MYBLOGEMPIRETOUCH.COM

Obama's help with housing is bogus!!

2011-10-12T04:06:11Z

I am really getting fed up with all the calls coming in from companies that say that the government has all of this money to help you save your home. Well I have tried numerous times to modify my loan or just get a reduced payment and each time I have tried, I have been denied. Denied because I do not make enough money. Now I have not been late on any of my payments for the last 10 years and my credit score is fine but I just cannot get a new loan. Thankfully my interest rate is 5.0 but that will be going up next year and then the payment will go up again.

I used to be a mortgage broker and I know most of the in's and out's of the mortgage business but this is ridiculous. The percentages of debt to income is stricter than on FHA loans. That's right, only 30% is allowed. I have no debt except for the house loan. So wouldn't you think that if I decided to spend 40% on a house payment so that I can keep my home and a place to live that that would be my own personal business. Well the government thinks differently and I don't know how to change the government.

We have far too much government control and it needs to stop. I am really disappointed in the Obama system and I hope that all who read this will take note on what his agenda has become. It is not good for the United States. Now I am sure some of you will agree and some will disagree but so far we are still a country with free speech.

I am praying that I will be able to keep my home until the market turns around. That will probably be several years but I will hang in there until I am kicked out.

I am truly sorry for those people that are losing their homes because of what these banks are doing and what the government has put down for qualifying for help. If I can help in anyway please feel free to email me at eiharper@earthlink.net

Do Modifications Hurt Your Credit Rating?

2010-05-29T01:32:55Z

Do Modifications Hurt Your Credit Report?

Several years ago I would have said NO!! Today banks are being a bit ugly on how they are reporting to credit bureaus. These servicers are showing modification documents in which it gives the servicer the right to report the mortgage as being modified from its original terms. This is an adverse statement for credit scoring.

Be careful when you modify. Check the terms for modifications and ask the servicer how they will report this. One servicer has a trial period of three reduced payments while the modification process is being reviewed. During that time the agreed payment is not being posted to the account. It shows then that you are in default even if you continued to make your payments. If approved the lender adds the negative to the principle balance. If you are not approved, the lender has the right to accelerate the loan.

Don't take these modifications lightly. I have always said that modifications are better than refinancing. Now I would say that if you plan to stay in your home for another ten years go ahead and modify but remember your credit score could go down. However the more payments you make on time the higher the score would go. If you do not plan to stay in your home then you need to refinance to keep your score high. If you do not qualify for refinancing then go ahead and modify anyway to keep your home affordable.

If you are in a hardship situation because of job loss, medical bills or other occurances, call your bank or servicer immediately. There are plans and options available to you in that servicers are getting new programs all the time. You could possibly qualify for one of them. Remember the housing crisis is not over yet. Hang in there.

You can go to my websites for more information. www.affordable-home-refinance.com or www.empiremortgagecolorado.com and let us help you.

Have a great and safe holiday and remember our Fallen Soldiers and their families this Memorial Day.

Where are interest rates going?

2010-05-14T19:21:41Z

Where are interest rates going? What kind of an interest rate did you get when refinancing your home? These are all questions that we ask but not everyone is satisfied with what they are hearing.

An interest rate is the price a borrower pays for the use of money they borrow from a lender. For instance, you want to buy something and you don't have enough money so you (borrow) get the money from a bank to buy what you want. The bank then lends you the money (gives it to you for a certain amount of time) and you pay it back on a monthly basis with a payment that you can afford. So the bank puts an interest rate on this loan and expects you to pay back all the money borrowed plus the amount that the interest rate added to the actual money borrowed. Interest rate is the percentage of money that you will need to repay. In some cases when the interest rate is too high it will cost you double to get it paid back.

You should always ask for an amortization chart which will show you the amount being borrowed, the interest rate, and the scheduled payments. At the end it will show you the total amount you will pay by the time the debt is paid back. Each month will tell you how much is going to the principal and how much is going to pay for the interest. Most interest is paid first and very little goes to the principal. Watch what you are getting into before you sign papers.

Now that you know what an interest rate is, lets look at what our financial department with the government is saying. On at least two occasions in the past month, Fed Chief Ben Bernanke has confirmed that he's going to keep interest rates as low as possible, for as long as possible, even indicating that there may be no rate hike until late 2011.

If you are contemplating on refinancing or modifying your home mortgage to get this low interest rate, I can help you with this. Click on this link: www.empiremortgagecolorado.com or go to www.affordable-home-refinance.com and we can help you. Easy online application will get you started fast. We do loans all over the United States.

Foreclosure on the horizon?

2010-04-28T20:13:00Z

Let us show you how to save your home! Banks lose an average of $50,000 on homes that are foreclosed on. Believe it or not, they don't want to take your home. Over 50% of home owners do not ever contact their lender when financial problems make it hard to make their payments. Do not assume the victim mentality, you have options and your lender wants to help you.

Let us show you an easy process that will help save your home.

Visit www.EmpireMortgageColorado.com now, to learn how.

Also check out www.affordable-home-refinance.com Read the foreclosure section.

Hope this is helpful and have a great day!!

Banks, What are they up to now?

2010-04-23T02:17:00Z

What are Banks up to now? I must say that I truly dislike the banking system to such a degree that I am contemplating on moving my accounts to a credit union. Yes, I actually said that!! In the process of trying to get my personal loan reduced, I am appalled at the disgusting rules that they have put in place to modify, or refinance your loan. I have spent hours on the phone this past week being transferred from one person to the next. No one will take responsibility to tell you what the new guidelines are and how they now look at your mortgage.

I have never been late in the past 13 years that I have had my mortgage. I have been laid off my job from a bank, and they have my mortgage. But do you think being an ex-employee that I can speak to anyone? No, the whole department was laid off. You would think that they would possibly work with those that no longer have a job with the bank. First of all they now say that I don't make enough money to have my payment lowered. Then after exhausting the person that I was talking to, she became upset and said if you don't like the rules then call the government at this particular number and tell them we can't lower your payment because you don't make enough money. How absurd is that?

So I called the number in which I was transferred two times but found a very nice gentleman who knew his stuff and worked with me extensively. Well when push came to shove, I now have too much equity in my home to qualify. Now what!! You see I don't want to sell my home because it gives me income. I rent out the walkout basement. If I sold my home I could not live on just social security so it is imperative that I keep this home that gives me income. Well with all of that said the week has been devastating and I cannot begin to imagine what other people are going thru that are trying to hang on without going into foreclosure.

Housing continues to be sluggish. Housing starts fell as well as building permits. If you are an investor and are buying homes then you are in a good market in that the foreclosures by the banks continue to skyrocket. If the banks would work with the homeowners most of them would be able to keep their homes. Banks get bailouts from the government but then they turn around and foreclose on homeowners. So what are they doing with their money?

Interest rates are just about the same as they were last year in that a 30 year fixed rate mortgage is about 5.07%. A 15 year rate is around 4.375% and a 20 year fixed rate is about 4.5%.

The FDIC continues to close banks. The FDIC has now closed 115 banks as of last week. Of that number nine banks were closed in Arizona, California, Illinois and Texas. US Bank, NA, of Minneapolis, Minnesota a subsidiary of U.S. Bancorp, will assume all of the deposits and essentially all of the assets of the nine failed banks.

I trust that you will check out your bank and speak to your state representative that banks need to work with the homeowners and keep their assets in tac so they can continue to operate. I trust this has been somewhat helpful for you. I would love to hear your comments.

Obama Health Care

2010-03-22T19:45:00Z

Where do you think America is headed? For the last 15 months there has been an increasing encroachment from the Federal government on the citizens rights. It has finally reached its peak yesterday when the representative gurus forgot about the American Citizen and was concerned about politics. Trying to butter up the President? God Forbid!! But they did it. Yep the House worked to steamroll Obamacare through regardless of all the objections by the vast majority of the electorate.

Writing in Anti-Federalist letter No. 1, Brutus (Robert Yates) said . . . that in a free republic, all laws are derived from the consent of the people and passed by representatives who are supposed to know the minds of their constituents and possessed of the integrity to declare this mind. Unfortunately, the representatives holding the majority don’t possess this integrity.

After all, the 10th Amendment states: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

The Constitution is not a document that restrains the people, but restrains the Federal government. I believe that is an excellent statement. Obama has stated just the opposite. He has said that he finds it unfortunate that the Constitution contains the restrictions on Government that it does. Oh really?

Both Virginia and Idaho have voted to sue the Federal government over Obamacare. You must push your state to do the same. Obama cannot be trusted. He would make a good lawyer in that he twists issues so far as to confuse those in thinking that he is correct in what is agenda reports. Maybe impeachment is good!!

Government is taking over too much and this health care is forcing people to have insurance. Not everyone needs insurance. If you are young and healthy you cannot afford insurance and neither do you think about having it. Let me say here that if you are in a car accident you already have insurance for that with your car. Use your head as to what kind of insurance is necessary. I believe we do need to have a better health plan and lower rates so people can afford it, but Obamacare does not fit the bill.

Pray for America because we have a wolf in the sheepfold. God Bless America and God Bless YOU!!

Leave a comment!

Census 2010

2010-03-18T02:02:00Z

This is off the subject tonight but I felt compelled to let you know about this letter. Have you received your census paperwork for 2010? I have and was quite disturbed by the invasive questions. I feel it necessary to let people know what is happening is really not constitutional. Yes the census is okay but the questions are not. My friend sent this to me. First of all I will let them know how many people are in my home and that is it. Please read on!!

To Whom It May Concern:

Pursuant to Article I, Section 2, Clause 3 of the Constitution, the only information you are empowered to request is the total number of occupants at this address. Since I wish to comply with the law and not violate the Constitution I will only provide you with the total number of people who live at this address.

Your request for additional information including my name, sex, age, date of birth, race, ethnicity, telephone number, relationship and housing tenure have absolutely nothing to do with apportioning direct taxes or determining the number of representatives in the House of Representatives, and therefore seem invasive and a violation of my privacy and in direct conflict with the U.S. Constitution.

Therefore, neither Congress nor the Census Bureau have the constitutional authority to make that information request a component of the enumeration outlined in Article I, Section 2, Clause 3.

In addition, I cannot be subject to a fine for basing my conduct on the Constitution because that document trumps laws passed by Congress.

Sherar v. Cullen, 481 F2d 946 (1973)

"... there can be no sanction or penalty imposed upon one because of his exercise of constitutional rights."

Miller v. U.S., 230 F 489

"The claim and exercise of a Constitutional right cannot be converted into a crime."

Interstate Commerce Commission v. Brimson, 154 U.S. 447, 479 (May 26, 1894)
Neither branch of the legislative department [House of Representatives or Senate], still less any merely administrative body [such as the Census Bureau], established by congress, possesses, or can be invested with, a general power of making inquiry into the private affairs of the citizen. Kilbourn v. Thompson, 103 U.S. 168, 190.

Boyd v. U.S., 116 U. S. 616, 630, 6 Sup. Ct. 524,―and it cannot be too often repeated,―

that the principles that embody the essence of constitutional liberty and security forbid all invasions on the part of government and it's employees of the sanctity of a man's home and the privacies of his life.

As said by Mr. Justice Field in Re Pacific Ry. Commission, 32 Fed. 241, 250, “of all the rights of the citizen, few are of greater importance or more essential to his peace and happiness than the right of personal security, and that involves, not merely protection of his person from assault, but exemption of his private affairs, books, and papers from inspection and scrutiny of others. Without the enjoyment of this right, all others would lose half their value."

Note: These United States Supreme Court case has never been overturned.

Your claim of "Failure to respond to the census carries a fine of up to $5,000, although that law is rarely enforced" appears to be in conflict with the STATUES AT LARGE and the U.S. Supreme Court.

Sec. 221. Refusal or neglect to answer questions; false answers

-STATUTE-
(a) Whoever, being over eighteen years of age, refuses or
willfully neglects, when requested by the Secretary, or by any
other authorized officer or employee of the Department of Commerce or bureau or agency thereof acting under the instructions of the Secretary or authorized officer, to answer, to the best of his knowledge, any of the questions on any schedule submitted to him in connection with any census or survey provided for by subchapters I, II, IV, and V of chapter 5 of this title, applying to himself or to the family to which he belongs or is related, or to the farm or farms of which he or his family is the occupant, shall be fined not more than $100.
(b) Whoever, when answering questions described in subsection (a)
of this section, and under the conditions or circumstances
described in such subsection, willfully gives any answer that is
false, shall be fined not more than $500.
(c) Notwithstanding any other provision of this title, no person
shall be compelled to disclose information relative to his
religious beliefs or to membership in a religious body.

Maybe you misunderstood and got confused. Here is what it says about Commerce Department personnel who disclose your personal information:

Sec. 214. Wrongful disclosure of information

-STATUTE-
Whoever, being or having been an employee or staff member
referred to in subchapter II of chapter 1 of this title, having
taken and subscribed the oath of office, or having sworn to observe
the limitations imposed by section 9 of this title, or whoever,
being or having been a census liaison within the meaning of section 16 of this title, publishes or communicates any information, the disclosure of which is prohibited under the provisions of section 9 of this title, and which comes into his possession by reason of his being employed (or otherwise providing services) under the provisions of this title, shall be fined not more than $5,000 or imprisoned not more than 5 years, or both.

Therefore I return this census document completed with the only information you are authorized by law to collect. I expect this will be the end of your attempt to invade my privacy or violating my Constitutional Rights.

Respectfully,

A Citizen of the State of Arizona

Congress can only legislate for things it created such as the military, nicknamed "G.I.s" for "Government Issue", the people who work in the federal government and its agencies in their official capacity and the same with Civil Service employees.

We The People created the republic states and then the people authorized their republic states to create fedgov for the protection of the all of the republics.

Fedgov has become like fly paper. We need to get it off of our backs and out of our pockets and not allow it to micro-manage every aspect of our lives.

The Census Bureau employees can attempt to call you only 3 times to try to get you to answer the invasive questions on the form that you left out. You don't have to talk to them. They will send an employee to your house to try to get you to answer their questions that are none of their business.

Walter Williams, columnist and professor at Georgetown U., said he is going to ask them to read him his Miranda Warning before he answers anything. (They won't have it with them & won't have it memorized, so no need to worry.) Otherwise, you do not have to answer the door or talk to them if you do.

We need to make government follow the law.

Truth Attack is working to put government back into its box - 1 tentacle at a time. Check it out:
http://www.truthattack.org/

Foreclosures still up!! Bank Closings

2010-02-27T20:36:00Z

Foreclosures are spreading and does not seem to be letting up at all. Las Vegas has topped the market with foreclosures!! 1 in 20 homes are in foreclosure. Five cities listed below have the highest rate of foreclosures in the last quarter of 2009.

McAllen texas which had the highest increase in foreclosures over the third quarter was sited with a 1,197% increase. That is 1 in 250 homes went into foreclosure. McAllen, Texas is located in the Rio Grande Valley about 5 hours south of San Antonio. McAllen is considered a border town and has a large amount of unemployed which is standing at 11.4% compared to 8.2% overall in Texas. McAllen relies on Mexican Nationals to do business in their town by shopping and dining. About 35% all revenue come from Mexico.

Burlington, Vermont comes in second with a 400% increase in foreclosures. Was a contender for money magazine to be the best place to live. Lots of vacation homes in the mountains are now just a dream.

Third place is Lincoln, Nebraska with a 240%, 1 in 2,417 homes foreclosed. Lot of state and federal employees find themselves without enough work. Lincoln has been hit hard and if people do not find jobs the number will continue to climb for foreclosures.

First runner up is Gulfport-Biloxi, Mississippi in which after Katrina in 2005 the increase was so drastic that the housing industry could not even keep up. However in 2009, post Katrina home owners can only wish to sell their homes for a fraction of what they paid. Most do not want to short- sell and people are walking away from their homes.

Second runner up is Sioux Falls, South Dakota. It was one of this years best cities to live in with its motto as the "Best Little City in America". This area was one of the most stable areas in the United States until 2009. This is conservative middle america. They do not overspend and they pay their bills. But this last quarter the foreclosure rate skyrocketed to 116%. 1 in 492 homes in foreclosure.

Even though the foreclosures are rising in Colorado we are still behind many of the states that are experiencing large numbers of homes being lost. The banks are supposed to be modifying these loans and giving the homeowners a smaller interest rate but that is not the case.

Banks are being closed in Colorado by the Feds and they keep coming. The following banks have been closed in Colorado.
Frontier Bank in Greeley -- The "bank run," driven by whispers that New Frontier could inevitably close, helped hasten the bank's death spiral by further draining an already cash-starved institution. Its closure on April 10 was the nation's most costly bank failure last year.

Colorado National Bank of Colorado Springs closed by Feds
Legacy Bank of Wiley, Colorado

Ninety-eight banks have failed so far this year as losses have mounted on commercial real estate and other soured loans in the wake of the financial crisis and the recession that has gripped the economy. The failures have cost the fund that insures bank deposits about $25 billion, the FDIC said Tuesday.

Read more: http://www.denverpost.com/business/ci_12170356#ixzz0gmFb5WtD

Why is Obama and the Banks pushing refinance?

2010-01-08T03:26:00Z

      Why is President Obama pushing to have home owners refinance their homes now? Who is the real winner in this one. Let me tell you that if you are refinancing your home now you are allowing the banks to get the profit and not you!!

   Empire Mortgage Corporation was formed in 1994 when the housing market was already going sour. I saw many people in the late 1980's struggling and losing their homes. I had to learn about how banks finance homes and why so many went into foreclosure. For 16 years I had my own brokerage and educated home owners on what they needed to do to get the very best deal . . . and I gave them all a great deal. Are we doing a repeat or what?

    If you refinance you will pay high closing costs. Yes you may get a better interest rate, but if you are 10 years into your loan why would you want to go back to 30 years. You see refinancing is not the answer. Banks are pushing for you to do that and they are not giving you the real interest rate but approximately .25% over the interest rate. Rates now are down to 4.78% and 5.25%. Fifteen year rates are at approximately 4.5%. But when you add another 10 years to that rate you are losing money.

      You are better off to modify the loan. Yes, I said modify your loan. Banks don't want to do that because they will lose money on those modifications. You see when you modify you do not lose years on your loan. You do not have to do title work again. You do not have to pay for an appraisal.
You do not have to pay lots of high closing costs. You will pay a fee but it will be much smaller than if you refinanced. You will not have to qualify again. You can have medical collections and it will not stop them from giving you a modification. So why wouldn't you want to modify your loan. Makes sense to me.

Any questions please feel free to email me at tips@myblogempiretouch.com

Welcome

2009-11-06T21:48:57Z

Welcome . . .

Thanks for stopping by. I trust that my blogs will be helpful to you in learning more about mortgage loans and what you can do to save your home. The housing industry continues to show low percentages. I don't believe we have reached the bottom yet. There are a small number of states that carry almost 60% of the home foreclosures. The foreclosure rate continues to increase and the banks are not doing anything about it. They want to refinance so that they can get another 30 years of payments from you in which 10 to 15 years will be interest. Think about what you need to do before you agree to a refinance. I believe there are better options. I will cover them in the next blog.

Check out my website at Empiretouch for more information.

Follow me on TwitterTwitter and Christian Chirp