Fight Foreclosure - Make 'Em Produce the Note!

If your home is currently in foreclosure, there may still be a chance to save it. As a result of lenders buying and selling mortgages your note could have changed hands several times over the course of the loan. But where is the actual note? In some warehouse somewhere? Make ‘em prove they own the debt they say you owe.

Go to the Consumer Warning Network website for some very interesting reading.

Also, Google the words "Produce the Note" and read the plethora of other articles on the subject.


First Published April 4, 2008 from Consumer Warning Network

Chinese Drywall - What's the Scoop?

WHAT IS CHINESE DRYWALL?

Chinese drywall is defective or tainted drywall (also referred to as wallboard or plasterboard) imported from China. Not all drywall manufactured from China is tainted. Some defective drywall is not stamped at all and there are a few reported cases where defective drywall bears the name of a U.S. company. It is unknown whether the drywall was actually manufactured in the U.S. or made in China and re-branded here.

There are several theories regarding the cause of the defective drywall. Many believe that the tainted drywall was manufactured at a gypsum mine in Tianjin, China which used fly ash, a waste material that is a byproduct from power plants using coal. Fly ash can leak into the air and emit sulfur compounds. Testing by the Florida Department of Health, however, has revealed significant amounts of organic material present in the Chinese drywall - ranging from 5 to up to 15 percent. Dr. David Krause, the State Toxicologist, states that these findings appear to contradict the theory that waste product from coal-fired power plants are to blame, as they would not be organic. Thomas Eager, an MIT professor believes the combination of cellulose, moisture and sulfates in the gypsum are reacting to release sulfurous acids that are corroding copper and other metals.

WHY IS CHINESE DRYWALL DESTROYING HOMES?

The jury is still out, but it is believed that humidity causes the sulfur in the tainted drywall to offgas (i.e., migrate into the indoor air), which not only creates a noxious odor, but corrodes copper and other metals. DO NOT WASH YOUR WALLS OR STEAM CLEAN YOUR FLOORS OR CARPET IF YOU SUSPECT THAT YOU HAVE CHINESE DRYWALL.

WHAT IS THE TIME-FRAME?

Hundreds of millions of sheets of Chinese drywall were imported from 2004 to 2006, but Chinese drywall has recently been found in homes built or remodeled as early as 2001. Accordingly, this phenomenon cannot be explained solely by the shortage of American-manufactured drywall.

WHERE WAS THE DRYWALL IMPORTED AND WHICH BUILDERS USED CHINESE DRYWALL?

Although not confirmed, the presence of Chinese drywall has been reported in 41 states and is estimated to have been installed in over 100,000 homes in the United States. Last week, it was reported that homes in Canada have also been affected. One must wonder - has any tainted drywall been found in China or Germany (which is where Knauf is based).

Given the volume of Chinese drywall, any home built or remodeled (irrespective of the builder) from 2001 to the present could have Chinese drywall.

Visit ChineseDrywall.com for full report and how to tell whether your homes was built with Chinese drywall.

Tax Credit for First Time Home Buyers

There's a lot of confusion out there about this tax credit so I thought it might be a good idea to find a reliable source for information on the First Time Home Buyer Credit. I found a reliable source - the IRS but I am not so sure that it clears up the confusion!

Nevertheless, click here to go to the IRS website and have at it!

Call me or post a reply if you find other sources which explain it better.

Happy House Hunting.