From the Builder

Greetings once again!

One nice thing we can say about all this rain here in the valley is it sure has been nice for our lawns! The grass has gotten much greener and the trees are finally budding.

Since spring and summer time are usually the months that we see increased home sales, I thought I would provide some information on purchasing foreclosures in this month’s newsletter.

With the recent news of defective foreclosures all over the media, homebuyers need to take heed even more than ever when purchasing a foreclosed property. If you, or someone you know, is facing foreclosure, this recent news affects folks in this situation, too. The potential for financial loss is real, so we have provided valuable information to help protect those who are dealing with a foreclosed property. Read our article “Protect Yourself Against Being a Victim of a Defective Foreclosure” to learn more.

Kitchen remodels and covered decks are still the top remodel projects. It seems Americans are doing more entertaining at home these days, and these projects are at the top of the list when it comes to folks who enjoy this lifestyle. Be sure to check out our latest major kitchen remodel project completed earlier this month.

Regards,

Jeff Hibbard
 

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Protect Yourself Against Being a Victim of a Defective Foreclosure

The recent headlines and news reports about defective foreclosures, major lender nationwide suspensions of foreclosures, and governmental investigations of foreclosure fraud, have added a whole new caveat to the home buying process.

One of the most confounding problems the banks have created is the millions of properties nationwide that now have “clouded” titles. To put it plainly, because of these bad titles, property owners can’t prove they own the properties they think they bought. And, banks can’t prove they had the right to sell them after a foreclosure. Even though it’s impossible to know how many properties are affected, the facts are this:

· More than 1 million foreclosures have been completed since 2005; nearly 200,000 were completed in the third quarter of 2010 alone.
· Foreclosures involving securitized mortgages seem to be flawed as a rule, not the exception.
· Even when foreclosures may have been otherwise valid, the practices of foreclosure attorneys have clouded titles.
· The problems are ongoing. More flawed foreclosures are completed every day.

The clouded title problem extends well beyond foreclosures. Both MERS, the electronic database that holds more than half the mortgages nationally, and possible securitization failures could have damaged the titles of the properties even though the borrowers are current on their mortgages.

What is surprising about these cases is the downright carelessness with which the banks documented the titles to their assets. It’s a classic case of “so who owns them now? Well, the fact that it’s a question is the very definition of a “clouded title.”

In a landmark case, the Massachusetts Supreme Judicial Court ruled against foreclosing lenders and those who purchased foreclosed properties in Massachusetts in the controversial U.S. Bank v. Ibanez case.

Background

This case addressed the validity of foreclosures when the mortgages are part of securitized mortgage lending pools. When mortgages were bundled and packaged to Wall Street investors, the ownership of the mortgage loans were divided and freely transferred numerous times on the lenders’ books. But the mortgage loan documentation actually on file at the Registry of Deeds, often lagged far behind the transfers.

In the Ibanez case, the mortgage assignment, which was executed “in blank”, (meaning without specifying to whom the mortgage was assigned) and not recorded until over a year after the foreclosure process had started. This was a fairly common practice in Massachusetts, and across the U.S. Mr. Ibanez, the distressed homeowner, challenged the validity of the foreclosure. He argued that U.S. Bank had no standing to foreclose because it lacked any evidence of ownership of the mortgage and the loan at the time it started the foreclosure.

To read more, click here.

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All Hands on Deck! Trends in Deck Design

More and more, people are opting to stay at home instead of taking their usual vacation. This is the driving force that has the addition of outdoor living spaces showing up everywhere. And, as the trend for enjoying customized decks and outdoor living space grows, personalized outdoor living areas are the latest in home improvement upgrades.
Building or updating an existing deck isn't simply just a great investment: It provides opportunities to personalize your backyard or front porch and customize the look to your taste and lifestyle! Today’s deck designs focus on value and good design. And, with the availability of composite materials, maintenance consists of a good scrubbing every once in a while versus stripping, sanding, staining, and sealing as you have to do to maintain your wood deck.

Now days, homeowners are concerned with long-term use since they are staying in their homes longer. Composites, which blend ground-up wood and plastic, are chipping away at wood's popularity. Some, including Trex®, contain recycled plastic. Composites eliminate the refinishing that wood requires every one to three years. Deeper graining and grooves help today's materials look more like wood, and optional matching railings offer a unified look.

Composite decking material is an environmentally friendly selection. We live in a world of limited supply and, what seems to be, unlimited demand. The fact is composite decking material is a very eco friendly choice.

To read more and see additional photos of some recent decks built by Hibbard Construction, click here.
 

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The Biggest Bang for your Buck: Kitchen Remodels

For the past few years, kitchen remodels have remained at the very top of the list when it comes to home improvement projects. The kitchen is the heart of the home, so unlike any other home remodeling project, kitchen renovation can encompass so many things. Layout and design can greatly affect functionality. And, depending on your lifestyle, family members, and your entertaining needs, a major kitchen remodel can easily overwhelm even the most determined homeowner.

On the other hand, having the largest return on investment, kitchen remodels add more value to your home. This is not only in resale terms but the immediate enjoyment a new kitchen brings to your family’s lifestyle is extremely rewarding too. A fine kitchen remodel instantly raises the value of your home, provides you with a more effective cooking space, and makes you the envy of all of your friends. So, before beginning this tough but very rewarding project, ask yourself the following:

What Are My Needs and Desires?
Is your kitchen a disaster zone where it’s a challenging to even boil an egg? Or do you just want to freshen the place up with new appliances, countertops, floors, and cabinets? A need might be: I need kitchen cabinets because my current ones are falling apart. A desire might be: I desire a new dishwasher because my current one is ugly and noisy, though it works perfectly well.

Is It Worth Putting Family and Myself Through This?
Can you afford to have your kitchen non-functional for an extended period? Hiring a qualified contractor and using his expertise in the design and planning stage will alleviate alot of second-guessing and the length of time it will take to complete the project. Your contractor will also be able to expertly deal with those infamous unforeseen problems that always seem to happen when you are doing a home remodeling project yourself.

Deep-Down Renovation or Surface-Level?
Be honest. Is this a $45,000 full-scale kitchen remodel or a less ambitious surface-level kitchen renovation? No shame in either choice. While one of the more expensive home renovation projects, kitchen remodels retain their value well should you decide to sell your house at a later date.

To see more photos of our work and to read more, click here.

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Major Kitchen Remodel by Hibbard Construction

Our homeowner hosts the majority of the family gatherings throughout the year.  A major kitchen remodel was long overdue for this growing family.

New knotty alder cathedral style cabinets were custom made and installed.  These cabinets were manufactured with elegant details to make it really stand out as a gourmet kitchen.  Accent lighting was added to create a warm and welcoming environment as well as enhance work lighting.

Tiled back splash and Corian counter tops finish the design and tie the cabinets together with the painted walls.

The homeowner made good use of the old cabinets by installing them in the garage!

Click here to see additional before and after photos.

 

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