Driving Habits: When Does Change Kick In?
Everyone is talking about the soaring price of gasoline these days. Trust us when we say, no one has been harder hit than us real estate agents who make our living driving prospective buyers around looking at homes. But in light of what seems like almost daily record high prices in the cost of a barrel of oil, we're just wondering… at what price level for a gallon of gasoline will it make you say, "Enough is enough" and you change the way you drive, or dramatically alter your driving habits?
Where will these escalating crude oil prices settle down? Or will they? Are we in for $4+ per gallon gas prices forever now?
What do you think? Sound off here. We'd love to hear your comments and thoughts about this oil situation and how it is affecting your lifestyle. Is it affecting you at all? Use the comment link below and tell us what you think. Do you think $150 for a barrel of crude oil is as ridiculous as we do? We'd love to get your feedback.
Mortgage Foreclosure Looming?
One thing that seems pretty consistent throughout the mortgage industry is, people facing the possibility of losing their home often do little or nothing to prevent it from happening. Many homeowner's don't even seem to be aware that they have options, while other are so distraught by their hardship, it's difficult for them to look for ways to improve their situation.
If you're facing a hardship and there's a chance you could lose your home, it's best to start educating yourself about the options that may be available to you. Homeowners are often able to buy more time in their home by working with their lender to postpone the foreclosure, pending a workout agreement. Many are able to avoid a foreclosure going on their credit. Some are able to work out an agreement with their lender that even makes it possible to keep their home.
You may be able to benefit from one or all of these scenarios; but you must take action to find out if you qualify. Contact your lender and request a workout package. Follow the instructions provided in the package and submit everything the lender requests to help them make an informed decision.
It really is in your lenders best interest to work with you because the cost associated with foreclosing is often much greater than the cost of helping you reaffirm your loan. But it's up to you! If you avoid contact with your lender, they will assume the only option they have is to foreclose.
So take action by following the steps we've outlined here. If foreclosure is looming in your future, don't just sit back and ignore the problem. Contact your lender. You'd be surprised, but they really do want you to keep you home if at all possible, and in most cases, are more than willing to work with you to do so.
Green Up Your Laundry
With the escalating cost of oil these days, and everyone feeling the direct pinch at the gas pump, more and more folks are looking for ways to save energy at home as well. Our Money Talks editor Stacy Johnson takes a look at one way we can all save hundreds of thousands of crude oil every day, just by greening up our laundry. Take a look! This short video only runs 1:36.
Did you realize that going from hot to warm or cold could save so much in the laundry? What are your thoughts? Any other "going green" ideas? We'd love to hear them. Just use the "comment" link below.
Homeowner's Insurance: Ways to Save Money
Insurance may be necessary, but it doesn't have to be expensive. Our money reporter Stacy Johnson is constantly giving us ways to save money. Today he explores how to do it when it comes to your homeowner's insurance. (Video runs 1:18)
If you have a comment or question about this video, or any other post you've read here at our blog, send us your comment by using the convenient "comment" link below. We'd love to hear from you.
Short Sales: What Are They?
We've had people asking us lately, "What is all this talk about Short Sales?… what are they exactly?"
Very briefly, a short sale home is a home where the seller is having to sell because of a looming foreclosure. They have a higher loan on the home than it's worth, so they are what is called upside down in their loan. The sellers can negotiate with their banks and lenders to allow them to sell the house for what it is worth rather than what they owe on the home. The deal is called a short sale because the seller is selling the house for less than he owes. The owner may be liable for the difference or the bank may absorb the difference in hopes of preventing the home from going to foreclosure.
If a home is listed and the listing says offers must meet approval of the owner's bank you can pretty much bet this is a short sale home. Another indicator of a short sale home is a home that has been on the market for a long time and the price has steadily come down from the original asking price. You have to be careful though, because falling prices don't ALWAYS mean this particular sale is a "Short Sale", especially in light of generally falling prices everywhere in recent months.
If you still have questions about what a short sale is.. please feel free to post your comment or question here for our other interested readers, and we'll be sure to answer here as well. Just use the "comment" link below to post your question or comment.
