Mortgage-Guy.com

86-year Old Lady’s Letter to Bank

Shown below, is an actual letter that was sent to a bank by an 86 year old woman.
The bank manager thought it amusing enough to have it published in the New York Times.

Dear Sir:

I am writing to thank you for bouncing my check with which I endeavored to pay my plumber last month.
By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it..

I refer, of course, to the automatic monthly deposit of my entire pension, an arrangement which, I admit, has been in place for only eight years.

You are to be commended for seizing that brief window of opportunity, and also for debiting my account $30 by way of penalty for the inconvenience caused to your bank.

My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways.
I noticed that whereas I personally answer your telephone calls and letters, — when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become.

From now on, I, like you, choose only to deal with a flesh-and-blood person.

My mortgage and loan repayments will therefore and hereafter no longer be automatic, but will arrive at your bank, by check, addressed personally and confidentially to an employee at your bank whom you must nominate.

Be aware that it

Over the years I have seen many people fail and succeed at buying a home.  The ones that succeed were generally full of determination and perseverance.  No matter what, they were going to make it happen.

The people that failed, well you can probably come up with a thousand reasons.  I know most of them did.  Let’s see, the most common were; “I don’t have a down payment”, “I don’t have good credit”, “It’s just too complicated”, “I feel really good that I’m helping my Landlord make money”.  Ok, the last one not so much, but you get the point.

Well I’m pretty tired of EXCUSES.  It’s time to make things happen.  Hopefully some of you feel the same way.  Hopefully some of you are ready to move forward.  Real Estate prices have never been lower and probably won’t be again soon.

So we are putting together some special programs only for those that are ready to purchase a home.  Notice that I didn’t say “Try”.  You have to believe in yourself.  You can make this happen.   Whether the purchase is an investment  property that will make you some money or a primary residence to live in you will benefit from this series.  We will not be able to accommodate everyone so be sure to act quickly if you see something you are interested in.   There is either limited product or limited access so act quickly. 

So to start things off,  the first 500 people will get a copy of our new 81 page

If you are in the process of working with a loan officer to get a mortgage, chances are that you have heard about the HVCC rules for appraisals and how your loan officer “can’t talk with the appraiser”.

True, the HVCC rules are designed to stop the loan officers from speaking with the appraisers because in the past, the people who made the laws felt like too many times the loan officer “pressured” the appraiser into providing a higher-than-otherwise-would-be value for the home, and so the practice of loan officers talking to appraisers is now taboo.

But a simple way around this is for you the person who owns the home and is taking out the mortgage to speak directly with the appraiser.

When the appraiser comes by to inspect your home, make sure that you know the loan-to-value ratio and what your total loan amount are.

Make sure that he knows both of these numbers – because if he knows these two numbers, then he knows what the loan officer is estimating the value of the home to be.

And while this practice won’t help if your home is worth 50% of what the loan officer estimated, you may be surprised how many deals I have seen fall apart over a difference of $5,000 because the appraiser was in the dark about what the LTV and loan amount were. So while it isn’t perfect – it is the best thing that you as a borrower can do right now to ensure that you don’t

You’re in debt up to your ear, the phone never stops ringing, and your mail box is loaded with requests for money.  How are you going to get out of debt without losing everything?  Good question and here’s your 10 step recovery plan for getting out of debt. 

Getting out of debt is one of the hardest things to do.  By the time you realize it you’re in too deep – it’s too late – you’re in over your head.  Credit cards, financial aid, raising kids, and everyday living can rack up the bills quickly.  Now’s the time to take the first step in become debt free. 

Step one: Save and Budget – start adding money to an emergency fund.  Start a savings account and put in a little bit every payday.  Pay yourself a percent of your income.  It doesn’t matter if it’s 1% or 20 %, every little bit helps.  Use it for emergencies only, not for paying bills you can’t afford. 

Step two: Cut Spending — stop buying every little thing you think you might need.  Think downsizing!  Get a roommate, buy ground beef instead of steak, and buy rice and noodles instead of pizza.  It’s all going to be there after you get your finances under control.  You’ll be surprised at what you don’t miss. 

Step three: Track Spending – use a notebook or something like Quicken and track what you spend, every time you spend.  You’ll

If you want to impress a buyer for your home you need home staging.  A home stager is a person who prepares for home showings.  They know all the ins and outs about staging your home for the best impression for the buyer. Here are 5 questions to ask when selecting a home stager. 

“Can I see a portfolio?” is the first question to ask.  Don’t just look at the portfolio, review it, and ask a lot of questions to find out their capabilities.  Check the pictures to see if they’re presented neatly, attractive, professionally, and if it matches how you want your home staged.  Be sure to meet the stager in person and ask questions of their background such as how long they’ve been a stager, how many house have they done, and what the percentage of buyers they have. 

Find out how much training they have in home staging for a sale.  Home staging is an unregulated industry so it pays to find out what type of certifications they have AND what they mean.  It’s easy to make an authentic certification these days so checking if the home stager has a background in real estate and how much they know about the market and market prices will mean the difference in selling your house.  

Another question to ask is if they have a specialty.  Most home stagers like to work with certain types of homes.  Some choose lofts, condominiums, luxury homes, and new homes.  If their portfolio shows high-end décor in

As of April 22, 2010 regulations for lead based paint rules are now in practice.  They not only have to be disclosed but the person removing the paint has to be certified.  Many homes built prior to 1978 are now in need of renovations.  If that’s your house, be sure you know the rules and regulations that are now in effect. 

Many home build before 1978 use lead based paints.  It’s been proven that lead can cause serious health problems.  Children’s level of lead doses is high from the lead paint that is peeling, chipping, and cracking.  The lead content leads to high exposure in children because they lean, write, and even eat the paint that’s on the walls.  The Environmental Protection Agency (EPA) has developed guidelines and certifications that are required for renovation work done on houses that contain lead base paints.  

Renovations such as sanding or cutting the surface of lead paint walls creates lead dust and chips that are harmful to everyone within breathing distance.  Contractors must follow the lead safe guidelines and must be certified before removing lead painted walls.  Whether they are a contractor company or a contracted person they must follow the guidelines.  Even if your house is just a rental you must have a lead based paint hazard sticker before any contraction has began. 

Prior to this year a pamphlet was required in the sale or lease of houses built before 1978 titled “Protect Your Family from Lead in Your Home” issued by the EPA.   Another