Retailers slash prices to entice holiday shoppers

Shoppers hit the stores Friday to return unwanted gifts and take advantage of drastic price cuts offered by retailers desperate to get rid of old merchandise and boost their less-than-cheery holiday sales.

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Many retailers opened before 6 a.m., offering 50 percent to 75 percent off on toys, furniture, electronics and clothing. Stores were hoping the discounts would entice shoppers to redeem gift cards and use cash from returning unwanted gifts to buy something new.

Laura Hernandez, a 37-year-old nurse, hoped to find a good deal at a Miami-area Wal-Mart on the one present her husband and son had really wanted — a plasma TV.

“When they saw that there was no Christmas gift larger than the Christmas tree, they knew there was no TV,” Hernandez said. “They know Mommy is out early this morning bringing home their new toy.”

But consumers who saw plenty of bargains before Christmas still seemed to be spending carefully — meaning even the big discounts may not be enough to salvage one of the most dismal holiday shopping seasons in years. Some were unimpressed with even rock-bottom prices while others were just flat-out returning items for cash.

After an early surge, several malls in the New York area were “quieter than expected” on Friday, said Marshal Cohen, chief industry analyst at market research firm NPD Group Inc.

Among the cautious consumers was Gigi Johnson, who bought laundry detergent and some clothes at Wal-Mart in Milwaukee for her twin 14-year-old daughters. But she said she was not planning any large purchases for the next few months and would put the money she received from Christmas in the bank.

“Maybe I’ll wait until tax time and get a computer or TV,” Johnson said. “But until then, I’m resisting the temptation to buy anything else.”

The lure of after-Christmas shopping was hurt by the deep discounts stores offered before the holiday. Gift card sales have also been down, meaning fewer people are returning to the malls with “free money” to spend.

“The last week of December represents about 14 percent of Christmas sales,” said C. Britt Beemer, chairman of America’s Research Group. “You can’t save a season with only one-seventh of the sales to go.”

The holiday season — which typically accounts for 30 percent to 50 percent of a retailer’s annual total sales — has been less than jolly for most retailers. Job cuts, portfolio losses and other economic woes have convinced consumers to cut back on their spending. Meanwhile, strong winter storms during the holiday season kept some would-be shoppers at home.

According to preliminary data from SpendingPulse — a division of MasterCard Advisors that tracks total sales paid for by credit card, checks and cash — retail sales fell between 5.5 percent and 8 percent during the holiday season compared with last year. Excluding auto and gas sales, they fell 2 percent to 4 percent, according to SpendingPulse.

Sales of women’s clothing dropped nearly 23 percent while men’s clothing sales slipped more than 14 percent. Footwear sales fell 13.5 percent. Sales of electronics and appliances fell even more drastically, dropping almost 27 percent.

More consumers appeared to do their shopping online, particularly in the last two weeks of the season when storms snowed shoppers in. Online sales dipped just 2.3 percent from last year, according to SpendingPulse.

Online retailer Amazon.com said Friday the 2008 holiday season was its “best ever,” with more than 6.3 million items ordered. Holiday bestsellers included the Nintendo Wii, Samsung’s 52-inch LCD HDTV, the Apple iPod touch and the Blokus board game. Cohen said Amazon did a great job offering deals and driving customers to its site, adding that “the best possible prices” were frequently on Amazon.com.

A better indicator of how retailers fared will arrive Jan. 8, when major stores report same-store sales, or sales at locations open at least a year, for December.

Retailers, who have been cutting prices all season, offered more deals for after Christmas. Toys R Us said it was cutting prices by 60 percent on some brands. Sears stores were offering doorbuster deals through noon.

Tom Aiello, a spokesman for Sears and Kmart, said Kmart customers were snapping up clearance items while Sears shoppers were buying smaller TVs. He said practical items, like Craftsman tool kits and tires, were also selling well.

The deals still weren’t enough for some shoppers.

Paul McAdam, 48, of Everett, Mass., took a 20 percent pay cut recently and was shopping for “items I need in a price range I can’t pass up.”

“I’m a little disappointed because a lot of the prices seem to be about the same as before Christmas,” he said.

Beemer said retailers may be greeting a lot of shoppers like Guites, and see returns up 50 percent to 60 percent.

Newlywed Anthony Guites, 32, planned to stop at three different Miami-area stores to return gifts from his wife. He had three things to exchange at Wal-Mart for a fishing rod he wanted.

“She got me a fishing rod that I don’t like. She got me this tool set that I already have. And she got me workout clothes that, let’s just say, are way too colorful for me,” he said. ——–

Associated Press Writers Sarah Skidmore in Portland, Ore., Betsy Vereckey in New York, Damian Grass in Miami, Mark Pratt in Boston and Dinesh Ramde in Milwaukee, Wis., contributed to this report.

You May Not Need a Foreclosure Home Loan

You may think that it’s difficult to get a foreclosure home loan. However, you may find that you don’t even need a loan in order to save your home from foreclosure. Banks and lending institutions are more ready to help you work out a solution than ever before.

If you’re in the market seeking a foreclosure home loan – You may find that banks are going to try to steer you in other directions in order to avoid foreclosure. There are private lenders out there that will do foreclosure home loans, but every area is a little bit different.

You may want to contact your local real estate broker and talk to them about the housing situation and see if they have dealt with anybody that has been seeking a foreclosure homeowner recently. If you can work out a private loan situation where the payment will be lowered down reasonable enough – Then this could be a good workable solution in order to save your home from foreclosure.

You may find that by contacting your banker lending institution they may have resources available for you in order to secure a foreclosure home loan with somebody in your local area or with in a reasonable distance. They are continually seeking solutions to help people out so that they do not have to take on too many properties in their own account.

If you are faced with a situation where may be looking to just lower your payments by a few hundred dollars there are some possible solutions. You might find that you can work out a situation without having to get a foreclosure home loan and still lower your payment by a few hundred dollars. The only drawback on this is that you may not gain on any equity in your home and you will be paying interest only, but this is better than losing your home altogether.

Complaints about payment protection insurance

The Financial Ombudsman reports that they “have been receiving significant numbers of complaints about the sale of mortgage payment protection insurance this year. Sometimes called ‘mortgage protection’ or abbreviated as ‘MPPI’, this type of insurance covers mortgage repayments in certain circumstances, for example if the policyholder is unable to work because of illness or if they are made redundant.

How these Mortgage Payment Protection Policies work – and the range of benefits they offer – can vary considerably from policy to policy.

When considering complaints about mortgage payment protection insurance, the Financial Ombudsman applied long-standing approaches to the sale of insurance products and stated that the complaints settled have raised very few new issues.

A spokesperson for the Finnancial Ombudsman stated that “applying the standards set by the law, by good industry practice since the 1990s, and in recent times by the FSA, enabled us to be clear about the approach we take to the selling of insurance – and to follow this approach consistently in these cases. As the cases show, the details of the particular policies sold, and the sales practices of the businesses concerned, can make a significant difference to the outcomes of these cases – as can the circumstances of the individual customer.

Mortgage Payment Protection Insurance is a valuable tool available to most offering protection against some of those unfortunate events that can affect your financial status and wellbeing.

Professional advice is readily available to help you ensure you understand what you are buying and help you decide whether it is appropriate for you.

Cameron reverse mortgage: security for your future

We spend our entire youth working towards securing our future and that of our loved ones. The assets we build and the property we acquire are all aimed towards taking care of the inevitable old age and any unforeseen circumstances. However the best of preparations may not suffice when it comes to beating the rising cost of commodities due to inflation. Especially after the retirement age, one needs to be very careful about their fund management as the steady source of income form a regular salary comes to an end when the breadwinner for the family takes a retirement. In such circumstances your house may be a bigger asset than you imagined as it provides you with the opportunity to take a reverse mortgage loan against it.

If you are above the age of sixty two, have taken your retirement and own a house in Cameron or any other state in America, you are entitled to get a Cameron reverse mortgage in lieu of your property. A lump sum can be paid to the property owner if he or she decides to keep the house as a mortgage against the loan. The difference between a reverse mortgage and a normal mortgage or loan is the fact, that the borrower retains the ownership of his house till the very end. He can, in fact, continue to use the property for residential purpose till the time of his death or till he decides to sell off the property. In that case, however, the loan amount needs to be repaid in full settlement before any money is made available to the owner.

A reverse mortgage also ensures that the debt does not pass on to the borrower’s heirs in the situation of his premature death before he repays the entire loan amount in some manner. The major advantage of a reverse mortgage lies in the fact that the loan need not be repaid during the lifetime of the borrower. Only the house tax and other charges should be paid regularly. Only after the demise of the owner, the house will be sold off to repay the loan amount. Till then the property remains in the name of the original owner. Also multiple mortgages may be applied for on the same property provided that the reverse mortgage had been the first and only loan in lieu of the property.

Hence, a reverse mortgage loan is one of its kinds where the senior citizen can continue to spend his post retirement days in peace, assured of his financial security and without having to seek the help and support of any family member or well wisher. The house that had been built with much expectation and fondness, truly serves to support him till the very end of his life, giving the respect and dignity that he deserves. The financial stability and security offered under reverse mortgage loan helps to ensure that the cash inflow continues even well after one has settled into a retired life.

Divorce home Sale

Divorce and selling your home are two of the most stressful times in our lives. Having to deal with both at the same time is even more daunting.

How can Quick Move Now help?

Selling a house through estate agents can often take months, with all the inconvenience of viewings, and delaying the finalisation of the divorce or separation agreement.

Most couples going through divorce want a quick, clean break with the least hassle and argument – this is where Quick Move Now can help. By using a quick house sale company, such as Quick Move Now, people can quickly sell their property with the minimum of stress, realise the cash value and move on with their lives.

Quick Move Now will purchase your house for cash, quickly – often within 7 days.

We are the UK’s largest professional buyer of property, and are experienced in buying homes from couples who are divorcing or separating. We understand the pressures involved, and will help you in each step of the sale process.

How does it work?

It’s simple.

1. We will arrange for 3 agents to value your property.
2. We will then be able to make an offer to you based on these valuations.
3. On accepting our offer, we will agree a suitable date for exchange of contracts and completion.

There is no cost or obligation in receiving an offer.

What are the benefits of using Quick Move Now?

• You guarantee the sale of your home, for cash.
• We can complete quickly and to suit your timescales.
• You can complete your separation, quickly and with the least amount of stress.

Foreclosure

Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors’ bills or HOA fines.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principle and fees the mortgagee can file a claim for a deficiency judgement.

How to Buy HUD-FHA Properties

The U.S. Department of Housing and Urban Development (HUD) was established in 1968. It was originally developed to manage federal housing and community development programs.

HUD incorporated numerous housing agencies and assumed administrative responsibility for them. One of these agencies was the Federal Housing Administration (FHA). Since 1971 the agency has been commonly known as HUD/FHA.

How They Get the Property

The old FHA programs and the newer HUD programs act as an insurance agency for banks, savings & loans and mortgage bankers who make real estate loans to buyers and investors. HUD/FHA does not make the loan, they only insure the lender against loss in the event of default.

You apply for a real estate loan through an approved HUD lender, the lender determines whether your application is accepted, and if so, gives the money to you. Once the money has been given, the lender will receive an insurance policy from HUD that protects its financial interest.

HUD properties are sold to the public when HUD/FHA mortgages are foreclosed. HUD pays the original lender the amount of the loan due and other expenses. HUD then resells the property.

Once the loan is made by the bank, savings & loan or other authorized lender, that lender does have the right to foreclose on the property if the borrower fails to make their monthly payments on time. When the foreclosure process has been completed, the lender submits its HUD insurance policy back to them with foreclosure costs, accumulated interest and legal fees for reimbursement.

HUD will reimburse the lender. With the lender paid off and no longer in the picture, HUD , who now owns the property, can dispose of it in any manner deemed reasonable.

How They Sell Property

When HUD gets a property back, it turns it over to its Property Disposition Department which first secures the property from vandalism or damage. Next, this department determines if the property will be sold directly or through an outside broker.

If a broker is used, he must complete the necessary repairs required by HUD, secure the property, advertise the property, accept sealed bids, control the escrow account and make sure the escrow closes.
HUD will pay a 6% sales commission to agents involved in the sale, whether sold through a broker or sold by HUD directly.

HUD will allow real estate agents to acquire HUD properties. An agent bidding on a HUD property, could effectively reduce his bid price by the amount of commission he may earn on the sale. Clearly, this gives the agent an unfair advantage. In addition, an authorized HUD broker will receive lists of HUD properties before the general public does. A broker could prevent the public from having access to properties. To buy a HUD property, you must contact a licensed and approved HUD broker or other agent authorized to sell HUD owned homes. All offers are submitted through him.

HUD properties are sold “as is.” All properties are sold on a cash basis. While paying in cash is not required, having your financing arranged without HUD is. HUD will not be required to arrange or carry financing themselves. You will need the services of a conventional mortgage lender.

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