Midnight posting from the Corp of Engineers shows Lake Lanier at .26 feet below full pool of 1071. Calculated as elevation above sea level the lake is well on the way towards full pool and beyond. My sellers on Lanier are grateful for the return of water in their backyards but with the added elevation comes more work for homeowners with docks. With the drought last year some homeowners pushed docks out 1000+ yards trying to keep them in the water. With additional rain on the way Lake Lanier is expected to pass the 1071 mark sometime this week. 

About the pictures.  In all my years of watching Lanier waters fluctuate I never thought the day would come when the Lanier Island bridge was high and dry. Today the lake is 3/4 up the pilings with more water expected.  The stranded boat picture was repeated in almost every shallow cove across the lake.  At the height of the drought a missed weekend by the owner would leave docks and boats high and dry.  The steel pole next to the express cruiser gives reference to water depth in this cove at full pool.  For more information on Lake Lanier foreclosures please visit my web page    www.JeffBarnwell.net

From the Internet:

Business has been much slower this year than last (self employed). We haven’t gotten behind on our mortgage, but it’s been really tight some months. I mean eating ramen and being thankful we can afford that. That’s not the lenders fault. I want to get out of the way that I signed a contract, agreed to it, and always intended on following through with it. We have owned our home for just under 6 years and have always made our payments.

Anyway, my wife saw these ads for this non-profit called NACA (Neighborhood Assistance Corporation of America). I don’t completely agree with their tactics or their opinions, but they do have contracts with lenders and servicers to modify loans. They are having a weekend event here in Phoenix. The wife talked me into going. We arrived at the Phoenix Convention Center about 7am this morning. Stood in line a while, and the doors opened at 9. First, they put you through a little orientation session. About an hour where they talk about how ‘evil and greedy’ the mortgage companies were.

From there, you basically shuffle from area to area while they talk to you about what paper work you should have, help you write a hardship letter, etc. My business is down 40% from last year. That’s a fact. We went in there 100% truthfully. I’m not sure that is the case for everyone. We waited until about 5pm to meet with a NACA counselor. Yeah, 10 hours. We gave her all our income documents, bills, etc. She plugs in the numbers, and comes up with a plan. Our mortgage payment as of this morning was $1200 + Property taxes and insurance, so $1382 total. Our interest rate was 8.7%. She came up with an ‘affordable’ number of $1212 a month, PITI. Hey, $150 a month ads up over the next 24 years,we figured anything would be helpful.

From there, we went and signed in to meet with our lender. Our original lender was Countrywide, who has been taken over by Bank of America. So after waiting another hour or so, we got to sit with a rep from BofA. And this isn’t like calling in on the phone. This is a person who is a decision maker. She ran our numbers and we talked about how business has been down and how we had a baby last year which has increased our household expenses. I explained to her that we were ‘able’ to make the payments, but its been pretty tight. I told her we just wanted to see what could be done. She worked on it for a while. She came back with what she could offer us. And holy ****. Am I glad my wife dragged me down there. She beat even the NACA recommended restructure. She came back with a fixed (for the life of the loan) 3% rate. THREE PERCENT. THREE PERCENT. There is NO way I could have gotten that even with a refi. And, this doesn’t net me a new 30 year loan. Just restructures my current loan. No extending for another 6 years, etc. Our new payment? $940 PITI. We got out of there at 8:30pm. 13.5 hours. And we saved $440 a month for the next 24 years. Just to put that in perspective: we spent 13.5 hours sitting around to save 126 THOUSAND dollars. This is not pie-in-the-sky either. We actually signed new documents.

Most, but not all, of the people in our group got something. Some had to wait for approval from the actual investor. Some were unable to be helped. Mostly, those unable to be helped were those that owned 2 or more properties. They aren’t interested in helping investors.

I can’t say they can help you or not. But, if you’re struggling with your mortgage, and NACA has an event in your town, I would go. The worst that can happen is nothing. The best? Seriously, look at what I got. Where else could I get a 3% mortgage? I don’t see this as taking advantage of anyone. All parties must agree. There is no strong arming. That already happened. In the end, I think everyone wins in this scenario. There are a lot of people out there like me and my wife. Making it, but just barely. There’s no reason not to go after what’s being offered.

EmbroidMe-cumming.com, Offering Monogramming & Embroidery Services for Companies

EmbroidMe, one of the largest full-service embroidery companies in the world, is happy to offer some of the most extensive and visually appealing monogramming and embroidery services available on the market for companies in Gwinnett, Georgia, looking to promote themselves at a competitive rate.

While embroidery itself is nothing new – the process has developed over hundreds of years – the approach of EmbroidMe certainly is. This company, ranked by Entrepreneur Magazine as the No. 1 embroidery franchise, prides itself on being able to offer its vast array of services at a local level.

EmbroidMe provides hundreds of locations for customers, allowing it to keep costs low while completing and shipping nearly every order locally. This progressive approach is environmentally sound, reduces charges of personalized items, and provides customers with a dedicated and professional
experience that otherwise might not be possible. Sporting Gwinnett embroidered apparel and Gwinnett monogramming promises to give any business
a boost.

“We believe that embroidery services work better when they’re local – when embroidered products can be shipped out quickly, for less money,” said a
spokesperson for EmbroidMe. “The Internet allows us to provide our services for customers anywhere, but with over 450 locations in 12 countries, we can provide the sort of local support and friendly atmosphere that you might not expect from a large company.”

Providing local service is nothing new for EmbroidMe. The company’s numerous locations make it easy to not only provide customers with quality service, but with personal service. The embroidery is of extremely high quality, and a proofing system nearly eliminates the possibility errors. Special orders are also encouraged. The company even has the ability to utilize a company’s own logo on items using state-of-the-art embroidery technology.

Embroidered and monogrammed items can help a business promote itself, encourage and reward employees, and effectively develop a brand presence.
EmbroidMe provides this at a fraction of the cost of other promotional options. The speedy turnaround time of Gwinnett monogramming and embroidery makes these personalized products a quick way to boost employee morale or improve sales.

According to EmbroidMe, “whatever the necessary time frame or budget, we can meet any need for personalization.”

About EmbroidMe-cumming.com

Embroidery has been around for hundreds of years. But until EmbroidMe, it was difficult to find a store that could handle all of your custom embroidery, screen printing and promotional needs – much less, one that could do so personally, professionally and punctually.

EmbroidMe is the largest full-service embroidery company in the world with over 450 stores in 12 countries and ranked as the #1 Embroidery Franchise by Entrepreneur Magazine six years in a row! “We’re local but we’re large” You can leverage the buying power of a large franchise organization while
benefiting from our local, personalized service.

Media Contact
James Simmons, EmbroidMe-cumming LLC, (770)-888-5130, info (at) EmbroidMe-cumming dot com
For more information, visit their website at www.EmbroidMe-cumming.com , or contact EmbroidMe-cumming.com at 655 Atlanta Rd Suite 507 Cumming, GA 30040-2769, by telephone at 770-888-5130.

By Vicki Barnhorst

All the Shore Sweep dumpsters are finally picked up, and we are pleased to announce that the 500-600 volunteers who braved the rain on Saturday, September 19, collected 28 tons of trash from Lake Lanier.

Volunteers in Dawson County collected 9 tons of trash, and they began their efforts of locating and transporting the debris and foam two weeks before Shore Sweep.

Capt Rick Marton and his crew, along with Marine Specialties, also collected 9 tons of trash which were taken to the dumpsters on Young Deer.

We would like to thank all the volunteers who collected trash in the pouring rain, the site volunteers who were on duty from 8 am until 1 pm, and all the sponsors without whose support Shore Sweep would be not be possible.

Our deepest appreciation also goes to the following for making this event so successful:

• Hall and Forsyth counties for free landfill service; 
• Dawson County for trash pick up and disposal;
• Marine Specialties for three barges with staff who collected large trash from boaters and from the shore and transported this debris to lakeside dumpsters; 
• Martin Docks for styrofoam removal from marinas in Hall County;
• J & J Disposal for discounted dumpster use;
• The marinas and Lake Lanier islands who gave us the use of their dumpsters during Shore Sweep.

Thank you all very much!

Emailed from one of my sellers…  (ready to purchase an East Cobb Townhouse for 223k in perfect condition?  www.JSBSells.com )

Reported in NY Times this morning.  Politico was also reporting that Sen. Dodd is working with Sen Isakson (R) on a measure that would extend the credit, potentially increase the size and expand coverage to ALL homebuyers(not just new homebuyers which is requirement for current version).  Income restrictions likely remain in place. 

***This would clearly be viewed as a big deal as the expiry of the credit has been attributed as the key reason behind recent indications of a slowdown in orders. 

 CS Analyst Dan Oppenheim noted in his report today that he believes there is a high likelihood the tax credit gets extended (but not expanded).

Bank plans mortgage reprieves

By Michelle E. Shaw

The Atlanta Journal-Constitution

Wells Fargo, which now includes Wachovia, has put a moratorium on foreclosures in metro Atlanta through Oct. 28.

The goal is to keep people in their homes, said Jay Lawrence, a bank spokesman.

“We’ve been working hard on the foreclosure issue in Atlanta for months, while listening to numerous community and civic leaders,” he said. “We’re happy we’re seeing progress, in Atlanta and elsewhere, but we know the job is not done.”

It is unclear how successful recent programs by lenders, states and even the federal government were in saving homes from the auction block.

The Rainbow PUSH Coalition is trying to get several banks in metro Atlanta to stop foreclosure proceedings this month, said spokeswoman Janice Mathis.

The group has plans to host a workshop where lenders will be available to help homeowners evaluate their options at its annual Creating Opportunities Conference in Atlanta next week. The workshops, Oct. 16 and 17, will be held at the Hyatt Regency.

Mathis would not say which lenders would participate, but suggested homeowners call their providers to inquire.

Getting in touch with your lender is a big part of keeping your home out of foreclosure, said John McCosh, spokesman for the Consumer Credit Counseling Service of Greater Atlanta.

“In Georgia foreclosures can proceed from initial notice to auction very quickly, so anything that gives the homeowner more time to work out a loan modification or other solution increases the chances they will be able to stay in their home,” he said. “Putting the foreclosures on hold while giving borrowers the opportunity to attend an in-person foreclosure prevention workshop can also be helpful.”

Lawrence, the bank spokesman, said Wells Fargo has helped 1,400 Atlanta area homeowners avoid foreclosure in the past month, but many more could still face it.

The bank will hold foreclosure prevention workshops Oct. 26-28 to help customers explore their options, Lawrence said.

“Until the workshop is complete, we will not move to foreclosure sale any Wells Fargo Home Mortgage or Wachovia mortgage loan in the Atlanta area,” he said. “If we find an option that may work for a customer at the workshop, we’ll push back the foreclosure date even further” to explore the option.

By Chip Cutter

Ap Business Writer

NEW YORK (AP) — The Great Recession has turned into the best of times for young investor Daniel Lee.

Early this year, the 30-year-old salesman in Scottsdale, Ariz., shelved expensive meals and vacation plans and threw “every spare dollar” into the stock market. The value of his portfolio has more than tripled as the market has rallied since March.

“This is like buying a swim suit in the fall or a winter jacket in the spring,” he says. “Get in while it’s a good deal.”  Halfway across the country in Detroit, retiree Irvin Hall, 70, is living through the recession in a different way.  His mutual funds fell 35 percent during the stock market plunge that started last fall and continued for six months, and his monthly pension from General Motors dropped by 10 percent. He and his wife pay more for health care and medicine after the company reduced his insurance benefits.  “It takes your mind a while to really adjust to this,” he says. “You’re expecting, hey, I’m set for life, and then all of a sudden that’s taken away.”

The plight of baby boomers and retirees has been well-documented in the year after the financial meltdown. But for people in their 20s and 30s who have a good job and feel it’s secure, this is the best of times. Many were renters and had little or no money in the stock market. They didn’t take a six-figure hit to the value of a home or 401(k) account. Now they’re positioned to invest at prices no one would have believed during the boom years.  Home prices are down 30 percent, on average, and 50 percent or more in some markets. The Standard & Poor’s 500 stock index is nearly 34 percent below its record high in October 2007.

Young people are benefiting in other ways, too. The Cash for Clunkers program allowed them to trade in beaten-up used cars and buy new ones at a discount. “They’re never going to see that again,” says John Rogin, who owns a Buick dealership in Livonia, Mich.  The Consumer Price Index has recorded a rare drop over the past 12 months – 1.5 percent. And the decline for many goods and services has been much greater, allowing young people to put even more money into stocks and housing.

“This is a historic time,” says George Jaramillo, 35, a business analyst in Atlanta, who recently purchased three homes, including two at foreclosure prices. “It’s a great opportunity to make some great gains in the future.”  Besides low prices, many have been spurred by low interest rates and a tax credit of up to $8,000 for first-time homebuyers. First-timers, many between 25 and 34, accounted for about 45 percent of home sales at the end of July, a figure that has risen steadily over the past two years, says Walter Molony, a spokesman with the National Association of Realtors. Only 39 percent of adults under 35 are homeowners, compared with 80 percent of those over 55, according to the U.S. Census Bureau. So the opportunity for those in their 20s and 30s to take advantage of the real estate crash is greater than for any other age group.

Young people also got a break with the stock market. Even with the surge since it hit a 12-year low on March 9, the S&P 500 index is nearly 30 percent lower than it was at the end of 1999. A recent study by T. Rowe Price, a money management company, highlights the benefits that young people can receive from investing in a down market.

The study compared how returns differ if someone starts investing during a weak decade for stocks that’s followed by a strong one – and vice versa. Somebody who invested $500 a month in a fund replicating the S&P 500 starting in 1970 and continuing through the bull market of the 1980s would have ended 1989 with $589,707 – for an annualized rate of return of 11.5 percent.  The 1970s were characterized by high inflation and high unemployment and a flat market, setting the stage for the 1980s when the S&P 500 tripled.  If the decades are reversed, and the strong years of the 1980s were followed by the 1970s bear market, the account would be valued at $358,972, even though the annual rate of return would still be 11.5 percent. The difference is that the investor in the first situation would have been buying more shares of stock each month during the bad years of the ’70s.

“We need to be shouting from the rooftops that this is not the time to get out of the market if you’re young,” says Christine Fahlund, a senior financial planner with T. Rowe Price. “This is the time to be in the market.”  For young people to take advantage of deals, however, they need to have a job – and cash. Neither is a given.  The unemployment rate for workers ages 20 to 24 jumped to 14.9 percent in September, up from 10.8 percent in the same month a year ago. Unemployment for those 25 to 34 is 10.6 percent, almost a point above the rate of 9.8 percent for people of all ages.  And the skyrocketing cost of undergraduate education means graduating seniors who borrowed money for tuition enter the work force with an average of $23,118 in student-loan debt, according to the Department of Education. About 65 percent of students take out a loan to finance their education.

Plenty of people, though, are taking advantage of this recession’s generation gap. Ann Seiden, 28, bought a home in Phoenix last November for 15 percent below the asking price.  Some people are casualties of the recession, she says. “And there are those who have kind of seized on the opportunities in it.”