By “rainy” day, I mean when some unforeseen calamity happens to you, someone in your household or a victim of an accident you caused. InsuranceAgents.com defines Umbrella Home Insurance as “financial protection against liability claims that can exceed the current homeowner’s liability coverage.”
In the early television Westerns, circling buzzards were a sure sign of the expiration of someone or something. These days, homeowners dealing with the foreclosure of their home are magnets for buzzards of a different breed. Companies are sprouting up all over the country offering foreclosure rescue assistance and mortgage modification help - but in the end walking away with desperate homeowners’ money and pride.
Last month, the Federal Trade Commission (FTC) introduced Operation Loan Lies. Officials from federal and state agencies are teaming up to close down these bogus firms that are taking advantage of scores of hopeless homeowners.
Well, not exactly out in the cold, as these events took place in South Florida. Semantics aside, two weeks ago Anna Ramirez and her family were evicted from their home following her house being sold at public auction as a foreclosed property. Her $260,000 home went for a whopping $87,000, cheap at twice the price. The only problem was, there wasn’t a foreclosure.
If losing your home through foreclosure wasn’t bad enough, researchers from the University of Pennsylvania School of Medicine have found that many people undergoing the process are suffering from major depression (clinical depression). In an online published report, the American Journal of Public Health relates that in a study group of 250 people in Philadelphia experiencing foreclosure, 37 percent “met screening criteria for major depression.”
This percentage is substantially higher than that of the general population, which is 5 to 8 percent as reported by the National Alliance of Mental Illness.
This is hot off the proverbial “presses”: NBC affiliate NBC2, out of Cape Coral, FL, is reporting that the federal government has made some changes to the rules regarding its foreclosed properties. Government-run Fannie Mae has implemented a policy change for bids from cash investors.
As of this week, cash bids “cannot be considered for 15 days.” Properties must remain on the Multiple Listing Service for 15 days while real estate agents verify if there are any owner occupant offers.
This should be welcomed news for home buyers who are consistently being outbid by cash 
investors. Foreclosed oceanfront properties held by Fannie Mae are particularly attractive to first-time home buyers and investors. For those home buyers who have their financing in place and are ready to purchase, being repeatedly shut out has become extremely frustrating.
It’s likely that Freddie Mac will follow suit and make a similar change to its bidding process. This should level the playing field for all prospective buyers.
TALK BACK: What do you think of the government’s new policy? Is it fair? Post your comments below.
Posted by Sharon Walker
Growing up in Chicago, I was fortunate enough to visit many of the attractions the city had to offer. My particular favorite was the Museum of Science and Industry. For a kid, one of the best features of MSI was that there were plenty of exhibits you were actually allowed to touch. There were levers to pull, buttons to push and places to walk through, like Paul Bunyan’s cabin (with big Paul’s eyes peering at you through a window).
There was one exhibit, although roped off and untouchable, that always had me awestruck: the kitchen of the future. Every imaginable convenience possible was displayed. With a push of a button, meals could be cooked, dishes washed and clothes cleaned.
Whoa! I think I may be living in that “future.” At least I thought I was.
This is the tenth post on this topic, on this blog. It’s a problem that is not easily solved and I fear we will be hearing about it for years to come. When developments occur regarding the scourge of Chinese drywall, I try to get the information out to our readers. Such is the case today.
If you’ve put off doing any home remodeling due to these uncertain economic times, your inaction could pay off in the near future. Just prior to the U.S. Congress taking its summer break, Georgia 
representatives Hank Johnson (D) and Nathan Deal (R) co-sponsored a bill that could boost productivity of the building products and home furnishings industries and save taxpayers a few bucks.
Home Improvements Revitalize the Economy (HIRE) Act of 2009 is designed to give tax credits and deductions for consumers and retailers on a variety of home furnishings - among them kitchen/bath cabinetry, household flooring and mattresses.
It’s a debatable argument whether to reward a child for what might be called a “good” report card. When I was in elementary school, I was told a job well done was its own reward. I know I felt good about myself when I earned grades that pleased my parents. I had friends who received money or other special privileges when their grades reflected their hard work and learning.
Our federal government has put a new twist on that old reward system: give out the money first and then assess the users’ performance.
A Catholic priest’s typical day may include saying Mass, hearing confessions, sermon preparation and private meditation. In addition to all of these activities, the Rev. John Lasseigne may have appointments with lenders and local politicians concerning some of his parishoners. Serving Mary Immaculate Church in the San Fernando Valley town of Pacoima, CA, Father Lasseigne ministers to an area where 1 in 9 homeowners are in default.