Archive for October, 2010

Bank Foreclosure paperwork debacle

Thursday, October 28th, 2010

Bank of America stopped, and then restarted its foreclosure process because of possible bad paper work. As I understand it, each state has its own foreclosure proceedings that are set by law. The process it to protect both the loan holder and the person in default. They are governed by legal statutes and must be followed. Some states are much more lenient than others. Virginia has a process that must be followed to constitute the legal taking of a property.

Going back to the major problem of the banks and other lenders packaging loans and selling them as investments. When a portion is “toxic”, we get into paper work that may have not followed the loans as they should have. The “note” or the document that states the collateral for the loans/deeds of trust is the problem, because as the system sold all these loans, the original notes were copied and faxed or scanned, but the original note did not always get sent with the package.

The original note, as I understand it, is required to do a proper foreclosure. There were also other paper work that came from various services that may have had some problems.

Bottom line is that the owners were not making their payments and the loan holders had the right to foreclose, but all the paperwork was not correct in some cases or maybe in a lot of cases.

So what happens now? Some legal experts will weight in and some lawyers will try to see how they can make money off of it and eventually it will be sorted out. What you need to know is that any contract that you enter into to purchase a property should have the statement: “Title must be marketable and insurable to buyer’s satisfaction at their sole discretion” and make sure you get good legal advice.

I am not a lawyer and this is not legal advice!! It is what we have been advised to do. There are some great buys on the market, want one? Call us.

My listing Manager – Finding a home just got easier

Wednesday, October 27th, 2010

Searching for a home online can be a daunting and time consuming task. There are numerous websites with far too much information and no Realtor on the other end as a guide. With over 18,000 properties within the MLS – wouldn’t it be nice to get an email with only the properties that match your specific requirements.

We’ve just made it a whole lot easier with Cross Realty’s My Listing Manager – a free, easy-to-use tool that lets you track and save properties listed in the MLS. Our Trusted HomeTown Professionals can work online with you highlighting properties and helping you narrow your search to find that dream home. Not only can you enjoy the freedom of searching online at a time that suits your schedule but get support from our experienced team.

Through My Listing Manager you can even set up your account to receive customized e-mail alerts about listings that interest you as soon as these are available. This is a private, password-protected service and our experienced agents are here to assist your home search.

  • Save unlimited properties to compare or show others
  • Free customized email updates, only receive the information you want
  • Private and password protected

Visit and start your search today!

Hampton Roads Trick-or-Treat Hours

Wednesday, October 27th, 2010

Trick or TreatTrick-or-treating hours for each city are as follows:

  • Norfolk, until 8 p.m.
  • Virginia Beach, dusk to 8 p.m.
  • Portsmouth, until 8 p.m.
  • Chesapeake, until 8 p.m.
  • Suffolk, until  8 p.m.
  • Hampton, dusk to 8 p.m.
  • Newport News, until 8 p.m.
  • James City County, 6 to 8 p.m.

Remember trick-or-treating is for ages 12 and under on Sunday,  Oct. 31.

What is your favourite Halloween tradition?

Something Different for Halloween-Owl Prowl

Wednesday, October 27th, 2010

Here’s a different idea for Halloween this year – Go on an Owl Prowl! Sponsored by the Great Dismal Swamp National Wildlife Refuge, this walk will keep you wondering what lurks behind the next tree, and at least you can be sure it won’t be another face with fake blood dripping down it.

Owl Prowl

  • Owls and a few stray ghosts! Dare you walk through the Great Dismal Swamp on Halloween’s  eve?
  • Guide: Don Schwab, Refuge Biologist
  • Place: To Be Announced
  • Date: Saturday, October 30, 2010
  • Time: 6:00 – 7:30 pm
  • Registration: Reservations suggested. Contact Refuge Office at 757-986-3705
  • Cost: Free

    Schooled in Home Buying

    Wednesday, October 27th, 2010

    When looking to buy a house, most families put a stellar school district at the top of their list of non-negotiables. But be careful, says Yahoo! personal finance expert Laura Rowley. People pay more to live in high-ranked school districts, although the better value may actually be a less-expensive house in a lesser-ranked district. For one, ranking alone does not determine school quality. “When you compare schools, look at what different courses and enrichment are,” she advises, “not just test scores.” And she notes recent research showing that the difference between the best and next-best schools is negligible. Finally, remember that situations change. “Even if you do buy in the best district,” she says, “your kids may not end up there.” She cites recent cases in which so many parents flocked to particular districts, “ there’s now overcrowding-and rezoning,” Ultimately, she says, factoring in stress and time burdens of a mortgage that overstretches you. “you’re better off buying a house you can afford.”

    From September 2010 issue of Better Homes and Gardens

    Open House

    Wednesday, October 20th, 2010

    Open Houses –  Saturday October 23rd

    6664 Whaleyville Blvd, Suffolk

    Great 3 bedroom, 2 bath ranch on 1 acre lot.

    Time: 1 – 4 pm       Presented by Charlie King

    1827 Mountainside Ave, Suffolk

    Gorgeous home with an open floor plan

    Time: 1 – 4 pm       Presented by Gisela Greene

    Where Can I Host a Family Party

    Tuesday, October 19th, 2010
    I received a call on one of our commercial properties for rent and they wanted to know if they could just rent it for a family event. The young lady needed a place for a family gathering with 60+ people and she did not know Suffolk. We talked and I gave her a few suggestions. So for those of you who do not know, here they are:
    • Suffolk Cultural Arts Center (923-0003)
    • Cedar Point Club (238-2275)
    • Hilton Garden Inn (925-1300)
    • Elks Club (539-3811)
    • Nansemond River Golf Club (539-4356)
    • Planters Club-City Rec Dept (923-2000)
    Or ask a local restaurant if they will have a private party for you:
    Amici’s (923-5300), Primo 116 (923-0116), Bunny’s (538-2325), or the Plaid Turnip (923-9740) are a few of the local favorites.

    I am sure this may not be a full list, but its a good start. What do you need to know about the local Suffolk area? E-mail me ( or call me (757-434-9084), I will find out for you.

    Tax Credit for Military

    Monday, October 11th, 2010

    Attention Military, Foreign Service and Intelligence Community

    Its A Great Time To Buy A Home!

    • $8000 Tax Credit (for first time home buyers)
    • $6500 Tax Credit (for repeat home buyers)

    Who Qualifies?

    Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a primary residence home in the United States and qualify for the credit. The eligible taxpayer must enter into a buying contract by April 30, 2011 and the purchase must close by June 30, 2011.

    It applies to any person (and, if married, the individuals spouse) who serves on qualified official extended duty service outside the US for at least 90 days during the period beginning after Dec. 31 2008 and ending before May 1, 2010.

    Call for more information!

    Robin Stallings

    757-539-6600 or 757-621-9483

    Southern Trust Mortgage, LLC is proud to be an Equal Opportunity Lender licensed in SC 288885/288857, MD 5104, DE 7342, GA 16579, WV-Broker MB-21645, AL MC-21137, DC MLB 2921. Southern Trust operates as a subsidiary of Middleburg Bank in VA, NC, PA (FDIC #6881) and WV-Lender.

    Suffolk Peanut Festival

    Wednesday, October 6th, 2010

    Come out and join the fun at the 33rd annual

    Suffolk Peanut Festival.

    October 7th – 10th

    Click the link below for more information.

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