Terry's Blog

Illnesses Afflict Homes With a Criminal Past

http://www.nytimes.com/2009/07/14/us/14meth.html?_r=2&hp

I'd say that this is a pretty important article if picked up by additional news sources:

‘Meth lab home problem’ sickens new owners

http://www.msnbc.msn.com/id/31901354/ns/us_news-the_new_york_times

As a listing agent, how would you involve yourself in a prospective listing of a former meth house?

As a buyer's agent, how would you involve yourself in a prospective purchase of a former meth house?

May I say, that I have had the most unpleasant task of being involved in a drug house listing and sale PLUS having the home involved with a reverse mortgage. What a mess.

A little history: relative was cooking meth in the basement without owner's knowledge; health department got involved and wound up condemning the house; house had to be 'cleaned;' owner was technically no longer living in the home as principal residence; reverse mortgage was called and foreclosure proceedings were begun; 'cleaning' bill was many, many thousands and thousands of dollars; bankruptcy filing came next; time was gained in attempting to sell property; property had a magnificent view; the view sold the property (two years ago); new owner is still messing with the place.....

Needless to say, I disclosed quite properly that the home was a meth house, had county condemnation, that is was subsequently 'cleaned' up and that it was then approved for occupancy.

Caveat emptor?

This is not the first time I've posted regarding reverse mortgages; and it looks like I'm not the only one who's been envisioning nightmares regarding these things.

I wonder just how many individuals in the mortgage business would arbitrarily recommend reverse mortgages to their own family members, both horizontal and lateral?

With the fallacies of human behavior being what they are, and what with the historical American Way of Life being what it is, hard core financial common sense is often found to be wanting....

Here's a few links to just two articles I came across this morning:

http://www.kansascity.com/news/politics/story/1295695.html

McCaskill holds hearing in St. Louis suburb on reverse mortgages

"Reverse mortgages, increasingly used by seniors to help fund retirement or pay unexpected medical bills, are often accompanied by excessive fees and marketed using overly aggressive tactics, Sen. Claire McCaskill said Monday."

http://www.housingwire.com/2009/06/29/industry-warns-senate-on-reverse-mortgages/

Industry Warns Senate on Reverse Mortgages

"The US Senate Special Committee on Aging heard testimony today regarding the benefits - and potential drawbacks - to reverse mortgage products available to seniors."

...and there's more out there.

Call me whatever you'd like, but you won't change my attitude towards reverse mortgages. Every time I see an article regarding them thar things, I stop and read it and what I seem to be reading MORE of is all the caveat emptor stuff rather than whatever good that might come out of one.

Frankly, as I have indicated in the past, I have had only one exposure to a reverse mortgage, but that ONE was enough for me. I can still remember the little ‘ol lady that got burned when she was forced out of her house because of a technicality which, in essence, removed her from having the home as her principal residence. That one little clause messed her up bad......

Here's the headline that grabbed my attention:
"U.S. regulator sounds alarm about reverse mortgages," and here's a quote from the article:

"Reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the population, top U.S. bank regulator John Dugan said on Monday."

http://www.reuters.com/article/gc03/idUSTRE5574AR20090608

Widgets and Blidgets appear to be grabbing a fair amount of interest nowadays, so I thought I'd experiment a little, myself......

Anyway, after a simple sign-up session I was well on my way to developing one. I chose the blidget route and low and behold, pretty soon there it was:  my own little blidget all fresh and ready to do something with. I haven't done anything with it yet, but one of these days I will.

Here's the link that'll get you to blidget city if you'd care to follow up with any of this.....

http://www.widgetbox.com/

Have fun!

For those interested in chronology and timetables, something that was recently brought to my attention is this little bit of information:

At five minutes and six seconds after 4 AM on the
8th of July this year, the time and date will be
04:05:06 07/08/09

Thought I'd pass it on.

This will never happen again unless we are able to reverse the concept of back to the future.