The collapse of Colonial BancGroup poses another hazard to the still-shaky housing market: Mortgages could become even harder to get.

The Southern regional bank, based in Montgomery, Ala., was the largest remaining player in warehouse lending, which provides short-term financing to independent mortgage bankers. At one time, these mortgage bankers originated half of all U.S. home loans using these funds.

Today, the warehouse lending market is decimated. In 2007 it was worth an estimated $200 billion; now there is just $25 billion available — 25% of which belongs to Colonial. With Colonial’s failure, those funds could become even more scarce.

“It’s like if they shut down half the concession stands at the baseball game,” said Scott Stern, CEO of the Lenders One mortgage bankers group in St. Louis. “It means the guy who’s last in line is going to have to wait a lot longer to get a hot dog, and in this market who knows what the price is going to be when he gets there?”

The money began drying up when investors started shunning mortgages not guaranteed by government-backed agencies such as Fannie Mae. These loans, made by the independent mortgage bankers, had become closely associated with the worst excesses of the housing bubble.

Among the biggest players in the market were Countrywide, rescued last year by Bank of America, and Washington Mutual, which collapsed last September. This year, two other prominent lenders had to unwind their warehouse business: National City, the troubled Cleveland bank acquired last fall by PNC; and Guaranty Bank, the Texas thrift that warned last month that it expects to be taken over by regulators.

To be sure, everyone isn’t fleeing the market. ResCap, a troubled home lender owned by the government-supported GMAC finance company, said earlier this year that it would expand its warehouse lending business. Citi said this month it expects to put $2 billion into warehouse lines this year.

But with small banks failing and pulling back and many larger players, such as JPMorgan Chase and Wells Fargo, not aggressively pursuing new business, few expect the new entries to reopen the market.

Thus the industry is lobbying Washington to give government-backed Fannie Mae, Freddie Mac and Ginnie Mae a bigger role in warehouse lending.

But with those entities already backing some 90% of current U.S. mortgage originations — and taxpayers on the hook for potentially hundreds of billions of dollars of losses at Fannie and Freddie — that idea is proving a hard sell.

Still, mortgage bankers are hoping the latest tremors in the banking industry will make Washington more receptive.

“We’re trying to show people how important this is, but I’m not sure the urgency is there,” said Glen Corso, a longtime mortgage industry executive who now heads the Warehouse Lending Project that’s advocating an expanded federal role. “We’d like to see a private solution, obviously, but failing that we need to get something in place to keep financing flowing.”

I am excited to let you know that I have created and released a new web site. OregonRealEstateWanted.com (http://www.oregonrealestatewanted.com/) The ORW web site will be advertising the buyers I am working with to the public much like Stewart Group would advertise a real estate listing. My hope is to develop the most opportunities possible for my buyers.

If you have friends or family looking for real estate and they want their needs exposed to the widest audience possible….let them know about the OregonRealEstateWanted.com web site. Brokers, feel free to use the site as one of your many tools. Review the site from time to time and see if any of the buyers listed there are looking for YOUR listing.

Buyers, that seek to have their ads placed on the OregonRealEstateWanted.com web site should contact Fred Stewart, Broker Stewart Group Realty Inc.

Fred Stewart
President/Broker
Stewart Group Realty Inc.
503-289-4970 Cell
503-296-2336 Fax
info@sgrealty.us
http://www.sgrealty.us

From the Desk of Phil Querin, Partner, Davis Wright Tremaine, LLC, PMAR/OREF Legal Counsel

Although the initial annual percentage rate (APR) on a residential loan is disclosed in the Good Faith Estimate early in the purchase transaction, it can change before closing. Under the new rules enacted in the Truth in Lending Act, effective on July 30, 2009 (last Thursday), if the actual (i.e. the final) APR varies from that initially disclosed on the Good Faith Estimate by at least .125%, then there is a mandatory additional three (3) business day waiting period before the transaction can close. So if the final APR isn’t disclosed until late in the transaction, it could potentially force the three (3) business day period to extend beyond the closing date set forth in the Sale Agreement.

As you know, the Oregon Real Estate Forms (OREF) closing date is written in stone – there are no automatic extensions – so if it appears that the APR could be held up or there is any indication that the APR will change at closing, brokers would be well-advised to get seller and buyer to agree in advance to a written extension as a contingency if the final APR causes the three (3) business day period to extend beyond the scheduled closing date. OREF will be meeting shortly to consider some additional language for the new sale agreement form, although it won’t actually get printed and distributed until early next year. In the meantime, I have recommended to my clients that they may wish to consider adding an addendum to their sale agreements with language such as the following: ” In the event that Buyer’s final Annual Percentage Rate (“APR”) differs from the APR initially disclosed to the Buyer in the Good Faith Estimate by .125% or more, the Closing Deadline defined in the Real Estate Sale Agreement shall automatically be extended for three (3) additional business days in accordance with Regulation Z of the Truth in Lending Act ,as amended on July 30, 2008.”

This, of course, is subject to the review of the companies’ principal broker and legal counsel.

The new update of the Multnomah Foreclosures web site (http://multnomahforeclosures.com/) includes NOD listings dating back to February of 2008. This data was added because we had it and there has been a lot of interest in this data by the visitors of the site.

Multnomah Foreclosures
http://multnomahforeclosures.com/

The new update of the Multnomah Foreclosures web site (http://multnomahforeclosures.com/) includes NOD listings dating back to February of 2008. This data was added because we had it and there has been a lot of interest in this data by the visitors of the site.

Multnomah Foreclosures
http://multnomahforeclosures.com/

Amateur historian Alan Silver unofficial archivest of Portland’s MLK Jr. Bouldevard
by Anna Griffin, The Oregonian
Saturday June 06, 2009, 6:30 AM

Michael Lloyd, The Oregonian
On his blog, MLK in Motion, Alan Silver tracks changes up and down the boulevard. His interest may come from the similarities between his adopted home and the place he grew up in, southern New Jersey. Philadelphia and Trenton, N.J., have suffered their own urban decay and struggled with their own racial tensions.
Northeast Martin Luther King Jr. Boulevard is the kind of place most people speed past, foot on the accelerator, eyes straight ahead. It’s four lanes of concrete and faded dreams, nondescript in spots, downright ugly in others, seemingly architecturally designed to be ignored.

But when Alan Silver leads the way, each block tells a story.

Way up north, near where King meets Rosa Parks, Silver points out a little green house that once was an underground music club and weekend brunch spot, operated without any permits. Farther south, at Fremont, a pretty, new, publicly funded building with plenty of vacancies marks the spot where neighbors, angry over issues of traffic, trash and the treatment of restaurant workers, once forced McDonald’s to give up its MLK beachhead. A few blocks down from that, a squat little building that does nothing to draw the eye just happens to be on the National Registry of Historic Places.

Today, it’s home to Bardy Trophy. But 75 years ago, Van De Kamp’s Holland Dutch Bakery sold coffee cakes and other pastries from the shop, and a big Dutch windmill churned on the roof.

“Wouldn’t that have been a cool thing to see every day?” asks Silver, a rumpled guy with a bike messenger bag on his back and a head full of obscure local lore. “Can’t you just see the morning rush? All those immigrants who worked down at the rail yards going in for coffee and pastries on their way down the hill to work?

“This place used to be so vibrant. Most people have no idea.”

Silver, a 38-year-old blogger and amateur historian, is perhaps the least likely tour guide for what used to be the heart of first immigrant and then black Portland. He’s a burly, sweet-natured white guy from Southern New Jersey with no background in planning or research, just an instinct for storytelling and an unusual interest in his adopted hometown’s backstory.

“I tell people it’s my hobby,” he says. “Really, if I’m honest, I’m kind of in love with the place.”

The street that began as Margaretta, went a century as Union and finally was renamed to honor King has been one of Portland’s main north-south arteries since the late 1800s. It’s also always been a sort of city-within-a-city for the City of Roses’ forgotten classes.

In the late 1800s and early 1900s European immigrants made the boulevard their Main Street. They studded it with shops, saloons and small bungalows, all an easy commute by foot, horse or ferry to new and bustling rail- and shipyards along the Willamette River. African Americans were driven to the neighborhoods around the avenue by the Vanport floods in the 1940s, the construction of Memorial Coliseum in the 1950s and redlining by real-estate agents.

For most of its life, the street was a commercial hub, prosperous if segregated. That changed in the late 1960s. The opening of Interstate 5 — a faster route north — drove some business owners to the suburbs. Race riots scared away many more.

For much of the past three decades, the boulevard has suffered rising crime, dropping property values and the highest storefront vacancy rates in town. Hail Mary planning decisions — adding medians and removing on-street parking in 1980; rezoning large swaths of MLK for higher-density homes and shops in the early ’90s — added to the general sense of desolation.

“What is Union Avenue?” planners asked in an early 1970s Model Cities application. “A voice, a place left alone too long.”

That document is among several thousand pages that crowd Silver’s apartment.

“Maybe I’m fascinated with this part of Portland because it reminds me of home,” he says. “Maybe I feel at home in an area that has fallen into misuse.”

Silver grew up just outside Philadelphia, in a part of the world dominated by highways, urban decay and tight living. “A treeless cement wonder” is how he describes it. He migrated west almost two decades ago on a whim.

“I was 21 years old and had no idea what I wanted to do, but I knew if I stayed there I was going to get in some kind of trouble,” he said. “Every place I could think of moving was too hot, too cold, too Southern, too big. But I didn’t know a thing about Portland — nobody did back then — so that decided it.”

The Greyhound trip out here took three days, but proved worth it when a fellow passenger offered to let Silver and a buddy crash on his floor for a while. The past has always fascinated him — he earned a bachelor’s degree in sociology at Portland State studying the role of women in the workplace during the Great Depression — but graduate school turned out to be more of a grind than he wanted.

“I never really wanted to work very much,” he says. “So I didn’t.”

He jokingly describes himself as a dilettante, although he’s definitely not a silver spoon sort. Rather, he’s one of those Portland types who holds a job — these days, he’s a part-time church bookkeeper — to support his hobbies: reading, hanging out with friends, hosting a pirate radio show, taking pictures.

Silver lives a couple blocks east of MLK and bikes or walks everywhere. A few years ago, he was strolling through the neighborhood when he came upon a box of free stuff someone left on a corner. Inside, he found a weathered book detailing Seattle’s African American history and a pristine copy of the Oregon Mirror, a long-defunct black newspaper.

Those finds got him thinking.

He knew the neighborhood where he lived once was part of Albina, an independent city sucked up by Portland in 1891 and since divided into 10 separate neighborhoods. He already had a habit of taking pictures of things he saw on his daily travels along MLK. Gradually, casual interest turned into a serious pastime. He began using his days off to read old newspaper clippings at the library, then branched out into planning documents and historic maps. He grew braver about popping his head into offices and stores to ask questions: How long have you been here? What was here before? Does the building have a story?

Last year, he started a blog, “MLK in Motion”, mostly just to have a place to collect his photos. It’s evolved to include updates on construction projects such as the new Planned Parenthood building, plugs or pans of the boulevard’s increasing roster of restaurants, funny asides and miniature history lessons. It barely scratches the surface of his interest, or his research.

***
There aren’t a lot of people left, for example, who can tell you about the time Portland State professor and antiwar activist Frank Giese firebombed a military recruiting station at the northeast corner of MLK and Shaver, now a church.
Less than a block away, no plaque marks the spot where, in 1981, two off-duty cops tossed dead possums in front of the old Burger Barn. Nor does anything indicate the outrage among many African Americans when an investigator described the incident as an “ill-advised prank” rather than racial harassment.

Few of the more than 25,000 people who drive MLK each day have ever looked closely enough to see the scars on the sides of the few remaining pre-1920s buildings, the marks left when business owners simply lopped off the fronts in response to a city street-widening.

Silver has both the curiosity and the time to investigate such things. Like the time he couldn’t stand the intrigue anymore and opened an overdue water bill that had been sticking out of an abandoned auto shop’s front fence for weeks.

“They owed $24,000,” he says. “So I’m guessing they didn’t move voluntarily.”

Silver points out the former home of Fernando’s Auto Shop as an example of what MLK looked like in between its heyday as a business hub and the current redevelopment. “Garage after garage,” he says. “Functional, not pretty.”

Similarly, when asked to point out his least favorite stretch of MLK, he heads to the intersection with Ainsworth Street. A Walgreens, a Safeway and a Starbucks sit on three of the four corners, ugly examples of urban renewal done wrong. In addition to being decidedly mundane and unfriendly architecturally — urban renewal that satisfies the wallet but not the eye — each business sports a sign out front welcoming guests to a different neighborhood. “King? Woodlawn? Piedmont? Where are we exactly?” he says, holding up his hands in mock befuddlement.

He’s thinking about writing a book but doesn’t know where to begin. There’s a definite need: In most city reports, the street’s history starts in the 1980s. He’s certainly got the attention span. Silver once spent a year reading everything he could find about ancient Greek drama. Even if he never finds the will to put his Albina research down for posterity, at least this obsession gets him out of the house and talking to other people.

“The blog is more about posing questions than finding answers,” he says. “How did this place get this way? Why was it so ignored for so long? What did it look like before we all just sort of gave up?”

***
His travels turn up mysteries: He knows the taggers who use the boulevard as their personal, oversized canvasses by name — “Paulrus,” are you out there? — but rarely by face. He wonders who has been slapping stickers showing sepia-toned photographs of Native Americans on telephone poles, and what message they’re trying to send.
He also finds humor in the oddest places: the smiley face someone crafted in a vacant lot out of dirt and flowers, gone a day after it appeared. Or the corner lot — now vacant, of course — that at various points in history housed both a church and a porn shop. The guy hosting a yard sale one weekend who explained that he calls the boulevard “MLK-TV” because he can sit out on his front porch and always find something entertaining to watch on the street.

Some of Silver’s work is amateurish. Much is incomplete. But his blog and collection of old papers and planning reports represent one of the most comprehensive efforts undertaken to document this important area’s past. Silver is practicing citizen journalism and, beyond that, even citizen anthropology. He’s filling in the gaps and pulling in closer than any professional journalist or scholar would likely ever have the time, patience or interest in doing.

“Most people out here want to talk about what they’re doing. They’re excited,” Silver says. “They may look at me a little oddly, but they answer my questions.”

That’s because these days good things are happening on MLK. Although the recession has slowed the change, taxpayers are finally seeing some payback for the tens of millions in public money pumped into MLK, with new stores, new restaurants, a plethora of affordable housing and even a few offices. Private development is slowly following, although the street is still a long way from attracting a national chain or offering residents all the basic services they need.

Police statistics say crime has dropped dramatically from the gang warfare days of the 1980s and early ’90s. Silver’s own experience — he sees more people out at night and receives fewer solicitations from prostitutes — confirm that.

Many old-time residents of the neighborhoods around MLK are dying off or being driven from their homes by gentrification, so the history is disappearing. Few of the area’s new homeowners and investors have the time or inclination to think about how the street became a place to ignore. They’re too busy working to make it more vibrant and make their investments pay off.

“Maybe it’s something about Portland that people don’t want to figure out this stuff, they don’t want to talk about the past,” Silver says. “It’s certainly different from a lot of places that celebrate their histories or learn from them or — what’s the word I’m looking for? — at least acknowledge them.”

Anna Griffin: 503-412-7053; annagriffin@news.oregonian.com

I thought this information would be beneficial to know, when you are dealing with sellers on a Short Sale basis. Many consumer don’t realize the impact of a short sale on their credit. Read the attached article and commentary from our credit agency below. There are a couple KEY pieces:

1. Foreclosure – lenders won’t do another loan for 4 yrs. (Bankruptcy is now 4yrs also)

2. Short sale – if they keep payments current and their credit is relatively intact, and they do due diligence with the lender to determine how they will report the Short sale on their credit report (ie. “settled” is the best, Deed in Lieu is the same effect as a “foreclosure”) this will result is the least amount of damage to their credit rating. That also goes for a Notice of Default (NOD), even though a foreclosure process was started and the seller is able to sell the home prior to it actually going to foreclosure sale, this will be reported as “foreclosure in process” on their credit, which is treated as a “foreclosure” for credit scoring purposes.

3. Oregon is not a deficiency State. Meaning that Oregon does not pursue the seller for any deficiency. The banks just take the loss, the seller’s credit is damaged, and that’s the end of it.

4. The biggest advantage to sellers in a Short Sale is keeping payments as current as possible and getting the lender to reflect the account as “settled”. That will allow this borrower to secure another home loan sooner (maybe 2yrs), rather than if a foreclosure or NOD (4yrs) is reported on their credit.

I think this is valuable information to share with your sellers.

To Your Success,

Paul Dean
Principal
Evergreen Ohana Group
5331 SW Macadam Ave, Suite 287
Portland, OR 97239

Office: (503) 892-2800 Ext.11
Fax: (503) 892-2803
Email: pauld@evergreenohana.com
Website: www.evergreenohana.com
OR ML-21,WA 510-LO-33391, WA:520-CL-50385

The 26 cities with the highest foreclosure rate in the nation are all located in four hard-hit states, with Las Vegas topping the list, according to a report released Wednesday.

Metro areas in California, Florida, Nevada and Arizona topped the foreclosure filing list for the first quarter of 2009 in a report from RealtyTrac, an online marketer of foreclosed properties. A foreclosure filing includes default papers, auction sale notices and repossessions.

Las Vegas had the highest rate of foreclosures of any city, with one in every 22 homes subject to a foreclosure filing in the first three months of the year. The rate of foreclosure filings was 4.5%, seven times the national average.

Merced, Calif., had the second highest rate, with Cape Coral-Fort Myers, Fla., Stockton, Calif., and Riverside-San Bernardino-Ontario, Calif., rounding out the top five.

“The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard-hit areas,” said James J. Saccacio, chief executive officer of RealtyTrac, in a written statement.

Foreclosure rates have been very high in the 4 key states throughout the bursting of the housing bubble, and so it was to be expected that cities from those states would pepper the top of the list.

However, it was a surprise to see the list so top heavy, according to Rick Sharga, senior vice president at RealtyTrac.

“The concentration of troubled metro areas within the hardest-hit states, candidly, was even more severe than we expected it to be,” Sharga said. “The degree to which those four states dominated the rankings surprised even us.”

New problem cities: Meanwhile, some metropolitan areas had a surge in foreclosures. Boise City-Nampa, Idaho, in 27th place, Provo-Orem, Utah, in 37th, and Charleston-North Charleston, S.C., in 51st were examples Sharga gave of areas that had particular strong gains in filings.

Sharga said the rise of foreclosures in additional regions indicates new factors influencing the housing market as the recession drags on.

“What we believe we are seeing is some of the areas with unemployment problems,” said Sharga. “These are people living paycheck to paycheck and, when the paycheck is gone, suddenly they can’t afford to make their mortgage payments.”

The data for RealtyTrak’s metro area foreclosure report is collected from 2,200 counties across the nation, and those counties represent more than 90% of the U.S. population. Some 203 areas are covered by the report.

Across the nation, foreclosure activity in the first quarter hit a record high, according to another RealtyTrac report issued last week. Total foreclosure filings reached 803,489 in the first three months of the year, the highest monthly and quarterly totals since RealtyTrac began reporting in January 2005.

The national report also found that the worst of the foreclosures were centralized in a handful of worst-hit states. California, Florida, Arizona, Nevada and Illinois accounted for nearly 60% of the total foreclosure activity in the first quarter, with 479,516 properties received foreclosure filings in those states.

http://finance.yahoo.com/news/Foreclosure-leaders-focused-cnnm-14996946.html

New foreclosure reports listed on the multnomah county foreclosure web site. This week a new addition is the bank owned property lists (REO List) for the month of February 2009. This list consists of properties that were forcloused or deeded back to the lender in lew of foreclosure. Some of these homes are on the market but most are not. These lists will have the name and contact information (address) of the owners (lenders) of the property. Contacting the owners for status might allow an opportunity for you to purchase any of these properties in post foreclosure.

Mulnomah County Foreclosures
http://multnomahforeclosures.com/

Fred Stewart
President
Stewart Group Realty Inc.
fred@sgrealtyinc.com
http://www.sgrealty.us/
503-289-4970 (Phone)
503-296-2336 (Fax)

Outstanding early Portland Bungalow with all of the old world charm a person could ask for. Hardwood floors, large kitchen, finished basement, fenced back yard with large deck.

Located in one of Portlands best neighborhoods and near Providence Hospital. Just a short walk away from Laurelhurst Park, Bus and MAX lines, and freeways. There are many restuants and shops in the area and even during rush hour you are minutes from downtown Portland or a good ride if you bike.

Owner will consider selling home on Terms (Land Sales Contract) with 5% downpayment. Call Fred Stewart for more details.

4928 NE Flanders
Portland, Oregon

Fred Stewart
Stewart Group Realty Inc.
info@sgrealty.us
503-289-4970

Multnomah County Forclosures (http://multnomahforeclosures.com) has been updated with the largest foreclosure list to date. There is also a new Mortgage Broker of the week listed. Brian Collins of Sound Mortgage.

The foreclosure list for 10 other Oregon counties are also listed on the site this week.

Multnomah County Foreclosures
http://multnomahforeclosures.com

It seems my industry (mortgage) continues to see changes weekly, if not daily. I received this message from one the lenders we do business with (Suntrust Mortgage).

IMPORTANT UPDATE REGARDING REVISED MINIMUM CREDIT SCORE REQUIREMENT FOR ALL LOAN PRODUCTS – Effective for Locks and/or Credit Packages Received on or After Monday, March 23, 2009

Effective for locks and/or credit packages received on or after Monday, March 23, 2009, a minimum credit score of 660 will be required for ALL borrowers on ALL loan products (traditionally underwritten and AUS processed), regardless of the AUS approval.

This is concerning conventional loans (less than $417K) fannie & freddie. FHA still allows a min. credit score of 620.

Now, while this is only one lender, it is likely other lenders will follow suit. Just another sign of the times, that the credit markets continue to “tighten” and credit scores are becoming more important when buying a home.

Have a good weekend.
Thank you for the opportunity to serve you,

Paul Dean
Principal
Evergreen Ohana Group
5331 SW Macadam Ave, Suite 287
Portland, OR 97239

Toll Free: (800) 387-7355
Office: (503) 892-2800 Ext.11
Fax: (503) 892-2803

Website: www.evergreenohana.com
Email: pauld@evergreenohana.com

OR ML-21, WA510-LO-33391, WA WA:520-CL-50385

PS. Your business and loyalty are truly valued. I strive to provide all my clients with the very best professional service possible. If a friend or family member would appreciate this level of service, please don’t keep me a secret!

Historic Portland Home on prestigious US Grant Place. Impeccably restored 1923 Herman Brookman design is a one-of-a-kind opportunity to own a superbly restored vintage English Tudor originally designed for architect’s friend and plaster artist – both of whose work includes the Arlene Schnitzer Concert Hall. Vaulted barrel living room, formal dining room, breakfast room, kitchen w/ granite and custom wood cabinets, Sub Zero & Asko appliances. Large family room & custom-built home office, guest bedroom w/ full bath, master w/ vaulted ceiling. Incredible plaster moldings, Ann Sachs tile, Carrera marble, inlaid hardwoods, stone fireplace.

ALL 3176 sq ft is fully restored and finished. Attached 360 sq ft 2 car garage is finished with built-in cabinets and sink.

Seller Carry Terms Considered
Down Payment: $275,000
Interest Rate: 5%
Term: 30 Year Term/18 Month Balloon Payment of balance of contract.

Photos of this lovely home.
http://www.zingding.com/usgrantpl/

Kathleen O?Donnell

THE O?DONNELL GROUP

Commercial and Residential Realty

503-281-1404 office

503-519-3400 mobile

The financial crisis explained in simple terms ………………………..

Heidi is the proprietor of a bar in Berlin. In order to increase sales, she decides to allow her loyal customers – most of whom are unemployed alcoholics – to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).

Word gets around and as a result increasing numbers of customers flood into Heidi’s bar.

Taking advantage of her customers’ freedom from immediate payment constraints, Heidi increases her prices for wine and beer, the most-consumed beverages. Her sales volume increases massively.

A young and dynamic customer service consultant at the local bank recognizes these customer debts as valuable future assets and increases Heidi’s borrowing limit.

He sees no reason for undue concern since he has the debts of the alcoholics as collateral.

At the bank’s corporate headquarters, expert bankers transform these customer assets into DRINKBONDS, ALKBONDS and PUKEBONDS. These securities are then traded on markets worldwide. No one really understands what these abbreviations mean and how the securities are guaranteed. Nevertheless, as their prices continuously climb, the securities become top-selling items.

One day, although the prices are still climbing, a risk manager of the bank (subsequently of course fired due to his negativity), decides that slowly the time has come to demand payment of the debts incurred by the drinkers at Heidi’s bar.

However they cannot pay back the debts.

Heidi cannot fulfill her loan obligations and claims bankruptcy.

DRINKBOND and ALKBOND drop in price by 95 %. PUKEBOND performs better, stabilizing in price after dropping by 80 %.

The suppliers of Heidi’s bar, having granted her generous payment due dates and having invested in the securities are faced with a new situation. Her wine supplier claims bankruptcy; her beer supplier is taken over by a competitor.

The bank is saved by the Government following dramatic round-the-clock consultations by leaders from the governing political parties.

The funds required for this purpose are obtained by a tax levied on the non-drinkers.

Finally, an explanation I understand.

This should clear up any / all questions… Enjoy! J

Melissa Stashin

Sr. Loan Officer / Branch Manager

Pacific Residential Mortgage, LLC

2 CenterPointe Dr. STE 500

Lake Oswego, OR 97035

(503) 670-0525 x113

(971) 221-5656 Cell

(503) 670-0674 Fax

(800) 318-4571 Toll Free

www.TeamStashin.com

If you fail to make your mortgage payments on time or if you default on your payments, you are in danger of foreclosure. This happens more and more frequently in today’s economic climate. But it is possible to avoid mortgage foreclosure if you know what to do.

Here are a few of the options that are available to you. These are only going to be open to you if you can get the cooperation of your lender.

- See if your lender would be willing to re-arrange your payments based on your current financial situation. This may be referred to as a special forbearance and you may qualify for it if your financial situation has changed. To qualify for this you will probably have to provide information to your mortgage holder to prove that you will be able to meet the payments of the new plan.

- Another option may be a modification of your actual mortgage. This would involve refinancing the amount owed and/or extending the term of the mortgage. The goal is to reduce monthly mortgage payments so they are more affordable for you.

- You may qualify for an interest free loan from HUD to bring your mortgage up to date if you meet certain conditions. This is referred to as a partial claim and your lender can help you with the application process and explain the conditions of this type of loan. You can also contact your local HUD office for more details.

- Another way to avoid mortgage foreclosure is to consider a pre foreclosure sale. The purpose is to sell your home and clear up your debts to avoid foreclosure and damage to your credit. If you know that you will be unable to make mortgage payments even if they are lowered, this may be something to consider. You will have to see if your lender will agree to give you some extra time to sell before foreclosing.

- A final option which should be considered only as a last resort is a deed-in-lieu of foreclosure. In this case you are basically turning your house over to your mortgage institution instead of paying off the mortgage.

Even though you will lose your home this may be a better option than losing it to foreclosure. That’s because your chances of obtaining another mortgage loan at some point in the future are better than if your home is lost due to foreclosure.

These are the main alternatives that you have as you try to avoid mortgage foreclosure. Be sure to contact your lender at the first sign of financial difficulty so they can help you find the option that will be best for you.

Learn about 6 practical steps you can take to avoid foreclosure.

If it’s too late for that, find out how to stop a foreclosure by going to getforeclosurefacts.com

Expert Foreclosure Helper
expertforeclosurehelper.com