The Foreclosure Crisis Continues

I have not been here for a while, but as I was flicking through the channels this morning our local CBS affiliate WKMG had this program on called Flashpoint. I saw this and thought it would be interesting to share. It is about the foreclosure crises and how borrowers are being fooled into thinking that the banks have their interest at heart. Click here to view.

The Short Sale Guidelines Are Now In Effect.

Now that the new Short Sale guidelines are "in effect" (April 5), will we really see a change in the way banks are treating the influx of homes on the market? Will it be easier for homeowners to do a Short Sale and avoid foreclosure under the HAFA Program?

A number of banks have agreed to participate in this program. Click on the link to see if your Loan Servicer is on the list.

Only time will tell if it will be business as usual. Let us hear from you.

Watch this video courtesy of NBC News.

Short Sale And Walk Away

The New York Times today reports that the Obama Administration is looking into a new program which would take effect on April 5, that would allow homeowners to sell their home as a Short Sale and mandate the banks to forgive the difference on the debt owed.

With the new program the bank servicing the loan would get $1,000. If there is a second loan $1,000 will go to the bank carrying the second mortgage; and the distressed homeowner would then get $1,500 for relocation assistance.

Among the benefits highlighted in the program is the peace of mind many homeowners facing foreclosure would have from knowing that they will not be tracked down and sued for the remainder of the loan, as well as minimizing the damage a foreclosure would have on their credit.

Paddle or Swim for Shore?

So in my last blog, I spoke about the often agonizing decision homeowners are faced with in this down real estate market, and the dilemma of walking away from their homes. Good Morning America featured a revealing segment on the subject this morning February 11, 2010. Please click on the link below and watch.




I am not advocating this, but I think it's worthwhile sharing and to get your viewpoints on this.

Let's hear them!

Should I Stay or Should I Go?

Many borrowers are faced with the dilemma of whether to stay in their homes or walk away due to the fact that their homes are "under water" - a term used when a home is worth less that the mortgage on the home.

At first, I was wondering why would someone with a job, and having the ability to make his/her payments do such a thing knowing the consequences:
(i) a ruined credit rating; (ii) the foreclosure stays on your credit for seven years; and (iii) higher interest rates on purchases such as car insurance, etc.

Unfortunately, mortgage holders, banks in particular have not been forthcoming with loan modifications despite a national outcry regarding the urgent necessity to assist homeowners caught in this unfortunate situation. Without the ability to modify, a large number of homeowners are now seeing voluntary default as a viable option. Their hope is that by renting for a period, they can save enough money to put them in a better position to purchase when the market rebounds.

How Important is Your Credit Score

We live in a culture where credit is key, as the need for good credit impacts on countless areas of our lives and although we think about credit, we do not always pay keen enough attention to it, and so we end up paying dearly for it later.

If you are thinking about acquiring a home, or making any major purchase for that matter, credit is key. Know your credit score; know what's on your credit file. State and Federal laws allow you to request your credit report once a year for FREE from the "big three" credit reporting agencies - Equifax, TransUnion and Experian. Do not wait until you are ready to make that home purchase; sitting in front of your mortgage broker to get pre-qualified only to hear that your scores are so low, you can't even buy a bicycle.

Credit is key, pay attention to your credit and your credit history; otherwise you could pay a much higher price later.

As an example, new FHA guidelines require a new borrower with a 580 credit score to make only 3.5% down payment on their home purchase, on the other hand, a score below 580 will require down payment of at least 10%. Wouldn't you rather pay the 3.5%?

So paying attention and taking care of that credit definitely makes good sense, after all in this culture, without doubt credit is power.

Home Rehabilitation Loan

Homeowners who bought a single-family home from HUD can finance up to an additional $35,000 into their mortgage loan by taking advantage of what is called a “Streamlined 203(k) Limited Repair Program.”

Under this program, you are able to get a loan for needed repairs identified by a FHA appraiser or a home inspector, as long as the repairs are not complicated and do not require plans or the skills of architects, engineers, consultants, etc.

Typical improvements that are covered are:

• Repair and or replacement of roofs, gutters and downspouts.
• Repair and or replacement/upgrade of existing HVAC systems.
• Repair and or replacement/upgrade of plumbing and electrical systems.
• Repair and or replacement of flooring.
• Minor remodeling, such as kitchens, which does not involve structural repairs.
• Painting, both exterior and interior.
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens.
• Accessibility improvements for persons with disabilities.
• Lead-based paint stabilization or abatement of lead-based paint hazards.

For additional information and how to benefit, please contact your Realtor or visit the US Department of Housing and Urban Development’s website.

Source: www.hud.gov

My Offer is Accepted Yeah!!!

So here I am, very excited that I found the house of my dreams. Contract executed and submitted to the bank (short sale of course) I waited and waited and waited, it's now 4 months later, I got the call from my Realtor, "your offer has been accepted."

Now after waiting for so long I was hoping to hear closing will be in 30-45 days, but not so. The offer was made with a closing date of 3 months down the road.

What is going on? Are the banks really trying to get these homes off their books?

You might want to read this Article.

The Market is down but can I afford this House?

It’s the New Year and everyone’s pumped up and ready to fulfill their resolutions. The housing market is down and the words “tax credit” looms foremost in the minds of hopeful buyers; yet the most important question remains to be answered. Can I afford to make such a purchase?

Well, effective January 1, 2010, the new Real Estate Settlement Procedures Act (RESPA) rule goes into effect and should help to clarify some of the questions buyers may have regarding affordability. The Good Faith Estimate or the GFE as it’s commonly called, allows the lender to outline the fees and settlement charges associated with obtaining a mortgage, so that a buyer shopping for a loan can decide which is best, as well as the affordability. The form will be standardized so no matter which lender provides it, the form should look exactly the same thereby allowing for easier cost comparisons.

The GFE should give loan terms and settlement charges, showing what charges can change and those that will remain unchanged. This is important because often first time borrowers in particular, tend not to think of or be aware of other associated expenses other than the purchase price.

It is hoped the new rule will have the desired effect of helping home buyers make more informed decisions.

My First Home

This is a great time to buy a home if you are in the market. The Housing market is down, interest rates are at an all time low, and you might just be able to afford that dream house you’ve been wanting for so long; but before you jump in, there are resources that are available to you that you might want to seek out.

The US Department of Housing and Urban Development (HUD) website at www.hud.gov have a wide array of topics pertinent to buying a home and will answer many of the common questions new home buyers have.

They go through the steps to be taken on making such a large commitment.

Here are some of the points they cover:

a) How much can you afford
b) House shopping
c) Home buying programs
d) Your rights
e) Shopping for a loan
f) Home inspection
g) Making an offer
h) Homeowners insurance
i) Signing papers

Remember you can't have too much information to assist you in making an informed decision. Happy shopping.

New Year's Resolution

So here we are at the end of 2009, staring into the eyes of 2010 and wondering yet again what happened, how did time go by so quickly….. still so many plans yet undone. If you are one of the many that fell short on your resolution to purchase a home in 2009, there’s still a chance to make up and take advantage of the Homebuyer’s Credit which was extended and expanded in November 2009 to April 2010.

What is a Homebuyer’s Credit? Well, it is a tax incentive given by the government to individuals or families purchasing their principal home, provided the purchase occurred in 2008, 2009 and now into 2010.

In order to be eligible, Buyers must enter into a binding contract to purchase a principal residence, not a rental or a vacation home, no later than April 2010 and must close on the purchase before July 1, 2010. The credit is in the amount of up to $8,000.00. As always there are additional eligibility requirements which are available from your Real Estate professional or visit: www.irs.gov for further details.

Christmas Traditions

Oh it is Christmas! I can hear the Christmas carols and the old familiar tunes ringing in my ears. The malls of America are packed with shoppers, shopping; the smell of cinnamon buns, favorite holiday scents and spices in the air; the Salvation Army bells are ringing (with a credit card machine hanging from the kettle)...oh yes, it is Christmas alright....

This has been a tough year for many and with unemployment at an all time high Christmas traditions as we know it will not be the same for many, but thanks to the extension of the unemployment benefits, there will be turkey on the table for some.

What can we do:
Check on our neighbors and take them some shopping;
Donate a Turkey;
Volunteer at a pantry or a soup kitchen;
Donate to Toys for Tots or your favorite charity; and
Give someone a hug.

So let's try and do all we can this holiday season to help the less fortunate. Have a safe and happy holidays.

Are we There Yet?

In one of my previous blogs I mentioned that this is "cherry picking season" for employers and time has proven me right. With unemployment on the rise, job seekers many with years of experience in their specialized fields, are daily facing uphill challenges to obtain lucrative work. Often the biggest challenge facing these job seekers is not their suitability or qualifications to fill the offered positions, but rather the paltry compensation offered.

Employers are now taking advantage of the vast reservoir of available skilled workers by offering only entry level salaries. You might ask, "can they?" The answer is yes, and they are. Employers are looking for the best but at bargain basement pricing and they are loving every minute of it, they know there is plenty to choose from - many are at a point of desperation that will not allow them say NO.

Are You Getting Your Money's Worth?

I have been thinking; with the unemployment rate at an all time high are employers really getting their money's worth?

Looking through the classifieds and speaking to professionals one is left to wonder are employers choosing wisely? I can understand that some employers might see this as a great time for filling positions due to the economic downturn and the sea of choices available, but are they filling those positions with quality professionals or are they being filled by those with less to offer an employer as they are too distracted looking for a bargain?

I was speaking to a former colleague with tons of experience in her field, she was expressing how frustrating it was going to interviews only to be low-balled and told, "we have a lot to choose from."

When I started Bee Bolder I was asked the question... "How can you compete with those offering their services for dirt cheap?" My answer to that was, "I do not see them as my competition because sooner rather than later they'll get what they pay for." So this is where we are today with the economy in the tank, employers are thinking that "Yes, I can get away with filling vacant positions by paying well below market" but experience shows there is no credible substitute for experience and quality.

Do not get caught in this trap of substituting what you know is right. Let me share an experience with you. I was told there was a great new grocery store that just opened and the prices were just unbelievable so I went to check it out.

I picked up some everyday items that I thought would be okay to try for quality (yes, I am always thinking about quality) granola bars, yogurt, and dried prunes were just some of the items I picked out. I got home unpacked my bags and was ready to relax so I grabbed one of the granola bars from the packet of 6 only to bite into a stale and awful tasting granola; the yogurt was no better, it tasted like glue, I thought this could not possibly be happening so I went to grab my box of prunes; oh those prunes, what could go wrong....I reached for them and my son yelled "hold up mom! the sell by date has passed." What! is this for real.

I can tell you that in this case a penny saved was not a penny earned. That was my last visit.

So for employers out there thinking that they are getting those positions filled at a bargain, think clearly and wisely. You cannot substitute quality.

Give us a call today and let us help you. Remember, no overheads, no payroll taxes, no long term contracts and you get quality professionals with experience.

Why substitute?

Do You Truly Want To Be Organized?

The question most asked by our clients is, can you get me organized? I do not seem to be able to find anything. As a Virtual Assistant at Bee Bolder we understand the need to be organized.

Self employed and going on vacation? You need continuity, you need to make sure that your clients are taken care of; your bills paid; I can tell you first hand that there is always a fear from those asking the question because they work in what appears to be clutter and they already know where everything is, they are just not sure that by clearing clutter i.e. getting documents filed appropriately, making use of electronic calendars and scheduling, that they will have the same control. Our job is then to re-assure and break them in gently.

Employers Hit The Jackpot

If you are a business owner, this could be the best time for your business when it comes to hiring employees. With so many skilled workers looking for employment, this could definitely be “cherry picking” season.

As the recession deepens more employers are forced to implement cost shedding exercises with staff cutbacks in many cases at the top of the list. Ironically, this very step of cutting what in many cases are critical technical and professional skills can leave businesses vulnerable and can even hasten their demise.

Many savvy employers however, are discovering opportunities to find the professional and skilled employees at a fraction of their usual costs. So if you are one of those business owners with your back against the wall, this might well be where your "opportunity knocks".

The Virtual Assistant concept has now gone main stream and businesses in the know are reaping the benefits and in some cases, the value derived from this type of service is turning out to be more of a jackpot for employers.

Some of the benefits for employers include increased productivity with mega savings on costs associated with traditional employment contracts. With no long term contracts, no payroll costs, no additional office space or equipment and quality professionals eager to practice their crafts, businesses are assured of more productivity allowing small business owners in particular more time for both business development and leisure.

Known for their courteous and professional approach to business, Bee Bolder Administrate Services in Kissimmee, Florida is on the forefront of the Virtual Assistant revolution. Businesses of various sizes are benefiting from their over 30 years of accumulated experience in providing quality service to Legal and Real Estate professionals throughout South and Central Florida areas. Most recently, Bee Bolder has eliminated many service boundaries and can now retain clients worldwide.

You can get more information about Bee Bolder by visiting their website at www.beebolder.com

Bee Bolder is Going Virtual

Things are constantly changing in the way we all do business in this the 21st Century. No longer are we forced to be tied to that desk 9-5: No longer must our support be tied to that desk in our office either. Nor, is there a need anymore to pay for down time, office space, equipment, utilities and rent.

New technology and, or improvement in some older applications are revolutionizing the way business is conducted today. One of the greatest developments in this arena, is the expansion of "Virtual Assistant" services. The traditional telecommuting concept has expanded and evolved a stunning industry advantaging both the hirer as well as the professional virtual assistant practitioners.

Bee Bolder is happy to embrace the virtual assistant concept into it's operations.

Yes, we are going Virtual and the Virtual Assistant is right there with you to get:

• That presentation done
• The travel arrangements taken care of
• The dictation transcribed
• The marketing brochure done and out the door
• That conference call set up
• The PowerPoint presentation done and ready to be presented
• Follow up with clients and new leads
• Appointments set
• Mailing lists compiled
• Database created
• Clients correspondence done

All this through your Virtual Assistant and better yet:

• No long term contracts
• No office space required
• No Need to buy office equipment
• No payroll or payroll taxes
• No retirement plan
• No commute
• You pay only for the time used and nothing more.

What do you have to gain with your Virtual Assistant?

• More time to generate new business
• Increased productivity
• More time to spend with family
• Take that well deserved vacation

Visit us at www.Beebolder.com. Now, sit back and relax and your Virtual Assistant at Bee Bolder will have you organized in no time.

Keep Moving, Keep Creating, Keep Reinventing….

The recession has set a lot of us a few steps backward, but should we give up and give in? No. Let's use our skills and our wit and keep moving, keep creating, keep giving, keep getting paid. After all, this is the land of opportunity, where the impossible happens.

I am one of those that received the dreaded pink slip this year, going through classifieds, signing up with agencies, online job searches, referrals, you name it, I did it.

It took just a little while for one of those so powerful ha...ha moments to hit me. After all, I still have the skills and surely there's someone still needing my skills out there, so I decided to put those very skills to work and market them.

I now market my services to companies on a contract basis. The good thing about what I do is, the same companies that are downsizing are looking for people like us that offer our services on a contract basis.

There are no long term contracts; work is done on an as needed basis and for some I do not have to travel to their offices.

Now, they have the benefit of a professional on an as needed basis, and they do not have to compromise on quality. Talk about a win...win.

Things have changed

I was pitching Bee Bolder to this office manager today when she told me in all her 20 years at the firm they never had to use an administrative assistant on contract. Yeah!! 20 years.... look around us, things have changed.

This is not the end - Just Get On With It!!!

When I came up with the name "Bee Bolder" I was at a point in my life where I thought that I needed to be BOLDER in every sense of the word. I wanted more out of life but never found the time to pursue what I really wanted. I started reading more and found the joy of discovery, the excitement of wanting to know more and the thirst for knowledge as I read.

So here comes the recession, people are losing their jobs, homes, families breaking up and life for a lot of us as we knew it, has changed forever. Businesses are closing because costs are high, and many of those that remain are forced to make drastic cut backs. So as a people/nation, what do we do? Give up? Get depressed? Or find that dormant lion that's lying deep within us and fight for the opportunity to rise above it all!

So what have I done!!! Start a new business, pretty brave huh... For some, they would say not a good idea, but you know what? Businesses are still opened and they need our services. So check us out at www.Beebolder.com and let us help you build your business.