is there a penalty if you sell your home and don`t purchase another one .

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Just discovered that my mother's house is in foreclosure. apparently a notice of default was filed last august but she did not tell me about it. now i have just discovered that a notice of trustee's sale was filed last week with a sale date of december 13. apparently my mother had been refinancing her house every year to get more money to live on. they were charging her huge prepayment penalties and huge fees every time she refinanced. she received very little money herself. the mortgage brokers made all of the money. this last mortgage that my mother got had payments over twice as large as her income from social security and a small pension. she has some equity left in the house. i need to stop the trustee's sale and help her put her home on the market so that she can sell it and recover the little equity that she has left. i also want to take legal action against the mortgage brokers for what they did to her and recover some of the equity that they stripped. my mother and father bought this house new in 1957. my father passed away several years ago and left the house to my mother. in the past 4 years these mortgage brokers have charged my mother over $200,000 in fees and prepayment penalties. the interest rate they are charging my mother is almost 12% there has been no change in my mother's ability to pay. she is retired living on a small pension and social security for 20 years. the monthly payments are over twice her income. the mortgage brokers knew this when they put her into the loan. they knew that she had no ability to repay this loan. she kept refinancing to get the money to pay the mortgage payments since they were more than her income. i do not have the money to make up the arrearages, i want to stop the trustee's sale long enough so that my mother can sell her house and recover what little equity she has left. if what these mortgage brokers did to her is not illegal it should be. what happened to our usury laws? when i calculate the amount of fees and prepayment penalties against the paltry amount of cash my mother received, which was less than $50,000 total in all of the refinancings, the true interest rate and the cost of tthat paltry amount of money is obscene.

I am very sorry to hear about your mother. Unfortunately our current laws are inadequate to deal with this problem. The mortage brokers know it and they have taken full advantage of that fact. That will change in 2009. I am currently working with a Democratic Candidate for Congress to unseat a worthless do nothing Republican. We will win by a huge landslide. Democrats will take the Congress and Senate by huge margins and we will take the Presidency as well. We will hold Congressional hearings on this problem in 2009 when we take over. We will completely reshape the law regarding mortgage brokers and real estate brokers to a greater extent than even was done during the great depression of the 1930's. The corruption and incompetence in the real estate industry is a disgrace that has destroyed the lives of millions of families and has destroyed the integrity of our financial institutions. The incompetence and the thievery of the real estate industry will be stopped. Unfortunately that will be too late for your mother, and I am sorry. However we will return this country to fairness for everyone, not just a few rich fat cats with more money than they know what to do with.

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I am about to put my home on the market. i love it but it is not baby-friendly and i have a 10-month old son. built in 1928 beautiful hardwood floors etc.... when i bought it the home inspector gave me a catalog of issues, but none of them overwhelming. the house appreciated rapidly and i put on new and upgrade roof, upgraded windows. basically gradually modernizing the house. so now i want to sell before finished upgrading/repairing. the house has plaster walls and knob type electrical systems. seem to work fine though. gravity furnace looks like its 100 years old, but works like a dream. but at time of purchase inspector told me one wall of the foundation (interior wall) -- could use some shoring up -- but not urgent. i had estimates of approx. $10k for just this wall, or $22k for the whole house. so i planned to just do the whole thing even though not necessary just yet, i have not done this repair yet. now that i want to sell, i wonder if i should get this done now? or wait for potential buyer and just knock the price down $25k. now that my equity is slim, i do not have $25k in cash or credit available. i would probably need to get installment payments (probably do not exist) or take the money from my ira and eat the 10% penalty. houses similar to mine are selling anywhere from $525k-$650k. i need $530k to get out breakeven. house was worth $540k when i bought it in 2003 it shot up to $650k before market crash. i planned to try to sell at $569k - allowing to me to drop it $40k if necessary. is this a bad strategy, should i just bite the bullet, repair foundation and know that house with new foundation will attract more buyers? i am so confused! foundation last looked at 2005, and no new issues at that time, but someday it will need to be replaced (concrete had large stones in it in 1928, and eventually will need work).

Try and narrow down your estimate . $525 - $650k is $125k . You should be able to do a market analysis within $20k. If your market analysis comes close to your $569k (uptodate - no work) get a written cost of the work to be done (22k) and list your home for $547k showing your buyer you have discounted for the work to be done. Include the estimate and market analysis in your listing material.. You can say you discounted the work since you can not afford to get it done.

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I understand that the united states congress needs to pass laws with more teeth and provide funding for both the united states securities & exchange commission and the u.s. federal trade commission (ie. baby toys). that said the u.s. sec is ineffective, per example of sarbanes-oxley, most series 7 licensed brokers (citi smith barney), etc. have told me that because the rules are so vague sarbanes-oxley passed by congress in the wake of enron is a joke. i believe that someone whom steals us$5000 from a petty cash box (and i think the amount is actually just above $500, for grand theft, can get 20 years in jail, while u.s. investors are legally manipulated as consumers we always want a larger return. i am tired of being in a global economy that does not respect u.s. investors, yet they list on our stock exchange. i would love to know why philippine long distance (pldt) (nyse: phi) (pse: tel) is allowed to list on the nyse and even recommended by 2008 wall street journal's smart money magazine which failed basic due diligence as the chairman of pldt has not been on the wharton board of overseers for years which was a major selling point for many people. it seems that this manuel pangilinan and the salim group (beneficial owners of pldt) should be checked out and suspended from the nyse? philippine stock exchange, inc. ("pse" or the "exchange") is a private organization that provides and ensures a fair, efficient, transparent and orderly market for the buying and selling of securities. pse traces its roots from the country's two former bourses: the manila stock exchange ("mse") and the makati stock exchange ("mkse"). founded in march 1927, the mse was the first stock exchange in the philippines and one of the oldest in asia. originally housed in downtown manila, the mse moved to pasig city in 1992. the mkse, on the other hand, was established in may 1963 and became the second bourse to operate in the country. it was based in makati city, a budding business district during those days. while trading the same listed issues, mse and mkse remained separate entities for almost thirty years. december 23, 1992 marked a milestone for the philippine capital market when the mse and mkse were unified to become the pse. at present, pse maintains two trading floors -- one in makati city and another in its head office in pasig city. even with two trading floors, pse maintains a "one-price, one-market" exchange through the maktrade system. this is a single-order-book system that tallies all orders into one computer and ensures that these orders match with the best bid/best offer regardless of which floor the orders were placed. maktrade likewise allows pse to facilitate the trading of securities in a broker-to-broker market through automatic order and trade routing and confirmation. it also keeps an eye on any irregularity in the transactions with its market regulation and surveillance databases. in june 1998, the securities and exchange commission conferred to the pse the status of a self-regulatory organization, which allows the pse to implement its own rules and impose penalties on erring trading participants and listed companies. in 2001, or a year after the securities regulation code of 2000 was enacted, the pse was reorganized and transformed from a non-stock, member-governed organization into a shareholder-based, revenue-generating corporation. along with this rebirth came the separation of the exchange's ownership and trading rights, opening the doors for new market participants. on december 15, 2003, pse shares were listed by way of introduction. the philippine central depository, established in march 1995, provides the securities settlement system for both debt and equity instruments of the exchange. its computerized book-entry-settlement system paved the way for a safe and efficient scripless trading. assuming the role of settlement coordinator and risk manager for broker transactions as well as administrator of the trade guaranty fund is the securities clearing corporation of the philippines ("sccp"). sccp is the clearing and settlement agency for depository eligible trades in the exchange. companies are listed in the pse on the first board, second board or the small and medium enterprises board. to help the investing public keep track faster of industry performance, listed companies are classified into the following sectors: financial, industrial, holding firms, property, services, and mining and oil. more importantly, pse has adopted an online daily disclosure system to improve the transparency of listed companies and ensure full, fair, timely and accurate disclosure of material information from all listed companies. to address public demand for speedy access to information on the securities market, the pse's website, www.pse.com.ph, provides comprehensive market data, stock quotations, dividend declarations, trading activities, and other pertinent information on the pse, tradin

Yes, I did know that.