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Archive for the ‘Loan Default’ Category

Reverse Mortgages – The Danger

Reverse MortgagesReverse mortgages have been promoted in many commercials and by some famous Hollywood stars with whom senior citizens identify.  Credible stars like Robert Wagner and Fred Thompson have touted reverse mortgages as wonderful financial solutions for senior citizens.  These two venerable stars were certainly chosen for the great credibility they have with senior citizens.  In the Fred Thompson advertisement on T.V., he says, “Reverse mortgages are helping seniors overcome financial worries and live the life of their dreams,” and the commercial goes on to state that they “don’t cost anything and you won’t lose anything.”

When anyone talks like this, we should all be put on alert.  When debt is promoted as a way to freedom, be cautious.  Reports of widows being evicted are now raising new concerns and expose reverse mortgages for what they really are–a very dangerous proposition for homeowners at any age.  See Widows Sue Government and Reverse Mortgages Put Homeowners at Risk and Elderly and Reverse Mortgage Risk.

Reverse Mortgages Sound Good

Ads are all over the Internet telling seniors how great reverse mortgages are, and using key phrases like, “quality of life,” or “your home forever,” and downplaying the risk.  The idea is that if you own your home free and clear, you can get a mortgage on your home so you will receive an stream of income, and you will never have to move out of your home even if you can’t pay the loan back.  The bank would only collect after you die.  Sounds good, right?

Reverse Mortgages Dangerous

Guess what?  Widows are being evicted from their homes because of a little clause in the paperwork.  If a surviving spouse’s signature is not on the mortgage, she or he will be evicted if they do not pay the entire loan off immediately upon the death of the first spouse.  Wow!  Where was that small print?  Maybe it was in a Times Roman 6-point font tucked somewhere in the 17 page reverse mortgage documents.

Reverse Mortgages – Avoid Them Like the Plague

Wisdom tells us to avoid debts and not to be a slave to the lender.  (None of these rules apparently apply to the Federal government according to our politicians.)  Reverse mortgages are another way to be in bondage to debt.  There are logical financial and legal reasons why one spouse may not sign a reverse mortgage, but the risk of being in debt like this, and the risk of being evicted from your home when you are in your 80’s is simply not worth it.  Before you sign the dotted line and get behind the idea of reverse mortgages as panaceas for seniors, I strongly recommend you seek sage advice.

Recently I spoke with a mortgage expert about reverse mortgages and this particular danger, and he said he thought this had been changed by law so that it was no longer possible to evict a spouse.  You should talk with a mortgage expert on reverse mortgages.  Buck Gieseke wrote an excellent article about reverse mortgages, and you can read that at Reverse Mortgages – Should I Get One?

UPDATE:  Months later here we are in December of 2011, and a whole new barrage of T.V. commercials are hitting us daily, and guess who the stars are?  Two of my favorite characters–Fred Thompson and Robert Wagner.  Their sponsors have cast them in entirely new scripts and much more professional commercials than the earlier ones, but now Fred Thompson says, “You don’t even need to have an income or a good credit score.”  Doesn’t that sound a bit like the sales hype that got us in the national mortgage disaster in the beginning?  You might as well advertise, “Folks, there is such a thing as a free lunch.  Come one, come all, and get your free lunch and free money, too.”  That is how these commercials promote reverse mortgages, making it all sound so easy and wonderful and free.

One of my concerns about reverse mortgages is that they sell them with the same kind of hype that we know is full of it.  There is no free lunch.  Assuming they are no longer kicking widows out of houses for husbands who did get a reverse mortgage and died (yes, they did that, and told no one in advance it was possible), my question is what kind of nightmare awaits the elderly couple who get a reverse mortgage now?  Remember what Shakespeare said, “Neither a borrower nor a lender be.”  When you borrow money, especially most of the equity in your home, you become a slave to the creditor.  There are implications to becoming a debtor, and none of them are good.

Having said this, I will say a reverse mortgage might possibly be a good move for an elderly couple who is in serious financial trouble, does not have enough money for medical bills, cannot afford the basic necessities of life, and this is their only possible source of funds.  But the commercials are promoting ideas of living a life of luxury, traveling the world, enjoying the things you’ve always wanted to do, and so on.  This really sounds like the kind of fraudulent advertising that was at the core of the mortgage crisis that crashed the real estate market.  I’m just saying . . .  now the same language is clothed in selling reverse mortgages.  If you desperately need the money, fine, but if you can survive without, you might just avoid traps for the unwary, and there are plenty of them in the mortgage business that is so full of greed and fraudulent advertising.  Reverses mortgages – beware.

UPDATE 9/20/2012:  Since I originally wrote this article and the previous update, TV commercials pushing reverse mortgages has reached a crescendo.  Every day, constantly are commercials with credible Hollywood starts such as Henry Winkler, William Devine, and Pat Boone are all being paid to push reverse mortgages.  So I still have reservations for elderly retired folks.  Anytime banks or mortgage companies are pushing debt, that raises a red flag for me.  Debt, debt, debt.  Credit, credit, credit.  Aren’t we in trouble nationally because of massive debt that has no end in sight?  Didn’t the entire mortgage industry crash because of excessive debt and mortgages that are killing people?  Now it’s okay to push more debt on retired citizens with limited retirement pensions?  It’s bothersome, isn’t it?

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Sequim and Port Angeles mortgage default online help is now available, and homeowners who are struggling to make loan payments can work directly with their lending institution, and this new system has the capacity to get very quick responses through this well connected database network.

Homeowners who use the system are able to get responses from the banks in as little as one week. That’s practically unheard of. This is cutting edge technology, and it’s a business model desperately needed now. I believe this could be an answer for thousands of people across the country. I have been authorized by the owners to make this exclusive news announcement, and I am the first to announce this new system for homeowners in Washington state. I urge you to take advantage of this help, if you need help with your current mortgage.

We are in challenging times, and a loss of job or reduction in hours can be the cause of a default, but there are many other legitimate reasons a person might find themselves in trouble. Divorce, death of a spouse, injury, or other circumstances can cause a person to get behind on their mortgage payments.

As a retired real estate attorney and now as a Broker/Owner/Realtor, I’ve spent time interviewing the founders and owners of this company, and I am greatly impressed with what they’ve put together. I highly recommend this site if you need to communicate with your lender to seek a modification of your loan, a forbearance, or a refinance.

If you are in foreclosure on a local level in Sequim or Port Angeles, be proactive to find solutions. Don’t wait until the 11th hour of the Trustee’s sale when it may be too late. Having been a real estate attorney, I understand the process inside and out and what can be done. I also have a site where buyers can look at listed foreclosure properties: or

To modify your loan or to communicate with your lender for other requests, go to this site: Resolving Your Loan Default Now. You’ll be glad you did. Email me and let me know how they were able to help you.

Courtesy Sequim & Port Angeles Real Estate, LLC

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent (Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln, Sequim, WA
(360) 775-5424

From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

From Gilroy California

As an out of state buyer unfamiliar with the area, it was important to me not only to have a real estate agent who knew the area well, but also one who knew the value of the properties. I chose Chuck because he is also a real estate lawyer and it is reassuring to have that extra degree working for you. I selected the houses I was interested in on line before taking a two day trip to Sequim to look at them in person. I sent my list to Chuck, who gave me feedback, then organized our tour so we could see 16 properties in a short time. He was very accommodating, driving me all over Sequim, and rescheduling appointments when we fell behind on our time. On day two, I found my home and we drafted an offer on it that evening. By the time I arrived back home on the plane the next evening, my offer had been accepted. Chuck was honest about what it would take to get me into my new home, while having my back the entire transaction. Since I was unable to relocate immediately after closing, he and his assistant Ade, have been taking care of many additional responsibilities for me. He was a pleasure to work with. Chris D.

From Corona California

The best decision I made, once I settled on Sequim as the ideal place to spend the rest of my days, was to hook up with Chuck Marunde as my broker/go-to guy. He happily took on the entire complicated merry-go-round associated with a long distance move that involved selling in Southern California (with a different agent) and buying in Sequim – all in the span of just over a month. The unexpectedly quick sale of my previous home was already a week into a 30 day escrow when I got to Sequim for my house hunt. We had two days to find my slice of heaven. And day one was less than stellar, each home having at least one major issue. The killer was the dream home that turned out to be an unmitigated disaster once we got inside. I was crushed. Chuck had his work cut out for him that night. And he worked his magic. On day two there was one beautiful possibility, but not quite right. Suffice to say, in the early afternoon we pulled into a driveway and the first words out of my mouth were “That’s my house.” 29 days later I took possession of my new home. Every sale has its issues, but throwing in the complications of a short escrow on top of 1200 miles of separation from all documentation, etc. gives new meaning to “challenging”. Thanks to his encyclopedic knowledge coupled with a great sense of humor, Chuck was able to keep me on an even keel when things got dicey. He knows when to step in and when to let it evolve. I cannot imagine making this move without him. Rebecca B.
Sequim Real Estate

From Bakersfield California

"During the months of February and March 2012, Chuck showed my wife and I over two dozen homes from Port Angeles to Port Townsend. We found Chuck to be very helpful, friendly and courteous. With Chuck there is no pressure; It is all about finding the best home for the buyer. As a Buyer's Agent, Chuck will give you his honest opinion of a property, including a fair market price. In one instance Chuck wrote up an offer for us which was accepted. Chuck was very helpful arranging for home and well inspections which involved multiple trips to the property. Unfortunately, escrow failed to close when, during the home inspection process, it was determined that a septic system repair was needed which the seller was unwilling/unable to make. We will continue to work with Chuck as there is no better Buyer's Agent on the North Olympic" Bert and Sally

From Los Alamos New Mexico

"Over a year ago, during a visit to the Olympic Game Farm, we developed what we eventually called the “Sequim Syndrome.” We live in New Mexico and decided Sequim was where we wanted to live in retirement. On our second visit to Sequim, we met with Chuck and asked him to help us. Chuck's web site provides such amazing search capabilities. Chuck's site also contains a 1000 blog postings and a real estate video series detailing buying real estate in Sequim. We bought Chuck's book about Sequim real estate and set out to follow his advice carrying on an ongoing email and phone conversation with Chuck. Doing our due diligence “Marunde style” and using his MLS search site, we came up with about 50 homes that met our needs. We narrowed the list down to 15 properties that best met our needs. We came back to Sequim a third time with our list in hand, and Chuck spent two days with us showing us all the homes on our list. Not only did Chuck help us find that dream home, he spent time to educate us about the quality of construction, fair market values of various properties, home layouts, and the joys of Sequim living. We had a great time as we traveled from house to house. By mid afternoon of the second day, my wife said we had found “the house.” Chuck helped us draft our offer and sent our offer to the seller's agent. It turned out there was a second offer made on the property at the same time. Chuck's help to make a clean offer paid off. At breakfast two days later, we got a call from Chuck saying our offer had been accepted by the sellers. We are now back home in New Mexico. Chuck attends every inspection on our behalf, updating us at every turn by email and phone. Our dream home is becoming a reality because of Chuck and because we were smart enough to follow his advice. We absolutely would NOT have been able to do this without Chuck Marunde's expertise and enthusiasm. We recommend Chuck to everyone planning a move to Sequim, Port Angeles, or anywhere on the Olympic Peninsula. Chuck is a gold mine of information and expertise for home buyers everywhere, not just on the Olympic" Larry and Shirley
Sequim Real Estate Bookstore

From Sun Lakes Arizona

"We are ex-Washington residents who currently live in Arizona. We had been searching the Puget Sound area four years for a waterfront property to build a retirement home when we first contacted Chuck Marunde through his website. We had made multiple trips to various areas but most of the Realtors we contacted simply sent us an email, provided no follow up and did next to nothing to help us locate a property. On our first trip to Port Angeles, after connecting with Chuck, we purchased our dream property. We now own a high bank waterfront lot overlooking the Straight of Jaun de Fuca, and are excited to become part of the Peninsula community." Paul and Linda

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

From Sequim

I’ve known Chuck Marunde for several years. My wife and I bought and sold one house through his services, and now have another listed through him for sale. Whether Chuck was representing us as the buyer or seller, I am confident he always had our best interests at heart. He helped us set or negotiate a reasonable price, and made sure there was a clear and open line of communication. He responded rapidly to email and phone calls and always knew the best person to contact for the various services involved in a transaction. I have worked with quite a few real estate agents and Chuck is right at the top of my list of good ones. Actually, Chuck is first and foremost just a good person, and he carries his personal honesty and integrity over into his profession. He has the greatest depth of experience in real estate of any agent or broker I have known. His years of practicing real estate law prior to becoming a broker are evident in the meticulous care he takes with the process and documentation. I am impressed by the way Chuck has integrated internet services into his real estate business. He probably knows more about this process than any other realtor in the country. In this tight market it is important to use every possible means to spread the word about available properties…to reach the few people who might be interested in a particular property. Steve L.

From The Netherlands

"We contacted Chuck about six months ago to help find a retirement property in Sequim. We had visited Sequim several weeks before and decided that this was the place for us to retire. We liked the friendly people and the natural beauty of the area. We had been looking for some time in other parts of the country - California, Oregon, North Carolina, and Vermont. In most of these other areas, we found real estate agents that were knowledgeable but did not follow up with us to continue narrowing down real estate possibilities. Once we were out of earshot, communications would stop. That is one of the reasons we were interested in working with Chuck. Besides having great knowledge of both the local real estate market and of law, his testimonials on the internet indicated a willingness to actively communicate with his clients. Chuck demonstrated this immediately. Even before we met, he responded very quickly and helpfully to any email question. After arriving for a second visit to Sequim in September, we finally met Chuck face to face. He was friendly, encouraging, and readily shared good practical information. We worked with him on a number of candidate properties - including an offer on a property while visiting that week. Although we could not come to terms with the owners on the final property price, we look forward to continuing to work closely with Chuck. He is an invaluable resource to help us identify and purchase the retirement property that's right for us." Paul and Virginia

From Fremont California

We can't say enough about working with Chuck Marunde. Luck would have it that we discovered his web site, spoke with him on the phone and had an instant feeling that we had found our realtor. And we were right. With Chucks help and expertise, our longtime dream to retire to the Pacific Northwest came to fruition with Chuck assisting us in finding the perfect home for us. Buying a home is always a big decision and these days can be complex with unexpected delays etc. In fact, our whole experience from offer day to closing, was very smooth. Chuck took all the time we needed to explain processes and made us feel at ease, even though we lived 800 miles away, tying up loose ends and getting ready for the big move to our new home in Sequim. We were impressed with Chuck's ability to listen to our needs and understand our concerns in buying from a distance. Chuck kept us informed all along the way, during the process and was so good at getting right back to us if we had another question. All went so well and Chuck really went above and beyond for us, taking time out from his busy schedule to assist us with some details regarding our beautiful property, even after the closing, because we were not yet arrived there. Without hesitation, our son and his wife will be contacting Chuck this summer, as they plan to follow us to paradise in this lovely town. Thanks again Chuck, for everything! Mary and Jerry

From Fontana California

My husband and I went to Sequim intending to interview several realtors to find one to help us locate and buy a home in Sequim. We knew we wanted someone we could trust and who would have our best interests in mind. Since we would be handling the transaction from S. California this was very important to us. We met Chuck and looked no further. We felt a connection right away and spent some time looking at homes together so Chuck could get a feel for what we wanted. Well, we left Sequim having made an offer on a home which the owner accepted. Chuck has helped us through the purchase process. We are positive it would not have gone so smoothly without his help. We give him 4 thumbs up. Wally & Cathy

From Tacoma

Chuck Marunde’s level of expertise in real estate investment is amazing. His knowledge, experience and legal training have given me a dramatic advantage in real estate investing. He works hard to stay on the cutting edge of real estate marketing, sound advice and value-added service for his clients. Kirk Wald, Financial Planner

From Wendell Idaho

My wife and I moved to Sequim six weeks ago, and prior to our move here I contacted Chuck Marunde and enlisted his help as our buyer's agent. Once we got here, it took us about two weeks looking at houses, and Chuck did a superb job of showing us places and letting us make our own decisions and guide us through the purchase of our home. We now completed our transaction and are very happy. We would recommend Chuck to anybody. Don & Marilyn

From Sequim

"Buying property either commercial or residential can sometimes be a tricky proposition. That’s why I would recommend Chuck to help you with purchasing or selling property. His background as a real-estate lawyer and his no nonsense to the point advice will help you make the right decisions. Experience and Integrity, what you need when you can’t afford to make a mistake. Dail Hurdlow, CEO, Hurdlow Enterprises

From Seattle

I am an experienced real estate buyer, but I am not from the Sequim area. I am somewhat flexible, realistic, but also particular. So the question was, “how do you choose the RIGHT real estate agent?”

I made my appointment with Chuck on a Sunday morning in March, 2013. He showed me 5 houses. Every house he showed me was within my parameters! I was amazed: a real estate who listened, did his research, and didn't waste my time showing me houses I would never buy! I made an offer a few days later. That was the easy part…

Buying a house is always a stressful time in life. Advice to Buyers: choose an agent who is competent, communicates well, and has exceptional follow-up and follow-through! You will spend a lot of time with your agent during the process. Choose someone likable. Go with your gut. I got to know Chuck during the process, and he's a great guy!

You need an agent who is competent to handle and help you negotiate the issues that come up during disclosure, home inspection, appraisal, etc. Chuck's competence is superb! I got truly professional, sound, straightforward advice.

Chuck's communication skills are exceptional: phone, email, fax. He has a wonderful ability to stay "on-point" with what is actually important and doesn't lead you astray on issues that aren't so important.

Chuck's turn-around time on questions, issue resolution, etc. was virtually always within 24 hours. He follows-up, follows-through. He does what he says he will do timely. This relieves a lot of Buyer stress!

Having a difficult time finding the right agent? Simplify your life! Choose Chuck Marunde. I did. [Name withheld by request]

Intro by Chuck Marunde

From Sequim to California

"In our Sequim real estate broker Chuck Marunde we found a Realtor who knew not only how to list a property, but most importantly, he knew how to sell a property. Chuck is very skilled in current technology and uses that skill to advertise your property nationally. We were very pleased with Chuck, his honesty and integrity." Jerry Levitan and Donna "Teva" Tetiva

Who is Chuck Marunde?

Chuck Marunde is the #1 Sequim Buyer's Agent, having sold more homes (by volume) to buyers than any other agent or any "team" of agents for the past seven years. He is the author of thousands of articles for buyers on this real estate blog, and he is the author of several real estate books for buyers and one for sellers. He is the creator of many free tools that buyers use and love every day. He is recognized as a national expert on real estate transactions, marketing, and negotiating. Please schedule your appointment to view homes with Chuck well in advance of arriving in Sequim.
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Chuck Marunde Text or Call 360-775-5424