who does magazine shoots. No title means Brady goes back to being a FAG in their eyes again. They secretly can’t wait for Janeane Garofalo to take over. NOW THAT KID LOOKS TOUGH!

What’s new that sucks: Here comes Darrelle Revis, another free agency bargain that Pats fans get to lord over you as if they had orchestrated the move themselves. Brandon Browner is here as well, finally partnered up with a coach that will be able to hide his PED use effectively. This is a better defense than a year ago, which is good because the offense is the same shit you saw last season: a platoon of oft-injured backs plus a corps of shitty wideouts (Edelman, Amendola, Thompkins, Dobson, newcomer Brandon LaFell) that will be overpraised simply because Tom Brady is the one throwing them the ball. And Gronk.

What has always sucked: My parents have lived in northern Connecticut for the past 23 years. Last summer, my sister decided to move back from the West Coast, because it had gotten too expensive and she wanted to be closer to my mom and dad (free day care!). After she moved her family, I thought to myself, You know what? Maybe we should move nearby, too. We could be closer to my whole family: my mom, dad, sister, brother, aunt, everyone! So I took my family up for a weekend and started scouting neighborhoods on the outskirts of Hartford, far away enough from New York to be at the fringes of Masshole country.

This wasn’t a lark. This was something I had been seriously considering. It made perfect sense, from both a financial and personal standpoint. I drove around in the rain, looking at a few houses that were tucked back into the woods (New England towns are always shrouded in woods and seeming perpetual darkness) and checking out town squares. And then I drove by a local high school. I eased the car up the driveway and pulled around to the entrance, and outside there were four students in Red Sox hats. They were Massholes in spirit, even if we weren’t technically in Massachusetts. They had the dirty stubble. They had the shitty hats. They had that typical asshole Boston sports fan look of arrogant misery. Looked like they had just punched out a packy store clerk for not having any Kodiak behind the counter.

And I thought to myself… NOPE. No fucking way. I had two sons and I wasn’t letting them grow up to be THAT. I’d far prefer they grow up to become dipshit Maryland lax bros. ANYTHING is preferable. I ditched the idea on the spot. That’s how much you motherfuckers suck. All those titles in every sport and you’re all STILL unhappy. All the fucking time. If my team had three rings, I would skip around my neighborhood naked all day long, throwing cupcake sprinkles at everyone.

But noooooo, not New England fans. No no no, they have to spend every last waking second bitching about all the additional titles they should have won. The Red Sox won a title last season—their third in the past decade—and yet they still bitch about the team sucking this year! JESUS FUCKING CHRIST. These are terrible people, and they root for a team run by a terrible man who demands passion from his players and then cuts those same players as bloodlessly as a guillotine operator. They are disloyal and hypocritical. They demand fealty and offer none of their own. Fuck them. Charles Barkley knows what time it is.

Football-wise, this team hasn’t won a Super Bowl in 10 years (THE HORROR) and won’t win another one because of their strict GRITTINESS BY SUBTRACTION policy. All the Patriots do now is hoard players from Rutgers and stockpile backup quarterbacks who get overvalued by fans simply because they took a piss next to Tom Brady.

What might not suck: God dammit, rest of the AFC. Get your shit together. God forbid any of you attempt to stop Manning and Brady from napping their way to the AFC title game again.

Hear it from Pats fans!

James:

Season ticket holders live in fear of running afoul of the Gillette Etiquette Cops, so they’re on their best behavior at the games, and they only ever give tickets to friends when they’re 100% confident there’s no chance of them getting in trouble, and even then the tickets come with a stern warning not to fuck up. This means that everyone at the game is a guy who doesn’t want to be noticeably louder than the guy next to him, so the place has zero energy.

Jason:

This comment on an article about Jimmy Garoppolo sums it up best:

“Garoppollo…..you have the opportunity to learn from the best, in one of the best organization in football and a chance to be the future heir to the “Throne” in a few years….if you blow this, you will probably never have another chance….so don’t take it lightly…..Patriot Nation is watching….”

Richard:

Bill Belichick ruined the last half of Brady’s career (and 3+ extra Lombardi Trophies—that would make them the biggest winners in NFL history) by egotistically trying to get by with shit WRs and Julian Edelman/Troy Brown playing defensive back.

Josh:

-The 72 year old owner’s girlfriend is younger than Gisele and no one makes fun of the situation because of the ridiculous reverence for “Mr. Kraft”

-Against the Patriots, Eli Manning is a two-time Super Bowl winner. Against the other 28 teams he is a three-time league leader in most interceptions thrown

-Every Patriots fan thinks the Pats can draft a nobody QB in the 7th round and then after a year or two the other teams will be falling over each other to trade a 1st rounder for Ryan Mallet or Kevin O’Connell

Tristan:

These are the fans who think Wes Welker was the second coming of Christ, but complain incessantly every offseason that the team needs a “deep threat” who can “stretch the field.” This is because in their braindead fantasy world, Randy Moss in his prime grows on trees and is readily available to sign every year. The #3 offense in the league wasn’t good enough for these people, and if you talked to them you would have thought the Patriots fielded a Division II high school offense every week just because every game wasn’t a 30 point victory.

There isn’t a more entitled, whiny and just generally ignorant group of fans in the NFL. I struggle to even call them fans, because I doubt they’ll be there in 5 years. Fuck these people.

Dan:

We all know they’ll steamroll the division and lose deep in the playoffs and all of us Pats fans will blame Brady’s lack of weapons.

Matthew:

We’re the only fans that will talk shit about our own coach constantly (Belichick can’t draft! He trades all our best players! Every cornerback since Ty Law sucks! Why don’t we ever draft receivers? How come we have 8,000 running backs? Why does he play Gronk on punt blocks? He drafted a guy that tore both ACLs in a year?? WHY???), but if someone else says anything bad about him, we flip into YO STFU HE’S THE SMARTEST COACH IN FOOTBALL AND HE COULD WIN WITH A BUNCH OF THIRD GRADERS!! I don’t get it.

Also, someone will pay Darrelle Revis more money than us next year.

James:

Did the Patriots select another kid from Rutgers in the draft this year? I honestly have no idea because I lose interest by the 19th round when Bill Belichick finally decides to use one of the picks he traded down for.

Spencer:

The only time I’ve been to Gillette Stadium is for an a cappella concert.

Brett:

We’ve praised Belichick’s ability to harness and use troubled players to no end.

Pat:

I was out for drinks after work when another group asked to share our large table. We were only using half and were leaving soon anyway so we pleasantly obliged. I’m a Pats fan, but I also think Tom Brady has been vastly overrated (as a great playoff QB) for a while now. So my group got me going on that rant when the woman sitting right next to me leans in and says, “You don’t like him because he has better hair than you.” (I’m bald and shave my head). So this led to an argument which started friendly enough but quickly grew more tense as we went.

I’m paraphrasing here, but here are some highlights:

Me – Drew Bledsoe was better. I liked him a lot more.

Her – He doesn’t even have a ring. (He does).

Me – Name me one big game he’s won in the last decade.

Her – Oh getting to the AFC Championship game last year isn’t good enough? (He lost that game).

Me – He is 0-2 against Eli Manning, and Eli has Down’s Syndrome! (Yes I know, I’m a horrible person)

Her – Brady has more rings than the entire Manning family. (It’s 3-3).

Extremely proud of myself I just threw up my hands and smugly said. “I’m just stating facts.” Then things got serious. She said something like, “I’m going to tell you why I feel this way in a bit, but things like this really irritate me.” She proceeded to tell me that I don’t know how hard he works, how hard he plays, the surgeries he’s been through, the shoulder pain, the injuries, etc. Then she topped it off with, “I’m his sister.”

Our initial reaction was collectively saying, “No you are not,” but after a couple questions and a google search we found that she was telling the truth. I shut right the fuck up after that. and immediately started apologizing for trashing her brother in front of her. We then quickly and quietly finished our beers, I paid for their drinks, apologized again, and then left.

(Ed. Note: I refuse to believe the person who wrote the letter above is a real human being.)

Ben:

Every time there is a wide shot of Gillette Stadium, you’ll notice most of those seats are empty because those privileged pieces of shit would rather stay inside in the bar area the entire game and watch it on TV or through the window. The Nutcracker has louder audiences.

James:

In the past 13 years, Tom Brady has gone from everything I ever wanted to ever root for as a quarterback, to Tom Brady-Marino. Just an old, washed up cunt who blames everyone else around him for not being young and awesome anymore.

Quincy:

The Patriots run their team with the plan that it is better to get rid of a player a year too soon rather than a year too late. (Logan Mankins, Richard Seymour, Lawyer Milloy, ect.) Do they not realize they also bring in players five years too late? (Corey Dillon, Chad Ochocinco, Albert Haynesworth, Darrelle Revis, Junior Seau)

Josh:

I went to a game with a ladyfriend who started reading a book for school during halftime. A Toothless lady in front saw and yelled in disgust- “You reading?!” She then got the whole section to taunt my friends. To this day I wasn’t sure if she was upset that she was reading during a game or that she was a female who could read.

Shane:

This year, you will come to hate Patriots fans talking about James Develin (a white fullback who MIGHT touch the ball once a game) with all the fervor you used to reserve for Bucs fans and Mike Alstott.

Matt:

One of the most well known Pats fan is a man who drunkenly delivers himself as “Big Daddy Smooth”, a 300 to 350 or so pound man who talks as if gravel is rattling in his rib cage at all times, and has a hand-stitched “Triple Jersey” ofPatriots-Celtics-Red Sox cut together, as yearly it gets more and more charred by cigar ash, covered in condiments, or covered in dirt. The man is like a Chris Farley-Mike Ditka experiment baby that no one asked for.

Fuck Drew Bledsoe.

Derek:

All other football fans HATE us. If there was one team everyone could unanimously banish to the depths of hell it would be New England. Our owner is rich, punchable little cunt who’s convinced the world that his team is smarter and better than everyone else, yet humbler and nicer than them.

TJ:

Our tight end thought that time travel was a super power that’d allow him to teleport to present day Florida whenever he wanted.

Gabe:

This “dynasty” consists of a fluke win over a complacent Rams team, beating Jake Delhomme, and beating an Eagles team that was actively trying to defeat itself from within.

Fuck Laurence Maroney with an asbestos-ridden bag of jagged nails.

Chris:

I shit you not, if you say anything bad about Bledsoe to any Patriots fan over 30, they will proceed to scold you for upwards of an hour and tell you how he’s destined to go to the Hall-of-Fame some day.

Cole:

Because I know that there are thousands of terrible things going on in the world today and it doesn’t really bother me, but when someone suggests that Tom Brady is not the greatest quarterback of all time I lose my shit. I don’t even know if he is (probably not), but I seek out these arguments. It relieves my stress.

Dan:

Every Patriot fan knows, and may even tell you, that the only thing keeping this team from going 7-9 every year is a once-in-a-generation talent at quarterback. Once he’s gone, Belichick won’t get away with failing to address the team’s holes. It’ll be like Belichick in Cleveland again.

Chris:

People seem to conveniently forget that Kraft tried to move the team to fucking Hartford which is essentially a city inhabited solely by Life Insurance companies and not actual people. Instead he strong armed a bunch of contractors into low bidding on a shitty stadium that is impossible to get to and actually closer to Providence (the New Jersey of New England) than Boston.

David:

If I could see David Tyree beaten to death with his own detached limbs, I’d willingly subject myself to the same torture afterwards. Not only is he a shit head on the field, he’s a shit head off. This motherfucker said he’d trade “the catch” for a universal ban on gay marriage. Most Pats fans probably would too, I suppose, but still. Fuck that guy.

Cody:

I truly believe Darrelle Revis will have a good season for the Patriots… only for Belichick and Kraft to offer him an insultingly low contract extension (my bet is 2 years for one dollar and a strip of laundry detergent) causing Revis to go to Denver. They’ll replace Revis by drafting a slow yet “versatile” white guy who played fourth string nickelback for Bethune Cookman College or some other no name school. Meanwhile us fans will defend this pick until death because we think Bill Belichick is smarter than Einstein.

Tyler:

Bob Kraft built a generic suburban mall on stadium property, except it doesn’t have a roof because Massachusetts has great year-round weather. ButPatriots fans like The Razor anyway because there’s room to park their monster trucks and they won’t see any minorities like they would in Boston proper.

Joe:

Bill Belichick would trade fucking Santa for a 5th on Christmas Eve.

David:

As is protocol in Massachusetts, Mankins’ reputation is already being smeared, though this time instead of being called something like a drug addict bum (hi Terry Francona!), it’s under the facade of not being worth the money, which is complete bullshit.

All of this is to say that I thought they couldn’t block before, but now we’re totally boned. This could be one of the better offenses this team has seen, but the running game is going to be a series of 2 yard carries, and the passing game will have to be screens and dumps because Brady won’t have any time to let routes develop. Belichick, the guy that has brought this team so much success, can be a fucking idiot with these personnel moves, and he’s always gotten away with it because dumbfuck Pats fans and local media personalities like Mike Reiss would blindly follow him into a lake of fire.

Ben:

Fuck Bill Belichick and his need to outthink the room every god damn day of the week.

Michael:

The Patriots are sometimes held as the model NFL franchise. Given that involves ruthless mastery of professional sports’ most callously exploitative labor model, I’m pretty sure that’s not anything to be proud of. Also, Bill Simmons.

Chris:

Fuck that goober Eli Manning and fuck that bigot David Tyree.

Justin:

Fuck Ellis Hobbs with a thousand dicks.

Andrew:

I still own the Tim Tebow jersey a well-meaning relative purchased for me.

Austin:

I once went to Phillies/Red Sox game back in 06. After Kevin Youkilis hit a triple, an annihilated member of Red Sox Nation in my section was yelling “YOOUUUUKK” at the top of his lungs. He did this for about 2 minutes, before a black man a few rows in front of him turned around and yelled “Youk Sucks!” The Masshole ran up to the guy, tackled him, and punched him in the face. Other fans had to pull him off and when security was taking him away he shouted out one last “FUCK YOU N*****R! Riley Cooper Style.

Nobody loves a scrappy, worthless white dude than a Patriots fan. They could have Megatron on the roster, and Julian Edelman’s jersey would still sell more.

Allie:

As a Patriots fan living in Virginia, you can imagine how excited I was to find out they’d be doing joint practices with the Redskins. Then I show up to training camp to find myself surrounded by 20,000 women in Brady jerseys. These women screamed for 3 hours nonstop at Tom from the sidelines. Three weeks later and my ears still aren’t functioning.

Michael:

I used to be a pedicab driver around Boston one summer. When giving tours of this boring-ass city, I would stop and show Pats fans the spot where Tom Brady T-boned that minivan in 2010. Many of these dipshits would get out to take photos of an empty intersection.

Steve:

We’ve traded down or out of the first round “strategically” for much of Brady’s prime and since Moss left, surrounded him with midgets and two really good tight ends that can’t stay on the field or stop murdering people.

Michael:

Bill Belichick has entered the “Metal Machine Music” phase of his coaching career. It’s apparently more fun to try and make the playoffs with a community college football team, a fraternity Frankenstein and a scarf aficionado than to actually construct a team that might ever win a Super Bowl.

Chazz:

Three years ago some guy tried to fight me in the men’s room because he thought he heard someone say I was from San Diego.*

* I’ve never even been to San Diego, I was wearing a New England jersey, and the Patriots were playing Jacksonville that day.

Patrick:

Every Pats fan derives SO MUCH of their own self-worth from the Patriots’ perennial success. It’s really a scourge too because you have all these shitheads who never left their own hometowns and who really ought to be thinking about self-betterment or at the VERY LEAST coming to the realization that they’re worthless just straight sitting on top of the fucking world. Like life is just perfect when you set aside those two divorces and looming foreclosure, tie on a nice 7-beer buzz at 8am and swerve down Route 1 toPatriot Place! These people are on fucking Cloud 9 because Mr. Kraft (“Mr. Kraft!” We actually call him that!) stumbled into a top-5 in the history of forever quarterback in the sixth round.

The Patriots direct deposit hundreds of thousands of dollars into a quadruple murderer’s checking account every two weeks.

Jillian:

Every year, my little brother (also a Pats fan) wears the exact same lazy man’s Halloween costume: a Pats sweatshirt with the sleeves cut off and a giant set of headphones. To top it all off, he carries a video camera.

Justin:

The Patriots have the most deplorable media in the league, BY FAR. Our best football writing comes from fucking Barstool Sports. Our most famous fan is Simmons, who has spent the past 6 years bitching about the goddamn Helmet Catch as lucky/a product of uncalled holding penalties. Fuck Simmons up the ass with a rusty crab leg. Thanks to our media, and the drunken racist cocksuckers who populate every bar and tailgate (before kindly leaving our generic, flaccid stadium with 10 minutes to go in the third quarter), it’s virtually impossible to tell anyone outside New England you’re a Pats fan without them looking at you like you just raped an infant. Every year, our shithead fans bitch and moan that if we don’t win the Super Bowl, it was a wasted year. We’ve become everything we used to hate. We don’t even enjoy football as much as we pray for the opportunity to troll the rest of the football landscape if/when we do win another title.

Eli:

I don’t care for Bob Kraft’s shirts.

Alex:

Anyone Brady can reliably complete a pass to is cursed.

Eli:

I watched the 2013 AFC Championship against Baltimore at Professor Thom’s in Manhattan, which turned out to be a huge mistake. The space was packed shoulder-to-shoulder, not with your usual meatstick Pats fans, but instead with the absolute worst possible collection of entitled New England prep school brats. It was like NYU and Exeter had polite missionary sex and stuck a pink Sox hat on the resulting abomination.

Tyler:

I live in Boston’s Dorchester neighborhood. One weird thing about people who grow up in the city proper is that we are almost universally Celtics and Red Sox fans, but of the small sample size of my seven closest 30-year-old neighborhood friends from grade school, two are Bills fans, one is a Cowboys fan, one is a Steelers fan, and one is a Niners fan. There’s a strange disconnect between the Patriots and the city of Boston itself, and it goes two ways. Obviously before Drew Bledsoe the Pats were unwatchable, so Jerry Rice and Michael Irvin and Thurman Thomas were our introduction to what respectable football actually looks like. But Foxboro might as well be in Narnia. No way to get there via public transportation, and the stadium and its surrounding area was (and still kind of is) a wasteland.

Sean:

I grew up in New England, went to school in New York, worked in Boston and now live in the South. Boston is the most racist of those places by a mile. Last year I was riding the T on the day Aaron Hernandez was indicted. A tatted up white dude in an Hernandez 81 jersey called a black guy a “fucking n****r” for taking up too much space with his baby stroller. Was he dipping into a clear plastic bottle? He sure was!

Gabe:

I know multiple people who not only own and actively wear Aaron Hernandez jerseys, but also believe that he is innocent and will be signed by the Patriots once he is released from jail.

Jason:

During my morning commute I occasionally tune into WEEI, the aging dinosaur fart sports talk station in Boston. When not discussing hot political takes (fun fact: JFK would be a Republican if he were alive today!) The show will take an occasional call from a roster of closet oxycotin addicts, state troopers out on workman’s comp, and youth hockey coaches from Wilmington singing the praises of the mythical PatriotsWay.

Anyways, I’m sure this pretty much par for the course for sports talk callers in most NFL markets, but I swear to god there is a sizable contingent of Father Flanagan types who preface any discussion of Tom Brady with “Well, he should have done the right thing and married Bridget Moynihan…”

Gamblor:

We’re less a football team and more an amalgamation of the all the evil teams in sports movies that the hero team finally beats and looks back on as a turning point. It’s like our seasons were written by Matt Christopher.

Joshua:

Because every other Patriots fan I meet introduces themselves as a Red Sox fan.

Fire:

I went to see them play the Colts at Gillette before the second major bandwagoning of ’07 (when you could still get tickets for less than two bills). I witnessed three punches thrown before the game started and the Masshole directly behind me spent the entire first half drunkenly rocking in his seat, screaming “BRAY-DAY! FROW DA BAAAAAHHHHHHHM” over and over again. He went to the can at halftime and never came back. The stadium pretty much cleared out as soon as they started losing but I can’t really blame anyone for leaving early because I literally spent more time in my car getting out of the parking lot than I did watching the entire game in the stadium.

Greg:

Have you been to Gillette? The place is a fucking coffin.

Jeff:

I really don’t think the Patriots and their fans deserve the level of vitriol they receive. Bostonians have gone through a great deal over the years, they’ve always had something of an identity crisis, and although they can be a little boisterous sometimes, underneath all their noise is a compassionate, intelligent, fair-minded people who’ve found an exceedingly close kinship through the prism of athletics. More than any other region, New England is brought together by its football, and it’s that passion that makes such bonding possible.

*Opens BarstoolSports.com*

Oh fuck these shitstains. Fuck them right to fucking hell.

Matthew:

Eli Manning can climb a wall of dicks, mouth-first.

Jordan:

Our head coach refuses to be a part of society and loves to look like his dog died every day.

I swear that our best receivers continue to get shorter and shorter every day.

We have the best tight end at football for about 4-5 games a year, all during the regular season, while the rest he’s at home nursing some major injury and fucking pornstars.

There are still people in the Boston area who think that Aaron Hernandez is innocent.

Ben:

I saw Tom Brady throw an out route into the stands. He then proceeded to yell unintelligible things at our receiver who was open. Because it’s Tom Brady, I also blamed the receiver.

Colin:

Being a Patriots fan has actually made me a worse person.

Article source: http://deadspin.com/why-your-team-sucks-2014-new-england-patriots-1629216508

HUD says $15.8bn sale of faulty loans will prevent foreclosures

The Department of Housing and Urban Development’s sales of $15.8 billion in nonperforming loans will help stop foreclosures for about 6,400 homeowners, according to the agency.

HUD has sold more than 91,000 loans – including almost 53,000 this year alone, according to a Bloomberg report. As of May, half of the 38,000 loans sold last year were resolved – meaning they are no longer considered nonperforming because of foreclosure or some other outcome – and in 34% of those cases, the property wasn’t seized, according to a HUD report.

“Without the note sale program, all of these loans would be foreclosed upon,” the report stated. The “program is achieving its anticipated goal of minimizing losses,” it said.

HUD began selling pools of delinquent loans in 2010 to cut losses to the Federal Housing Administration’s mortgage insurance fund, according to Bloomberg. The loans averaged 31 months of delinquency, “meaning these borrowers are destined for foreclosure,” the report stated. Since late 2012, HUD has placed a six-month restriction against foreclosure actions on loans it sold.

Cutting its insurance losses has been a grim necessity for the agency. Last year, losses of more than $50 billion resulting from the housing meltdown forced HUD to take a $1.7 billion cash infusions from the Treasury – the first taxpayer subsidy in the agency’s history, Bloomberg reported.
 

Article source: http://www.mpamag.com/mortgage/hud-says-15-8bn-sale-of-faulty-loans-will-prevent-foreclosures-19379.aspx

Telluride 2014 Review: ’99 Homes’

99 Homes Andrew Garfield

99 Homes actually hits very close to home for me, as I have been dealing with a mortgage crisis myself since 2006. Even if I didn’t feel personally vindicated by the film, it is objectively good drama, the kind of difficult situations I want films to address, but to address responsibly both socially and narrative. 99 Homes is my favorite film of Telluride

Dennis Nash (Andrew Garfield) is facing eviction and the court favors the bank. They’ve already got a short sale lined up, and this is true to life; they’d rather sell the foreclosure to someone else for less than help the original owner. He’s behind on his payments because the bank advised him to stop paying so he’d qualify for a program, which didn’t work. The only work he can get is actually for the man who spearheaded his eviction, real estate mogul Richard Carver (Michael Shannon). 

Carver is the Glengarry Glen Ross of eviction. He makes it thrilling, and the procedure is fascinating, illustrating what is so, so wrong with the system in place. There are hostile people in charge of our lives: the banks, the courts, the cops and even the hired help of the realtors. The fact that the cops only give the Nashes two minutes to gather their things is egregious. I mean, does it really have to be this instant? Whatever technicalities led the Nashes to believe they had more time, couldn’t they at least have an hour on the day?

And Carver stands on the law, but the same law manipulates people into buying homes in the first place. His whole mantra is “Don’t get emotional about property” but that’s exactly how they sell you a house in the first place. They talk about home and ownership and abstract concepts appealing to one’s pride, not to mention the incentives and bully tactics. If it were really a purely financial transaction, most people probably wouldn’t choose to make a 30 year financial investment of hundreds of thousands of dollars. That’s not even the point of the movie. It’s just the real life world of 2010 in which the film is set. Carver is happy to manipulate the government and Fannie Mae to his own ends. He blatantly commits fraud to benefit from bailout programs and there is no one policing him. 

This sets up the ultimate drama. Can a good person succeed by playing by their rules? I actually hope he can’t. I would really lose hope if cheating was the answer. Writer/director Ramin Bahrani really captures the weight Nash feels taking this job. All day he faces justified resistance, people who refuse his offers and resist the more forceful tactics, and Nash isn’t steeled for it.  

The only complaint I can foresee people having is that Bahrani often uses children to evoke emotion in the foreclosure scenes. Children on film can be dicey, but I agree with Bahrani’s message and I think it is true. Children are a part of this crisis. They are the ones affected who truly have no agency in all this. You don’t get to ignore them. I suppose this is also a world where everybody fights until the very end to save their home and no one just gives up and vacates before Carver Co. get there. I’ll allow it. I don’t see how showing an easy foreclosure job would help the story, and most people do try to avoid eviction. 

I hope I didn’t make it sound too much like a message movie, because it is really just the basis for compelling drama. The fact that the message is valid means the drama worked successfully. Carver does lay out the entire corrupt system at one point though. Please pay attention to what he’s saying, and stop enabling that system.

craveonline_ratings_set_90


Fred Topel is a staff writer at CraveOnline and the man behind Best Episode Ever and The Shelf Space Awards. Follow him on Twitter at @FredTopel.

Article source: http://www.craveonline.com/film/reviews/752213-telluride-2014-review-99-homes

Partners forge pact to revitalize Newport neighborhoods

Hamlet Street just outside the East Row Historic District is a charming corridor with new and rehabilitated homes, a couple of empty lots and a house awaiting renovation.

This street and others in the urban core are on their way to becoming thriving neighborhoods.

Three organizations from Kentucky and Cincinnati have decided they’re going to rehab neighborhoods, and not just a house here and there.

Neighborhood Foundations, Habitat for Humanity of Greater Cincinnati and Housing Opportunities of Northern Kentucky, or HONK, are working on six houses within a four-block area of the city.

Habitat President and CEO Ed Lee said he views the partnership in Newport as an opportunity to show his organization’s commitment to communities.

“In the future, we would like to get away from building single-family homes to do more neighborhood revitalizations,” Lee said. “But to make that happen, we need partners like this.”

Newport’s housing agency Neighborhood Foundations started working on Hamlet Street on its own in 2008.

Josh Grimm, 29, purchased his house there in 2011, at the start of Hamlet Street’s rebirth.

“I was the first one. I was a young professional. I didn’t make all that much money, but I really wanted a house of my own,” said Grimm, now an account manager at Wild Flavors in Erlanger.

“I love what’s going on in Newport.”

It wasn’t long ago when the street was riddled with blight. Houses were falling apart, and the street seemed to attract “wanderers,” as Grimm put it – rather than folks who had a stake in making it a neighborhood.

“We’re picking and choosing to try to stabilize the neighborhoods,” Neighborhood Foundations Executive Director Tom Guidugli said. “A lot of them are in good shape. We’re trying to get the worst ones.

“I think we’re making headway,” Guidugli said. “There were so many foreclosures out there, we really needed funding to stabilize the neighborhoods.”

Guidugli had long hoped other organizations would help make a bang in Newport’s neighborhoods and welcomes the partnership with Habitat and HONK.

“We always thought, if we can get more partners, we can increase our capacity,” he said. “We are providing affordable-housing opportunities while we’re revitalizing neighborhoods.”

Habitat, HONK partnered for impact before

Habitat and HONK have each partnered with other organizations to help stabilize neighborhoods elsewhere, and leaders of both organizations say it’s a great way to make a bigger impact on neighborhoods.

In 2012, Habitat for Humanity of Greater Cincinnati was recognized for its Over-the-Rhine green development efforts on rehabbing two homes on Elm Street. For the project, Habitat collaborated with SOL Developments, Over-the-Rhine Community Housing, Over-the-Rhine Foundation, Gray and Pape Cultural Resources Consultants and GBBN Architects, said Charmaine Kessinger, Habitat’s development director.

She said Habitat has increased efforts in recent years in part because of the housing crisis that left a trail of vacant and abandoned properties in communities but also, she said, “from a desire to play a bigger part in neighborhood revitalization partnerships.”

HONK’s partnerships include work with the Center for Great Neighborhoods in Covington and the city of Covington in 2011 and 2012, when the group stabilized two Covington neighborhoods under the federal Neighborhood Stabilization Program.

“Using a mix of rehab and new construction, collectively we helped turn around 14 foreclosed and abandoned Covington properties,” HONK Executive Director David Hastings said. “Because they were done at the same time in a tight geographic area, our impact was much more significant.”

Like Habitat, HONK is hopeful that it can continue such partnerships.

“We’re trying to do two things at once. That’s a little bit of a balancing act,” Hastings said. “What attracted us to partnering with Neighborhood Foundations and Habitat is that collectively we have a much larger impact.”

Newport project entails restoration, new construction

The venture in Newport has HONK working on two rehabs, one on the already stabilized west side of Hodge Street and the other on Hamlet. Both started as single-story homes and HONK is adding a second floor so they’re big enough for a family.

“They’re significant rehabs,” Hastings said of the houses at 324 Hodge and 934 Hamlet. With the second-story additions, he chuckled, “we’re growing them.”

Tim Rolf, whose business Rolf Monument is at 530 Hodge, told Guidugli at a Newport Business Association meeting last week that he’s been impressed with the work on the street.

Hastings said HONK is excited about helping finish Hamlet Street.

“The house on Hamlet was attractive to us because there’s already been some energy there, and we can help expand what’s already there,” Hastings said. HONK did not have cost estimates for its work.

Neighborhood Foundations also is building its two new houses, at 923 and 931 Hamlet Street on lots where unstable houses have been demolished. Each will cost about $180,000 to build, with federal funding from Community Development Block Grants, Guidugli said. Construction of the houses should be finished by February, he said. The houses built so far have been appraised at and sold for $90,000 each.

All of the homes will be energy-efficient, Guidugli said. It’s a hallmark of good construction and renovation these days, and a must, he said.

HONK and Habitat leaders said they expect their work to be finished in June of 2015.

Habitat will restore two houses, at 908 and 1011 Columbia Street, on Newport’s west side – where Neighborhood Foundations already has provided a mix of new and renovated homes. Lee did not have immediate cost estimates on the work.

All three of the city streets were among those that suffered from the 2008 housing crisis.

“It’s that whole foreclosure thing that hit the urban core more than anybody else,” Guidugli said.

Newport Historic Preservation Officer Scott Clark, also a volunteer site leader for Habitat, is eager to see Habitat complete its work on the Columbia Street houses.

“There’s so much untapped potential. The work that’s being done is going to help revive some of these neighborhoods,” said Clark. “That part of the city is the oldest section of Newport. So much history is in it. It’ll be exciting to have people move in and make their own history.”

The house at 908 Columbia St. is an 1884 Italianate rowhouse, with plenty of character to restore, Clark said.

The oldest house, at 1011 Columbia St., is a one-and-a-half story Italianate cottage built around 1874.

“It’s a solid brick house. The woodwork is there,” Clark said. The carved stone that adorns the house will be restored.

“It’s going to quite a showplace once we’re done.”

Young professional loves urban lifestyle

Grimm’s house was newly built on Hamlet Street when he bought it in January of 2011.

He has watched his street flourish, with neighbors moving in who care for their property and help each other out, getting mail for one another when someone’s out of town, checking on each other. A neighbor of his helped him install a wrought-iron fence.

He has no plans to move anytime soon, saying only that if he has a family later on with children, he might want more yard space.

But as a young professional, Grimm is loving the urban lifestyle he’s chosen – and the home he could afford as a recent Northern Kentucky University graduate student with a new job in research and development at Wild Flavors.

“I wanted to be able to walk everywhere. As a young professional who made under $40,000, I could afford to live here and be a homeowner,” Grimm said.

“The layout of my house is great,” Grimm said.

Grimm said his friends and he like to head over the bridge to get Downtown for ballgames or go to Sawyer Point for events. They sometimes stop at his place before a night out.

“Newport used to be a little more traditional or conservative,” said Grimm, who grew up in Newport and other Northern Kentucky river cities.

“I think it’s starting to trend.” ■

Article source: http://www.cincinnati.com/story/news/2014/08/29/newport-neighborhood-revitalization-habitat-honk/14824229/

Plans fall through for former City Club

Two men known for restoring a historic Gastonia home had their eyes set on the defunct City Club, but negotiations failed after the couple couldn’t agree with the bank on a fair price.

Dwayne and Brian Johnpaoli considered buying The City Club, which has been closed for more than a year. The couple made a lower-than-listed bid for the property because they said an inspection revealed the need for extensive work.

That bid was rejected, and New Dominion Bank is back to the drawing board to find a buyer.

“We tried to make the sale happen, and we just couldn’t get it done,” said Greg Burke, the bank’s executive vice president.

 

Heart for renovation

The Johnpaolis appreciate Gastonia history.

They bought and restored the Rankin-Mercer House on South York Road where they now live and host charity events. The couple decided to purchase another property to potentially separate those social gatherings from their living space.

The men put the South New Hope Road property under contract in the spring and called in an inspec-tor to evaluate the condition of The City Club.

Dwayne Johnpaoli said he remembers walking into the basement, where it appeared the walls were covered with toilet paper. It was actually mold, he said.

The mold needs to be removed, inactive termite damage has to be repaired, plumbing needs to be re-placed and a new roof should be put on, Johnpaoli said.

The repairs would top $300,000, according to Johnpaoli.

 

Cost of repairs

Johnpaoli said he and his partner initially offered to pay $400,000 for The City Club. The asking price is $599,900.

The men lowered their offer to $275,000 when they got the estimate for repairs.

According to Johnpaoli, the bank rejected the offer so the men are now looking elsewhere.

Their contract on the building ended June 18, he said.

“It’s very disappointing, but what can you do? You can’t make the bank take less than they want for it,” he said. “Maybe it is worth more, but there are so many repairs needed.”

Burke said that the property obviously needs some work, but he’s not convinced that Johnpaoli’s estimate is accurate.

He said that some of the repairs are optional.

 

Auctioning off contents

The City Club was founded in 1985, but the structure originally served as a home when it was built nearly 100 years ago.

As a private club, the building saw members stop in for meals and social gatherings.

The business fell into foreclosure in 2012 and closed March 2013. The property went on the auction block two months later and that’s when New Dominion Bank took over.

The 12,258-square-foot building was listed with Coldwell Banker Commercial realty about a year ago.

The bank has organized an auction for Sept. 6 to sell off the contents of the building.

Burke said that the auction is a step toward repurposing the former social club.

 

Possible office space

The property’s Realtor, Eric Clay, said he’s had interested parties talk about buying The City Club to reopen for events.

None of those talks have come to fruition.

Burke said that’s a sign that maybe the former club would better serve a different purpose.

Once the contents are auctioned off, Burke said he’ll call in an architect. The idea is that the building would be best suited for office space.

“It’s a great location. We hate that it couldn’t sell and continue as the club, but that’s just the reality of the marketplace right now,” he said.

Ultimately, New Dominion wants to sell the building. But if potential tenants show enough interest the bank could act as a landlord until a purchaser is found, Burke said.

 

‘I hope somebody … saves that building’

The Johnpaolis had hoped to reopen The City Club by October or November.

They’re known for providing a holiday dinner for the less fortunate and thought the event could move into The City Club this year.

Instead, the partners are looking at another old home in Gastonia.

They might buy that place, renovate it and move so that the Rankin-Mercer House can be used solely for event space, Dwayne Johnpaoli said.

He said they hope that The City Club can still serve the community that cherishes it.

“I think it is a beautiful property, and I think it could benefit our city,” he said. “I really hope that in the near future somebody steps up and steps in and saves that building.”

You can reach Diane Turbyfill at 704-869-1817 and Twitter.com/GazetteDiane.

Article source: http://www.gastongazette.com/spotlight/plans-fall-through-for-former-city-club-1.366682

Ferguson isn’t about black rage against cops. It’s white rage against progress.

Carol Anderson is an associate professor of African American studies and history at Emory University and a public voices fellow with the Op-Ed Project. She is the author of “Bourgeois Radicals: The NAACP and the Struggle for Colonial Liberation, 1941-1960.”

When we look back on what happened in Ferguson, Mo., during the summer of 2014, it will be easy to think of it as yet one more episode of black rage ignited by yet another police killing of an unarmed African American male. But that has it precisely backward. What we’ve actually seen is the latest outbreak of white rage. Sure, it is cloaked in the niceties of law and order, but it is rage nonetheless.

Protests and looting naturally capture attention. But the real rage smolders in meetings where officials redraw precincts to dilute African American voting strength or seek to slash the government payrolls that have long served as sources of black employment. It goes virtually unnoticed, however, because white rage doesn’t have to take to the streets and face rubber bullets to be heard. Instead, white rage carries an aura of respectability and has access to the courts, police, legislatures and governors, who cast its efforts as noble, though they are actually driven by the most ignoble motivations.

White rage recurs in American history. It exploded after the Civil War, erupted again to undermine the Supreme Court’s Brown v. Board of Education decision and took on its latest incarnation with Barack Obama’s ascent to the White House. For every action of African American advancement, there’s a reaction, a backlash.

The North’s victory in the Civil War did not bring peace. Instead, emancipation brought white resentment that the good ol’ days of black subjugation were over. Legislatures throughout the South scrambled to reinscribe white supremacy and restore the aura of legitimacy that the anti-slavery campaign had tarnished. Lawmakers in several states created the Black Codes, which effectively criminalized blackness, sanctioned forced labor and undermined every tenet of democracy. Even the federal authorities’ promise of 40 acres — land seized from traitors who had tried to destroy the United States of America — crumbled like dust.

Influential white legislators such as Rep. Thaddeus Stevens (R-Pa.) and Sen. Charles Sumner (R-Mass.) tried to make this nation live its creed, but they were no match for the swelling resentment that neutralized the 13th, 14th and 15th amendments, and welcomed the Supreme Court’s 1876 United States vs. Cruikshank decision, which undercut a law aimed at stopping the terror of the Ku Klux Klan.

Nearly 80 years later, Brown v. Board of Education seemed like another moment of triumph — with the ruling on the unconstitutionality of separate public schools for black and white students affirming African Americans’ rights as citizens. But black children, hungry for quality education, ran headlong into more white rage. Bricks and mobs at school doors were only the most obvious signs. In March 1956, 101 members of Congress issued the Southern Manifesto, declaring war on the Brown decision. Governors in Virginia, Arkansas, Alabama, Georgia and elsewhere then launched “massive resistance.” They created a legal doctrine, interposition, that supposedly nullified any federal law or court decision with which a state disagreed. They passed legislation to withhold public funding from any school that abided by Brown. They shut down public school systems and used tax dollars to ensure that whites could continue their education at racially exclusive private academies. Black children were left to rot with no viable option.

A little more than half a century after Brown, the election of Obama gave hope to the country and the world that a new racial climate had emerged in America, or that it would. But such audacious hopes would be short-lived. A rash of voter-suppression legislation, a series of unfathomable Supreme Court decisions, the rise of stand-your-ground laws and continuing police brutality make clear that Obama’s election and reelection have unleashed yet another wave of fear and anger.

It’s more subtle — less overtly racist — than in 1865 or even 1954. It’s a remake of the Southern Strategy, crafted in the wake of the civil rights movement to exploit white resentment against African Americans, and deployed with precision by Presidents Richard Nixon and Ronald Reagan. As Reagan’s key political strategist, Lee Atwater, explained in a 1981 interview: “You start out in 1954 by saying, ‘N—–, n—–, n—–.’ By 1968 you can’t say ‘n—–’ — that hurts you. Backfires. So you say stuff like ‘forced busing,’ ‘states’ rights’ and all that stuff. You’re getting so abstract now you’re talking about cutting taxes, and all these things you’re talking about are totally economic things, and a byproduct of them is blacks get hurt worse than whites. And subconsciously maybe that is part of it. I’m not saying that.” (The interview was originally published anonymously, and only years later did it emerge that Atwater was the subject.)

Now, under the guise of protecting the sanctity of the ballot box, conservatives have devised measures — such as photo ID requirements — to block African Americans’ access to the polls. A joint report by the NAACP Legal Defense and Educational Fund and the NAACP emphasized that the ID requirements would adversely affect more than 6 million African American voters. (Twenty-five percent of black Americans lack a government-issued photo ID, the report noted, compared with only 8 percent of white Americans.) The Supreme Court sanctioned this discrimination in Shelby County v. Holder , which gutted the Voting Rights Act and opened the door to 21st-century versions of 19th-century literacy tests and poll taxes.

The economic devastation of the Great Recession also shows African Americans under siege. The foreclosure crisis hit black Americans harder than any other group in the United States. A 2013 report by researchers at Brandeis University calculated that “half the collective wealth of African-American families was stripped away during the Great Recession,” in large part because of the impact on home equity. In the process, the wealth gap between blacks and whites grew: Right before the recession, white Americans had four times more wealth than black Americans, on average; by 2010, the gap had increased to six times. This was a targeted hit. Communities of color were far more likely to have riskier, higher-interest-rate loans than white communities, with good credit scores often making no difference.

Add to this the tea party movement’s assault on so-called Big Government, which despite the sanitized language of fiscal responsibility constitutes an attack on African American jobs. Public-sector employment, where there is less discrimination in hiring and pay, has traditionally been an important venue for creating a black middle class.

So when you think of Ferguson, don’t just think of black resentment at a criminal justice system that allows a white police officer to put six bullets into an unarmed black teen. Consider the economic dislocation of black America. Remember a Florida judge instructing a jury to focus only on the moment when George Zimmerman and Trayvon Martin interacted, thus transforming a 17-year-old, unarmed kid into a big, scary black guy, while the grown man who stalked him through the neighborhood with a loaded gun becomes a victim. Remember the assault on the Voting Rights Act. Look at Connick v. Thompson, a partisan 5-4 Supreme Court decision in 2011 that ruled it was legal for a city prosecutor’s staff to hide evidence that exonerated a black man who was rotting on death row for 14 years. And think of a recent study by Stanford University psychology researchers concluding that, when white people were told that black Americans are incarcerated in numbers far beyond their proportion of the population, “they reported being more afraid of crime and more likely to support the kinds of punitive policies that exacerbate the racial disparities,” such as three-strikes or stop-and-frisk laws.

Only then does Ferguson make sense. It’s about white rage.

outlook@washpost.com

Read more from Outlook:

Black America and the burden of the perfect victim

The Talk — a poem inspired by Ferguson, Mo.

Follow our updates on Facebook and Twitter.

Article source: http://www.washingtonpost.com/opinions/ferguson-wasnt-black-rage-against-copsit-was-white-rage-against-progress/2014/08/29/3055e3f4-2d75-11e4-bb9b-997ae96fad33_story.html

Client with wage garnishment files chapter 13 to save house from foreclosure

Client with wage garnishment files chapter 13 to save house from foreclosure


CLIENT is 60 years old and married. She has gross income of $3,000 as a caregiver.  Husband is not employed and waiting for social security benefits, which is still two years from now. Due to a car that was repossessed last year, client owes $18,000 on a car loan deficiency. Her salary is subject to wage garnishment of $600 monthly because of the repossessed car. Because of this client has not paid her mortgage on their residence for the last 8 months. Their mortgage is $1,500 a month, so their mortgage default is $12,000. They owe $40,000 of credit card debt, which they have not paid for the last 12 months. They have a car loan on a new Camry with a balance of $20,000 on which they pay $500 monthly at 10% interest. They are one month behind on the car payment. The mortgage holder has sent them a “Notice of Default” with a recording date last week advising them that their house will be foreclosed upon after 90 days pursuant to foreclosure law in the state of California unless the amount of default of $12,000 plus costs and attorney’s fees is paid in full at least 5 days before the foreclosure auction sale date, to be set, after the lapse of 90 days. A few days later, the LA county recorder’s office sends them the same information telling them that they will lose their house to foreclosure unless they pay the default in full by the deadline, and that they should contact a lawyer for assistance if they want to save their house.

Any homeowner who is in this situation and wants to save the house from foreclosure, and is serious about saving the house, should file a Chapter 13 forthwith. There are other options that can be taken but none of those are as effective in stopping a foreclosure on its track as a Chapter 13. The reason is that Chapter 13 is specifically designed by law to help homeowners save their houses from foreclosure. How will client benefit from her Chapter 13 petition?

She will benefit as follows:

• The wage garnishment will stop immediately, thus providing her $625 more of net income monthly.

• The foreclosure process will stop immediately. Mortgage holder cannot proceed with selling her house in a foreclosure sale.

• The mortgage arrears of $12,000 will be paid over a period of 5 years, no interest, at $200 a month.

• If client wants, the car payment can be paid at the rate of $333 monthly for 60 months, instead of $500 a month.

• In the Chapter 13 plan, she will only pay the default of the house at $200 a month for 60 months and paying zero to her $40,000 of credit cards. She does not have to pay any part of the $40,000 credit card debt at all.

• In addition to the stopping of the wage garnishment for the repossessed car, client will pay zero on the unpaid balance of the $18,000 car repo deficiency.

• If she completes the plan payment of $200 for 60 months, the court will discharge the $40,000 of credit card debt and the $18,000 car repo deficiency.

• During the next 5 years, as long as client is making the plan payments in a timely manner to the trustee, the house foreclosure is stopped, and none of her creditors can sue her for collection or garnish her wages or levy her bank accounts. She gets peace of mind and order from chaos.

Client has to resume her current mortgage payment of $1,500 on the month after the date of filing. Thus, on year 5, she will be back on current status again with her house mortgage. Client does not have a 2nd trust deed or a home equity loan, but if she did, assuming the legal requirements are satisfied, she could have also gotten rid of the 2nd trust deed, converting it to an unsecured debt just like a credit card debt with client paying the 2nd trust deed holder, again nothing, zero. If she owed $100,000 on a HELOC, that entire amount will get discharged upon plan completion, on zero payment.

So, as long as she completes all plan payments, she can retire in peace at the age of 65. At that time, her husband will be receiving social security benefits boosting their household income when their unsecured debt has been reduced from $58,000 to nothing. They will be debt free at 65 and their house will become current on mortgage payments again. It’s something to look forward to!

“Be of good courage, and He shall strengthen your heart, all you who hope in the LORD.” Psalm 31:24.

* * *

Lawrence Bautista Yang specializes in bankruptcy, business, real estate and civil litigation and has successfully represented more than five thousand clients in California.  Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 1000 S Fremont Ave Mailstop 58 Bldg A-1 Suite 1125 Alhambra, CA 91803.

 

Article source: http://asianjournal.com/consumer/client-with-wage-garnishment-files-chapter-13-to-save-house-from-foreclosure-2/

ACDC building forced to foreclose

A foreclosure has forced the Argenta Community Development Corporation out of the same district it’s been working to improve.

Article source: http://www.thv11.com/story/news/local/north-little-rock/2014/08/29/acdc-building-forced-to-foreclose/14828823/

HUD Says $15.8 Billion of Loan Sales Cut Losses, Foreclosures

The sale of $15.8 billion in nonperforming loans by the U.S. Housing and Urban Development Department cut losses to its troubled insurance fund and helped stop foreclosure for about 6,400 homeowners, the agency said.

HUD has sold more than 91,000 loans, including almost 53,000 this year. Half of the about 38,000 loans sold through last year were resolved as of May — meaning they went through foreclosure or another outcome and are no longer considered nonperforming — and 34 percent of those resolutions resulted in property seizures being averted, the department said in a report released today.

“Without the note sale program, all of these loans would be foreclosed upon,” HUD said. The “program is achieving its anticipated goal of minimizing losses” and providing alternative resolutions to thousands of borrowers at risk of losing their homes, the department said in the report.

HUD began auctioning pools of delinquent mortgages in 2010 as losses to the Federal Housing Administration’s mortgage insurance fund caused by foreclosures mounted. Today’s report is the first to assess the results of the sales, which are aimed at reducing taxpayer losses at a time when Wall Street firms are trying to profit from the housing recovery by acquiring distressed real estate assets.

The loans, sold in groups of local and national pools, averaged 31 months of delinquency, “meaning these borrowers are destined for foreclosure,” according to the report. All loans sold since late 2012 included six-month restrictions against foreclosure actions for owner-occupied properties unless there were extenuating circumstances.

Grayken’s Company

The largest buyers of the national pools have been Lone Star Funds, founded by billionaire John Grayken; Bayview Asset Management LLC, a Coral Gables, Florida-based company backed by Blackstone Group LP; and Selene Finance LP, founded by mortgage- bond pioneer Lew Ranieri. The biggest local-pool buyers have been Los Angeles-based investment company Oaktree Capital Management LP, Bayview and Charlotte, North Carolina-based 25 Capital Partners, headed by Shaun Ahmad.

The Federal Housing Administration insurance fund’s loss rates on failed mortgages fell to 52.9 percent in the second quarter of this year from 63.5 percent in the first quarter of 2010, before the agency began auctioning pools of loans, according to the report. Climbing home values have also lessened the loss rates and spurred bidders for nonperforming-loan pools to raise their offers. Bids rose to about 60 percent of unpaid principal balances this year from about 40 percent in 2012.

Taxpayer Subsidy

The Federal Housing Administration had more than 437,000 seriously delinquent loans as of June 30, according to the Mortgage Bankers Association. The administration is a mortgage insurer run by HUD that helps lower-income borrowers buy houses. Losses of more than $50 billion on mortgages it insured as the housing bubble burst led to a $1.7 billion cash infusion last year, the first taxpayer subsidy in its 80-year history.

Borrowers were more likely to have received an alternative to a foreclosure if their mortgages were part of geographically concentrated pools that required investors to ensure that the loans were resolved in a way that stabilized the neighborhood, according to today’s report.

Among the allowable options were selling the loans to owner-occupants or transferring the properties to a community land bank. In the neighborhood-stabilization pools, 23.5 percent of resolved loans reperformed, meaning the owners resumed paying their debt after a modification, while just 8.7 percent of loans in pools without the restrictions reperformed.

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Article source: http://www.moneynews.com/Economy/HUD-loan-sales-losses/2014/08/29/id/591714/