Have you thought about your personal definitions for “success” and “failure”? Maybe you see success as a destination, like winning a race. You look forward to crossing the finish line, being declared the winner, having the prize of recognition in the present moment, as well as future acclaim and rewards -- all because you made the right moves! Under the same model, failure could be seen as getting off on a dead-end side street, having to retrace your steps and suffer lost time. Even if others remain politely silent, you and your self-criticism agree that the path taken has turned out to be a “not-so-smart move.” Mistakes appear as “hard lessons” that bring the pain of guilt and regret. M

Learn more about California’s new Homeowner Bill of Rights To update the June 1 article about foreclosure options, homeowners will want to find out about important rule changes that will take effect Jan. 1, 2013. The new legislation signed into law on July 11 is referred to as a “Homeowner Bill of Rights,” and makes California the first state in the nation to expand upon provisions of the National Mortgage Settlement. Rather than try to explain the details and specific benefits, which essentially address areas of conflict and unfairness, this article will provide four major resources for homeowners to get the information that focuses on their particular circumstances. 1. See Governor Br

By Kaushik Ranchod Question: Could you give Sacramento homeowners some tips on how to lower their property taxes?  Good question – actually this was a recent question I was asking myself when I got a tax bill that looked like it needed some verification as to its accuracy. So I went looking for some resources for a deeper understanding of my property tax and what was involved in the dispute process. After calling the assessor’s office, I found out about requesting an assessment pursuant to Proposition 8. This would allow the assessor to take into consideration factors that may have caused a decline in the current market value. Indeed, after requesting a reassessment, there came by mail

Surveys indicate that, as a general continuation of cost-cutting in everyday life expenses, vacationers will be spending less in terms of travel and lodging. So how do you get in on the best deals in keeping with this frugal trend? Here are a few suggestions for anyone looking for ways to get maximum value for your vacation dollars by using right “keywords” in internet searches. Three examples of queries with keywords that give suggestions for vacation savings and extra fun 1) Be specific about the name of the location where you’ll be spending your vacation. For instance, for anyone coming to the Sacramento, Central Valley area, you can search online by using a search term like: a. “tip

Before I delve into the question "Can debt collectors contact me at work?" I want to start off our discussion by asking the following question: Do you have a plan of action to take when confronted with a debt challenge? What is a debt challenge? It’s the temporary inability for whatever reason to make a debt payment on time, in the full amount due, or according to an existing debt repayment plan. Isn’t that what happens when you have to miss a payment or cannot pay the full amount owed on the due date? We all have changes in our financial circumstances, which means ups and downs. When a financial situation changes so that you are unable to pay all your creditors, this temporary situati

Question: The state of the global economy, and the Sacramento job market has me worried about my financial security. Do you have any suggestions about how to stop worrying about money? Answer: Fortunately, you can solve your financial security issues by observing your emotions and worry. I know, I know, this answer sounds flippant! I’m certainly not belittling the financial struggles and hardships people now face for all of the above reasons, but before you stop reading this article, please consider this about the activity of worrying: Worrying means you are not living in a fantasy of projected wealth promises that things will be fine “just around the corner.” Worry, in controlled dose

WEEK 1 OF 3: HOW PRINCIPLES OF BALANCE in Nature Can Be Applied to Personal Finances – Do you have a favorite place or activity where you get your best bright ideas? For some people it is the shower – for me it is watering the garden. It’s a simple act of giving the plants what they need – water. If I don’t water them (and if it doesn’t rain, which, here, is almost a sure thing), they will not survive. Since watering isn’t a complex task, it’s easy to use this time to think and just allow my mind wander through the free-for-all place of ideas where it is easy, almost predictable to come upon ideas that have value in practical life scenarios. For instance, a recent “watering contemplati

Another way of asking this question is “how does one get things done when there are plenty of reasons to avoid getting them done?” I don’t think there’s one person who is obtaining debt relief who finds the necessary document and data collection and its organization a particularly delightful task. Applying for a short sale, debt settlement and Chapter 7 or Chapter 13 bankruptcy requires important financial documentation that is required for debt relief. That’s why many people put off doing the necessary things, sometimes waiting for the last minute or even miss a deadline because they find the project unpleasant, even stressful. But the actions that take you from debt overwhelm to financ

List of options expands as people facing foreclosure find solutions Many thanks for submitting your questions about financial matters. Looks like foreclosure concerns are top of the list, so I’m going to run down a list of options, defining them in a general way so it covers a wide area of mortgage and foreclosure-related territory. I realize that if you are falling behind on your mortgage payments, you are under greater pressure to take action than if you had time to carefully consider many details. But no need to let stress dictate steps that are unnecessary or even harmful, when a little more time gathering and considering your options may be the key to a better outcome. The good new

The City Council unanimously approved a program that allows the Sacramento Housing and Redevelopment Agency the ability to grant developers a “first look” at foreclosed properties for rehab and resale in Sacramento's low- and moderate-income neighborhoods – before the properties are put on the open market. Through the new program – called the Pilot Foreclosed Property Access and Rehabilitation Program – developers can purchase vacant, foreclosed properties at discounted prices and then rehabilitate and resell those properties. The benefit to developers is the early access to foreclosed homes provided through SHRA, allowing developers to purchase at a price lower than the developer could

Q. I have been renting a house for more than a year. I just got a notice that the house will be sold at auction at the end of this month. Do I have to move out then? That’s not nearly enough time to find a new place! And do I have to pay this month’s rent? I will need the money for a deposit on a new place. -Allan A. Don’t worry – you will not have to move out at the end of the month. Exactly how long you have depends on who buys the property at auction, and whether your lease is month-to-month or until a certain date, but you will get at least 90 days notice. The trustee’s sale may even be delayed – this frequently happens. But you do have to keep paying rent! With all the foreclosures

Mickey Rooney recently brought media attention to the issue of elder abuse in his testimony to Congress on March 2, and it’s an issue the Sacramento-based Senior Legal Hotline (SLH) can now offer help with across the state. Thanks to a grant from the U.S. Department of Justice, Office of Violence Against Women, the SLH is able to reopen its phone lines statewide in regards to issues involving domestic violence. David Mandel has been with the SLH for more than 16 years and highlighted the problems seen with the loss of funding. The organization is continually searching various databases looking for any possible donors and grants, but has had little success. Mandel said there is currently n

The subject of mortgage foreclosures is obviously one that has received a great deal of attention in both the media and in private conversations. The economy has tanked and people who are struggling financially are clearly going to have problems paying their mortgage. And many of us have seen friends, acquaintances, or family members granted loans that were never sustainable, based on poor or non-existent reviews of circumstances. But what of the rest of us? I have a mortgage that I can comfortably afford to make payments on. But I’m surrounded by foreclosed properties and loans that are being adjusted to make them more affordable. I bought my house eight years ago for a total price of a

Q: I just got a Notice of Default from my mortgage company. My friend told me I could stop the foreclosure process by demanding that the bank “produce the note.” What does this mean and will it really work? Thank you,  Louise A: The “produce the note” defense to foreclosure is touted by many on the Internet —people ask us for the forms needed to do that almost every day. The theory is that because loans are frequently transferred it may be difficult, if not impossible, for your mortgage company to trace the ultimate ownership of your specific loan. To foreclose, the lender must actually be current holder of the note, and a homeowner can delay foreclosure by filing a lawsuit demanding thi

No decision has been made on the future of Thomas Enterprises’ involvement in the Railyards development project. Officials from the California Department of Housing and Community Development met Monday with the city of Sacramento and Inland American Real Estate Trust to discuss the future of the project. “We discussed how to keep the TOD funds flowing so that (the) City does not jeopardize the Federal Stimulus funding for the track relocation (5th Street Bridge) and to keep the construction jobs going,” Panorea Avdis, director of external affairs for the California Department of Housing and Community Development, wrote in an e-mail. “No recommendations or decisions can be made at this t

The first foreclosed home purchased by the Sacramento Housing and Redevelopment Agency is under renovation and will soon be for sale and occupancy at an affordable price under a partnership program that SHRA developed using the federal Neighborhood Stabilization Program. The home is located at 3525 34th Street in Oak Park. SHRA has partnered with NeighborWorks Homeownership Sacramento as a volume builder under the Property Recycling Program. The PRP works with governmental, non-profit and for-profit partners to provide access to properties and funding to remove the blight of foreclosures through redevelopment activities, acquisition and rental of affordable housing, and acquisition and re

Q: I saw you wrote about a landlord who has stopped paying the rent. My landlord has been foreclosed on. What do I do?     A: Last month I wrote about the landlord who has stopped paying rent, but the property has not been foreclosed on. A tenant must still pay rent. This is the next step of that. What happens when the landlord is foreclosed on?   The first step is a real estate agent visiting your house. The agent will want to verify occupancy, or in other words, who is living at the house. The agent has to determine if it is a tenant or the owner. Once the agent determines that you are a tenant, he or she will offer you “cash for keys.” This is money to move out in a certain period

Q: I am writing about the home I rent. I think the landlord has not paid the mortgage and people keep stopping by the house. I don’t think I should have to pay the rent, but don’t know what to do. Can you tell me what my rights are?   A: This is a fairly common problem today, especially in Sacramento. We have one of the highest foreclosure rates in the country. Unfortunately, the Legislature has not done enough to slow the tide of foreclosures and has done nothing to protect tenants.   The first part of this is fairly easy. You must continue paying your rent to your landlord until you are told that the property is owned by someone else. There are many landlords who fall behind in payme

Welcome to my new column. I have been a Real Estate Broker and brokerage owner for six years in Midtown and now in East Sacramento. For the past three years I have primarily sold foreclosures for banks and institutions. Before I became a Real Estate Broker I “flipped” older distressed homes in the greater downtown Sacramento area. I am a member of four professional associations and attend several conferences and workshops a year where I have direct contact with the real estate industry’s leaders and experts. This insight helps me greatly with the understanding of real estate’s future. As most people are well aware the real estate market is not going to recover soon and the foreclosure ma