By July 1, 2010, you must upgrade your home heating system equipment to prevent leaks from tanks and pipes that connect to your furnace. By making a relatively small expenditure now, you can prevent a much greater expense in the future. Massachusetts has a new law to address oil leaks from home heating systems (see Chapter 453 of the Acts of 2008). This law has two major provisions that require: the installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices; and insurance companies that write homeowner policies to offer coverage for leaks from heating systems that use oil. Most homeowner policies do not currently include such coverage, leaving many to pay for costly cleanups out of their own pocket. Although it is mandatory that insurance companies offer this coverage, the insurance is an optional purchase for homeowners. The effective date for both provisions is July 1, 2010. To download information on oil heating law changes, click here for .pdf https://www.passrealtors.com:447/lamps/Documents/Oil%20Heating%20System.pdf
Source: Plymouth and South Shore Board of Realtors.
Monday, March 22, 2010
Banks Pressed to Write Down Second Liens
Many homeowners are seeking to sell homes in short-sale deals, but banks are reluctant to approve them, pushing these distressed homeowners into foreclosure. Now lawmakers are stepping in to apply pressure to encourage banks to eliminate the most obvious stumbling block – second mortgages. U.S. Rep Barney Frank, chair of the House Financial Services Committee, recently wrote a letter to the four largest U.S. banks urging them to write down second mortgages. Frank wrote that while second loans often have little value, “because accounting rules allow holders of these seconds to carry the loans at artificially high values, many refuse to acknowledge the losses and write down the loans."While most first mortgages are now held by Fannie Mae and Freddie Mac or other investors in mortgage securities, about $766.7 billion in second liens are held by commercial banks, savings banks, and credit unions.
Source: The Wall Street Journal, James R. Hagerty (03/08/2010)
Thursday, March 11, 2010
Sunday, March 7, 2010
Subscribe to:
Comments (Atom)
