Morality and Mortgage Loan Defaults

Why Do We Hold Ourselves to a Higher Standard Than Our Companies?  

I was watching The Daily Show not too long ago and they did a segment on mortgage defaults which got me thinking on the differences between ‘middle class morals' and America's business community "morals."  One of Jon Stewart's ‘correspondents' was trying to get an interview with the Mortgage Brokers of America CEO (John Courson) to ask him why the organization recently defaulted on their loan on their headquarters in Washington D.C.  The irony is that Mr. Courson just gave a speech on why Americans have a moral obligation to pay their debts. 

The Supreme Court has reaffirmed, many times over, that companies have the same rights as people.  So why shouldn't people have the same morals as companies?

What is a mortgage anyway? A mortgage is a business contract between the lender and the borrower, using the property as collateral. It is not simply a promise to repay the lender. It's a promise to repay the lender or to forfeit the home. Isn't that contract fulfilled by forfeiting the property?

Businesses make secured loans against property all the time. If the loan goes bad, the lender takes the collateral. What's the difference when it's an individual?

Look through the financial statements of the big companies involved in the housing market, including major homebuilders and property developers; you'll find references to the "nonrecourse financing" they've obtained. (Nonrecourse financing is a loan where the lending bank is only entitled to repayment from the profits of the project the loan is funding, not from other assets of the borrower.) They're bragging that even if they can't pay their loan no one can legally touch their assets.

So, why do middle class homeowners hold themselves to a higher standard than the companies that have almost bankrupted the country and would have done so without a taxpayer bailout?  But the real question is; when will the middle class home owner who is struggling to pay his mortgage, simply walk away from the problem just like a lot of American companies have done?  And why would or should the middle class feel guilty about it if they (we) do default on thier mortgage?

Karl Hess, Your Agent on The Jersey Shore

Disclaimer:  I am not trying to make a case for folks to default, I'm simply discussing the issue.

Forked River Homes For Sale

Forked River Homes for Sale, map and photos of new listings.

There are 10 new listings for homes for sale in Forked River, Ocean County since Dec 1^st, 2010.  Prices range from $175,000 on a two bedroom short-sale to almost $600,000 for 2500 square foot 4 bedroom, 3 bath ‘beauty' on the water that has 75 square feet of bulkhead. There are many other homes in Forked River priced well below tax assessed value that would be a great bargain for investors or the usual home buyer alike.

This is a complete list of all Forked River Homes for Sale.  

Lacey Township, in Ocean County, New Jersey and is considered part of The Jersey Shore region. The township population is 25,346. It was named for Continental Army General John Lacey. A little know fact: Murray Grove, located within Lacey Township is a Unitarian-Universalist retreat and conference center in Lanoka Harbor, traditionally considered the site where Universalism in America began.

If you're interested in buying, selling or investing in Real Estate in Lacey Township, Ocean County or anywhere along The Jersey Shore, click on TheJerseyShoreHomeFinder.com and get free access to thousands of home listings with maps and photos.

If you'd like to keep up with the very latest real estate market trends and conditions in your neighborhood or anywhere in Ocean County and on The Jersey Shore, click on http://homevaluesinoceancountynj.com.

 Looking for something do this weekend in Ocean County or just want to keep up with current events? The Jersey Shore News will keep you informed with local community information and happenings.

Ocean County, NJ and Jersey Shore Homes and Real Estate - Get free access to all listings with photos of ALL Ocean County Homes including waterfront, beachfront and water-view homes on The Jersey Shore  

 Karl Hess, Your Real Estate Agent on The Jersey Shore

 

 

Barnegat Bay Legend and Olympic Gold Medalist Dies at 97

Barnegat Bay Legend and Olympic Gold Medalist Dies at 97 

One would think that winning the Olympic gold medal at the age of 41 should be THE highlight moment in anyone's life, but not for Dr. Britton Chance.  Before and after winning that medal in the 1952 Helsinki Games, he was an extraordinary scientist with international credentials.

Chance was born in Wilkes-Barre, Pennsylvania and had a home in Waretown, NJ for decades, from which he sailed Barnegat Bay.  He received a B.A., M.A. and Ph.D. degree in Physical Chemistry from the University of Pennsylvania. He earned a second Ph.D. at Cambridge University in 1942 in Biology/Physiology. During World War II, Chance worked for the Radiation Laboratory at the Massachusetts Institute of Technology which was working on the development of radar. In 1952 he received his D.Sc. from Cambridge. His research interests were diverse. He was promoted as the Professor of Biophysics at University of Pennsylvania School of Medicine and appointed the second director of the Johnson Foundation, a position he held until 1983. He was then appointed E. R. Johnson Professor of Biophysics and Physical Biochemistry in 1964 and University Professor in 1977.

 Chance had the rare distinction of being the recipient of a National Medal of Science (1974), and a Gold Medal in the Olympics (1952, Sailing, Men's 5½ Meter Class), and a Certificate of Merit for his sensitive work during World War II. He also was rare in being elected not only to the U.S. National Academy of Science but also to foreign academies such as The Royal Society of London and the Royal Swedish Academy of Sciences.

 Dr. Britton Chance, for more than 50 years one of the giants of biochemistry and biophysics and a world leader in transforming theoretical science into useful biomedical and clinical applications and Olympic Gold Medal winner and Barnegat Bay sailing legend, died on November 16, at age 97.

Karl Hess

 

 

 

 

Barnegat Bay Legend and Olympic Gold Medalist Dies at 97 One would think that winning the Olympic gold medal at the age of 41 should be THE highlight moment in anyone's life, but not for Dr. Britton Chance. Before and after winning that medal in the 1952 Helsinki Games, he was an extraordinary scientist with international credentials. Chance was born in Wilkes-Barre, Pennsylvania and had a home in Waretown, NJ for decades, from which he sailed Barnegat Bay. He received a B.A., M.A. and Ph.D. degree in Physical Chemistry from the University of Pennsylvania. He earned a second Ph.D. at Cambridge University in 1942 in Biology/Physiology. During World War II, Chance worked for the Radiation Laboratory at the Massachusetts Institute of Technology which was working on the development of radar. In 1952 he received his D.Sc. from Cambridge. His research interests were diverse. He was promoted as the Professor of Biophysics at University of Pennsylvania School of Medicine and appointed the second director of the Johnson Foundation, a position he held until 1983. He was then appointed E. R. Johnson Professor of Biophysics and Physical Biochemistry in 1964 and University Professor in 1977. Chance had the rare distinction of being the recipient of a National Medal of Science (1974), and a Gold Medal in the Olympics (1952, Sailing, Men's 5½ Meter Class), and a Certificate of Merit for his sensitive work during World War II. He also was rare in being elected not only to the U.S. National Academy of Science but also to foreign academies such as The Royal Society of London and the Royal Swedish Academy of Sciences. Dr. Britton Chance, for more than 50 years one of the giants of biochemistry and biophysics and a world leader in transforming theoretical science into useful biomedical and clinical applications and Olympic Gold Medal winner and Barnegat Bay sailing legend, died on November 16, at age 97. Karl Hess

Open House Point Pleasant, NJ

Point Pleasant, NJ Open House Schedule  

Open Houses in Point Pleasant with photos and maps for Dec 5th, 2010,

There are six Open Houses in Point Pleasant, NJ this weekend; at 3147 Pocahontas, Point Pleasant, 1106 River Ave, Point Pleasant, 1652 West End Drive, Pt. Pleasant, 1104 Barton Ave, Pt. Pleasant, 11 Chatham Lane, Pt. Pleasant, 3209 River Rd, Pt. Pleasant.  Prices range from $200,000 to $1,500,000.

Here is a list of the Open Houses in Point Pleasant with map for Sunday, Dec 5^th, 2010.

Here is a complete list of all Point Pleasant Homes for Sale.  

If you're interested in buying, selling or investing in Real Estate in Ocean County or anywhere along The Jersey Shore, click on TheJerseyShoreHomeFinder.com and get free access to thousands of home listings.  You can also elect to receive daily updates of any new listing that come on the market.  This service is completely free and can be stopped at anytime with a click of a button.

If you'd like to keep up with the very latest real estate market conditions and trends in your neighborhood or anywhere in Ocean County, go to http://homevaluesinoceancountynj.com/.

Looking for something do this weekend in Ocean County or just want to keep up with current events? The Jersey Shore News will keep you informed with local community information and happenings.

While you're going to open houses in Point Pleasant, NJ you may want to start thinking about getting a "buyers agent."

Why do you need a "Buyers Agent?"  Many buyers seem to have the "I want to go it alone" mind set.  I always have to ask why? Since the seller pays the buyer's agent, the service is essentially free to you, the buyer.

Going it alone creates more risk for home buyers: A lot of buyers fail to wrap their arms around representation issues. Buyer's agents are not paid just to search the MLS and unlock doors. We are certainly there to help you find a home, but beyond that we are there to represent you during negotiations, coordinate very important matters such as inspections, appraisals, the walk-through, and the myriad issues that can come up during the contract period. The hard work starts AFTER the home is found, not before.

The unrepresented home buyer: This is the single largest financial transaction that most people will ever make. Do you really want to enter into such a transaction unrepresented? Further, chances are, you are up against a pro that has a fiduciary obligation to represent their client - the seller.

"But I can save a bundle on commissions...."  First, you are not paying any commission. And second, does the seller's agent have ANY reason to lower the price just so you can save money?  No, the seller's agent responsibility is to his client.  My responsibility is to you.

So, while you're looking at Open Houses in Point Pleasant, remember:

 A Buyer's Agent will:

- Protect YOUR best interest
- Protect YOUR negotiating position
- Advise and give informed opinion to assist in the transaction
- Help YOU to get the BEST deal on the home

Karl Hess, Your Real Estate Agent on the Jersey Shore

Scrooge, The Musical in Manahawkin

A Christmas Carol turns into Scrooge, The Musical! 

The newly formed Shore Repertory Theatre Company (formerly the Strand Theatre Ensemble), presents their 9th annual production of the holiday musical extravaganza, Scrooge the Musical this year at the 800 seat, state of the art Ocean First Theater at the Stafford Township Arts Center (STAC) in Manahawkin.

Scrooge, previously presented for the last 8 years at The Strand Theater in Lakewood, is now at The Ocean First Theater/STAC in order to provide more family friendly ticket pricing as well as plentiful parking for audience members.

Scrooge is based on A Christmas Carol, the novella by Charles Dickens first published in 1843. The story tells of sour and stingy Ebenezer Scrooge's ideological, ethical, and emotional transformation after the supernatural visitations of Jacob Marley and the Ghosts of Christmases Past, Present, and Yet to Come. The novella met with instant success and critical acclaim.

 The book was written and published in early Victorian era Britain when it was experiencing a nostalgic interest in its forgotten Christmas traditions, and at the time when new customs such as the Christmas tree and greeting cards were being introduced.

The tale was pirated immediately, was adapted several times to the stage, and has been credited with restoring the holiday to one of merriment and festivity in Britain and America after a period of sobriety and somberness. A Christmas Carol remains popular, has never been out of print and has been adapted to film, opera, and other media.

This years Scrooge is directed by New Jersey Association of Community Theaters award winner Jan Topoleski and features viewers favorite Gary Alan Powell reprising his role as Ebenezer Scrooge for his ninth consecutive year.

Scrooge boasts a cast of nearly 50 adults and children. Audience members will be delighted by the same elaborate sets, costumes, and special effects that have made Scrooge an Ocean County tradition for thousands of theatre-goers.

Performances are on December 17 at 7:30pm & December 19, at 1:30 pm & 6:00pm.

The Ocean First Theater/STAC is located at 1000 McKinley Avenue, Manahawkin, NJ. Tickets are $18 for adults, $16 Seniors & Children and $14 for groups of 15 or more and may be purchased online at www.njstac.com or by calling the box office at (609) 489-8600.

If you're interested in buying, selling or investing in real estate in Manahawkin, or anywhere in Ocean County, please go to www.myjerseyshorehomefinder.com

Karl Hess, Your Real Estate Agent on The Jersey Shore

Open House in Toms River, NJ

Open Houses in Toms River Schedule for Dec 5th, 2010

There are five Open Houses in Toms River this weekend, ranging from 2 bedroom, 1 bath to 5 bedroom 3 bath, prices from $164,000 to $600,000.

Here is a list of the Open Houses in Toms River with map for Sunday, Dec 5^th, 2010.

Here is a complete List of all Toms River Homes for Sale.

If you're interested in buying, selling or investing in Real Estate in Toms River, Ocean County or anywhere along The Jersey Shore, click on TheJerseyShoreHomeFinder.com and get free access to thousands of home listings.

If you'd like to keep up with the very latest real estate market conditions in your neighborhood, including or anywhere in Ocean County or The Jersey Shore, click on http://homevaluesinoceancountynj.com/

Looking for something do this weekend in Ocean County or just want to keep up with current events? The Jersey Shore News will keep you informed with local community information and happenings.

Ocean County, NJ and Jersey Shore Homes and Real Estate - Get free access to all listings with photos in Ocean County including waterfront, beachfront and water-view homes.   

While you're going to Open Houses in Toms River, you might want to think about a "buyer's agent."

Why do you need a "Buyers Agent?"  Many buyers seem to have the "I want to go it alone" mind set.  I always have to ask why? Since the seller pays the buyer's agent, the service is essentially free to buyers.

Going it alone creates more risk for home buyers: Most buyers fail to wrap their arms around representation issues. Buyer's agents are not paid high fees to search the MLS and unlock doors. That may be the way the public PERCEIVES it, but that is not really what we do. We are certainly there to help the buyer find a home, but beyond that we are there to represent them during negotiations, coordinate little things such as inspections, appraisals, walk-through, and the myriad issues that can rear their heads during the contract period. The hard work starts AFTER the home is found, not before.

The unrepresented home buyer: This is the single largest financial transaction that most people will ever make. Do you really want to enter into such a transaction unrepresented? Let me make this point crystal clear: Unless you have a buyer's agent representing you in your home purchase, you will be unrepresented during the negotiation process. Further, chances are, you are up against a pro that has a fiduciary obligation to represent their client - the seller.

"But I can save a bundle on commissions...."  First, YOU are not paying any commission. And, does the seller's agent have ANY reason to lower the price just so YOU can save money?  No, the seller's agent responsibility is to his client.  My responsibility is to YOU.

So, while you're looking at Open Houses in Toms River, remember:

A Buyer's Agent will:

- Protect YOUR best interest
- Protect YOUR negotiating position
- Advise and give informed opinion to assist in the transaction
- Help YOU to get the BEST deal on the home

Karl Hess, Your Real Estate Agent on the Jersey Shore

Property in Barnegat Light for Under $500,000.

Land, Homes or Property for Under $500,000 in Barnegat Light, Long Beach Island, NJ  

There are multiple empty lots and a few houses and/or property available in Barnegat Light for under $500,000.  This could be a chance for you to own or build to suit a house in a very exclusive area of Long Beach Island. 

Barnegat Light is a Borough in Ocean County, New Jersey. The total year-round borough population is under 800. The borough borders the Atlantic Ocean on Long Beach Island and is home to Barnegat Lighthouse.

The area surrounding the Barnegat Bay and Barnegat Inlet were described by Henry Hudson, in 1609, as "...a great lake of water, as we could judge it to be ... The mouth of the lake hath many shoals, and the sea breaketh on them as it is cast out of the mouth of it." The name of the existing town was obtained from the Bay and Inlet, which were originally named in 1614 "Barendegat," or "Inlet of the Breakers," by Dutch settlers, referring to the waterway's turbulent channel.

If you're interested in buying, selling or investing in Real Estate in Barnegat Light, Ocean County or anywhere along The Jersey Shore, click on TheJerseyShoreHomeFinder.com and get free access to thousands of home listings.

If you'd like to keep up with the very latest real estate market conditions in your neighborhood or anywhere in Ocean County and on The Jersey Shore, click here.

Looking for something do this weekend in Ocean County or just want to keep up with current events? The Jersey Shore News will keep you informed with local community information and happenings.

Ocean County, NJ and Jersey Shore Homes and Real Estate - Get free access to all listings with photos in Ocean County including waterfront, beachfront and water-view homes on The Jersey Shore 

Karl Hess, Your Real Estate Agent on the Jersey Shore