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Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands – or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado. 

Myth #1:  Foreclosure happens fast. With unemployment and underemployment still affecting nearly 1 in every 4 Americans, no one is immune from fears that a pink slip might quickly turn into a foreclosure notice.  According to NeighborWorks America, nearly 60 percent of families seeking foreclosure counseling cited a lost job or cut wages as the reason they were facing foreclosure.  

While the Obama Administration’s Home Affordable Programs haven’t been nearly as effective as predicted in actually preventing foreclosures, they have had the effect of extending the foreclosure process for many families.   Even though the legal process of foreclosure can happen in as few as 6 months in most states, it is currently taking much longer for the average foreclosure to get to completion.  Recently, JP Morgan Chase revealed that their average borrower who loses a home to foreclosure has not made any payments in 14 months nationwide; 22 months in FLorida and 26 months in New York. 

To be sure, some see this as a good, others view it as unnecessarily dragging out the overall market’s recovery. Many insiders will point out that these delays in foreclosure may be calculated to save the banks the costs of owning and maintaining foreclosed homes, not to help homeowners.  In any event, the fact that foreclosure does not happen nearly as fast, in many cases, as expected does give families who are temporarily down on their luck some extra time to try to get back on their feet and save their homes. 

Myth #2:  Buyers can’t get clear title or title insurance on foreclosed homes.  When the foreclosure robo-signing scandal first hit, there was widespread concern that buyers would not be able to get clear title on foreclosed homes, because the former foreclosed owners might be able to come get their homes back when the improprieties in the bank’s foreclosure documentation processes came fully to light.  At the same time, several of the country’s largest title insurance companies publicly balked at issuing policies on bank-owned homes until the issue was resolved.  At this point, the banks claim they have revamped their processes, and all banks have stated that they have found not a single borrower whose home was repossessed without them having missed the requisite number of mortgage payments.  Nevertheless, a number of governmental investigations are still in progress. 

The fact is, buyers of bank-owned properties in nearly every jurisdiction are protected from later title attacks by foreclosed homeowners by the bona fide purchaser rule, under which courts would prefer to simply award cash damages to be paid by the culpable bank to a wrongfully foreclosed-on homeowner, rather than reversing the sale or ownership to the new, innocent buyer.  Additionally, the title insurers have now changed their tune and restarted issuing insurance policies on bank-owned homes which protect buyers’ interests, after working with the banks for them to take responsibility in the event a former homeowner prevails in a wrongful foreclosure suit.  

While there are still many intricacies of title to be resolved for foreclosure buyers who purchase homes at trustee sales and auctions, or for cash buyers who often went without title insurance in the past, on the average, Trulia-listed, bank-owned property purchased with an average mortgage and title insurance, the chances a buyer’s title will later be successfully challenged by the foreclosed homeowner on the basis of robo-signing?  Exceedingly slim. 

Myth #3:  Buyers should wait for the shadow inventory to be released.  Many a buyer, discouraged with the homes they see on the the form in their price range, has decided to sit still and wait for the banks to release for sale what is called their “shadow inventory” – rumored to be anywhere from 4 to nearly 6 million homes that have already been foreclosed, but not listed for sale, or will be foreclosed in the near future. The fact is, to the extent that the banks have acknowledged the existence of a pool of homes they own but are not selling, they have expressed that their reasoning for holding the homes off the market is to avoid flooding the market and driving home values down any further.  For that reason, buyers should not expect to see a massive influx of these shadow homes onto the market anytime soon – if ever.  

The banks’ current modus operandi is that as they sell a home, the replace it with another home in that market – if they sell 50 homes in a town that month, they’ll put another 50 on the next.  So, don’t hold your breath waiting for a fabulous new flood of homes.  Instead, set up a Trulia alert to notify you when homes that fit your search criteria come on the market, and be ready to call your agent and go visit any and every one that looks like it might be a good fit. 

Myth #4:  If you’re looking for a deal, you’re looking for a foreclosure.  Despite what they may say, no buyer’s heart’s fondest desire is to buy a foreclosure.  But almost every buyer dreams of buying a great home – and getting a great deal on it.  Many people think that to get a great value on their home on today’s market, it means they must buy a foreclosure.  As a result, the value and other advantages of buying an individually-owned home on today’s market are frequently overlooked.  Individual sellers with homes on the market right now are generally quite motivated, and understand that their homes are competing with discounted short sales and foreclosed homes.  Many of these sellers are slashing prices in an effort to get them sold – the most recent Trulia Price Reduction Report revealed that 27 percent of homes on the market across the country have had at least one price reduction.  Now that’s what I call a sale! 

Further, individual owners are often much more negotiable on a wide range of contract terms than a bank which owns a foreclosed home.  You can work with non-bank owners on things like repairs, closing dates, choice of escrow provider, closing costs and even included personal property much more flexibly than you can when the bank is on the other side of the bargaining table.  On top of that, many individually-owned homes are in pristine, move-in condition; that is much rarer with foreclosures.  So, don’t underestimate the value of the deal you might be able to get on a non-foreclosed home.  Just get clear on what you can afford and look at all the homes that are available in that price range, without discriminating against non-foreclosures. 

Myth #5: Having a foreclosure on your credit history means it’ll take years and years before you can buy again.  One of the most Frequently Asked Questions in the Trulia Voices Community by homeowners who are facing or have just lost a home through foreclosure is how long it will take before they’ll be able to buy again.  Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase.  Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure.  To do so, though, all your other ducks must be in a row. 

Tara-Nicholle Nelson on Trulia

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Chappaqua Foreclosures

The Mahicanni (Mahicans) dominated the area on the east bank of the Mahicanituck (Hudson River) in 1609 when Henry Hudson arrived. The Wappinger Confederacy was part of the Mahicanni (Mahican) nation and occupied Westchester and Putnam counties, the Bronx and Manhattan, the majority of Dutchess county and parts of Connecticut. Nathaniel Turner purchased parts of New Castle in 1640 from Ponas Sagamore, ruling chief of the Siwanoy. In 1661 John Richbell purchased a large tract of land including New Castle from Wappaquewam, who is rumored to be a Siwanoy, and in 1696 Caleb Heathcote purchased the same land again from Richbell’s widow and the Sachems Wabetuck and Cohawney, who were supposedly Siwanoys.

In New Castle the Sint Sinks were located in the western part of the town, and the Tankiteke, in the eastern part, especially between the middle and towards the end of the 18th century. By the late 18th century their numbers had dwindled and they were completely gone from the area by 1791. Indian villages or sites include Chappaqua hill (between Quaker St and the railroad), the Sutton Reynolds farm, Wolf Hill Road, Roaring Brook, New Castle Corners, the Old VanTassel farm, “Coyemong” at Byram Lake, Wampus Lake, and near the Ossining border.

On April 5, 1791, New Castle held its first town meeting. Until then, it had been part of the Town of North Castle. The area had been settled earlier by Anglicans and Quakers. The Quakers came to “Shapequa” from Purchase and in 1753 built the Meeting House, which is the oldest documented building in New Castle and stands today. In 1776, following the Revolutionary War Battle of White Plains, the Meeting House provided shelter for some of General Washington’s wounded. Residents from colonial times until the middle of the 19th century were largely self-sufficient farmers, part-time millers and craftsmen.

 
When the railroad came to Chappaqua in 1848 and to Millwood in 1869, the farms began to grow and ship “cash crops.” To package and ship the cider, vinegar, apples, milk and other products, residents built cider mills, a pickle factory and a barrel factory. The two hamlets of Chappaqua and Millwood developed freight stations, livery stables, general stores and hotels. Later, 19th century industries included the Spencer Optical Works, near Mount Kisco, and the Bischoff Shoe Company in Chappaqua. Nevertheless, the Town remained a very small town, with 1,800 people in 1850 and less than 2,500 at the end of the century.

Gradually, the local industries lost their vitality, but the beauty of the land and the relative ease of transportation provided by the railroad remained and began to attract people who had accumulated wealth in New York City. Among these was Horace Greeley, who first bought land in Chappaqua in 1853, later owned the current “Horace Greeley House” and a large part of central Chappaqua.. Greeley was America’s foremost newspaper editor, and an unsuccessful Presidential candidate, loosing to Grant in 1872. The wealthiest of the residents was probably banker Moses Taylor, whose estate included the land where the Mt. Kisco Country Club currently stands.

In 1902 the current Chappaqua railroad station (at left) was built. Millwood’s first station was built in 1888 at a cost of $1,800. It burned soon after. For several years, the station was a baggage car.  The present station was brought by flat car from Briarcliff Manor when Henry Law built and gave the Briarcliff station to the railroad in 1910. 

In 1904, the Town’s worst disaster, a tornado, swept down Quaker Street, stopping just short of the Quaker Meeting House. In 1912, Chappaqua put in a central water system.

Following the World Wars, population of the town grew greatly. In the 1920’s realtors promoted “the high pure air belt of Chappaqua.” The Saw Mill River Parkway reached the Town in 1934 and in the late 30s and 40s lasting real estate developments took root. The most dramatic population increase came in the years following World War II. From 1950 to 1960 the number of people in New Castle rose by 60% to more than 14,000. A major factor in this increase was the acknowledged excellence of the Chappaqua school system. New Castle has been fortunate to retain much of its early charm – partly because of its vigorous terrain, and partly through the care given by owners, residents, and Town government to its historic building and areas.

Chappaqua Historical Society

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 During the holidays, the inclination is often to
search out the biggest, the best, the most
spectacular places and events in order to make a
memory, whether it’s a tree lighting, a performance
of “The Nutcracker,” or a chance to learn more about
the meaning of Hanukkah .

And while you might think that creating holiday
traditions like these involves a trip out of town,
chances are you can find everything you’re looking
for right in your own backyard.

So this season, plan a trip to a local landmark
you’ve never visited, or book tickets to a holiday
show or concert in town.

We’ve rounded up lots of options that will let you
spend a happy holiday at home, starting with the
annual tree lighting at Chappaqua’s Horace Greeley
House, an occasion that includes a concert, and
then, a parade, of all things.

If you’re in the mood for some old-fashioned
Christmas cheer, don’t miss the annual holiday tree
lighting Dec. 4 at the Horace Greeley House in
Chappaqua.

There’s singing, crafts, period decorations — even a
parade of sorts.

The annual event draws a crowd, says Betsy Towl,
the executive director of the New Castle Historical
Society.

“This is such a long standing tradition in
Chappaqua; it really brings the community together.
We have children of all ages, who come for the open
house, but the tree lighting is the big event,” Towl
said.

The New Castle Historical Society, which uses the
house as its headquarters, has organized a full
afternoon of festivities, starting at 1 p.m. with an
Old-Fashioned Craft Workshop (for children) and
Open House.

 Docents will be on hand to lead tours of the fully
decorated historic house, which was Greeley’s
weekend and summer home from 1864 until his
death in 1872.

At 3:30 p.m., the Chappaqua Orchestra will host the
annual New Castle Community Sing, a combination
variety show-singalong, at the nearby Robert E. Bell
Middle School.

Then everyone walks over to the Greeley House for a
few more songs by the Madrigal Singers, a coed
choral group at Horace Greeley High School.

The switch to light the 35-foot-tall Colorado spruce
gets flipped at 4:30 p.m., followed by a visit from
Santa.

Then everyone heads across the street to the New
Castle Community Center for homemade cookies and
hot chocolate, courtesy of the New Castle Teen
Alliance.

And when you’re finished ogling the tree, head back
inside.

The Horace Greeley House has a charming little gift
shop with holiday gifts and ornaments.

Sounds like fun, doesn’t it? And it’s all free and open
to the public.

Full Article

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If you find that your home and bedroom are getting into an unruly mess then its time to take action. The remedy for the clutter that has accrued over many months or even years is a wood closet organizer. Closet organizers manage your clothes, shoes, hats, scarves – in fact just about anything can be organized. In fact you wont know how you lived without one.

The main purpose of a closet organizer is to store your belongings in a neat and tidy fashion on the shelving and various compartments that are contained within the organizer. There are both simple and complex systems and this generally dictate how they can be installed. A simple one can be installed by the homeowner with suitable DIY skills but a complex one should be really left to the professionals to install

1. Use every inch of space. The coat closet is often the most under-utilized and overstuffed space in the house. “To make a typical coat closet more efficient you should remove the existing rod and shelf,” advises California Closets designer Lisa Lennard. This will make use of space that was dead before. “Then measure your longest coat and add two or three inches,” she instructs. “Reinstall the hanger rod at this lower height. In most cases, there will be room for two or three shelves above it where you can put baskets or boxes for small items.”

2. Double up. If your closet is wide enough, Lisa suggests installing a double closet rod. Hanging a second rod below the existing one will enable you to store another level of clothes, such as shorter jackets. Make sure to allow at least 36 inches between the top and bottom rod. An easy drill-free approach to achieving a double-hanging system is to use hanging rods that hook over existing rails. These nifty rods provide instant space for short-hanging clothes (Double hang closet rod, $10; The Container Store).

3. Make room for drawers. Remove the top shelf and raise the existing closet rod to uncover valuable vertical storage. In the space below the rod, install a chest of drawers for storing small items. Hang jackets or sweaters you’re using regularly on the rod above the chest. Longer coats, such as trench coats, can hang to the side of the small chest. Reserve the floor space below for weather boots.

No room for a chest of drawers? Buy a set of hanging canvas shelves. They are perfect for stowing everything from gloves and scarves in winter to sandals and caps in summer.

4. Purge. Determine clothing and accessories you wear and items that you need to give away. You can save more than a foot of space by donating three old winter coats. That’s enough space to install modular storage cubes, which can store gloves, scarves, and mittens.

5. Think outside the closet. Place a coat tree or a wall-mounted rack in your entryway for the outerwear you use every day. These organizers are great for grab-and-go items, such as jackets, scarves, umbrellas and hats.

6. Invest in space savers. Install an inexpensive over-the-door shoe organizer to store small winter necessities like gloves, earmuffs and knit caps. You can also keep keys, wallets, lint brushes and flashlights in this handy organizer.

7. Rotate seasonal clothes. In the spring, move winter coats to other storage places, such as less crowded closets, underbed storage units and unused suitcases. This will make way for lighter jackets, sweaters, warm-weather sports equipment and beach gear. The same goes for footwear: the boots of winter should give way to the sandals of summer. You can also try your local dry cleaner for more storage options. Many store out-of-season garments as a part of their service to customers.

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Chappaqua NY real Estate is down 30% over the last three (3) months compared to the same period in 2009. This year there have been eighteen (18) sales with a Median Price of $850,000. The average sold Chappaqua NY Home is 3007 square feet, sold in 169 days and sold for $326 per foot. The average selling price for a Chappaqua NY Home is 92.88% of asking price.

In 2009 the average Chappaqua NY Homes was 3204 square feet, sold in 201 days and sold for $294 per foot. The average 2009 selling price was 93.37% of asking price.

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Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure. 

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

NAR Article

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Buyers Representation is important when you decide to buy a home in Chappaqua NY. 

NYS has codified your relationship with your Realtor and as a buyer you should make sure you understand it.  Knowing your Realtor’s responsibilities to you will make your purchase process go smoothly.  Get it right from the start and you will clear up many misunderstandings.

The relationship formed between an agent and a client is a fiduciary relationship because it is based on trust. 

The agent owes a client:

Loyalty
Diligence
Confidentiality
Reasonable Skill & Care
Obedience
Disclosure
Accountability
Buyer’s Agent

A buyer’s agent is employed to find an acceptable property for a prospective purchaser. The buyer’s agent represents the purchaser in a position of trust and confidence. He or she will negotiate the best possible price and terms for the buyer.

Seller’s Agent
Also know as a listing agent, a seller’s agent works for and represents the seller in a position of trust and confidence.  A listing contract spells out the relationship.  A seller’s agent negotiates the best possible price and terms for the seller

Disclosed Dual Agency
Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction.  Since the agent will be in a position of trust and confidence to both buyer and seller, there is the potential for a conflict of interest, especially in negotiating price and terms.  New York law requires the buyer and seller to consent to a dual agency relationship in writing.

Designated Agency
To eliminate the potential conflict of interest that arises in disclosed dual agency, New York law allows the sponsoring broker to designate a salesperson to represent the seller and another salesperson to represent the buyer.  Each designated salesperson can represent their client, without the potential for a conflict.  New York law requires a client to consent to designated agency representation in writing.

NYS DOS

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Chappaqua pair charged in $6 million extortion scheme

 WHITE PLAINS – A Chappaqua couple is accused of
extorting at least $6 million from a pianist who is
heir to a fortune through his family’s multinational
oil field company.

In a bizarre plot that allegedly spanned six years,
Vickram Bedi and Helga Invarsdottir, who run a
technology business in Mount Kisco, convinced the
victim that his computer had been hacked by foreign
nationals and that his and his family’s lives were in
danger.

The couple, arrested Thursday as they were
preparing to leave the country, are being held on $3
million bail.

“These two defendants preyed upon, duped and
exploited the fears of this victim with cold
calculations and callousness,” said Westchester
District Attorney Janet DiFiore. “The systematic
method with which they continued the larceny over
a period of more than six years is nothing short of
heartless.”

The victim, Roger Davidson, is 58 and the founder
of Soundbrush Records.

The alleged scheme started in August 2004, when
Davidson’s computer developed a virus and he took
it to the couple’s company, Datalink Computer
Services, for repairs.

The victim is the great-grandson and great-grand-
nephew of the two brothers who founded
Schlumberger Ltd., a Fortune 500 company
headquartered in Houston with offices in Paris,
France and the Hague.

He was concerned that the documents, photos and,
more importantly, the music he had written and
stored on the computer could be lost, DiFiore said.

Bedi, 36, allegedly convinced the victim that the
virus was so bad that it damaged Datalink’s
computers.

“Bedi told the victim that he had the facility, the
contacts and the means of tracking down the source
of this virus that specifically targeted the victim’s
computer and that he and his family were in grave
danger,” DiFiore said. “As a result, Bedi convinced
 the victim to not only begin paying for computer
data retrieval and security, but also to begin paying
for necessary personal physical protection.”

He later allegedly told the victim he tracked the
source to a remote village in Honduras and had his
uncle — an officer in the Indian military — pick up
the hard drive of a computer that was the source of
the virus, in a military aircraft. He said his uncle
discovered that Polish priests affiliated with Opus
Dei were threatening to harm the victim. He also
said the Central Intelligence Agency had
subcontracted with Bedi to work to prevent the
Polish priests from infiltrating the U.S. government.

Helga Ingvarsdottir, 39, an Icelandic national, and
Bedi had been charging the victim’s American
Express card $160,000 every month since 2004,
and were also receiving funds for physical
protection of the family, Harrison police Chief
Anthony Marraccini said, adding that this was
discovered during a search of the Mount Kisco
business.

“We can account for $20,000,000 being paid,”
Marraccini said.

Davidson even made Bedi a trustee of a $60 million
family trust meant to benefit Davidson and his
children, according to a civil case the two men filed
last year . Much of the trust’s assets were invested
with Wachovia Securities, and the two men sued
Wachovia, alleging that the trust lost millions of
dollars because Wachovia’s brokers had gone
forward with risky investments.

Journal News Article

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