Richard Pomisel's Phoenix Real Estate Blog

What Bad Things Happen By Signing up for Gov’t Mortgage Help Program

richardpomisel — Fri, 19 Mar 2010 19:55:17 +0000

WOW!!! What a shocker. Can’t home owners that need some help in getting back on their feet again get a break? Apparently not. Not all home owners in trouble are totally innocent victims of their plight. Common sense, such as asking the basic question of if one can really afford their house payment to start with, would have eliminated a fair amount of problems right in the beginning.

The temptation of home ownership and fear of being locked out of the market as home prices climbed rapidly was a factor for sure. Add to that the availability of those risky ridiculous loans, good salesmanship by lenders, real estate agents and the news media. It made for a pretty convincing argument to buy a home then. A fair majority of home owners in trouble did not forsee the problems. Some were out to take advantage of the system.

It goes back to the emphasis of our basic education. We are trained to work a job for money but receive little or no education on how to handle our money once we earn it. This Federal Government program to help home owners has the very negative side effect of lowering a home owners participant’s credit scores.

Home owner participants can expect other living expenses (i.e. credit card interest, auto & home owner insurance, cell phone bills, utility deposits, auto loans) to rise. Lower credit scores may also affect current employment and decrease chances of getting another job. Talk about hitting someone when they are down.

For more details, read the complete story on this link and give me your feedback. http://finance.yahoo.com/news/Credit-scores-can-drop-after-apf-1601705094.html?x=0

Have an awesome day,

Richard

Best Times of the Year to Get What’s On Sale

richardpomisel — Sun, 07 Mar 2010 04:32:27 +0000

Consumer Reports just posted a story that will save all of us big bucks in the coming year. They researched and plotted which months are great to find good deals on most common products that we use. Check out the complete story from Consumer Reports on this link and print it for future reference http://shopping.yahoo.com/articles/yshoppingarticles/348/mark-your-calendars-whats-on-sale-when/

Have an awesome weekend

Richard Pomisel

New Pressure From Banks to Keep Crazy Fees Coming In… Watch Out!

richardpomisel — Wed, 24 Feb 2010 18:56:46 +0000

The new consumer credit protection law will kick in soon… but already Banks have found huge loopholes. You can expect to be pressured into ordering overdraft protection for your Debit Cards with your Bank or Credit Union. There may be mailings with warnings that without extra overdraft protection..for a fee, your Debit Card may not work even when you have enough money in your account…EVEN FOR EMERGENCIES. How about that?? Find out what you can do about it.

Read the full and disturbing story here and post a comment on my blog about how you feel about this strong arm tactic… http://finance.yahoo.com/banking-budgeting/article/108894/banks-apply-pressure-to-keep-fees-rolling-in?mod=bb-checking_savings

Ask for my free “Home Owners Tax Worksheet” to help with completing your tax return. Send me an email with “Home Owner Tax Worksheet” in the subject line to get your copy today.

Have an awesome day

Richard Pomisel

This Credit Card Has 79.9% Interest Rate!!

richardpomisel — Sat, 13 Feb 2010 18:37:52 +0000

This credit card has a 79.9% interest rate…. and it is legal!! And it will still be legal when the new “Credit Card” protection laws kick in. The consumer protections that we asked for to protect us against predatory lending have been so watered down that the Credit Card Companies have adjusted, found loop-holes and are able to charge even more money to their credit card customers.

It does not matter what your credit score is or if you pay on time. They will still hit you with all kinds of crazy fees to make up for some of the few new government restrictions. The Banks are working hard to get their foreclosure losses back by whatever means possible from their other business divisions that are unrelated to the housing market such as their credit cards.

This credit card issuer of 79.9% interest cards has been agressive with their direct mailing campaign. They have gotten over a 2% response rate ( 0.5 to 1% is usual expectation for direct mail) to their 79.9% offer. Apparently many people think a 79.9% credit card is better than none!! I question that logic.

Here is the full report… and what do you think about it? Should there be limits?

http://finance.yahoo.com/banking-budgeting/article/108839/issuer-of-79.9-interest-rate-credit-card-defends-its-product?mod=bb-creditcards

Have an awesome day… dedicated to keeping more money in your pocket!!

Richard Pomisel

FREE “Monthly Budget Worksheet” available now. Email me with subject line “Monthly Budget Worksheet” to get your copy today.

How You Can Become Financially Secure Using A Regular Job

richardpomisel — Thu, 11 Feb 2010 03:03:17 +0000

I received three email inquiries this month asking about how they can build wealth from working a regular job. They felt discouraged by the bad news flying around with this recession. One thing in common is that they are all renters with families under 40 yrs old.

Today is the ideal time to get started in building wealth and becoming financially independent. Time is on your side if you make a mistake. Time becomes more important as the years go by. Renters will seldom build any significant wealth. If you don’t believe me, check the Kennedy School of Business at Harvard. They study this every year and issue a housing and wealth report. Home ownership does help one in not only building up equity from an asset they are living in, it helps save taxes and tneds to enhance the build up of mutual funds and other investment products.

Dr Thomas Stanley wrote a book recently titled “Stop Acting Rich”. A recent post on his blog by someone really interested me enough to post this link to it. Read on for “real world” practical and doable advice. Learn from someone like you how it is done. Check out your possible future here… http://www.thomasjstanley.com/blog-articles/91/Option_3_for_Stop_Acting_Rich-Part_II.html

Have an awesome day,

Richard Pomisel

Know About the New Income Tax Audit Warning

richardpomisel — Wed, 10 Feb 2010 17:55:53 +0000

It’s time again to prepare your personal tax return. Knowing where the audit red flags are can help you prepare your return properly. Some audit red-flags are obvious and some are not. I found this story and thought it would be helpful to share with my many blog readers.

If you do not receive the W-2′s from your employer(s) within the next week or so, check with your employer. There is a time limit that employers have to get it out. Things get lost in the mail or maybe they have an old address.

Receive your FREE Home-Owner Tax Worksheet to help in preparing your state and federal tax returns. It is easy to use and designed for new and existing home-owners. Contact me by email and request your FREE copy today.

http://finance.yahoo.com/taxes/article/108757/avoid-an-audit-6-red-flags-you-should-Know?mod=taxes-advice_strategy

Have an awesome day:-)

Richard Pomisel

Phoenix Metro Area Did Not Make This List!!

richardpomisel — Sat, 06 Feb 2010 18:34:16 +0000

The Phoenix Metro Area did not make this list. This is very surprising to many that live there. Phoenix is digging for ways to increase taxes due to their budget shortfall. I have one question for the various city and state governments of the Metro Phoenix Area and elsewhere around the country.

My question is this. Before the Real Estate Bubble, you were providing services to your citizens at a certain cost with a certain amount of employees. What changed during the Real Estate Bubble in so short a time that increased the cost of your government?? You should have had tremendous tax surplus that could have been saved or refunded back to your citizens. Where did all that extra money you took in go?? I want to know!!

Here are the new retirement areas to move to now if you are nearing the age. Arizona was NOT on the list. If you are in Healthcare, you know that getting a job almost anywhere is easy. Maybe now is a good time to look into relocating ahead of the wave. I do not expect Arizona to be the retirement mecca or tourist attraction that it once was. The busy winter season for healthcare workers has diminished over the years from 4.5 months to 1.5 months.

I have excellent Realtor connections in all of these retirement areas. Contact me for referral to a top agent that can help you relocate to one of these new hot spots. Don’t get stuck in a dying area.

Read the complete story here… http://realestate.yahoo.com/promo/americas-top-places-for-boomers-to-retire

PS. Get your FREE “Monthly Budget Worksheet” and start off 2010 on the right foot. Send an email to me at Richard@Pomisel.com and get it today!!

Have an awsome day!

Richard Pomisel

Good News for AZ Home Owners Facing Foreclosure

richardpomisel — Wed, 03 Feb 2010 19:21:37 +0000

Losing one’s house through Foreclosure to the lender can be a most demoralizing experience. There is some great news for Arizona Home Owners who are losing their homes by Foreclosure. Arizona is one of only 7 “non- deficiency” States. That means the Bank can not come after you for any shortfalls on what is due them after your home is foreclosed on. The same “non-deficiency” applies to short sales in AZ.

Other “deficiency” States can and many times do come after Foreclosure sellers and can garnish paychecks and seize property and assets like regular bill collectors. How would you like to lose your home and also have to pay 25% of your paycheck with interest until your mortgage shortfall is fully paid off?

Thank goodness you live in AZ. When going through a short sale or foreclosures, be careful. The Bank will try to coerce you into signing a personal promissory note for the shortfall. That is a trick!! Consult your Real Estate Attorney before signing any Bank documents. Make sure that the Attorney is knowledgable in the process. There are some qualifications that you situation must meet to be a “non-deficiency” in AZ. Don’t know a Real Estate Attorney? Contact me for a referral to one. (There is no charge or commission paid to me for this referral.)

Yes… they charge a consultation fee. It could be the best money you ever spent. Read this story I found today about someone in a different State that had to pay back over $60,000. I recommend that you consult a knowledgable Real Estate Attorney even in AZ. There are certain conditions that may exclude you from the “non-deficiency” benefit.

Read the story here.. http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0

Have an Awesome Day!

Richard Pomisel

Free 2009 Home Owners Tax Worksheet available now. This will help you figure out all of your tax breaks from home purchase, sale, or annual costs. Email me with subject line of “Home Owners Tax Worksheet” and I will get it to you.

Is Home Ownership Right for You? … Maybe not!!

richardpomisel — Mon, 01 Feb 2010 20:57:35 +0000

You may be thinking, {“What! … a Real Estate Professional saying that home ownership may not be right for me?? I don’t believe an agent would say that to me with a straight face and really mean it! I thought all agents wanted to sell every house they could to anyone they could to make that fast buck… and not care about how I have to make those future house payments! Whoa… UNBELIEVABLE!”}

Home ownership is not the right choice for everyone. It is important to:

understand your financial position now and into the future
know why you want to own a home
know the real costs of home ownership
and other personal lifestyle choices involved

Sometimes renting makes better sense. To find out more about whether home ownership is best for you know, check out this article at yahoo that I found. Read it here… http://finance.yahoo.com/real-estate/article/108679/when-owning-your-own-home-doesnt-pay?mod=realestate-buy

Get a FREE Rent VS Own worksheet from me today. Send me an email and request the “Rent VS Own” worksheet in the subject line. Have an awesome day

Richard Pomisel

email: Richard@Pomisel.com

Right Under Your Nose — Get Extra Cash Now!

richardpomisel — Fri, 22 Jan 2010 16:53:20 +0000

I like to share good practical advice about ways we can improve our finances. Lord knows how much of our hard earned money we have to pay out in taxes… about 40% of our pay on average. Most people don’t realize that taxes are not just what comes out of your pay. Take a look at your cell phone bill and other services you use. Look for the various fees tacked on to your bill.

Ooops!!.. I am getting off topic. This story will help you get some cash in your pocket in ways you may not have thought about with stuff right under your nose. Read on and don’t forget to post a comment on my blog with what you think about this information and how this helped you. Keep it clean folks!

It is 2010… Have you planned your monthly budget yet? No? Don’t know where to start. Contact me and request my very popular “Monthly Budget Worksheet”. The download version is reuseable for every month. Get it now at Richard@Pomisel.com

Click here to read the full story from Motley Fool.. http://shine.yahoo.com/channel/life/fiscal-fitness-get-cash-for-your-castoffs-573268/

Have an awesome day keeping more of your hard earned money

Richard Pomisel