Tricia Lynn Jackson.com

Summer is almost at an end as school and colleges have opened their doors to a new learning season. The enrollment for area schools and colleges has increased as the community has grown. As always, the community will begin to settle down as vacations come to an end and federal employees and Congress returns to their perspective offices.

In spite of the high gas prices, we made it through the summer with some fun times and some enjoyable sights. It’s time to once again focus on school, work and other things that may not be so free flowing. The weather was rainy the first part of the summer; however, now we could use a good drenching of water. The temperature was cooler, especially in August so some neighbors cut off the air conditioning and opened the windows.

While many people were functioning in the vacation mode, there were those who were focused on saving their homes from foreclosure. They were looking for ways to hang on to their homes without destroying their lives. Up sprung real estate investors looking for a quick buck at the risk of someone else’s downfall. I’m not against free enterprise, but I think some of them could have waited.

The federal government got involved and quickly passed a housing rescue bill which in itself is complicated for the average homeowner, not to mention one that is faced with foreclosure. I’ll cover that bill in future blog entries. The state is also getting involved as well as many non-profit organizations. The real estate market will take a few years to correct itself, so for now say goodbye to the out of sight huge profits and hello to renters income.

It has been a while since my last entry. In September expect to see a new look and a new theme.

Once you have decided on a lender or financial institution to work with, the next thing to do is learn the language. How can you communicate intelligently when you don’t know the language? Homeowners must have complete, accurate, and understandable information when entering into a mortgage loan. We can no longer play the victim game and cry when financial institutions snow us with their financial jargon. Education is empowerment and freedom. Learn how to beat them at their own game.

Speaking of jargon, these are some terms that homeowners need to become familiar with to negotiate with lenders and brokers.

Adjustable-rate loans
Annual percentage rate
Conventional loans
Escrow
Fixed-rate loan
Interest rate
Loan origination fee
Lock-in
Mortgage
Overages
Points
Private Mortgage Insurance (PMI)
Settlement costs

These are only a few of the terms we should have in our vocabulary. Be open to learn the basics of mortgage loans to include refinancing. Be alert and informed so you don’t fall into financial traps. You can find a great housing glossary at http://www.hud.gov/offices/hsg/sfh/buying/glossary.cfm.

I found a great mortgage shopping worksheet online that you should become familiar with and carry it with you when you speak to each lender or broker. Complete it as you gather information on the loans. Be strong and attentive and let the lenders know that you are shopping around. The worksheet addresses loan information such as basic loan information, fees, closing and settlement costs information, repayment, penalties, lock-ins, adjustable rate mortgage, and credit life insurance. The easy to read mortgage worksheet can be found at http://www.pueblo.gsa.gov/cic_text/housing/best-mortgage/worksheet.pdf.

As 2008 approaches, I am quite sure that there will be many housing topics that I will write about, so stay tuned.

The number of homes going into foreclosure in the U.S. continues to increase as homeowners find themselves faced with financial challenges. Homeowners are questioning should they stay and fight to keep their home or should they throw in the towel and give in. Many are choosing to stay and fight. Hence, the mad dash to refinance mortgage loans is on and steaming forward.

I venture to say that many homeowners did not shop around for the best loan price prior to entering into their current loan. I know I did not when I purchased my home. I had a great credit rating and mortgage rates were low, so why shop around. I went with the lender that the builder provided. I didn’t contact anyone, they contacted me and the loan was approved. Of course, this was before the introduction of the sub-prime, the looser loans or liar loans were born. Now, however, we all have to educate ourselves in the mortgage lending business before we sign on the dotted line.

Today, when refinancing your mortgage make sure you obtain loan information from several lenders. Home loans are available from thrift institutions, commercial banks, mortgage companies, and credit unions. Get price quotes from different mortgage lenders, compare the quotes, and then choose the best price for you. Don’t be bullied into accepting quotes that do not satisfy your need. It’s your money and it is your responsibility to ask questions and screen loan quotes.

Mortgage brokers also provide home loans. Brokers arrange transactions, they find the lender for you, rather than lend the money to you. Most brokers have access to several lenders which can mean a wider selection of loan products and terms, giving you more to review and shop as you make your choice. Brokers will contact several lenders for you but are not obligated to find the best deal unless agreed to in your contract. You should also shop around for the best broker if you want to go that way.

Some financial institutions operate as both lenders and brokers. Always ask if a broker is involved because brokers are usually paid a fee for their services. This broker fee may be separate from and in addition to the lender’s origination or other fees. A broker may be compensated in the form of points paid at closing or an add-on to your interest rate, or both. Knowing how the broker will be compensated up front will provide you with the information you need when comparing the different fees. Be prepared to negotiate with the lenders and brokers.

This is just a snippet of information on lenders and brokers. As homeowners or soon to be homeowners, we’ve got to learn how the game is played, stake out our claim and get in the game, to win. The best way to do this is through financial training. There are many organizations that provide homeownership education and counseling. There are self-help books, CDs, DVDs on the market and almost every weekend there are free seminars being given on real estate. Make a decision that the next loan you get involved in, you will take the lead, shop around, and get the best deal for you.

The conversation around many water coolers is the housing market. When will it turn upward, when should I sell, should I finally buy, how do I keep ahead of the stampede, on and on!

We are all affected by this housing shift, whether you are selling or buying. The value of your home will either increase or decrease based on the housing climate in your area. If there are foreclosures on your street, your home will be appraised with those foreclosures in mind. So it is important that we all keep abreast of the market.

Why are people calling on the federal government to step in and fix this mess? Will the federal government’s involvement in the process prompt the homeowner to read all of the documentation and ask questions? Will the mortgage bankers be more open the homeowner? I’m not sure if any major changes will occur.

With that in mind, President Bush has announced steps to help American families avoid foreclosure and reform the mortgage finance system. So what does that mean to homeowners? The President called on Congress to pass Federal Housing Administration (FHA) Modernization legislation. This proposal would lower down payment requirements, allows FHA to insure bigger loans and give FHA more pricing flexibility. For homeowners, this would allow FHA to offer more options to homeowners in need of refinancing their existing mortgage.

There are over 240,000 families in need of help to avoid foreclosure. Under the new FHASecure initiative, FHA will allow families with “strong credit histories” who had been “making timely mortgage payments” before their loans reset, but are now in default, to qualify for refinancing.

To qualify for FHASecure, the criteria for the eligible homeowner:

1. A history of on-time mortgage payments before the borrower’s teaser rates expired and loans reset
2. Interest rates must have or will reset between June 2005 and December 2008
3. Three percent cash or equity in the home
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment

FHA will also implement risk-based premiums that match the borrower’s credit profile with the insurance premium they pay. This risk based pricing structure will begin January 2008.

Now is a good time to find out about the FHASecure program, as well as, the other FHA initiatives. Check out http://www.fha.gov. If you or someone you know is facing foreclosure, FHA may be able to help.

It’s August, the days are hot and steamy, no sight of rain or green grass!  That can mean only one thing, its time for the Prince William County Fair.  This is the 58th annual county fair which runs August 10th through 18th.  I just learned that this is the biggest fair in all of Virginia.  Way to go Prince William!  The attendance is expected to be in the 100,000 range, more if the weather cooperates.  It is located at the Prince William County Fairgrounds, Route 234, Manassas, Virginia.

Some of the events will include, country music singing,  a civil war encampment, truck and tractor pulls, commercial exhibits, a rodeo, demolition derbies, 4-H club livestock, pet shows, and don’t forget the all famous baby contests. Are you interested yet?  Additionally, there will be lots of games and midway rides, freestyle motorcross jumpoff competition, miniature horses, elephant show, magic show, and story tellers.  There will also be a variety of food to enjoy. 

Mega-Pass:  Get a special season pass that INCLUDES the rides.  You can purchase this ticket for $99.

Dollar Day:  Monday, August 13, purchase admission to the Fair for only $1.00 and ride the rides for $1.00 each.

Half Price Day:  Tuesday, August 14, admission to the Fair and ride wrist bands will be half price.  That’s $3.50 for adult admission and only $8.00 for the wristband.

Fair hours: Weekdays, 3 p.m. - 10 p.m.
 Saturday and Sunday, 12 noon - 12 midnight.

Gate Prices:  $7 for ages 7-59
$5 for ages 3-6
$5 for 60+
 children under 2 free.

Ride Tickets:  Must be purchased separately

What a great change of pace for the area. The children will enjoy all of the animals, rides and entertainment that have been chosen just for them.  And parents, there is plenty to keep you busy as well.   Here’s your chance to slow down a little and attend the fair.

So if you’re looking for some great fun and entertainment, I highly recommend this years County Fair.   See you on the rides!

I recently came home from a great vacation to find my front yard full of workmen and their equipment.   As I drove into my driveway my eyes caught sight of mounds of dirt and my lawn flattened.   I parked the car, jumped out and immediately went towards the dirt mounds.   I was shocked to find deep holes on both sides of my driveway.  

What is going on here!   I soon found out from the onsite supervisor that they were laying a fiber network for the new Verizon FIOS infrastructure in Prince William County. Hey, no one said anything to me!   I later found a Verizon door hanger announcing the big dig.

I did some research and below is extract information from Verizon’s news release of May 17, 2006:

Prince William County residents are a major step closer to having more choice for their cable television services, thanks to the Board of Supervisors vote yesterday (May 16) authorizing Verizon to offer its fiber-optic-powered FIOS TV here.

The county, with 130,000 households, is the seventh Virginia jurisdiction to award Verizon a cable franchise, and it joins a growing list of the region’s communities that have granted franchises to Verizon.   The communities include the Virginia localities of Fairfax County, the cities of Falls Church and Fairfax, the towns of Herndon and Dumfries, and the Marine Corps Base at Quantico, along with Howard County and the city of Bowie Maryland.   The company was awarded the franchise in the town of Dumfries on May 9.

The agreement requires Verizon to pay the community franchise fees based on the company’s gross revenues on cable services.

FIOS TV is designed to be a formidable competitor to cable and satellite, offering a broad collection of all-digital programming with more than 350 total channels, nearly two-dozen high-definition channels, video on demand and more.   It is delivered over Verizon’s fiber-to-the-premises network, which has industry-leading quality and reliability.  Fiber delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen.   Verizon’s network design includes backup facilities not common to traditional cable systems, such as duplicate head ends where the TV service receives national programming.

You can read the complete news release in total by going to Verizon’s main website.

If you see mounds of dirt and deep holes in your front yard, it might be the FIOS crew getting ready to lay the fiber network.   So, watch your step, FIOS is coming to your neighborhood.

There comes a time in your life when you make a conscious decision to change things that are holding you back. You have families that are facing foreclosure of the home they bought while getting caught up in the housing boom.  They are blaming it on the realtor and the lender, saying they were not told their rate was adjustable and that it was set to go up in a few months.   That’s living on the edge when you agree to make a major purchase such as a house and fail to read the large print.  Experts say that the percentage is very low among homebuyers that read the sales contract prior to signing it.

Not me!   I read everything.   No matter how long it takes.   And I ask questions until I am satisfied.  Before I get to the closing table I have a good idea of the overall terms of the agreement, especially annual the interest rate, original mortgage amount, and the mortgage length.  The settlement costs can increase the cost of the loan, so I even check the various settlement fees.   This is a major commitment.   So always educate yourself before stepping out.   There is no reason today not to take some time to do your research to learn how to purchase a home.

Call your mortgage lender immediately when you are having problems making your monthly house payments.   Many homeowners fail to be active when the problem begins and often time ignore it in hopes that it will go away.   Nope, that won’t happen today.   Most lenders will work with you if you attack the problem early and provide them with financial information like your monthly income and expenses.  Refinancing the debt or extending the terms of the mortgage loan may be an option.   Don’t ignore the letters from your lender.   Remember to read and understand everything before signing.   Get over the embarrassment and reach out to your lender.

Be careful when seeking out foreclosure help from counseling agencies.  There are many scams out there so be aware.   You may be approached by phone, in the mail and now online with offers to perform certain services for a small fee.   Some of these services you can do for yourself for free.   Check out the counseling agencies before you sign or pay out any money.    

Don’t try to go through a foreclosure alone.   Find a family member or friend that you can confide in and share what you are going through in confidence.   This is not the time to point fingers, it’s a time to come together and work to save your home and your credit history.   Begin to look at everything and come up with a game plan to move forward.   Move quickly but cautiously to get the help that you need to explore every alternative to keep your home.

Owning a home has its challenges even when not facing foreclosure.  A homeowner should understand the financial responsibility that is required to be successful before the home is purchased.   Homeownership is what many of us work for, so let’s set the goal of making the most of this investment.

I think everyone has had some type of dealings with bureaucracy, be it on the job, at DMV, with the government or health insurance cloud.   Why do they make it so hard to get what you paid for and to be treated with the respect that you are due?   I understand that for some of them it is just a job, but they fail to understand or sometimes care about the situations we the customer is dealing with.   Does everyone hate their job?

A friend recently signed up with a different health plan and couldn’t wait to use its additional benefits.   She is on prescription drugs and needs medical supplies monthly.   Every month she orders her medical supplies and they are delivered within a couple of days like clockwork.   That is until she changed health plans.   She had not received her medical supplies in over a month.   So she contacted the health care provider to resolve the problem.   She was given a list of seven drug stores for her to contact directly to see if they carried her medical supplies.   Drug stores do not carry medical supplies, they focus on prescription drugs.

Would you believe they wanted her to contact the medical supplier and negotiate an agreement between them and the health care provider?   The nerve!   They had her so upset and confused that she called me for help.   Once she explained to me what she was dealing with and the lack of support she received, I called the care provider directly.   I spoke with a customer service representative and discussed my friend’s situation.   I explained, rather harshly, that it was not my friend’s job to stand in the middle of the two companies and negotiate something that the care provider was being paid to do.

I instructed him to call the medical supplier and straighten things out. Ten minutes later the care provider called me with the news that an agreement with the medical supplier was completed and my friends supplies were ordered. Everything was lining up until we checked to confirm that the supplies were on their way. By this time it was late 4:45pm Friday.   We had missed the window for Friday pickup so the supplies were to be delivered on Monday.  

My friend did not receive her supplies Monday so Tuesday morning she was so furious that she got in her car and drove to the medical supplier store to pick up the supplies.   After going back and forth with the customer service representative and the supervisor, she was told that she could not pick the supplies up because they were already shipped. Talk about being on a spinning wheel.   She finally received her medical supplies and an extra dose of stress and frustration.  I hope next months order is on track!

Sometimes you just have to get aggressive to get what you need.   Insensitive customer service representatives cause stress and confusion.   Where are the true customer service representatives?   You’re out there somewhere! Customer service is a team effort and requires patience. Both parties can be satisfied when working together.  I’m willing to keep trying, how about you!

My sister Bea and I were talking about ways to supplement her income.   Like most people, she is on a fixed income and the cost of living continues to increase.   She has always worked sometimes two jobs at a time, while raising three children. My heart of heart says she deserves better than what she is dealing with at the moment.

Bea has always enjoyed cooking.   In fact that is the type of work that she did most of her work career.   There was nothing she could not whip up!   And she’s still that way today.   Adding her special touch, different ingredients, spices, and presentations, enhanced the dishes.   I’m not sure of her specialty, whether desserts, baking or main meals, she can cook them all.

We came up with the idea of creating a recipe book and selling it on eBay. We both have never done a project like this before so we have to do some research.  Bea will write the recipes and send them to me. She has written 10 of her favorite recipes so far.  It is my task to find out how to market it and set up an eBay account and to handle the sales. I have this book on how to build an eBay business that I will follow to get the project online.

So, there are some basics that we have to have in place before starting this business. We have to come up with a timeline to launch the recipe book online.   The design of the book has to be created. We know that we do not at this time want to get into shipping the book so it will be available as an electronic download.   As we become familiar with eBay sales we will expand our services.

As you can read, Bea and I are starting from scratch when it comes to entering the business world.   We do plan on being successful and having some fun along the way.   I will post our progress in this blog so you can follow our journey.   If you have any suggestions, please don’t hesitate to send your comments.

Prince William County along with every city, town and community in the states, has been bombarded with advertising signs of all shapes and colors.   And like those cities, towns and communities, Prince William County has taken steps to drastically reduce the growing problem.   It is a race between the sign poster and the sign remover police.

It’s the invasion of the Popsicle signs.   These are signs posted on sticks or wire that are stuck in the ground.   Their cousins are the signs that are nailed to road signs, telephone poles and electrical poles.   Signs selling and buying real estate, handy man, election, making easy money, and the like. They not only obstruct your vision, but they also look tacky in the neighborhoods and along the roadways.   It seemed like they cropped up overnight.

I wondered what was happening to the signs.   I would leave my house and as I drove out onto the main street, it would be lined with popsicle signs.   However, when I drove back, the signs would mysteriously be gone. I was always curious about the signs, but I did not learn until later that the county government was actively involved in ridding the county of the illegal signs.   It wasn’t until one evening, while watching the County Board of Supervisors weekly meeting on tv, did I learn that the signs were called popsicle signs and that the county had created a Popsicle Sign Program.

Here in the Commonwealth of Virginia, the lawmakers stepped up to the plate to address this nuisance and passed a State Code Section 33.1-373.   Any person who in any manner (i) paints, prints, places, puts or affixes any advertisement upon or to any rock, stone, tree, fence, stump, pole, mile-board, milestone, danger-sign, guide-sign, guidepost, highway sign, historical marker, building or other object lawfully within the limits of any highway or (ii) erects, paints, prints, places, puts, or affixes any advertisement within the limits of any highway shall be assessed a civil penalty of $100.

Prince William County moved forward to establish its own litter control program to improve the county’s appearance. The litter control crew, in addition to its other duties, removes the illegally placed popsicle signs from the state right-of-way along the roadways. Just to give you some statistics, per the Prince William County budget question and answers website, in FY 05 more than 18,000 signs were picked up.   In FY 06, 17,928 signs were picked up through Mar 06. There are five cases pending over the popsicle signs violation.   Two inspectors work together pulling signs on the weekends.

So, when you’re passing through Prince William County, you will see that the county has cleaned up its roadways of those ever sticky, drippy Popsicle Signs.   Of course, like any popsicle, some just might slip through the county’s fingers!