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Warren Buffet’s Advice: Buy a Home You Can Afford, Not Your Dream Home

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Warren Buffet is the third richest man in the United States. He is a very frugal man. He purchased his home in 1958 for $31,500. It is a 6,000 square foot home. He still lives in it! In a recent interview, he stated, “our country’s social goals should not be to put families into the house of their dreams, but rather to put them into a house that they can afford.” In a February 26, 2011 letter he wrote to shareholders of his company, Berkshire Hathaway, he stated, “home ownership makes sense for most Americans, particularly at today’s low prices and bargain interest rates, but a house can be a nightmare if the buyers eyes are bigger then his wallet and if a lender, often protected by a government guarantee, facilitates his fantasy.”

Warren Buffet purchased his home for $31,500 when he was 29 years old. That is more then four decades ago. Imagine if you could purchase a 6,000 square foot home for that price today!

Home Services of America

Warren Buffet owns Berkshire Hathaway, Inc.  His company, in turn, owns Home Services of America through a subsidiary titled Mid American Energy Holdings Company. He also owns Clayton Homes, one of the largest companies in the United States, which is involved in the manufacture of environmentally friendly, factory built homes. Last year Clayton Homes produced more then twenty three thousand homes.

Warren Buffet Receives 2010 Medal of Freedom

The highest honor awarded to a civilian in the United States is the Medal of Freedom Honor. Warren Buffet was the recipient of this award from President Barack Obama in 2010.

Clayton, Mr. Buffet’s company, is very unusual. It holds the mortgages on the homes that it builds in its factories. Although Clayton was hit hard in the recession, it did better then most financial institutions. Mr. Buffet recently stated that if home buyers throughout the United States had behaved like Clayton’s buyers of manufactured homes, there would be no foreclosure crisis in the United States. Warren Buffet is a very wise man!

Warren Buffet lives modestly. He’s a very conservative investor who has been extremely successful in investing in non speculative investments. His strategy for homeowners, that they should only buy homes that they can afford and not their dream homes, reflects what the real estate industry will be moving towards in the future in the United States. The ownership of a single family home fulfills the dreams of many Americans. In the future they will need to have smaller dreams!

Foreclosure Lawyer

Our law office can help you with any of the following issues: mortgage modifications, mortgage modification programs that fail, foreclosure court conferences, foreclosure litigation, defective foreclosure lawsuits, predatory lending issues, bad faith by financial institutions, defective mortgages, real estate related issues, Chapter 13 bankruptcies, Chapter 7 bankruptcies, stopping foreclosure, and advising you as to the types of bankruptcy that may apply to you. Please take a look at our foreclosure blog. Feel free to call us should you have foreclosure defense or mortgage modification problems or bankruptcy issues.

JP Morgan Chase Suspends Foreclosure Activities

foreclose-150x150JP Morgan Chase previously announced that it was seizing all further legal action on 56,000 pending foreclosure proceedings. The bank is taking this action due to the fact that its employees have improperly prepared legal documents related to foreclosure proceedings.

These suspensions took place in the 23 states where foreclosure lawsuits must be approved by a court.

New York is one of these states! Chase Manhattan has started an investigation examining their employees actions in foreclosure proceedings. Chase is the third financial institution to take this action. GMAC and Bank of America have already taken similar actions.

Chase has acknowledged that their employees who signed numerous documents related to foreclosure proceedings have signed so many documents that they are now referred to as “robo-signers”.

Lawyers in foreclosure proceedings representing homeowners have uncovered that individuals have signed as many as 10,000 affidavits a month. Query: Is it possible they actually read these affidavits? These affidavits indicate that the person who prepared them reviewed the mortgage file. There was not sufficient time to review the mortgage files.

The courts expect numerous foreclosure proceedings brought by Chase Manhattan to be contested by attorneys who represent the homeowners. Due do uncovering this new information, it is expected that courts will look more carefully at the documents in proceedings brought before them involving the foreclosures of these homes. The solution to this foreclosure crisis is for the banks to become more realistic, more accessible and more willing to provide the homeowners with mortgage modifications.

Our law office can help you with foreclosure defense, foreclosure conferences, mortgage modifications, Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Mortgage Mediation, Nevada Style

untitled.bmpSeveral years ago, Nevada was a state where home prices skyrocketed. Today, Nevada suffers from one of the highest foreclosure rates of any state in the country. RealtyTrac.com claims that one out of every eighty-four households in the state of Nevada has received a foreclosure notice. This is 4.5 times more than the national average.

To deal with the high foreclosure rate, Nevada has implemented a foreclosure mediation program. The purpose of the program is to get troubled borrowers and lenders to negotiate amicable resolutions concerning foreclosure issues. The program has been in effect since July of 2009. As of this date, almost 9,000 mediation requests have been received. Nevada is currently the only state that requires banks to enter into a mediation program.

Since the mediation process started, in excess of sixty-percent of all foreclosure cases have been resolved through mediation. Not all of the resolutions resulted in the homeowner keeping their home. In some cases, as a result of the mediation, the homeowner realized they have no possibility of affording their home and agreed to vacate the premises; however, a large majority of the cases were resolved with the financial institution and the homeowner working out a mortgage modification plan.

New York Foreclosure Defense

The law in New York does not require mediation for foreclosure lawsuits; however, New York Governor David Patterson signed into law a statute that requires mortgage companies, banks and other financial institutions to participate in settlement conferences.

The settlement conferences are required whether or not there are mortgage modifications that are pending. In most situations where there are mortgage modifications pending, the lawsuit is put in abeyance until such time as there has been a decision made with regard to the mortgage modification. In many respects, the settlement conferences have a mediation-type of impact due to the fact that the judge will explore alternatives to the case moving forward.

Our law office has been representing individuals with financial problems who face foreclosure and other types of lawsuits for more than thirty years. Should you have financial problems or find your house in foreclosure, feel free to call us. There are alternatives to foreclosure and we can assist you with regard to these alternatives. Contact our office as 1-800-344-6431, or by email.

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