No matter the market, capitalizing on industry knowledge has always been a major ingredient to overall business success. For builders looking to better understand the real estate market, they should take note of a new report by the Urban Land Institute. According to the “Emerging Trends in Real Estate® 2009″ report, released by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP, real estate industry experts expect financial and real estate markets in the United States to bottom in 2009 and then flounder for much of 2010, with ongoing drops in property values, more foreclosures and delinquencies, and a limping economy that will continue to crimp property cash flows,

“Commercial real estate faces its worst year since the wrenching 1991-1992 industry depression,” conclude industry experts interviewed for the report, which projects losses of 15 percent to 20 percent in real estate values from the mid-2007 peak. “Only when property financing gets restructured will pricing recorrect so we can find the floor; and this transition could wipe out companies and people,” said one respondent interviewed for the report.

In general, interviewees believe that financial institutions will continue to be pressured into moving bad loans off balance sheets, using auctions to speed up the process. Investors will be discouraged until the “bloodletting’ is over, states the report. When that occurs, cash and low-leverage buyers will be “king;” surviving banks will impose strict lending guidelines; commercial mortgage-backed securities will revive, but in a more regulated form; and opportunity funds will need new investment models.

“The industry is facing multiple disconnects,” said ULI Senior Resident Fellow for Real Estate Finance Stephen Blank. “Many property owners are drowning in debt, lenders are not lending, and for many (industry professionals), property income flows are declining. There is an unprecedented avoidance of risk. Only when financing gets restructured will pricing reconcile, giving the industry a point from which to start digging out of this hole.”

“The cyclical real estate markets always comes back, and they will this time too, but not anytime soon,” said Tim Conlon, partner and U.S. real estate sector leader for PricewaterhouseCoopers. “Commercial real estate was the last to leave the party, will feel the pain in 2009, and may be the last to recover. In the meantime, smart investors are going to hunker down and manage through these tough times. We expect to see patient, disciplined, long-term investors rewarded, and return to a back to basics approach to property management, underwriting and deal structure.”

Distress in the housing market is benefiting the apartment market, which the report lists as the number-one “buy.” Moderate-income apartments in core urban markets near mass transit offer the best buy, a trend that carried over from the previous year.

The report acknowledges that commercial markets will recover more quickly than most housing markets, and homebuilders may have to sell land tracts for “cents on the dollar” or face foreclosure on their holdings, adding to the already high rate of mortgage defaults and foreclosures.

One silver lining: Interviewees agreed that eventually, savvy investors will be able to cash in on the inevitable recovery, which some see occurring as early as 2010. “Money will be made on riding markets back to recovery and releasing properties, not on…financing structures,” finds the report.

Before a rebound, Emerging Trends says the following needs to happen:

 
• Private real estate markets need to correct – lenders must force distressed owners to become motivated sellers. 
• Debt capital needs to flow – lenders will need to learn to deal in a more stringent regulatory landscape. The commercial mortgage-backed securities (CMBS) market must “reformulate.”  Regulators need to restore confidence in the securities market. The government will insert itself into overseeing mortgage securitization markets. Systemic overhaul promises more measured debt flow. 
• The economy needs to improve. Falling demand for space won’t affect real estate markets severely until 2009.

The Report also offered these tips for what to do in 2009:

 
• Recap distressed borrowers – invest in maturity defaults, construction loans/bridge loans, or take mezzanine positions and equity stakes in properties. 
• Focus on global pathway markets – 24-hour coastal cities. 
• Staff up asset managers, leasing pros and workout specialists. Separate good assets from bad. 
• Retrench on development and reorient to mixed-use and infill. Higher-density residential with retail will gain favor in next round of building.  Go green – cutting energy expenses is likely to be a priority. 
• Buy or hold multi-family; hold office; hold hotels; buy residential building lots, but be prepared to hold. 
• Purchase distressed condos in urban areas near transit.

Lastly, the Report listed a number of markets to watch in 2009. Here’s a look at the Report’s Top 5 Markets:

 
• Seattle boasts its “corporate giants,” but the market braces for rising downtown office vacancies; now at 10 percent. Tepid job growth will flatten rental rates. Housing demand drops and prices will slip, but stay above national averages. Interviewees rate the market a strong “buy” for apartments, and the “number-one buy” among industrials is the Puget Sound ports. 
• San Francisco offers a Pacific gateway and a high quality of life with a well-diversified economy. The city ranks first for development and homebuilding, and is a leading “buy” city for apartments and office. Even though housing prices are expected to decline, foreclosures should remain in check, the report notes. 
• Washington is the “ultimate hold market when the economy struggles.” Downtown office vacancies should remain below 10 percent, and apartments lease “no matter what.” The above-average employment outlook offers promise for the retail sector, the report says. Still, office vacancies continue to soar in northern Virginia, and further declines in condominium and home prices can be expected. 
• New York takes a beating with the Wall Street “implosion” creating job losses and office vacancies. Hotels should continue to draw tourists with the weak dollar. Retail frenzy ends, but the wealthy keep Madison Avenue boutiques alive. With the condo/coop market at a “crest,” developers “should worry about flagging buyer demand,” the report notes. 
• Los Angeles downtown benefits from condo/apartment projects. “It’s almost impossible to lose money on apartment investments if you have a five- or 10-year investment horizon,” notes one respondent. Hotels benefit from global pathway location. One downside — homebuilders in San Bernardino and Riverside continue to grapple with the housing collapse.

Rounding out the top ten markets to watch:

 
• Houston. Stays relatively strong as long as energy stays hot. It makes the top ten for the first time since 1995. Office vacancies drop to 10 percent, “a good buy opportunity,” but apartments soften. Cheap land results in cheap housing, and prices have not gone up dramatically. 
• Boston. Job outlook is more favorable than most cities, with office space “tight” in the Financial District and the Back Bay area. New “harborside hotels threaten older product.” 
• Denver. The state capital has a major federal government presence, which should buffer job losses. Steady population growth and broadening diversification of the industry keeps the housing market stable. Mass transit should pay future dividends. 
• Dallas. Compares favorably to other “hot-growth” markets. Although office vacancies downtown are 20 percent or higher, apartments do well and developers keep building single-family homes. 
• Chicago. Apartments do well, but condos weaken as speculators leave the market. Office vacancies are in the low teens, and O’Hare International Airport keeps industrial space in the “global pathway.”

While most of the findings in the ULI Report were unfavorable, there were ‘silver linings’ mentioned. For builders looking to seek competitive advantages, possessing the best knowledge available about the industry should help the process lead to greater success.

[Note: Now in its 30th year, Emerging Trends is a highly regarded annual industry outlook for the real estate and land use industry and includes interviews and survey responses from more than 600 leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants.]

Written by Peter L. Mosca

Those jumbo loans that came with lower interest rates and smaller down payments may disappear any day now.

The Federal Housing Administration, Fannie Mae and Freddie Mac earlier this year announced eased underwriting standards for so-called “conforming jumbo loans” of up to $729,750 through December 31, 2008, thanks to a mandate by the Economic Stimulus Act of 2008.

Recently, however, all three agencies said they would roll back that temporary limit to $625,500 in 2009.

Many lenders won’t wait for 2009 to roll back the limit, but will soon start, if they haven’t already, to apply eased underwriting standards only to the new, lower loan level. Eased underwriting standards included lower interest rates and smaller down payments than those typically associated with so called “jumbo loans” before the stimulus act.

Beginning in January, the FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the stimulus package, according to the U.S. Department of Housing and Urban Affairs (HUD) .

According to the Federal Housing Finance Agency (formerly the Office of Federal Housing Enterprise Oversight — OFHEO), Fannie Mae and Freddie Mac will retain their $417,000 conforming loan limit for conventional loans, lower the temporary conforming jumbo limit of $729,750 to $625,500 for certain higher cost cities and counties and a set the maximum loan limit to $721,050, but only for Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

On the endangered species list in the mortgage world, $729,750 “conforming jumbo loans” experienced mixed reviews from risk averse lenders who never fully embraced the loans. Lenders buried under foreclosures, barely opened the doors to offer the loans until months after they were available. The larger the loan the greater the risk. The riskier the loan, the tougher it is for a home buyer to get the mortgage approved.

It wasn’t until months after they were allowed, Fannie Mae and Freddie Mac announced they would purchase the larger conforming loans with the same requirements they use to purchase loans at the old conforming loan level.

Fannie Mae and Freddie Mac had also reduced down payment requirements on some loans to as little as 3 percent down. And new FHA loan plans with higher limits also helped put more big loan mortgage money on the market.

But as the economy sank into recession, the jumbo conforming loan at the $729,750 level never really managed a strong toehold.

“In today’s environment where access to credit is being restricted, we need to make mortgage loans readily available to households throughout the country, and especially in high-cost areas,” said HUD spokesman Steve Preston.

“These new loan limits will ensure FHA can to continue help struggling homeowners refinance into safe, affordable government-insured loans, and allow many first-time buyers take advantage of today’s buyers market,” he added.

Written by Broderick Perkins

What will the new year bring for housing and real estate? It’s easy to look at all the negative economic news in the headlines and say – there’s no sign that 2009 is going to be any better than 2008.

But here’s a different perspective to consider from one of the country’s veteran financial analysts — Richard Bove of Ladenburg Thalmann, the investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down — most notably in the home mortgage sector.

Though it takes awhile for low-cost money to begin having its effect, Bove said he expects “housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase.”

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration — and there’s a good chance we’re going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

Already there are positive signs of the turnaround Bove predicts:

 
• Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices. 
• Rates continue to hover at 50-year lows – five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms. 
• Plus we’re all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos. 
• And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it’s hugely important if it is the start of a trend.

There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here’s Realty Times’s economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.

We think the smartest players in real estate — consumers and the industry – will make the most of the positives — low-cost money, low prices, stabilizing local markets — and thrive in the new year.

Written by Kenneth R. Harney

There are an estimated 11 million real estate investors in the U.S., according to IRS data. However, not all of them chose to be a real estate investor. Some accidentally became investors due to market conditions.

“There are people who have bought property for flipping and now they’re kind of stuck with them and in some markets they can rent them,” says Narinder Sandhu, founder of T-ReX Global.

It’s this group of people that could be losing money, especially if they aren’t aware of how best to manage their real estate investment.

“One of the most important things in real estate investment is taking advantage of all of the tax benefits that are available to [investors] and the write-offs,” says Sandhu.

Sandhu says that real estate has numerous tax benefits, but many investors miss out on the tax-saving advantages because they are not prepared to properly track their investment.

“In order to take advantage of all those benefits you really have to track your income and expenses,” says Sandhu.

His company T-ReX Global was started to help real estate investors not lose out on money. The former VP of the Small Business Division at Intuit (The makers of Quicken, QuickBooks and TurboTax) says he saw a niche market that needed help.

“It’s a very simple application. It’s like Quicken but is designed specifically for real estate investors and it’s an online application whereas Quicken has been a desktop application,” says Sandhu.

The program helps investors make sure they don’t miss out on money-saving opportunities. “It allows you to track your income. It also gives you a lot of write-offs that most people miss,” says Sandhu.

Sandhu says the program takes very little time to get started and only minutes each month to track your property’s income and expenses. Another added benefit is that the program produces a rental property Schedule E form. For more details visit, http://trexglobal.com.

Sandhu says no matter which program you use to manage your real estate investment you should look at these five areas to make sure that you’re not losing money on your real estate investment.

 
1. Take advantage of depreciation deductions. “You can set up depreciation expense in such a way that you can either write-off all the value over 27.5 years or you can go in and look at the assets within the property that are short-life (depreciation expenses),” says Sandhu. Basically, the IRS allows real estate investors to choose to use an accelerated depreciation method which can result in costs being recovered at twice the rate applicable to the real estate property if the 27.5-plus-year deduction were used. “IRS statistics show that only 13 percent of investors take advantage of the short-life (depreciation expenses),” says Sandhu. 
2. Keep track of travel to property. “Make sure you have all the accounting for that so that your travel to and from your property can be a written-off,” says Sandhu. 
3. Tax preparation. “Most people don’t realize that the cost for the preparation for the Schedule E, which is the rental property form that you have to fill out, can be written off. 
4. Document repairs versus improvements. “Repairs are something that if you go in [to your rental property] and fix it, it can then be expensed in the same year,” says Sandhu. 
5. Casualty or damage to property. Sandhu says, “If there has been rain and a storm came in and blew your fence away, there’s a casualty expense that you can write-off that year.

Written by Phoebe Chongchua

There’s no place like home to save on the cost of living.

Home is, after all, also where many cost of living expenses have risen, according to the Center for Housing Policy, the research affiliate of the National Housing Conference (NHC).

While incomes have risen only 30 to 35 percent in the ten years ending in 2006, some home-related costs are up by more than 80 percent, according to the Center’s “Stretched Thin: The Impact of Rising Housing Expenses on America’s Owners and Renters.”

Here’s how not to be stretched so thin while preparing yourself for your next home purchase.

Create or update your household budget and balance it. Account for every penny you earn, every penny you save and every penny you spend to reveal your spending habits. Your spending habits will show you where you can cut back. Get an online assist from Consumer Reports’ recommendations: Buxfer.com, Geezeo.com and Yodlee.com.

Move down. The average monthly mortgage payment rose 46 percent during the ten years ending in 2006. Don’t wait to be an empty-nester or to fund your retirement. Cash in on a smaller home now. Factor in selling costs, the potential for a capital gains tax hit and higher property taxes, but with enough long time equity, a smaller home could come mortgage free.

Sell out, simplify and organize. Sell all that stuff that won’t fit into a smaller home. Sell all that stuff you’ll never use. An organized home is a time-saving home. A time-saving home is a money-saving home, says the National Association of Professional Organizers.

CraigsList.com and Ebay.com (Ebay trading assistants will do the work for you) are the usual suspects, but you can open your own cool store on Amazon.comand sell newer, less obscure items for much more than you’d get at a garage sale.

Also, give stuff away to charity for a small tax deduction.

Shop around for homeowners insurance. Insurance premiums rose 83 percent in ten years ending in 2006, but rates still vary. Comparison shop direct among various companies. Use anIndependent Insurance Agent to shop around. Comparison shop online with Insure.com, Geico.com, Progressive.com, Esurance.com and others.

Raise deductibles to cut costs more. Save with discounts for home fire safety and security systems, for buying multiple policies (auto, life, health, etc.) from one company, and for avoiding unnecessary claims.

Appeal your property tax assessment. In most jurisdictions property taxes are assessed based on a home’s price. But in areas where home prices have tanked — especially if you purchased your home in a bidding war, during the peak of the market — you could get a tax break.

See your assessor or other tax collector for the appeal process for your jurisdiction. Be prepared to prove the value of your home with an appraisal or comparative market analysis of recently sold properties that are as identical as possible to your home.

Green up. The cost of energy rose 43 percent from 1996 to 2006, and even more since then, according to the Center. Your home abounds with energy saving possibilities. Check with your local utility and state energy agency. The Residential Energy Services Network offers referrals to energy auditors who can help you uncover energy leaks. Also the U.S. Department of Energy’s (DOE) “Energy Savings” page offers a host of additional tips.

Get help. Don’t hesitate to reach out for financial help. Always contact creditors at the first sign of trouble. That’s when more opportunities for relief are available. You may be eligible for mortgage modification, special refinance loans or other assistance that can reduce your monthly mortgage.

Don’t squander your savings. Bank some money saved to save for a downpayment and pad or start an emergency slush fund. Also used saved money to pay down debt and slay the revolving credit interest rate monster.

Written by Broderick Perkins

There’s no place like home to save on the cost of living.

Home is, after all, also where many cost of living expenses have risen, according to the Center for Housing Policy, the research affiliate of the National Housing Conference (NHC).

While incomes have risen only 30 to 35 percent in the ten years ending in 2006, some home-related costs are up by more than 80 percent, according to the Center’s “Stretched Thin: The Impact of Rising Housing Expenses on America’s Owners and Renters.”

Here’s how not to be stretched so thin while preparing yourself for your next home purchase.

Create or update your household budget and balance it. Account for every penny you earn, every penny you save and every penny you spend to reveal your spending habits. Your spending habits will show you where you can cut back. Get an online assist from Consumer Reports’ recommendations: Buxfer.com, Geezeo.com and Yodlee.com.

Move down. The average monthly mortgage payment rose 46 percent during the ten years ending in 2006. Don’t wait to be an empty-nester or to fund your retirement. Cash in on a smaller home now. Factor in selling costs, the potential for a capital gains tax hit and higher property taxes, but with enough long time equity, a smaller home could come mortgage free.

Sell out, simplify and organize. Sell all that stuff that won’t fit into a smaller home. Sell all that stuff you’ll never use. An organized home is a time-saving home. A time-saving home is a money-saving home, says the National Association of Professional Organizers.

CraigsList.com and Ebay.com (Ebay trading assistants will do the work for you) are the usual suspects, but you can open your own cool store on Amazon.com and sell newer, less obscure items for much more than you’d get at a garage sale. Also, give stuff away to charity for a small tax deduction.

Shop around for homeowners insurance. Insurance premiums rose 83 percent in ten years ending in 2006, but rates still vary. Comparison shop direct among various companies. Use an Independent Insurance Agent to shop around. Comparison shop online with Insure.com, Geico.com, Progressive.com, Esurance.com and others.

Raise deductibles to cut costs more. Save with discounts for home fire safety and security systems, for buying multiple policies (auto, life, health, etc.) from one company, and for avoiding unnecessary claims.

Appeal your property tax assessment. In most jurisdictions property taxes are assessed based on a home’s price. But in areas where home prices have tanked — especially if you purchased your home in a bidding war, during the peak of the market — you could get a tax break.

See your assessor or other tax collector for the appeal process for your jurisdiction. Be prepared to prove the value of your home with an appraisal or comparative market analysis of recently sold properties that are as identical as possible to your home.

Green up. The cost of energy rose 43 percent from 1996 to 2006, and even more since then, according to the Center. Your home abounds with energy saving possibilities. Check with your local utility and state energy agency.

The Residential Energy Services Network offers referrals to energy auditors who can help you uncover energy leaks. Also the U.S. Department of Energy’s (DOE) “Energy Savings” page offers a host of additional tips.

Get help. Don’t hesitate to reach out for financial help. Always contact creditors at the first sign of trouble. That’s when more opportunities for relief are available. You may be eligible for mortgage modification, special refinance loans or other assistance that can reduce your monthly mortgage.

Don’t squander your savings. Bank some money saved to save for a downpayment and pad or start an emergency slush fund. Also use saved money to pay down debt and slay the revolving credit interest rate monster.

Written by Broderick Perkins

Property taxes continue to rise across the country, despite steep declines in home values.

Property tax collections across the United States rose 3.1 percent this year, according to the U.S. Bureau of Economic Analysis (BEA). That means state and local governments will collect more than $400 billion in property taxes this year—a record amount.

Most states have caps that prevent taxes from rising rapidly in boom times. The same laws keep taxes from plummeting when home values decline.

“Property taxes aren’t always popular, but they are a very stable tax, even in tough times,” says Thomas Gentzel, executive director of the Pennsylvania School Board Association.

Written by Realty Times Staff

The open house is the original reality show.

It invites potential buyers to dream big-time, in real time, in the very same space they may one day call home. That’s some grand prize.

But that’s not all.

 
• An open house gets buyers into the neighborhood to check out amenities and proximity to schools, jobs, shopping and other attractions. A home, after all, isn’t an island. 
• An open house generates in-person feedback on the home’s condition and its price. 
• An open house exposes the home to buyers who may not currently be working with an agent and, as such, are not aware of the home’s availability. 
• An open house can flip hesitant buyers already interested in the home when, during the tour, they learn they’ve got some competition. 
• An open house can snare impulse buyers, who see the house for sale and, with just one look, fall in love.

However, botch the open house production and your show will immediately go into reruns — or worse, cancellation.

Successful open house production.

Here’s what the experts say you need to know to get buyers to tune in to your open house and make an offer you can’t refuse.

What does it take to sell a house these days? While the right price is key, attractive bonuses can get potential buyers to at least take a look.

A Porsche comes with the house in Austin, Texas, while a seller in Phoenix is offering to install a pool, a patio and a professional grill to anyone who pays full price.

Purchasers of Tim Newton’s home in La Habra, Calif., get professional lawn maintenance for six months, furnishings of their choice, and a flat-screen TV.

A Real-estate development company in New York City is offering buyers 10 personal-training sessions, a $500 American Express gift card, and a romantic getaway to a bed and breakfast.

Written by Realty Times Staff

There’s hardly any good news to speak of when the words mortgage and foreclosure are used in the same sentence but one self-proclaimed wrongful-foreclosure homeowner has identified a silver lining behind the massive cloud.

Aime Jackson writes on her website, advocateaime.com that her foreclosure was “set off by a series of errors (in some instances involving gross negligence) committed by my lender’s servicing agent.”

According to Jackson, the errors included failing to apply three months of payments and to update Jackson’s files correctly as well as having the home placed in default without proper notice under the Texas Property Code.

“They were mis-applying the payments to another account,” says Jackson. She adds, “There were a lot of procedural mistakes that they made when they actually started filing for foreclosure. The attorneys that the mortgage company hired to handle the foreclosure — there was just error after error.”

Jackson’s story was reported on by News 8 in Austin, Texas, recently.

“This isn’t as uncommon as you would think. [Lending companies] are just so overwhelmed and they have so many files on their desk and cases going on — the right hand doesn’t know what the left hand is doing. There are some really huge mistakes being made. In some cases, they’re just ignoring people completely,” says Jackson.

In the end, Jackson, her husband, and children kept their home but not before she felt completely beaten up by the process. “They were ugly and nasty and you feel like you’re being bullied by someone,” says Jackson.

Her story ends with finding the silver lining behind the very dark, oppressive foreclosure cloud. Now, Jackson, who also battled ovarian cancer while fighting to keep their home, is helping others facing foreclosure learn how they can and should fight back to make sure everything possible is done to save their homes. After her intense experience she has learned methods that work

“I can work directly with their mortgage company, the bank, the servicing agent, the lender (whoever it is) to come up with some kind of solution to either modify the loan so that they can continue to stay in the property or to do the right thing and, if they can’t afford to be there, to get out from underneath the property but still avoid the foreclosure,” says Jackson.

Jackson’s website is a grassroots efforts aimed at helping protect and promote the welfare and rights of consumers. While she is not a Realtor or an attorney, Jackson believes her own hard-knocks experience can help others who may find themselves in a similar situation. She offers these tips.

“Do not go into a hole and hide — that’s very tempting and a lot of people do it because they’re so overwhelmed with their own personal circumstances and then they’re bombarded with mail,” says Jackson.

She says people sometimes think if they ignore it the foreclosure will go away. “That’s the worst thing you can do,” says Jackon.

Next, she says, gather as much information as possible about your case. “Find out who your lender is, who actually holds the lien on your property,” says Jackson. She adds, “You cannot deal with your situation and effect any kind of change unless you know exactly what you’re dealing with.”

Jackson says you must be relentless. Do not give up. “You are always your own best advocate because you care most about what is happening to you and your family,” says Jackson. She adds, “I always tell people, the squeaky wheel gets the oil. So, you’ve got to be as loud and as vocal with as many people as you can so that your particular case gets the attention that it needs — otherwise it will just get lost in the shuffle.”

Jackson says remember that it’s never too late. “My situation was a wrongful foreclosure, meaning that my home was actually foreclosed on, and I fought it and got it overturned,” says Jackson. However, she notes that her situation is rare but, as Jackson says, she’s an advocate who will help homeowners “go down fighting” to the end in order to protect their consumer rights and welfare.

Written by Phoebe Chongchua