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Ask the Experts
CP Loan Expert
Only What You Have Can Help You and What You Have is Always Enough
By Joel S. Pate
 Well,
how was your weekend with your family? Did anyone say or do anything to offend you? Were you glad to see everyone?
Did all of your words bring soothing relief or did your words bite at someone's real or imagined hurt?
Well?
Dealing with the holidays and family sometimes brings a mixture of blessings, fun, anxiety, laughter,
and crying. It is just the way it is and nothing will ever change it.
We, individually, must understand that everyone is dealing with the same hurts, concerns, fears,
uncertainty in their lives that causes real and many times imagined hurts, fears, slights, etc. in their life.
One might exasperatedly state: "Why don't they just act like I do?" "Why are they
so crazy?"
Sure, it's easy to blame the other person. Sometimes it is deserved, but many times, it is not.
Many times, we are acting out of our own fears and concerns as we transfer our feelings onto others.
This brings to mind the attitude that Dale Carnegie teaches in his writings. Paraphrasing his well
articulated words: "just take the blame, imagine yourself in their shoes, give others the benefit of the doubt,
over look their statements, if I had to live with their issues, how might I act, feel, believe, speak? What are
they dealing with that causes them to have these positions, and above all, how can I help?"
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Legal Corner
 Prominent
attorney Herman Thordsen gives his advice and opinions on issues of law in the mortgage world.
ARIZONA ENACTS CONSUMER CREDIT FREEZE LAW
FACTS
Effective Aug, 31, 2008 Arizona will allow consumers to "freeze" their credit reports and prevent
consumer reporting agencies from releasing credit information to third parties without the express authorization
of the consumer. Mortgage lenders and brokers are affected and are allowed to treat an application for credit as
incomplete if unable to access a consumer's credit report due to a security freeze. (allregs42108)
MORAL
Tell the consumer if I cannot get to your credit, then neither any lender nor I can get you a loan. Or first
ask the borrower if (s)he has put a credit freeze with any or all of the three bureaus so you are not surprised
later.
CALIFORNIA LEGISLATION PROPOSES A DEED THAT WILL TRANSFER REAL PROPERTY ON DEATH OF THE OWNER
FACTS
AB 250 creates the revocable transfer on death deed, which transfers real property on the death of its owner
without a probate proceeding. The bill requires a person have testamentary capacity to make or revoke the deed
and requires the deed be in a statutory form provided for this purpose. The revocable TOD deed must be signed,
dated, and acknowledged, as specified, and recorded, as specified, to be effective. The deed, during the
owner's life, does not affect his or her ownership rights and, specifically, is part of the owner's estate for
the purpose of Medi-Cal eligibility and reimbursement. The bill voids a revocable TOD deed if, at the time of the
owner's death, the property is titled in joint tenancy or as community property with right of survivorship. The
bill establishes priorities for creditor claims against the owner and the beneficiary of the deed in connection
with the property transferred and limits on the liability of the beneficiary. The bill establishes a process for
contesting the transfer of real property by a revocable TOD deed. (AB 250)
MORAL
The lawyers' right to work act. It provides exceptions for joint tenancy and community property deeds but what
if the title is broken by one party secretly executing a quitclaim deed to convert their joint tenancy share or
community property share to tenancy in common and then do the TOD? Interesting question when you think about it.
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Success with Subprime
untitled
Brian Sacks, mortgage expert, branch manager, trainer, and speaker gives advice on how to increase sales and
improve your business. This week's article: Consumer Credit Counseling How Long Does Information Stay on a Credit
Report?
Credit information can, and usually does, stay on a person's credit report for seven years. Collections stay
on the report for seven years from the date of last activity – whether that is the date that the account was filed
as a collection or the date the account was paid in full. Here's an example:
"Jane Borrower" had a collection for $300 filed against her in October of 1994, and she hasn't paid
it. It is now September of 2001, so in a few weeks that collection can come off of her credit report. (She will
probably have to request of all three credit bureaus that they take it off.) However, Jane has applied for a loan
today, and the loan officer tells her that she has to pay off that debt in order to be approved. Since she has
the money, she pays it off. Because the date of last activity is now September 2001, the collection will show on
her report until September 2008 – another seven years.
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more...
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