The “No Homeowner Left Behind” Program
One of the many comments out of President Bush’s mouth about the high rate of foreclosures was that when homeowners went to sign their mortgages three to five years ago, that homeowners did not read the terms. Due to not understanding the different loans like the three or five year ARM or a Libor, many Americans realized recently that when their terms come to an end, their low interest payments will begin to rise. Unfortunately, because of this realization, many people have begun losing their homes.
For holders of these mortgage loans, the reset process in mortgages is this October! Instead of belittling the country that has seen a tremendous drop in home sales and a rise in foreclosures, why hasn’t anyone come to the plate and help educate? Why hasn’t the government decided to use their power and help the large majority of Americans save their home?
In June 2002, President Bush declared June to be National Homeownership Month. Five years later, after the big real estate boom, why hasn’t the President declared a program titled No Homeowner Left Behind? The administration developed the NCLB (No Child Left Behind) Act within months of the new President taking over the country. If the government is so concerned about making sure every child gets a proper education, then why aren’t they concerned when these same children, who may end up living on the street, because their parents lack mortgage education?
Do you think every homeowner understands what the terms and conditions are when signing the closing documents? Most new homeowners just want to know what their monthly payment is going to be and can they afford it every month. Not many think three or five years down the road that the economy may be in a down turn and their million dollar mortgage is now going to cost them more than their monthly paycheck.
If we compare recent statements of the President commenting about this sudden rise in foreclosures to when the test scores dropped in schools, no program has been brought into the government to remedy this. We propose the No Homeowner Left Behind program to help present and future homeownership to be easily understood. Why should only the children not get left behind while allowing homeowners to suffer from the lack of mortgage education available to them? Isn’t it time the President take some responsibility for the economic downfall in the U.S.?
Stay tuned, the foreclosure issue is heating up and will be one to look out for. Stay informed and don’t forget to listen to Butch Grimes, The Real estate educator on KTYM 1460am at 6:00pm every Monday night. He can also be reached at 323-750-3690 ext 236 or e-mailed at butch@butchgrimes.com
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September 28th, 2007 at 9:50 am
I love it but what is the cost do you have a sheet of infomation
thanks,
maryann
September 28th, 2007 at 10:39 pm
When going to buy or sell a home, your first step should be finding a honest and hard-working realtor.
When going to buy or sell a home, your first step should be finding an honest and hard-working realtor. You can find a real estate agent by keeping an eye out for advertisements, calling your local real estate broker, or through the internet.
The role of a real estate agent is to represent your best interests in a real estate transaction. They work off of a commission, normally 6% of the sales price of the home. In most cases, that commission is split equally between the realtor representing the buyer and the realtor representing the seller. For a person buying a home, the service of the real estate agent is free, because commission is paid by the seller. The buyer, however, is responsible for most of the closing costs. The closing costs will be explained to you by your realtor and will be on the documents you sign when you go to the title company. Closing costs can also be negotiated on during the contract process.
The real estate agent, through their broker, has access to all of the MLS (Multiple Listing Service) listed homes in your area of interest. If you are a home buyer, the realtor can provide you with information about homes for sale that meet your criteria. They will then bring you to these homes and let you inside to see them. If you are selling a home, the realtor will list your home in the MLS, post a “For Sale” sign in your yard, and hold open houses to attract buyers. Be wary of discount realtors that offer to list your home for a lower commission. Studies show that, in most cases, your home will stay on the market longer and you end up selling it for a lower price than what you intended.
A real estate transaction is a complicated process that involves many steps and is best done with the help of a trained, licensed professional. A realtor can save you the headache of dealing with the other party in the sale, getting together the contract, and submitting all the documents to the title company. So when you are ready to buy or sell a house, contact the local real estate agent.
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