Welcome to the 11th edition of the Real Estate Recap: Week of Real Estate in Review. Today we are going to have a leisurely chat about getting rid of stuff. This stuff is defaulted mortgages, pesky insects and defaulted loans.

So kick back and let's see who's trying to declutter and sweep out the trash.




Senate wants homeowners to take a walk on responsibility's side

The Senate Banking Committee has included language in the Federal Housing Finance Act of 2008 that attempts to limit homeowners' walkabouts. The committee wants homeowners to think twice before they put the keys in the mail and pull a "Dear John." The Federal Housing Finance Act includes language that makes real estate buyers certify they haven't defaulted on a loan. If they have, they must repay it before they can get an FHA loan.

Hmm ... isn't this a page from the VA (Veteran's Administration) playbook?

Dishing on D.I.Y. insect removal

Lovely spring has cropped up in my son's bedroom--in the form of pesky ants. Normally I would color the culprit as a late night snack he brought up to his room, but after having done a thorough cleaning and sweep and still finding a few pesky buggers on patrol, I quickly ditched that thought. For the past two years I have hired a pest control service at the tune of $120 per quarter to terminate insects from roaming in my home.

In my effort to conserve finances, I scoured the net for some do-it-yourself resources and came up with two references for my exterminating efforts. In "How to Get Rid of Ants (Without Calling an Exterminator)," JD Roth recommends taking a business card and sprinkling it with Terro near the site where the ants are congregating en masse. The Terro will traipse back with the ants to their hive, where the colonists will partake and perish.

In Getting Rid of Ants, The Frugal Life lends many tips, which include everything from cinnamon to drawing a line in with plain white chalk ... apparently the ants don't like to cross the line.

My first step is less adventurous. I will be using ant traps I bought from the local Wal-Mart, but I am earmarking these resources with the hope that I won't have to return.

Investors leaving the recycling to lenders

Some investors are starting to look to lenders to bear the burden of foreclosed loans. Many loans--subprime and home equity--have a savior clause that requires lenders to take loans back that have quickly defaulted or are fraudulent. Lenders are starting to stockpile reserves in anticipation of being handed the recycling bins from investors.

Any good news on the horizon for mortgage brokers? The limbo stick's gettin' pretty close to the floor and chiropractors are starting to ready their waiting rooms in anticipation.

If you enjoyed this post, you might want to read:

• Real estate recap: Week of Real Estate in Review (Edition X)
• Real estate recap: Week of Real Estate in Review (Edition IX)
• Real estate recap: Week of real estate in review (Edition VIII)

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Posted by Rebecca D. Levinson

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