Michael Graves Fire Sale!

Shiny new teapot

Some years back I bought several Michael Graves items for my home. If you are unaware Michael Graves is a brilliant architect and designer. Most of the items were not terribly expensive, but I wrongly assumed they were functional. I looked online and found a couple of my items for sale on ebay and they all seem to be like mine - non operational.

The singing teapot was such a cute item when we first bought it. My daughter loved to make tea but unfortunately it lasted about ten heat ups and the bird whistle actually melted. This was the first of the failures. I also bought the egg timer above which never seemed to keep time. Below is a photograph of my toaster- the plastic white front melted from the heating coil ( thank God it didn't burn the house down) and the handle that pops the toast down never seemed to remain intact or engaged. Also below is a garlic press note it is missing half of an arm. The metal used to create the handles was so brittle and soft it snapped off and is broken. We threw away the handle some time ago. Also the little battery powered clock is made of the same metal aggregate material- the hands of the clock fell off.

Target stopped making these cool housewares objects I believe in 2013. All of them were made in China. In retrospect I wonder does Michael Graves ever feel embarrassed that these items that he thought were bringing creative design to American homes were junk and maybe even dangerous? 

In my work I see this with homes. Buyers are still looking for deals in REO's but the danger is they have no idea what condition the home is in. The house might look nice from the curb, might even be polished up and painted over by some flipper but the bones inside are junk. 

I know of a couple people who bought a Flip house without knowing it was:

1. a meth house three years back

2. had leaks and mold

or 3. the plumbing froze and every pipe in the walls was brittle or removed

These houses all ended up needing major repairs to make them inhabitable

Like myself buying a new toaster, tea pot and housewares thinking they all looked

great - and enjoying the fun of the outside appearance- in the end quality is

what really lasts.

Buyer beware I guess.

Anyone want to buy six Micheal Graves things all soon to become museum pieces

that by the by don't work? Only $3.99 for all six. Fire sale!

my graveyard of Michael Graves home appliances

Broken house hold items that seemed nice on the outside

Raise Your FICO Score

Lead a horse to water, take a drink for them?

I am working on a number of refinances. Some are streamline

FHA refinances into lower rate, lower MI premium. Often

Borrowers choose a FHA loan product not just because of

the low down payment, but because their FICO score is

low or they have credit challenges.

For some reason credit habits are like any other habit-

drinking five glasses of water or closing your eyes to bills

when money is tight. Many of the customers who I fixed 

their credit now are back again in the same low score situation.

All credit can be repaired. It takes letter writing, juggling some

balances, making sure everything going forward is current and

some tips and tricks. I am again sharing with you tips on how to

get your FICO up:

Opt out - do a consumer credit opt out and stop all the

junk mail and soft credit pulls, also helps prevent fraud

Balances below 69% of available line

Ask me about a letter writing campaign for free

Get everyone current and pay on time.

DON'T close accounts

Do not ever give your social to CarMAx

Don't let people pull your credit file

Open a Bank Account Open a bank account and use it responsibly. This is the first step to establish a financial history. Secured Credit Card Apply for a credit card. Shop around & only apply for a card if you can meet the lender�s requirements. Responsible use will help build a good credit history. Get a Co-Signer A good way to establish credit is to piggy-back onto someone who already has a good credit history established and is willing to co-sign, but be aware that any default of credit on your part affects the credit of the co-signer. http://eaglehomemortgage.com/carolinegerardo C. G. Barbeau (949) 784- 9699 NMLS # 324982 Store & Gas Credit Cards Since some gasoline credit cards are not revolving they are sometimes easier to obtain than regular credit cards. Similarly department stores offer revolving credit for a specific purchase and this is sometimes easier to obtain. It is also a great way to establish credit.

Streamline FHA Spouse' Credit

Just a quick note to let you know we DO NOT have to pull credit on a non-borrowing spouse in a Community Property State on our Non-Credit-Qualifying FHA STREAMLINE REFINANCE loans.

Non borrowing spouse can have bad or weak credit

Mortgage After Short Sale

Conventional Loan after Short Sale

Fannie Mae is unlike FHA, VA, and USDA where they have different mortgage lending guidelines on getting a conventional loan after short sale and deed in lieu of foreclosure. The Federal Housing Administration, FHA, looks at foreclosure and short sale the same as a regular foreclosure and the waiting period after short sale, deed in lieu of foreclosure, foreclosure is all the same. FHA guidelines on waiting period after short sale, deed in lieu of foreclosure, foreclosure is all three years to qualify for a FHA Loan: Three year mandatory waiting period after the recorded date of a foreclosure and deed in lieu of foreclosure and three year waiting period after the date of the short sale. There is a two year waiting period to qualify for a FHA Loan after bankruptcy. The waiting period starts from the discharge date of the bankruptcy.

PRICKLY SUBJECT  - BUY A HOME AFTER THE CRASH

With Fannie Mae, there is a 7 year waiting period after foreclosure to qualify for a conventional loan. However, to qualify for a conventional loan after short sale or deed in lieu of foreclosure, the waiting period drops to a 4 year waiting period and only a 5% down payment is required. Unlike FHA, VA, USDA, short sale and deed in lieu of foreclosure is treated much differently with Fannie Mae and those who have a short sale or deed in lieu of foreclosure are greatly rewarded than those who have a standard foreclosure.

What happened to 2 year waiting period after short sale with 20% down payment to qualify for Conventional Loan?

If you Google ” Waiting Period to qualify for conventional loan after short sale or deed in lieu of foreclosure”, you will get dozens and dozens of articles the first few pages that highlights that there is a 2 year waiting period to qualify for a conventional loan with 20% down payment. Unfortunately, all of those articles are now not accurate because Google has not updated the correct information or updated blogs from mortgage writers and bloggers. Just this past August, 2014, Fannie Mae has eliminated the 2 year waiting period after short sale and/or deed in lieu of foreclosure to qualify for a conventional loan with 20% down. Many home buyers who were nearing the 2 year waiting period mark after short sale or deed in lieu of foreclosure or trying to save the 20% down payment were just absolutely devastated since Fannie Mae came up with new mortgage lending guidelines on waiting periods after short sale and deed in lieu of foreclosure to qualify for a conventional loan.

FANNIE MAE Guidelines on waiting period after short sale, deed in lieu of foreclosure, foreclosure, bankruptcy

2015 FANNIE MAE guidelines with regards to waiting periods after short sale, deed in lieu of foreclosure, foreclosure, and bankruptcy to qualify for a conventional loan.

WAITING PERIOD AFTER SHORT SALE AND DEED IN LIEU OF FORECLOSURE TO QUALIFY FOR CONVENTIONAL LOAN: 

There is a 4 year mandatory waiting period after short sale and foreclosure to qualify for a conventional loan with 5% down payment and re-established credit after the short sale or deed in lieu of foreclosure with no late payments in the past 12 months. Most mortgage lenders do not want to see any late payments after the short sale or deed in lieu of foreclosure.

WAITING PERIOD AFTER FORECLOSURE: There is a mandatory waiting period of 7 years after foreclosure to qualify for a conventional loan from the recorded date of foreclosure with re-established credit after foreclosure and no late payments in the past 12 months. Most mortgage lenders have investor overlays that require no late payments after the foreclosure.

WAITING PERIOD AFTER BANKRUPTCY TO QUALIFY FOR CONVENTIONAL LOAN: There is a 4 year mandatory waiting period after bankruptcy to qualify for a conventional loan with re-established credit and no late payments in the past 12 months. Most mortgage lenders will have investor overlays where no late payments after bankruptcy will be necessary.

MORTGAGE PART OF BANKRUPTCY: If you had a mortgage part of your bankruptcy or foreclosure part of bankruptcy, there is a 4 year waiting period to qualify for a conventional loan with re-established credit and no late payments in the past 12 months. Many mortgage lenders will have internal mortgage lender overlays where they will require no late payments after your bankruptcy.