When I'm visiting with people here in Aurora,the question that I am asked most often isn't "What is a short sale?" but "Why do they call it a short sale when it takes so long?" The answer to that starts with the term "short". When we hear the word short we usually think of time or length. In this case it's neither. Think about how your bank account is at the end of the Christmas season, you very likely feel a little "short" on cash right? Well, that's what they mean here too. The person selling the house is asking the bank to accept a shortage on what is owed. So when you think about it that way it make a little more sense as to why it take so long. Once an offer has been submitted to the bank, they then have to look over everything and carefully weigh how much money they are willing to lose, or if they want to take the house back and try to sell it for more themselves. If you or someone you know is behind in their mortgage, and lets face it, most of us do. The first thing that should be done is to contact the bank and see if they would accept a modification of the loan. If they will, then keep the new payments current or even a little early. If that doesn't work, then the next step would be talking to a professional about a short sale. Many agents will work with a short sale, but few of us are certified to work with them. This certification means that we have taken extra training and know all of the ins and outs of what the bank is going to be asking for and looking at. If you'd like more information on this, please visit my site www.shortsalesinaurora.com for a free report that I have prepared especially for you.
Devin Bewley
CDPE, REALTOR
www.shortsalesinaurora.com
Tuesday, February 23, 2010
Monday, February 22, 2010
WHAT WILL THE MORTGAGE AND REAL ESTATE WORLD LOOK LIKE
IN 40 DAYS: -the government is scheduled to ends its $1.25 trillion purchasing of Mortgage Backed Securities.
-A 250,000 loan at 4.875% = $1323 monthly payment
-A 220,000 loan at 6.000% = $1319 monthly payment
A BUYER WILL LOSE $30,000 OF HOME PURCHASGIN POWER IN THE NEXT 6 MONTHS
Fed MBS Program Update: $55 Billion Left to Spend. Private Funding Needed http://www.mortgagenewsdaily.com/02182010_fed_agency_mbs_purchases.asp
IN 70DAYS: -the first time homebuyer tax credit and the move tax credit will be expired
-THIS IS FREE MONEY! People are getting paid up to $8000 for buying something they want! Call me for additional information.
For addition information, CLICK HERE: TAX CREDIT INFORMATION
OR cut and past this link into your web browser
http://MyOptInPage2.com/?pid=5795834
ADDITIONAL CHANGES COMING:
COMING THIS SPRING: FHA CHANGES -April 5, 2010
FHA upfront MI fee will increase from 1.75% to 2.25%
-on a $200,000 loan this is a $1000 INCREASE IN COSTS TO THE CONSUMER
FHA will lower allowable seller concessions form 6% to 3%
FHA will require 5% for certain buyers
-on a $200,000 loan this AN ADDITIONAL $3000 IN DOWN PAYMENT
FHA will be moved up minimum credit score requirement to 580. However, there is not a secondary lender in the country who will purchase an FHA loan with a 580 credit; all lenders are set at 620. With FHA moving up to 580; expect secondary lenders to follow suit by going to a 640 – 600 minimum requirement on FHA.
MORE INVETORY, LOWER PRICES
FHA has recently waived its 90 days seasoning requirement. This means that real estate investors are putting more homes on the market.
In December 2009; banks were forced to make the short process faster and easier…more short sales be sold now that at any point in 2009.
TAKE ACTION:
ARE YOU GOING TO MISS OUT ON THIS OPPORTUNITY?
WHO DO YOU KNOW WHOM THIS INFORMATION WILL HELP?
Contact me at 720-227-7270 or go to my website http://www.metrobrokersonline.com/agents/Devin.Bewley
Have a great day!
Devin Bewley
Thanks to Brian Pintar with Cherry Creek Mortgage for this information.
-A 250,000 loan at 4.875% = $1323 monthly payment
-A 220,000 loan at 6.000% = $1319 monthly payment
A BUYER WILL LOSE $30,000 OF HOME PURCHASGIN POWER IN THE NEXT 6 MONTHS
Fed MBS Program Update: $55 Billion Left to Spend. Private Funding Needed http://www.mortgagenewsdaily.com/02182010_fed_agency_mbs_purchases.asp
IN 70DAYS: -the first time homebuyer tax credit and the move tax credit will be expired
-THIS IS FREE MONEY! People are getting paid up to $8000 for buying something they want! Call me for additional information.
For addition information, CLICK HERE: TAX CREDIT INFORMATION
OR cut and past this link into your web browser
http://MyOptInPage2.com/?pid=5795834
ADDITIONAL CHANGES COMING:
COMING THIS SPRING: FHA CHANGES -April 5, 2010
FHA upfront MI fee will increase from 1.75% to 2.25%
-on a $200,000 loan this is a $1000 INCREASE IN COSTS TO THE CONSUMER
FHA will lower allowable seller concessions form 6% to 3%
FHA will require 5% for certain buyers
-on a $200,000 loan this AN ADDITIONAL $3000 IN DOWN PAYMENT
FHA will be moved up minimum credit score requirement to 580. However, there is not a secondary lender in the country who will purchase an FHA loan with a 580 credit; all lenders are set at 620. With FHA moving up to 580; expect secondary lenders to follow suit by going to a 640 – 600 minimum requirement on FHA.
MORE INVETORY, LOWER PRICES
FHA has recently waived its 90 days seasoning requirement. This means that real estate investors are putting more homes on the market.
In December 2009; banks were forced to make the short process faster and easier…more short sales be sold now that at any point in 2009.
TAKE ACTION:
ARE YOU GOING TO MISS OUT ON THIS OPPORTUNITY?
WHO DO YOU KNOW WHOM THIS INFORMATION WILL HELP?
Contact me at 720-227-7270 or go to my website http://www.metrobrokersonline.com/agents/Devin.Bewley
Have a great day!
Devin Bewley
Thanks to Brian Pintar with Cherry Creek Mortgage for this information.
Friday, February 19, 2010
Thursday, February 11, 2010
IRS Expands Low-Income Tax Credit
IRS Expands Low-Income Tax Credit
By Katelyn Ferral Print Article
RISMEDIA, February 6, 2010—(MCT)—There’s a bright spot in the nation’s dismal economic climate this tax season: The Internal Revenue Service (IRS) has expanded the Earned Income Tax Credit (EITC) for 2009, meaning more families are eligible for a larger return from the federal government.
The EITC now includes low-income working families with three or more children, and the top income limit has increased to $48,279 from $41,646 in 2008.
Changes also have been made to the definition of a qualifying child. The IRS estimates more than 5 million additional families will be eligible for the expanded credit this year.
The EITC gave back $50 billion to 24 million taxpayers across the country in 2008, said David Williams, director of electronic tax administration and refundable credits for the IRS. “EITC is one of the largest and most effective anti-poverty programs in government. It lifted millions of people out of poverty last year,” Williams said.
The IRS estimates one in four eligible taxpayers fail to file for the EITC. It’s turning to community partnerships and EITC Awareness Day events to get the word out to those who may not realize they’re eligible for the credit, including workers without qualifying children, non-traditional families and those who earn less than what’s required to file a tax return. “We want people to know that they’re eligible for a refundable tax credit, which means if you don’t owe money, we will still owe you money,” Williams said.
In addition to EITC Awareness Day, the agency is co-sponsoring Volunteer Income Assistance sites with local organizations, offering help with tax preparation and information about EITC and how to claim the credit. “EITC Awareness Day is especially important this year because people who lost their jobs last year, or who went from full-time to part-time work, could be eligible for the first time,” said Christopher Miller, IRS media relations spokesman for Wisconsin, in an e-mail.
(c) 2010, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.
I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. Go to shortsalesinaurora.com and click on the free report.
For more information, please contact me at devinbmetrobrokers@gmail.com or visit my web site for your free report www.shotsalesinaurora.com
Thank you and have a great day!
Devin Bewley
720-227-7270
REALTOR, CDPE
Bailey & Associates
Equal Opportunity Housing
By Katelyn Ferral Print Article
RISMEDIA, February 6, 2010—(MCT)—There’s a bright spot in the nation’s dismal economic climate this tax season: The Internal Revenue Service (IRS) has expanded the Earned Income Tax Credit (EITC) for 2009, meaning more families are eligible for a larger return from the federal government.
The EITC now includes low-income working families with three or more children, and the top income limit has increased to $48,279 from $41,646 in 2008.
Changes also have been made to the definition of a qualifying child. The IRS estimates more than 5 million additional families will be eligible for the expanded credit this year.
The EITC gave back $50 billion to 24 million taxpayers across the country in 2008, said David Williams, director of electronic tax administration and refundable credits for the IRS. “EITC is one of the largest and most effective anti-poverty programs in government. It lifted millions of people out of poverty last year,” Williams said.
The IRS estimates one in four eligible taxpayers fail to file for the EITC. It’s turning to community partnerships and EITC Awareness Day events to get the word out to those who may not realize they’re eligible for the credit, including workers without qualifying children, non-traditional families and those who earn less than what’s required to file a tax return. “We want people to know that they’re eligible for a refundable tax credit, which means if you don’t owe money, we will still owe you money,” Williams said.
In addition to EITC Awareness Day, the agency is co-sponsoring Volunteer Income Assistance sites with local organizations, offering help with tax preparation and information about EITC and how to claim the credit. “EITC Awareness Day is especially important this year because people who lost their jobs last year, or who went from full-time to part-time work, could be eligible for the first time,” said Christopher Miller, IRS media relations spokesman for Wisconsin, in an e-mail.
(c) 2010, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.
I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. Go to shortsalesinaurora.com and click on the free report.
For more information, please contact me at devinbmetrobrokers@gmail.com or visit my web site for your free report www.shotsalesinaurora.com
Thank you and have a great day!
Devin Bewley
720-227-7270
REALTOR, CDPE
Bailey & Associates
Equal Opportunity Housing
Sunday, February 7, 2010
Four tips to buying and selling real estate
Four tips to buying and selling real estate
Buying and selling real estate can be a confusing and nerve wracking experience. I have put together a few tips that can make the experience much more enjoyable and smooth.
The first thing that you will want to do is to check out your local market, or the area that you are looking to buy in, to see what other homes currently on the market are selling for. This will help you to decide what price you should be going for. If you’re selling your home, you don’t want to put a price on it that is to low and lose out on the money you should be able to get. Likewise, if you price it to high, you’ll end up holding onto it longer. The same can be said if you are going to be buying a home. You want to make sure that you aren’t paying to much, or that the area that you are looking at isn’t out of your price range.
Secondly, you want to make sure that you have a well qualified agent working for you. Say for example, you are looking for senior housing. In that case you would want someone who is a Certified Senior Housing Specialist. Maybe you are behind on your mortgage and need to do a short sale, then you’d want a Certified Distressed Property Expert to help you through all that that entails. Most importantly, you want to make sure that they have the REALTOR designation. The reason for this is that while all real estate agents adhere to a strict code of ethics, a REALTOR has agreed to abide by an even more strict code. Those of us with this designation take it very personally and are very proud to have it.
Number three on your game plan should be to consult the appropriate specialists. You may need to talk to a lawyer or an accountant to see what buying or selling your home may mean for you in other areas of your life. If you are selling your home, have it inspected when it is first listed, this way there are no surprises once you are under contract. If you are buying a home with a loan, get a pre-approval letter from your lender so that you don’t end up falling in love with a home that you can’t afford.
Once you have an idea of where you want to live, or how much you want to sell your home for, then you need to set up a game plan with your agent. This way, everyone knows what the goals and expectations are and they can work together towards them. This way you can have something of a checklist with your agent as to what you will be doing and what they will do to help you.
For more information on buying or selling a home, you can contact me at
http://www.metrobrokersonline.com/agents/Devin.Bewley
if you or someone you know is in mortgage trouble please get my free report 7 short sale myths at www.shortsalesinaurora.com
Thank you,
Devin Bewley CDPE, REALTOR
Metro Brokers
Buying and selling real estate can be a confusing and nerve wracking experience. I have put together a few tips that can make the experience much more enjoyable and smooth.
The first thing that you will want to do is to check out your local market, or the area that you are looking to buy in, to see what other homes currently on the market are selling for. This will help you to decide what price you should be going for. If you’re selling your home, you don’t want to put a price on it that is to low and lose out on the money you should be able to get. Likewise, if you price it to high, you’ll end up holding onto it longer. The same can be said if you are going to be buying a home. You want to make sure that you aren’t paying to much, or that the area that you are looking at isn’t out of your price range.
Secondly, you want to make sure that you have a well qualified agent working for you. Say for example, you are looking for senior housing. In that case you would want someone who is a Certified Senior Housing Specialist. Maybe you are behind on your mortgage and need to do a short sale, then you’d want a Certified Distressed Property Expert to help you through all that that entails. Most importantly, you want to make sure that they have the REALTOR designation. The reason for this is that while all real estate agents adhere to a strict code of ethics, a REALTOR has agreed to abide by an even more strict code. Those of us with this designation take it very personally and are very proud to have it.
Number three on your game plan should be to consult the appropriate specialists. You may need to talk to a lawyer or an accountant to see what buying or selling your home may mean for you in other areas of your life. If you are selling your home, have it inspected when it is first listed, this way there are no surprises once you are under contract. If you are buying a home with a loan, get a pre-approval letter from your lender so that you don’t end up falling in love with a home that you can’t afford.
Once you have an idea of where you want to live, or how much you want to sell your home for, then you need to set up a game plan with your agent. This way, everyone knows what the goals and expectations are and they can work together towards them. This way you can have something of a checklist with your agent as to what you will be doing and what they will do to help you.
For more information on buying or selling a home, you can contact me at
http://www.metrobrokersonline.com/agents/Devin.Bewley
if you or someone you know is in mortgage trouble please get my free report 7 short sale myths at www.shortsalesinaurora.com
Thank you,
Devin Bewley CDPE, REALTOR
Metro Brokers
Thursday, February 4, 2010
The sinking feeling of foreclosure
You know, I've been reading the articles and the statistics about forclosures daily for a while now. As I'm sure many of you have as well. I realized something last night that I felt was pretty profound. I think we are becomeing so inundated with all of it that like a lot of things in the news, we stop being so affected by it. I was reading a story about a family that was close to retiring when the economy tanked, and now even after dozens of calls to their bank, they are about to lose thier home due to foreclosuer.
It was while reading this that I was brought back a few years to when I was in that same posision and no one would help me with my foreclosure. I tried to talk to my bank, but got the run around, I tried working with people who said that they could fix it. None of it worked, and those people stopped calling back when they realized that I wouldn't sell my house to them. I would still have had a deficiency against me that I would have had to pay. At that time I was so scared that the bank would foreclose on the house and that I would come home to find my things on the front lawn and the lock changed that I could hardly sleep at night. If I had only known then what I do now about short sales and how the foreclosure process works, it may not have changed the out come, but it would have made life far more bearable.
I hope that I am able to help more people keep their homes in these times. However, I know that isn't always going to be possable, so at least maybe I can help to calm some fears, get them out from under the foreclosure and on with their lives.
If you or anyone you know are in foreclosure, or even if you know that it is probably coming in the foreseeable future, I implore you to at least get the information that you need to have. I'm happy to send you that information, and if thats all you need from me, then I hope at least it is of some help. But if you want more information on what happens with a short sale or foreclosure, I'd be happy to sit down and talk to you about it to see what options you may have.
Please go to my web site to get this free information. Even if you don't live in Colorado, I can get you in touch with someone who can help you wherever you live.
Devin
720-227-7270
It was while reading this that I was brought back a few years to when I was in that same posision and no one would help me with my foreclosure. I tried to talk to my bank, but got the run around, I tried working with people who said that they could fix it. None of it worked, and those people stopped calling back when they realized that I wouldn't sell my house to them. I would still have had a deficiency against me that I would have had to pay. At that time I was so scared that the bank would foreclose on the house and that I would come home to find my things on the front lawn and the lock changed that I could hardly sleep at night. If I had only known then what I do now about short sales and how the foreclosure process works, it may not have changed the out come, but it would have made life far more bearable.
I hope that I am able to help more people keep their homes in these times. However, I know that isn't always going to be possable, so at least maybe I can help to calm some fears, get them out from under the foreclosure and on with their lives.
If you or anyone you know are in foreclosure, or even if you know that it is probably coming in the foreseeable future, I implore you to at least get the information that you need to have. I'm happy to send you that information, and if thats all you need from me, then I hope at least it is of some help. But if you want more information on what happens with a short sale or foreclosure, I'd be happy to sit down and talk to you about it to see what options you may have.
Please go to my web site to get this free information. Even if you don't live in Colorado, I can get you in touch with someone who can help you wherever you live.
Devin
720-227-7270
Monday, February 1, 2010
Friday, January 29, 2010
How do I know if I qualify for a short sale?
Do I qualify for a short sale?
The qualifications for a short sale include any or all of the following:
1.Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2.Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3.Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
The qualifications for a short sale include any or all of the following:
1.Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2.Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3.Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Wednesday, January 27, 2010
Put the WOW in your short sale home
Short sales really need the WOW factor
In today’s market, sellers are having a hard time getting the interest and prices that they are looking for. This is especially true of short sale homes. As a REALTOR in Aurora, I've noticed some trends with short sale homes. Here are a few things that you can do to spruce up your home. Most people think that if they paint the inside, it will sell their home. What they aren't thinking about is the first impression. What does the outside of your home look like?
1) Wash and paint the outside. This may seem like a major expense, but if your prospective buyers are turned off before they even walk inside, then you've already hurt your chances of selling to them.
2) How does your yard and landscaping look? Often, with just a few dollars and a weekends worth of time, you can really change those first thoughts.
3) Clean up and repair. Fix the screens on your windows and doors, wash the windows, and spray down the front steps and driveway.
Now that you've got them inside, don't blow it.
4) Clean the carpets, buff the hardwood floors, polish the cabinets.
5) Rearrange your furniture. This may sound strange, but if your buyers can't see their furniture in the home, they won't be as likely to want it. But just moving things into other rooms, can make a huge difference.
6) If possible, get warranties on your big appliances, this gives the buyer a piece of mind.
7) The interior probably does need painting, but don't use just straight white, odd colors or paint each room in a theme. Use something simple like a light yellow for the walls and a cream for the trim.
8) If it's broken, fix it. Most items that need to be fixed, mildew, holes in the walls ect can be taken care of easily and inexpensively. The upside is that it will drastically improve the overall impression of your home.
9) Tidy up the places you take for granted. Roll the refrigerator out, clean inside the closets and by all means do a deep cleaning on the kitchen and bathrooms.
10) Go as green as you can. Get energy efficient light bulbs, better insulation and replace outdated fixtures.
For more information on what to do in a short sale situation, please go to my web site
In today’s market, sellers are having a hard time getting the interest and prices that they are looking for. This is especially true of short sale homes. As a REALTOR in Aurora, I've noticed some trends with short sale homes. Here are a few things that you can do to spruce up your home. Most people think that if they paint the inside, it will sell their home. What they aren't thinking about is the first impression. What does the outside of your home look like?
1) Wash and paint the outside. This may seem like a major expense, but if your prospective buyers are turned off before they even walk inside, then you've already hurt your chances of selling to them.
2) How does your yard and landscaping look? Often, with just a few dollars and a weekends worth of time, you can really change those first thoughts.
3) Clean up and repair. Fix the screens on your windows and doors, wash the windows, and spray down the front steps and driveway.
Now that you've got them inside, don't blow it.
4) Clean the carpets, buff the hardwood floors, polish the cabinets.
5) Rearrange your furniture. This may sound strange, but if your buyers can't see their furniture in the home, they won't be as likely to want it. But just moving things into other rooms, can make a huge difference.
6) If possible, get warranties on your big appliances, this gives the buyer a piece of mind.
7) The interior probably does need painting, but don't use just straight white, odd colors or paint each room in a theme. Use something simple like a light yellow for the walls and a cream for the trim.
8) If it's broken, fix it. Most items that need to be fixed, mildew, holes in the walls ect can be taken care of easily and inexpensively. The upside is that it will drastically improve the overall impression of your home.
9) Tidy up the places you take for granted. Roll the refrigerator out, clean inside the closets and by all means do a deep cleaning on the kitchen and bathrooms.
10) Go as green as you can. Get energy efficient light bulbs, better insulation and replace outdated fixtures.
For more information on what to do in a short sale situation, please go to my web site
Tuesday, January 26, 2010
Teen Drinking May Cause Irreversible Brain Damage
Teen Drinking May Cause Irreversible Brain Damage
by Michelle Trudeau
January 25, 2010
Courtesy of Susan Tapert/Tim McQueeny, UCSDThe red specks highlight where the integrity of the brain's white matter is significantly less in the teens who binge drink, compared to those who do not. For teenagers, the effects of a drunken night out may linger long after the hangover wears off.
A recent study led by neuroscientist Susan Tapert of the University of California, San Diego compared the brain scans of teens who drink heavily with the scans of teens who don't.
Tapert's team found damaged nerve tissue in the brains of the teens who drank. The researchers believe this damage negatively affects attention span in boys, and girls' ability to comprehend and interpret visual information.
"First of all, the adolescent brain is still undergoing several maturational processes that render it more vulnerable to some of the effects of substances," Tapert says.
In other words, key areas of the brain are still under construction during the adolescent years, and are more sensitive to the toxic effects of drugs and alcohol.
For the study, published last month in the journal Psychology of Addictive Behaviors, Tapert looked at 12- to 14-year-olds before they used any alcohol or drugs. Over time, some of the kids started to drink, a few rather heavily — consuming four or five drinks per occasion, two or three times a month — classic binge drinking behavior in teens.
Comparing the young people who drank heavily with those who remained non-drinkers, Tapert's team found that the binge drinkers did worse on thinking and memory tests. There was also a distinct gender difference.
"For girls who had been engaging in heavy drinking during adolescence, it looks like they're performing more poorly on tests of spatial functioning, which links to mathematics, engineering kinds of functions," Tapert says.
And the boys?
"For boys who engaged in binge drinking during adolescence, we see poor performance on tests of attention — so being able to focus on something that might be somewhat boring, for a sustained period of time," Tapert says. "The magnitude of the difference is 10 percent. I like to think of it as the difference between an A and a B."
Teenage Tendency To Experiment To Blame
Pediatrician and brain researcher Ron Dahl from the University of Pittsburgh notes that adolescents seem to have a higher tolerance for the negative immediate effects of binge drinking, such as feeling ill and nauseated.
"Which makes it easier to consume higher amounts and enjoy some of the positive aspects," Dahl says. "But, of course, that also creates a liability for the spiral of addiction and binge use of these substances."
He adds that there is a unique feature of the teenage brain that drives much behavior during adolescence: The teen brain is primed and ready for intense, all-consuming learning.
"Becoming passionate about a particular activity, a particular sport, passionate about literature or changing the world or a particular religion" is a normal, predictable part of being a teenager, he says.
"But those same tendencies to explore and try new things and try on new identities may also increase the likelihood of starting on negative pathways," he adds.
Damaged Brain Tissue
Tapert wanted to find out in what way binge drinking affects a teen's developing brain. So using brain imaging, she focused on the white matter, or nerve tissue, of the brain.
"White matter is very important for the relay of information between brain cells; and we know that it is continuing to develop during adolescence," Tapert says.
So Tapert imaged the brains of two groups of high school students: binge drinkers and a matched group of teens with no history of binge drinking. She reports in her recent study a marked difference in the white matter of the binge drinkers.
"They appeared to have a number of little dings throughout their brains' white matter, indicating poor quality," Tapert says.
And poor quality of the brain's white matter indicates poor, inefficient communication between brain cells.
"These results were actually surprising to me because the binge drinking kids hadn't, in fact, engaged in a great deal of binge drinking. They were drinking on average once or twice a month, but when they did drink, it was to a relatively high quantity of at least four or five drinks an occasion," she says.
In another study, Tapert reported abnormal functioning in the hippocampus — a key area for memory formation — in teen binge drinkers. Reflecting their abnormal brain scans, the teen drinkers did more poorly on learning verbal material than their non-drinking counterparts.
What remains unknown, says Tapert, is if the cognitive downward slide in teenage binge drinkers is reversible.
This has been reprinted from the NPR ezine
by Michelle Trudeau
January 25, 2010
Courtesy of Susan Tapert/Tim McQueeny, UCSDThe red specks highlight where the integrity of the brain's white matter is significantly less in the teens who binge drink, compared to those who do not. For teenagers, the effects of a drunken night out may linger long after the hangover wears off.
A recent study led by neuroscientist Susan Tapert of the University of California, San Diego compared the brain scans of teens who drink heavily with the scans of teens who don't.
Tapert's team found damaged nerve tissue in the brains of the teens who drank. The researchers believe this damage negatively affects attention span in boys, and girls' ability to comprehend and interpret visual information.
"First of all, the adolescent brain is still undergoing several maturational processes that render it more vulnerable to some of the effects of substances," Tapert says.
In other words, key areas of the brain are still under construction during the adolescent years, and are more sensitive to the toxic effects of drugs and alcohol.
For the study, published last month in the journal Psychology of Addictive Behaviors, Tapert looked at 12- to 14-year-olds before they used any alcohol or drugs. Over time, some of the kids started to drink, a few rather heavily — consuming four or five drinks per occasion, two or three times a month — classic binge drinking behavior in teens.
Comparing the young people who drank heavily with those who remained non-drinkers, Tapert's team found that the binge drinkers did worse on thinking and memory tests. There was also a distinct gender difference.
"For girls who had been engaging in heavy drinking during adolescence, it looks like they're performing more poorly on tests of spatial functioning, which links to mathematics, engineering kinds of functions," Tapert says.
And the boys?
"For boys who engaged in binge drinking during adolescence, we see poor performance on tests of attention — so being able to focus on something that might be somewhat boring, for a sustained period of time," Tapert says. "The magnitude of the difference is 10 percent. I like to think of it as the difference between an A and a B."
Teenage Tendency To Experiment To Blame
Pediatrician and brain researcher Ron Dahl from the University of Pittsburgh notes that adolescents seem to have a higher tolerance for the negative immediate effects of binge drinking, such as feeling ill and nauseated.
"Which makes it easier to consume higher amounts and enjoy some of the positive aspects," Dahl says. "But, of course, that also creates a liability for the spiral of addiction and binge use of these substances."
He adds that there is a unique feature of the teenage brain that drives much behavior during adolescence: The teen brain is primed and ready for intense, all-consuming learning.
"Becoming passionate about a particular activity, a particular sport, passionate about literature or changing the world or a particular religion" is a normal, predictable part of being a teenager, he says.
"But those same tendencies to explore and try new things and try on new identities may also increase the likelihood of starting on negative pathways," he adds.
Damaged Brain Tissue
Tapert wanted to find out in what way binge drinking affects a teen's developing brain. So using brain imaging, she focused on the white matter, or nerve tissue, of the brain.
"White matter is very important for the relay of information between brain cells; and we know that it is continuing to develop during adolescence," Tapert says.
So Tapert imaged the brains of two groups of high school students: binge drinkers and a matched group of teens with no history of binge drinking. She reports in her recent study a marked difference in the white matter of the binge drinkers.
"They appeared to have a number of little dings throughout their brains' white matter, indicating poor quality," Tapert says.
And poor quality of the brain's white matter indicates poor, inefficient communication between brain cells.
"These results were actually surprising to me because the binge drinking kids hadn't, in fact, engaged in a great deal of binge drinking. They were drinking on average once or twice a month, but when they did drink, it was to a relatively high quantity of at least four or five drinks an occasion," she says.
In another study, Tapert reported abnormal functioning in the hippocampus — a key area for memory formation — in teen binge drinkers. Reflecting their abnormal brain scans, the teen drinkers did more poorly on learning verbal material than their non-drinking counterparts.
What remains unknown, says Tapert, is if the cognitive downward slide in teenage binge drinkers is reversible.
This has been reprinted from the NPR ezine
Thursday, January 21, 2010
Wednesday, January 20, 2010
Top 9 Reverse Mortgage Myths - What is fact and what is fiction
RISMEDIA, January 20, 2010—Recent headlines pointing to the detriments of reverse mortgages aren’t getting the story straight. One of the nation’s leading reverse mortgage lenders, Generation Mortgage Company, wants to separate fact from fiction.
“Because so many Americans over the age of 62 are facing significant financial stress due to dropping retirement and savings account balances, as well as higher healthcare costs, many groups are targeting seniors under the guise of helping them,” said Scott Peters, CEO and President of Generation Mortgage. “HECM reverse mortgages are Federal Housing Administration-insured products and are heavily scrutinized by regulators and legislators looking to protect seniors’ best interests. As a result, more than 600,000 American seniors have obtained reverse mortgages that have enriched their lives by allowing them to stay in their homes and pay off their bills.”
The top 9 most common reverse mortgage myths include:
Myth: If I take out a reverse mortgage the lender will own my home.
Fact: False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.
Myth: My children will be responsible for the repayment of the loan.
Fact: False. Reverse mortgages are non-recourse loans. That means, if the property is sold to pay-off the loan when the homeowner passes away or decides to leave the home for other reasons, there will be no mortgage debt for the family and heirs to repay. The maximum amount owed is the current market value of the house. If the homeowner’s heirs want to keep the home, they would pay the balance in-full to the reverse mortgage lender.
Myth: I can’t get a reverse mortgage if I have an existing mortgage.
Fact: False. With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most seniors take out a reverse mortgage.
Myth: Only low-income seniors get reverse mortgages.
Fact: False. Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without monthly mortgage payments, many homeowners find they can maintain their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need are taking out these loans so that they have a financial cushion for future expenses.
Myth: If I outlive my life expectancy, the lender will evict me.
Fact: False. Reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.
Myth: There are no objective advisors available to seniors trying to decide if a reverse mortgage suits their needs.
Fact: False. Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.
Myth: There are restrictions on how reverse mortgage proceeds may be used.
Fact: False. There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.
Myth: Reverse mortgage lenders take advantage of seniors.
Fact: False. Seniors who have been victims of reverse mortgage lending schemes are extreme exceptions and typically victims of unsavory lenders. As a consumer, you should only work with lenders who are Better Business Bureau and National Reverse Mortgage Lenders Association (NRMLA) members and adhere to those organizations’ strict Code of Ethics and Standards for Trust.
Myth: I’ve heard I won’t qualify for a reverse mortgage because of my limited income.
Fact: Unlike a traditional mortgage where mortgage payments must be made each month, a reverse mortgage pays you. Because of this, many seniors who do not qualify for traditional financing are eligible for a reverse mortgage.
“Because so many Americans over the age of 62 are facing significant financial stress due to dropping retirement and savings account balances, as well as higher healthcare costs, many groups are targeting seniors under the guise of helping them,” said Scott Peters, CEO and President of Generation Mortgage. “HECM reverse mortgages are Federal Housing Administration-insured products and are heavily scrutinized by regulators and legislators looking to protect seniors’ best interests. As a result, more than 600,000 American seniors have obtained reverse mortgages that have enriched their lives by allowing them to stay in their homes and pay off their bills.”
The top 9 most common reverse mortgage myths include:
Myth: If I take out a reverse mortgage the lender will own my home.
Fact: False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.
Myth: My children will be responsible for the repayment of the loan.
Fact: False. Reverse mortgages are non-recourse loans. That means, if the property is sold to pay-off the loan when the homeowner passes away or decides to leave the home for other reasons, there will be no mortgage debt for the family and heirs to repay. The maximum amount owed is the current market value of the house. If the homeowner’s heirs want to keep the home, they would pay the balance in-full to the reverse mortgage lender.
Myth: I can’t get a reverse mortgage if I have an existing mortgage.
Fact: False. With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most seniors take out a reverse mortgage.
Myth: Only low-income seniors get reverse mortgages.
Fact: False. Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without monthly mortgage payments, many homeowners find they can maintain their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need are taking out these loans so that they have a financial cushion for future expenses.
Myth: If I outlive my life expectancy, the lender will evict me.
Fact: False. Reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.
Myth: There are no objective advisors available to seniors trying to decide if a reverse mortgage suits their needs.
Fact: False. Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.
Myth: There are restrictions on how reverse mortgage proceeds may be used.
Fact: False. There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.
Myth: Reverse mortgage lenders take advantage of seniors.
Fact: False. Seniors who have been victims of reverse mortgage lending schemes are extreme exceptions and typically victims of unsavory lenders. As a consumer, you should only work with lenders who are Better Business Bureau and National Reverse Mortgage Lenders Association (NRMLA) members and adhere to those organizations’ strict Code of Ethics and Standards for Trust.
Myth: I’ve heard I won’t qualify for a reverse mortgage because of my limited income.
Fact: Unlike a traditional mortgage where mortgage payments must be made each month, a reverse mortgage pays you. Because of this, many seniors who do not qualify for traditional financing are eligible for a reverse mortgage.
Tuesday, January 12, 2010
Options and Solutions
With all the information out there concerning the alternatives to foreclosure, finding the right solution for your needs can often be confusing and discouraging. Regrettably, more than 7 out of 10 homeowners facing foreclosure will proceed without ANY assistance. With my specialized CDPE training in foreclosure avoidance, I fully understand and can successfully cary out all of the alternatives available to you. Here in Aurora 1 in 304 homes are in some stage of foreclosure and I believe that number will rise.
I'm here to help!
Together, we can lay out the options so that you can choose the best solution. Until then, I can provide you with a report briefly explaining all the options at http://hosted.cdpe.com/35020, and I sincerely hope that you will use this information and pass it along to those who may need it.
Contact me any time with your concerns. I am here to help you get the facts and get to where you want to be.
I'm here to help!
Together, we can lay out the options so that you can choose the best solution. Until then, I can provide you with a report briefly explaining all the options at http://hosted.cdpe.com/35020, and I sincerely hope that you will use this information and pass it along to those who may need it.
Contact me any time with your concerns. I am here to help you get the facts and get to where you want to be.
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