Watch Your Inbox!

You may have heard some vague reports about a security breach at a company called Epsilon. But, if you’re like many Americans, the news didn’t strike you as fairly relevant to your life. After all, you probably didn’t recognize the company’s name or didn’t think you had any affiliations with it.

Or do you?

The reality is, the news wasn’t just about the company Epsilon, but instead was about the more than 40 companies - from Walgreens and TiVo to J.P. Morgan Chase and Ameriprise Financial - who have said their customers were among the email addresses stolen. In other words, even if you don’t know the name Epsilon or have anything to do with that company, your email address may be part of this important news story.

The good news... It appears only names and email addresses were stolen as part of the breach. Most of that information is fairly public - and isn’t as sensitive as, say, a social security number.

The bad news... Clever criminals can put together very convincing email scams to steal the rest of your personal information... right from you, rather than the company.

What should you do?

Whether you were informed that your email address was stolen or not, here are some important tips to ALWAYS KEEP IN MIND when dealing with unsolicited emails... even from companies that you do business with regularly.

1. Never email personal information... even if the company or email looks legitimate! Cyber criminals today can create very sophisticated and convincing emails that ask you to reply with your password or social security number. In fact, some criminals may be creating emails that look as if they’re informational emails about the Epsilon breach as a way to seem even more legitimate. So, if you receive an email asking for any personal information - including your password, account number, date of birth, social security number, and so on - do NOT respond. Instead, look up the company’s phone number on a recent bill, receipt, or other paperwork, and call the company about the email. If it’s a scam, they’ll want to know that it’s going on.

2. Be careful which links you click. Today’s cyber criminals often don’t ask you to reply with personal information, but instead build and link you to fake company websites - in the hopes that you’ll let your guard down and enter your information for them there. Don’t be foolish. Legitimate businesses will not ask for your information - they already have it. Moreover, they won’t collect personal data outside of a secure website. So if it’s not the normal website URL that you use, be extremely skeptical and contact the company by phone if you even suspect it may be fake.

3. Don’t download. If an email looks suspicious be very careful about attachments. Email scams can include malicious programs that look harmless, but once downloaded can either infect your computer or steal your personal data without you even really knowing. The best word of advice is simply: Don’t download anything that seems even the slightest bit out of the ordinary.

Those tips are good advice any time of the year, but they are especially pertinent after widespread breaches. So be extra vigilant when it comes to reading, responding, and clicking on your emails in the weeks ahead.

Mortgage Market Guide

I can be reached by phone at 615-777-4663 or via email at george.margrave@migonline.com. 

New FHA Rules Go Into Effect 4/18/2011

Are you intending to buy a home this Spring with a small down payment (FHA Loan)? If you get it under contract before April 18, your payment will be less than it will be if you wait until after that date. The mortgage insurance the Dept of HUD charges goes up .25% then. That doesn't sound like much, but on a $150,000 home that is $31.25 per month. That is a lot of money over the life of the loan.

So if you need something besides low interest rates and prices rolled back to levels seen in the early 2000s, this could be a great reason to move forward. Call me for details. You don't have to close by then. We just have to order the case number.

I can be reached by phone at 615-777-4663 or via email at george.margrave@migonline.com

6 Myths of Buying a Home

Beware these 'truths' if you are in the market for a house.

FOR MANY first-time homebuyers, owning a home is a dream come true. But oftentimes, they come into the process with some unrealistic expectations and high emotions. If you're looking to buy, don't let your heart control your head. When it comes down to it, a real estate purchase is still a business transaction.

Beware of these myths:

1. "The perfect home is out there." Many buyers tend to focus on the one thing that's wrong with a home rather than the nine out of 10 things that are right. But buying a home is essentially an exercise in compromise. Don't expect to get everything on your wish list. Rather, decide which items are true deal-breakers.

2. "The House has to speak to you." Buyers often get caught up in how the home "feels" or "speaks" to them. But remember, real estate agents and stagers are paid to prepare the home so it evokes pleasant emotions from house hunters. Unless you're buying the furniture that's there, imagine your own belongings and look at the house with a critical eye.

3. "The listing information is always accurate." When it comes to listing sheets and real estate agents, don't take their work for it. If you're looking for specific square footage, bring a tape measure. Count the number of closets, cabinets and electrical outlets in your current home and compare it to homes you are looking at. If the show sheet says "finished basement," verify that it is truly finished.

4. "You should buy as much house as you can get." In real estates heyday, it was normal to see two people living in a 4,000-square-foot, five bedroom home. These days, it doesn't make financial sense. Buy a home based on what you need so you can live comfortably, not excessively.

5. "If your offer was accepted right away, it was too much." Buyer's remorse is common, especially in an uncertain market. But if you were comfortable with the offer you made before you saw the seller's reaction, then there's no point in second-guessing yourself. In any business deal, the goal is to make everyone feel like a winner.

6. "The value of the home will increase." If we learned anything from the housing crisis, it's that homes are not cash cows. Unless you're an experienced flipper, don't expect that $200,000 condo to be worth $300,000 in two years.

ANNALISA BURGOS, senior editor of HGTV's FrontDoor.com; USA WEEKEND, March 18-20, 2011

You can reach me via telephone at 615-777-4663 or email at George.Margrave@MIGOnline.com

The Keep My Tennessee Home Program

The Tennessee Housing Development Agency (THDA) has advised us of "a new program available statewide to assist unemployed and underemployed homeowners cover their mortgage payments while they work to increase their income."
The Keep My Tennessee Home Program is administered by THDA through trained foreclosure prevention counselors. The preliminary eligibility assessment is made at: http://www.keepmytnhome.org/

If an applicant is deemed eligible, the applicant is paired with a foreclosure prevention counselor to continue the loan application. Keep My Tennessee Home will provide 0%, deferred, forgivable loans to homeowners to pay their mortgage and mortgage-related expenses. The payments are sent directly to the servicer. THDA is aware that the program will not help everyone, but they anticipate helping 11,000 Tennesseans over the next four years!

For more information, go to: http://www.keepmytnhome.org/

[SOURCE: THDA]

If you have a friend or loved one, in danger of losing their home this could help.  You can reach me via telephone at 615-777-4663 or via email at George.Margrave@MIGOnline.com

Reverse Mortgages

Do you know what kind of loan you can get with horrible credit or no credit?

It is a reverse mortgage. They can be a life saver. Basically you need to be over 62 years old and have a good amount of equity and you might be in position to never have a house payment again. 80% of people with a Reverse Mortgage would recommend one to a friend. 56% of people with a Reverse Mortgage said they couldn’t afford basic monthly expenses without the loan. 44% of those folks said they would have had to leave their homes without a Reverse Mortgage.

Now is the time to look into it with no rise in Social Security for the 2nd time since 1975, now more than ever this could be a financial tool to help plan your finances and to let you live your life to its fullest. The industry has changed. If you looked at it before and found it too expensive, too confusing or too whatever, let’s look again. There is no charge to find out the answer to your questions. You might even be eligible to receive a monthly check or lump sum of cash as well as no house payment. And by the way, you can buy a new home this way (with a substantial down payment). Call for details.

If you are not in the group that can benefit, give your friend that might my number. They may love you forever.

I can be reached at 615-777-4663 or via email at George.Margrave@MIGonline.com

Congrats!

I am going to take the opportunity to pat myself on the back.  On Feb. 24^th the Nashville Mortgage Bankers gave out their annual awards to the originators in middle Tennessee. For the second straight year I was the only person there getting two awards.   I received the Platinum award for volume ( I have received the gold or platinum for 8 straight years) and the community service awards for my work with first time homebuyers.  My team and I were very honored.

I can be reached at 615-777-4663 or via email at George.Margrave@MIGonline.com

Your FHA Deadline...April 18th

Well, I mentioned last week that FHA is raising the mortgage insurance premium again on April 18^th.  That doesn’t mean you have to close by then.  It means we have to order the case number (appraisal ) from HUD by then.  So this is a new deadline.  Anyone who wants to buy or refinance between now and then should consider this in their decision making. On a $150,000 home this makes a difference of $36 per month.  That is some serious money over the years.  So no pressure from here.  We just want to save you all the money we can.

I can be reached at 615-777-4663 or via email at George.Margrave@migonline.com