Edgewood Undressed

VFW - Important information

The photo above shows the State Headquarters for the Veterans of Foreign Wars office located in Fife, Washington. 

I never knew this office existed.  I found out about it while I was having breakfast with the Edgewood/Milton Kiwanis group earlier this month. To review the article Click Here 

During breakfast I met a couple of Vets from the Korean war.  While we talked about things going on in the neighborhood we got side tracked.  I told them a couple of the stories my Dad, (who was also in the Korean war) had told me.  I asked if they knew anyway for me to find out if the stories are true.  That was when they told me that we have the State Headquarters for the VFW in Fife.  It’s on Hiway 99 about a half a block from the Poodle Dog restaurant.

I stopped in a few weeks ago, and spoke with the State Adjutant Richard A. Petersen.  He was very friendly and helpful.  They will be able to help me get some info.  I need to go back and speak to a different gentlemen but help is available. 

He was very eager to help me.  I told him I was surprised to find out they where there.  He said he hears that all the time.  So I promised to tell everyone I know that they are in Fife and ready and willing to help.  The address is 5213 Pacific Highway East Fife, WA  98424   local phone 253-922-2114  toll free 1-800-525-1616 fax 253-922-2208 the email address for Richard is:  vfwstateofwa@aol.com

There is a variety of programs to help veterans.  If you are one and need help please call them.

Sub Prime Bailout: Taxpayer toll

I was just reading the above titled article on CNNMoney.com  it was reviewing the different view points of the on going Mortgage Market Meltdown.  It really doesn’t matter which side you agree with.  We are all going to be paying for this mess for a long time.  It’s only a matter of how long and in which way. 

Please remember this is just my opinion.  I’ve seen a lot of ups and downs in my time as a Loan Processor/Underwriter and now as a licensed Realtor.  In the  early 1980’s the interest rate went up to 18%.  We still had people that qualified for and closed loans.  Yes, they didn’t like it but they wanted the house and knew how high the payment amount was going to be.  The payments started high and stayed that way, they paid them anyway.  This was prior to people doing refinances every couple of years.  People got a house and a 30 year Fixed Rate loan and that was it until they sold the house. 

Over time lenders invented the Adjustable Rate Mortgage or ARM loan.  A loan that started at a bit lower than the going rate and then after a specific amount of time adjusted up till it was at or a bit above the going market.  The original idea was that people could get a loan for a bit more than they could currently afford on a Fixed Rate loan.  They would count on getting a raise from their employer and/or that the interest rate would stay the same or go lower prior to the adjustments.  Keep in mind that everyone that has applied for an ARM loan is given a written copy of the payment adjustments under the worse case scenarios.   This is just one part of the mess.  Lenders  started making loans to people that could only marginally qualify and the borrowers didn’t really look at the future payment possibilities.

I keep seeing headlines saying Sub Prime this and Sub Prime that.  What is going on is happening in all areas of lending.  Not just in the Sub Prime market.  A lot of people have refinanced their home continuously every 3-4 years for the past 15 years and taken money out to pay off credit cards, put down payments on vacation homes, buy boats, etc.   Currently the appreciation on property has been less over the past couple of years.  People have continued to run up the credit cards and now they don’t have the equity in their home to do another cash-out refi to pay off the credit cards.  They’re stuck paying between 12 to 18 percent interest on the credit cards.  Making minimum payments on credit cards covers the interest and not much more.  This year the credit card companies have been required to raise the minimum payments amounts.  This has put pressure on Spend-a-holics.  They can’t refi themselves out of the credit card payments and are now paying either late or not at all.  It’s just a matter of time before the trickle down effect hits the “A” paper mortgage holder. 

Article after article comments on the government needing to step in and help.  Help who???   The guy that got a new house that he couldn’t really afford, and then went out and got new furniture and a plasma TV.  He’s now in trouble and can’t pay his bills.   Or help the guy that started with a 525 credit score (cause he’s never made any payments on time). Who with the help of some unscrupulous lender somehow managed to get a 100% loan.  Made one payment and is now crying that the payment is too high to pay.  

All Borrowers and Lenders need to take a minute and really look at the reality of living with the payments they are getting into.   Just because a Loan Officer says that they can get a person approved on a loan doesn’t mean you’ll really want to have payments that high. 

In all my years in the business I don’t remember ever hearing a Loan Officer advising a first time home buyer to remember that when you own a home you’ll have additional expenses compared to renting.  Most renters don’t have to pay water or garbage, and they don’t think about painting either the interior or exterior of the property, or any yard maintenance items, etc.  I know just my water and garbage is almost $100 per month.  For a lot of people that is all they have left over every month, and suddenly it’s gone. 

Again, my opinion.  I think that over the last few years, Lenders have done a dis-service to borrowers in the Sub Prime area.  These people need to be educated and taught how to budget and work with the income they have.  And really it’s not just Sub Prime. It’s the majority of the country.  We need to think before we spend.  Put the plastic away.  If you can’t pay cash for it and still have money to pay your bills don’t buy it.  

This type of situation is exactly the reason I got my license as a Realtor.  I wanted to step to the front of the line.  To help people plan how to own a home that they could be comfortable affording. 

OK, I’m off my soap box, but.  We need to remember that when “THEY” talk about the government helping that means ALL of us that work and pay our bills on time will be paying higher taxes, higher mortgage interest rates, high credit card interest rates, etc. from now till who knows when.  Government help means another department to be setup and run (at our expense).  The banks have to take a loss on the ARM loans that have had the increases frozen for the next three years.  They will be looking for other sources of income to make up that lost revenue.  I can hardly wait to see what they come up with.

Whatever happens with this situation in the end we will all lose.

President signs Mortgage Forgiveness Debt Relief Act of 2007

Earlier this week President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007. 

In a nut shell this bill for the next three years prevents the IRS from collecting income tax on debt that has been forgiven by the bank. 

Prior to this bill being signed you could be in a situation where your home value is falling, your getting behind on your payments, things are not going well.  You work with your Bank/Lender they forgive part of your debt and reduce your payment.    You think everything is going to work out OK.  Then you go to file your taxes and the IRS tells you that the $30k the Bank forgave on your loan is viewed as income and you owe taxes on it. 

For anyone wanting to read more details please     Click Here               

you’ll be seeing articles by Larry Cragun at Real Estate Undressed

Gonzaga 68 - Oklahoma 72

It was a defensive game all the way to the last second.  In the end it was Oklahoma’s Austin Johnson’s perfectly timed lunge that stopped Jeremy Pargo’s shot from winning the game for the Bulldog’s.  

At least we have Matt Bouldin and Josh Heytvelt back and they both had some playing time. 

I’m looking forward to watching them play Tennessee next week.

Go…Zags

Edgewood Food Bank

Last Saturday I went out to the Edgewood Food Bank.  It’s currently being run out of the Mt View Lutheran church.  These photos are volunteers helping bag up food for the waiting customers.

The photos below are of the trailers in the parking lot used for storage till the new building is finished.   The project is in the final permiting stages.  As you saw in the photos included with first article I wrote some of the land prep work has begun. 

Anyone with time to help would be welcome.  The link to the Food Bank is listed in the Edgewood Links section on the right hand side of the page. 

If you would like to read the original article.   Click Here

Gonzaga 77 - Northern Colorado 57

They did it again.  Without one of their better players, Matt Bouldin. Who was out with an injury.  They are starting to come together as a team.  In a few weeks when, keep your fingers crossed, everyone is recovered from the injuries they’ve been plagued with. The team will be a force to be reckoned with.  Not that they aren’t now.  Going into tonights game they were ranked number 18 on the national standings.  All I can say is GO…..ZAGS……

SIGNS, SIGNS - Edgewoods got the Best

On Friday December 14, 2007 The News Tribune - the major paper for the south sound area did an article on Signs. They used the entire front page of the Soundlife section.  It was all about road signs, billboards and electronic reader boards.  They claimed to have posted the most interesting.  While in my opinion they missed the best one. 

As you can see it’s a mix of things to think about.  Yes it’s advertising, but it makes you think.  Everyone knows that Diamonds (are a girls best friend) are a gift that says “I’m making a long term commitment”.  So think about the commitment you make when you remodel your kitchen and upgrade to having slab granite counter tops. 

I spent some time Saturday afternoon in the shop talking to Dexter Meacham the owner of DXS Granite.   As you can image anyone that would put up this type of sign is great to talk to.  Besides having a sense of humour he’s very knowledgeable about the stone.  How it’s cut, polished, etc.  He explained it in a fashion that was understandable.  Part of the reason he can go into such detail is that he buys directly from a number of different quarries around the world.   This also makes his prices much more cost effective.   I’d suggest that anyone interested in remodeling go in and talk to him.  You’ll be surprised.  His prices are between 30-50 percent less than Lowes or Home Depot. 

He let me know that in mid January some where around the 15th he’s receiving a large shipment that will be priced to move.   If you haven’t noticed the shop it’s located at 1009 Meridian Ave East  Edgewood, WA  across the street from the Surprise Lake shoping center.  Phone 253-942-ROCK (7625).   For his website Click Here

CURVES - Help for Food Bank

The ladies at the the Curves gym in Edgewood haven’t just been working out.  They’ve been working hard at collecting donations for the Edgewood Food Bank.   I’m glad to say that I’m a member and have a great time while I’m there.  Besides being a great place to go and workout it’s fun to be able to meet ladies that you may not ever have a chance to be introduced to.  The staff takes great pains to make sure they introduce people to each other.  

Everyone knows that working out is good for you, but most people don’t realize that not having face to face communication with people can be bad for you.  Our work and relaxation time communications these days can become overly automated.  You talk on the phone, email, instant message.  All very impersonal.  It’s comfortable to go somewhere they actually encourage relaxation and face to face conversation.

For anyone that wants to help the food bank directly Click Here to go to the Food Bank website.

The Poodle Dog - restaurant

I went out yesterday and had lunch at The Poodle Dog “Fife’s Original Landmark Restaurant” that’s a direct quote from the wall inside the restaurant. The wall also states that they have been in business since 1933.  As busy as it was while I was there I can understand that they have had no problem staying in business. 

This was the first time I’ve had lunch there.  My past visits have been limited to breakfast.  Which has always been great.  Both the quality and the quantity of the food.  Lunch was as good as the breakfasts.  I had a nice Monte Cristo sandwich with a choice of soup-fries-salad or potato salad.  The soup of the day was Split Pea which happens to be one of my favorites.  It was made from scratch and was great.  I finished every bit. It was so filling I had to take 1/2 the sandwich home. The friend I took along had a Club sandwich which she was pleasantly surprised with.  The components were all fresh.  The bacon was perfect, the lettuce fresh and the tomatoes were firm not over ripe.  She requested them to Hold the Mayo which they remembered to do.  She also complemented them on the soda to syrup mix of the drink she had.  The fries were great along with the ranch dressing to drip them in. To some people it  probably sounds like small nit picky little things.  But in the long run it’s the small things that can make or break a meal.

We had arrived at approximately 11:30 so we got to watch the lunch rush start.  The service wasn’t the fastest but it was friendly and the whole comfortable feel we had along with the good food made it worth while.

The lunch was like eating at Grandmas house, basic home cooking and plenty of it.  All for a reasonable cost.  I will definitely be back to try out dinner.  

Gonzaga’s remaining 2007 schedule

Just thought I’d take a minute to update everyone on the games scheduled during the holiday season. 

12/17    Northern Colorado  in Spokane 

12/20    Oklahoma City in Oklahoma - All College Challenge

12/29    Tennessee in Seattle - Battle in Seattle (Key Arena)

12/31    Utah - Spokane

I do believe that you can still get tickets to the Battle in Seattle.  I’m sure anyone going will see some great college ball.