Georgia mountains are beautiful because they were somewhat protected by creation of the Chattahoochee National Forest back in the early part of the last century. Now some of this protection is going to be offered for sale by the federal government if Congress approves. Thirty-four parcels in 13 Georgia counties have been identified for possible sale. The deadline has been changed to May 1 for comments to be made on the proposal.

The U.S. Forest Service says it cannot manage these isolated parcels of land. The management of forest service lands in North Georgia has been superb. After the timber had been taken and the hills flushed out by gold seekers, no one wanted the land, and the federal government purchased it in 1911 for $7 an acre. Since then, the forest rangers have brought back trout, deer, turkey and bear at the same time they were bringing back the forest. We are grateful to the forest rangers and their work. President Bush’s proposed budget for next year would trim Forest Service spending from almost $4.3 billion to just under $4.1 billion. We are told that it is needed “for the nation’s highest priorities: fighting the War on Terror, strengthening our homeland defenses, and sustaining the momentum of our economic recovery.” (more…)

search for : Georgia mountains, Chattahoochee National Forest, federal government, Congress, Georgia, U.S. Forest Service, gold, forest ranger, President Bush, War on Terror

When buyers purchase a home or property, they assume that everything about it is clean, perfect, unspoiled and unpoluted. In most cases it is even your legal right to assume this. But not everything may be as it seems. ON what your home built?

Often, developers of new homes need to fill in depressions on the property, or level off large amounts of the property for landscaping or storm water run-off purposes. Sometimes, even small amounts of wetlands can be filled for the purpose of construction. In every one of these cases, “fill” is necessary. Soil is brought in from various regions in order to level out the land. In many parts of the country, there is a procedure where the soil must be certified as clean — and in most cases every effort is made to ensure that the soil used to fill the void is free of harmful chemicals or contaminants. But what is “tainted fill”? (more…)

search for : unpoluted, landscaping, water run-off, wetlands, construction, Soil, chemicals, contaminants, tainted fill

Faced with foreclosure, this family tells a tale of being swindled by a dishonest individual. With mounting horror, the family came to realize that they had signed over title to their home to a man they had never heard of. It also became clear that they were now on the hook not only for their original loan of about $160,000 but also for about $150,000 in new debt borrowed against the house without their knowledge.

Foreclosure fraud is a relatively simple crime. Once a property owner misses two or three monthly payments, a lender routinely files a notice of default with the county recorder’s office. That public document is a precursor to formal foreclosure, and all a scam artist has to do to find victims is read the notices, descend on the homeowners and trick them into signing over title to their homes. (more…)

search for : foreclosure, loan, debt, Foreclosure fraud, property owner, monthly payment, lender, notice of default, county recorder, scam artist, homeowner

Did you postpone buying a home during recent years, or found yourself unable to buy due to fierce competition from other buyers? Now could be the window of opportunity you’ve been waiting for. Interest rates, although gradually rising, are still low. And, generally, the inventory of homes for sale is increasing.

The first step in buying that home or piece of property is to find out how much you can afford to pay by talking with a mortgage broker or lender. Knowing your price range will help you to determine whether you can afford to buy a single-family residence, a condominium, or even an undeveloped, building lot in the Georgia mountains. (more…)

search for : buying a home, Interest rates, inventory of homes, mortgage broker, lender, single-family residence, condominium, building lot, Georgia mountains

To finance a major renovation, the Karandikars — she is a full-time real estate agent, and he is a high school math teacher and also an agent, part time — got a $450,000 construction loan from First Horizon, a home loan lender, which also took over the couple’s existing mortgage. When the house is done, the total loan will be $1.2 million. Interest on the final loan, to be closed when the house is finished, will be “a half point or a point over the going rate at the time,” said Mr. Karandikar, who estimates monthly loan payments of $6,650.

A dream for many Americans, or a sudden challenge for those who found themselves in the path of a hurricane last year, building a house is expensive. Most people have to borrow, but even if they are flush — millionaires, or couples who have sold a house and want to reinvest — they may still want to avail themselves of a construction loan. It’s an effective way to enlist the financial expertise of a banker. “You could hire your own inspector, escrow agent or real estate attorney who might help with disbursement of funds,” Greg McBride, a senior financial analyst at Bankrate.com, which tracks banking data, said. But, he said, “the whole process of building a house is not a battle you want to do on your own.” (more…)

search for : construction loan, lender, inspector, escrow agent, real estate attorney, Bankrate.com

Rising interest rates have resulted in some borrowers to dump their short, fixed-period adjustable-rate mortgages for longer-term loans. Experts say fears of a rapidly changing market are overblown. Borrowers who two or three years ago jumped into hybrid loans (those with low fixed rates for the first three or five years that then convert into adjustable mortgages), are now taking advantage of an infrequent phenomenon — it’s happened eight times since 1966 — in which long-term interest rates are lower than short-term ones

Despite consumer fears, rates still are on the low end and are expected to remain there for at least the rest of the year, economists and brokers say. Rates on 30-year fixed mortgages averaged 6.32% last week, according to mortgage company Freddie Mac. On Tuesday, the Federal Reserve, which has boosted interest rates 14 times since June 2004, is expected to raise the rate that banks charge each other overnight. Since the Fed began raising rates nearly two years ago, long-term rates have not risen accordingly, as they historically have. (more…)

search for : Rising interest rate, adjustable-rate mortgage, hybrid loan, 30-year fixed mortgage, Freddie Mac, the Fed

An new generation of buyers are splitting off from the traditional snowbird flock and changing the definition of home away from home. With low-cost travel corridors with multiple daily flights, advances in technology, and virtual workspaces, these folks choose to split their time between a primary residence and a second home or even third home.

With 75 million baby boomers heading into their golden years, experts say the splitter factor could alter the way developers build and manage the communities of tomorrow. “The implications for future growth are considerable,” says Kenneth Johnson, a demographer and sociology professor at Loyola University in Chicago. “[Splitters] are one of the fastest-growing demographic markets.” Other than mortgage-interest deduction, there may not be any additional tax advantages to owning a second home. (more…)