Natural Disaster Planning for Homeowners

Unless you've been living in a closet since the first of January and missed all the news around the world with all the earthquakes, then you are well aware of the fact that the threat of natural disasters such as earthquakes, hurricanes, floods, tornadoes, hail, mudslides and wildfires is a reality of life for many Americans. These anomalies cannot usually be avoided, but their effects on your property and life can be minimized.

If you become a victim of one of these disasters, what should you do?

The three steps you should take are: plan, prevent and insure.

Plan

Escape routes should always be planned out in advance, whether concerning fire, flood, hurricane or other disaster alerts. In addition, every member of your household needs to know who/where to call for help, and to let others know they are safe or in trouble.

At least twice a year the entire household should review escape routes and plans together, making sure emergency telephone numbers still operate. Post escape routes and phone number information in a prominent place for quick referral as necessary.

During high risk seasons, consider putting irreplaceable (or hard to replace), important items like passports, birth certificates, military papers, marriage/divorce papers and jewelry, along with a video or photos of your material goods (and a serial number list/receipts/appraisals) in a safe deposit box. Overnight bags should also be packed for each family member and for pets, and identification and money/credit cards should be kept with you at all times.

Don't forget your precious heirlooms and photos if you have to vacate your home!

Prevent

Not much can be done to prevent earthquakes, hurricanes or tornadoes. However, measures can be taken to prevent wildfires and floods (or mudslides). The American Red Cross and Federal Emergency Management Agency Web sites (www.redcross.org, www.fema.gov) are invaluable sources of information.

Insure

No matter how prepared you are, sometimes things go wrong. Having the right insurance during these times is critical.

Your renter's or homeowners policy covers many things, but may still be inadequate. For example, if a plumbing valve bursts inside your home, your homeowners policy will probably cover the damage. However, if the sewage or water main pipes outside your home break, you may only be covered if you have flood insurance.

If a flash flood occurs, your homeowners insurance will likely not cover your losses; you will need flood insurance. Even with flood insurance, your possessions in the basement will probably not be covered, so you will need to move things upstairs. In addition, flood insurance policies do not take effect for 30 days; keep this in mind when you purchase a policy of this type.

Earthquake insurance is essential in areas of the country that are more prone to this type of disaster. But what many people do not know is that various types of earth movement, including landslides, are covered under this kind of policy. So if a boulder rolls down a hill and into your house, your homeowners insurance may not be the only coverage you need.

Regardless of your situation, it is important to find the best homeowners insurance policy for you and your property.

7 Ways to Save on Food

Simple tips to help you save on the cost of food.

Have any other money saving tips for saving on food you'd like to share with our readers? Simply click the comment link below and tell us about them.

Were Your Loan Documents Forged?

It is estimated that there are more than 9 million people who are in foreclosure today with the numbers of foreclosures increasing by the day. There is a silver lining for some of them. Documents pertaining to some home loans were not correct and in some instances were even forged. In such circumstances these homeowners have a chance of getting their foreclosures waived.

Only those who have an in-depth knowledge about property laws and loan regulations will be able to figure out who might qualify. The loan papers are thoroughly examined by these professionals and checked for any discrepancy. There are certain laws pertaining to mortgages that must be adhered to. It is a violation of law if an omission or error is made by the agents of the lender or the lender themselves. It is here where the experts take over.

After checking the loan audits, they note any violations in the loan documents. They use the same to initiate litigation with the lender in question. In such situations the lender will be held accountable for laws and/or loan documents that may have been fudged. On completion of the audit and identification of the loan violations, the organization will help you through US legal advisors to find an attorney who can assist you to follow up the case with any requisite legal action required against the lender.

If you think your loan may have been forged in any way, it might be time to take action and save yourself from the impending threat of foreclosure. Before your lender terminates you of your rights through foreclosure and takes over your property, you should file a case against them if you suspect fraud in any way, and it can be verified.

Federal Home Buying Support Still Wanted

According to a new poll by the National Association of Home Builders (NAHB), Americans remain strongly committed to federal support for home buyers.

Roughly 68 percent of those polled said the government should continue to support housing, and 65 percent believe the government should be doing more to keep families from losing their homes to foreclosure.

The poll included both home owners and renters and was conducted for the National Association of Home Builders (NAHB) by RT Strategies, a non-partisan public opinion polling firm based in Washington, D.C. RT Strategies interviewed a representative sample of 1,000 adults nationwide by telephone using live interviewers on January 29-31, 2010. The sample included 170 interviews with respondents from cell-phone-only households.

Among those polled, some key groups said the government should continue to play a vital role in maintaining a healthy housing market. For example, 78 percent of all potential home buyers, including 81 percent of renters intending to buy a home in the near future, said the government should continue to support housing.

Roughly 65 percent of home owners said the government also needs to do more to keep families from losing their homes. Support for more foreclosure protection was not confined merely to current home owners.  Among renters, 84 percent said the government needs to do more to helped strapped borrowers. This issue is particularly important to women, with 71 percent supporting greater foreclosure protection, compared to 58 percent of men.

Financial concerns continue to be the greatest barrier to growth in the housing market.  Among renters nationwide who aspire to own their own home, 39 percent simply don't have the money to buy a home at this time, and another 20 percent said the primary obstacle is that they feel they cannot qualify for a loan. Larger economic issues also play a role, as 18 percent said that job security is the greatest obstacle they face in trying to buy a home.

We'd love to hear from you in response to this survey. Do you think the government should be doing more to keep families from losing their homes to foreclosure? What about government assistance in buying a home, such as the first time home buyer tax credit? Let us hear from you by clicking on the comment link below.

Why Rent When Home Prices Are So Low?

Mortgage rates are at record lows. Home prices are at record lows, and the federal government is offering tax credits for purchasing a home.

Why then should anyone rent?

Home prices and mortgage rates have dropped so much that the cost to own and maintain a house is only a bit more, and sometimes even less, than the cost of renting.

Recently, mortgage rates and home prices are at, or better, than historic averages in 49 of the top 50 home building markets.

Currently, a buyer who qualifies for a mortgage loan can get a monthly mortgage loan payment on a median-priced home at about 15.3 percent of the median family income. The number is far below the 20 percent average from 1991-2008.

However, the key is finding the right market because in some places, home prices remain unaffordable. Some areas however, may be cheaper to buy than to rent.

The federal government’s home buyer tax credit program also makes it advantageous to buy. The tax credit program was passed as part of the government’s stimulus plan. It offers an $8,000 dollar tax credit for first-time home buyers and $6,500 dollar tax credit for existing homeowners looking to upgrade. However, the program is scheduled to expire on April 30. Home buyers are urged to act soon.

At the same time, analysts warn home buyers that if they are planning to buy, stay put for a minimum of five to eight years or risk taking a loss.