AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/10 Worst Cities for Singleshttp://realestate.aol.com/blog/2012/02/10/10-worst-cities-for-singles/http://realestate.aol.com/blog/2012/02/10/10-worst-cities-for-singles/http://realestate.aol.com/blog/2012/02/10/10-worst-cities-for-singles/#commentsFiled under:

10 Worst Cities for SinglesBy Caitlin Dewey

Landing on our list of worst cities for singles doesn't necessarily make a city a bad place to live. Far from it. Many of these cities are great for couples, families or retirees, and many offer enviable amenities, from warm weather to low living costs.

What these cities don't offer are deep pools of financially attractive singles. Like it or not, when it comes to dating, money matters -- at least to a degree. So while love might ultimately conquer all, a steady paycheck conquers the here and now -- the tab for dinner and the like.

To assemble our list of worst cities for singles, we started by screening for places where the percentage of unmarried households falls well below the national average of 49.4 percent. That indicates a lower share of single people in the overall population.

Then, we factored in income and cost of living based on data from the Census Bureau and the Council for Community and Economic Research. Although the bottom-10 cities have cost-of-living scores near or below average -- a good thing in and of itself -- household incomes run disproportionately below the average of $49,536.

We also added a date-night tab that shows the typical cost of a couple of movie tickets and a bottle of wine. The amount can be used to budget for your next night on the town. Check out the 10 worst cities for singles.

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More from Kiplinger:
Why Not to Cosign Your Child's Credit Card
The 10 Best Cities for Singles
U.S. Cities with the Lowest Cost of Living

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]]>Asheville North Carolina real estateCoeur dAlene real estateflorence alabama real estateKingsport Tennesee real estateLake Havasu City real estateMorristown Tennesee real estateOcala Florida real estatePrescott Arizona real estatePunta Gorda Florida real estateworst cities for singlesyuma arizona real estateKiplinger2012-02-10T16:20:00+00:00Open Houses of the Week: Valentine's Specialhttp://realestate.aol.com/blog/2012/02/10/open-houses-of-the-week-valentines-special/http://realestate.aol.com/blog/2012/02/10/open-houses-of-the-week-valentines-special/http://realestate.aol.com/blog/2012/02/10/open-houses-of-the-week-valentines-special/#commentsWith Valentine's Day just around the corner, what better way to get in the mood than with some completely gratuitous house porn? You might not be in the neighborhood (or tax bracket) for many of these open houses, but there's plenty to love in these big, beautiful homes -- even from the comfort of your swivel chair.

From a regal Tudor-style mansion in Tinseltown, to a Greek-inspired palace fit for a demigod, we lay down the welcome mat at some of the most enticing open houses in the nation. So wipe your feet at the door and scroll right on through.


Open Houses for Feb. 10-12


Los Angeles



Open house: Sun., Feb. 12
Location: Los Angeles
Price: $7.750 million
Property details: Just like your true love, this spectacular property is one of a kind. We're talking unobstructed views over the legendary Wilshire Country Club and golf course, multiple outdoor terraces and patios, serene fountains and gardens. It also features six spacious bedrooms, six full bathrooms, a gourmet kitchen and a roomy wine cellar that would make any oenophile proud. This resort-style residence is so luxuriously romantic with its breathtaking panoramas and graceful, wood-carved fireplaces that you and your sweetheart will feel like it's Valentine's Day every day.

See inside this property.

See more Los Angeles homes for sale.

Lago Vista, Texas



Open house: Sat., Feb. 11 - Sun., Feb. 12
Location: Lago Vista, Texas
Price: $3.350 million
Property details: This stunning home is for the romantic in all of us -- just look at the view from that stunning infinity pool. No doubt, with incredible panoramic views over Lake Travis, its prime location by a deep-water cove and its beautiful koi pond, this home will make you feel like you're on a lover's getaway every day. The 9,240 square foot beauty also features five spacious bedrooms, eight bathrooms, a media room and a wet bar. Though we suspect you and your sweetheart will spend most of your time snuggling by the wood-burning fireplace.


See inside this property.

See more homes near Lago Vista for sale.

Coral Gables, Fla.



Open house: Sun., Feb. 12
Location: Coral Gables, Fla.
Price: $8.495 million
Property details: With fireplaces, a wine cellar and stunning views, this home is Valentine's Day-ready all year-round. This beautiful, seven-bedroom, eight-bathroom home boasts over $1 million in electronics, including surround sound, security cameras, and Creston lighting. Not a tech fiend? No worries. The sprawling, 8,735-square-foot home also boasts double-volume ceilings, marble and wood floors, stunning chandeliers throughout and a spectacular pool and patio area, where you can soak up some of that blissful Florida sun.

See inside this property.

See more Coral Gables homes for sale.

Greenwood, Minn.



Open house: Sun., Feb. 12
Location: Greenwood, Minn.
Price: $1.849 million
Property details: We love this fairy-tale cottage in Greenwood, perfect for beach picnics, romantic boat rides and seashore snuggles. The charming, two-story cottage-style love nest boasts 280-plus-feet of remarkable sandy-beach shoreline overlooking St. Alban's Bay, in addition to an incredible boathouse. If you're more of an indoor person, that's OK, too -- the 4,477-square-foot, four-bedroom home has gorgeous views over the water from almost every angle.

See inside this property.

See more Greenwood homes for sale.

Atlanta



Open house: Sun., Feb. 12
Location: Atlanta
Price: $1.250 million
Property description: This stately home is right out of a romance novel. With classic antique decor, beautiful hanging chandeliers, stunning wooden staircases and fireplaces, it's truly something special. The five-bedroom, six-bathroom home is also located on a quiet, leafy cul-de-sac for the utmost privacy.

See inside this property.

See more Atlanta homes for sale

Los Angeles



Open House: Sun., Feb. 12
Location: Los Angeles
Price: $10.75 million
Property description: This photogenic home in the West Hollywood Hills is for all the Brangelinas and the Tomkats out there. Set high on its own secluded promontory with panoramic views of the Hollywood Hills, canyons, city, and also the San Fernando Valley, this 13,100-square-foot home -- named Castillo del Angels (or "Castle for Angels") is strictly for the A-List's lovers. The home features eight bedrooms, 10 bathrooms and a stunning swimming pool.

See inside this property.

See more Los Angeles homes for sale

Little Neck, N.Y.



Open house: Sun., Feb. 12
Location: Little Neck, N.Y.
Price: $999,000
Property description: This beautiful Colonial-style home on wonderfully leafy 57th Avenue has love written all over it. From its cozy fireplaces to its stunning tree-fringed views and spas, it's a two-story lover's paradise. It's also a spacious 5,368 square feet, featuring four bedrooms, three bathrooms and generous living areas. A perfect home for entertaining many -- or just two. Whatever tickles your fancy.

See inside this property.

See more Little Neck homes for sale.

Boise, Idaho



Open house: Sat., Feb. 11
Location: Boise
Price: $989,000
Property description: This beautiful Boise corner apartment is perfect for impressing that special someone. With stunning foothill views and a spacious, east-facing balcony (perfect for enjoying an al fresco, home-cooked meal) you're sure to win over that special lady (or man!). Inside, you can enjoy radiant floor heating, and nearby is a beautiful park and cafe. No doubt, this cozy two-bedroom, two-bathroom beauty makes the perfect love nest.

See inside this property.

See more Boise homes for sale.

More great AOL Real Estate galleries:
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]]>AOL Real Estate Editors2012-02-10T06:00:00+00:00How the Foreclosure Settlement Could Affect Youhttp://realestate.aol.com/blog/2012/02/09/how-will-the-25-billion-foreclosure-settlement-affect-you/http://realestate.aol.com/blog/2012/02/09/how-will-the-25-billion-foreclosure-settlement-affect-you/http://realestate.aol.com/blog/2012/02/09/how-will-the-25-billion-foreclosure-settlement-affect-you/#commentsFiled under:

Marking the conclusion of the largest joint state-federal settlement in history, the National Association of Attorneys General announced today that the nation's five largest mortgage servicers -- Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial -- have agreed to pay a $25 billion judgment to settle an investigation into illegal foreclosures.

Government agencies launched the investigation in response to revelations that, in the wake of the housing bust, banks had mishandled foreclosure paperwork and illegally foreclosed on homes. The deal could provide some relief to close to 2 million homeowners, The New York Times reports. And though by no means a panacea to the nation's housing woes, the settlement may give the beleaguered market a nudge in the right direction, experts say.

Here are the major points in the deal:

Principal Reduction

Servicers must pay $17 billion to homeowners in the form of principal reduction and other foreclosure relief mechanisms. Since servicers may actually benefit from modifying many of the loans (modification often reduces the risk of default), they will not receive 100 cents on the dollar in credit for many of the principal reductions. As a result, the $17 billion could translate into an estimated $32 billion in relief, the National Association of Attorneys General says. Servicers must pay the $17 billion within three years or face cash penalties.

Refinancing for Underwater Homeowners

Servicers will commit $3 billion to refinance underwater mortgages. A homeowner is underwater if he owes more on a mortgage than his home is worth.

Limited Eligibility for Principal Reduction and Refinancing

The relief conduits outlined above -- surely to the frustration of many homeowners -- mostly apply to bank-owned loans. Only 20 percent of mortgages fall into this category. The rest of loans in the country are mostly owned by investors, and by Fannie Mae and Freddie Mac, who buy mortgages from lenders. Some experts, like Jack Guttentag of The Mortgage Professor website, argue that this is unfair because it's up to banks to make the choice to own mortgages that they originate or to sell them to Fannie Mae or Freddie Mac. Homeowners have no say. The Federal Housing Finance Agency, which overseas Fannie Mae and Freddie Mac, has repeatedly stated that it will not allow principal reductions on any mortgages guaranteed by the two mortgage giants. The agency says mass principal reductions would cost the government-sponsored companies $100 billion.

$2,000 for Foreclosed-On Borrowers

Servicers will pay about $2,000 to homeowners who lost their homes to foreclosure during the period from Jan. 1, 2008, to Dec. 31, 2011. The payment is not reserved strictly for borrowers who were illegally booted from their homes. All homeowners who were foreclosed on by the five banks are eligible for the cash award. In total, servicers will fork over $5 billion to states and the federal government to fund the payments. To receive the payment, borrowers must complete an application and undergo a screening process. Borrowers do not forfeit their right to sue servicers by taking the payment.

New Protections

Homeowners will receive new protections, some crafted specifically to guard against improper foreclosure. Banks must now offer a single point of contact for borrowers and adhere to new review and processing requirements. The protections prohibit banks from negotiating a loan modification while simultaneously pursuing a foreclosure.

Limited Immunity From Lawsuits

Borrowers may still sue banks for the same improprieties that sparked the investigation. The settlement only grants banks immunity from prosecution by the government for foreclosure abuses. The settlement does not release the banks from claims relating to mortgage-backed securities -- marking a win for several state attorneys general who feared that the deal would let banks off the hook for other improprieties committed in recent years.

Enforcement

An independent monitor will enforce the terms of the agreement. Joseph A. Smith, Jr., who formerly served as the North Carolina Commissioner of Banks, will fill the position. The monitor may enforce the agreement in court and impose penalties on lenders who stray from its terms, according to the Center for Responsible Lending.

Note: Under a different enforcement action, homeowners who believe they lost homes to improper foreclosure may seek redress by requesting a review of their case. If the assessment determines the borrower suffered "financial injury," CNNMoney reports, the borrower could receive compensation.


Obama: Mortgage Deal Turns Page on Reckless Era




















Also see:
Sharp Drop in Foreclosures in 2011, Corelogic Says
Bank of America Plaza Sells at Foreclosure Auction
Arthur Livingston, Thought Dead by Bank, Very Alive and Frustrated

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Find out how to calculate mortgage payments.
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]]>25 billion mortgage settlementAttorney generalforeclosure crisisforeclosure settlementmortgage settlementrobosigningTeke Wiggin2012-02-09T15:31:00+00:00Alleged Squatters Found With Drugs, Handgun, Grenades, Pighttp://realestate.aol.com/blog/2012/02/09/miami-squatters-found-with-10-grenades-handgun-drugs-pig/http://realestate.aol.com/blog/2012/02/09/miami-squatters-found-with-10-grenades-handgun-drugs-pig/http://realestate.aol.com/blog/2012/02/09/miami-squatters-found-with-10-grenades-handgun-drugs-pig/#commentsFiled under:



What would you do to defend your pet pig?

Upon entering a Florida home recently, authorities could have been forgiven for thinking that a pair of squatters was prepared to use grenades and firearms to guarantee their swine's safety.

After being called in by an out-of-state homeowner, Miami TV station WPLG reports, a bomb squad entered a home there Tuesday to an astonishing find: cocaine, a handgun, marijuana, 10 hand grenades and one pig.

"The grenades have been taken to a laboratory to see if in fact they are active. But that's still under investigation," Sgt. Freddie Cruz told another Miami-area station, WTVJ.

A man and a woman reportedly were squatting in the home, and now both face drug and weapons charges.

Squatting cases have soared in recent years due to the foreclosed and vacant homes that have flooded the market as a result of the housing meltdown. Often banks purposely keep the homes off the market in order to avoid driving down prices. That leaves homes unattended for months at a time, and ripe for illegal occupation.

That can set the stage for surprising discoveries. But such discoveries are by no means exclusive to co-opted homes. Some recent ones include:

o. A "vacant" house in California that concealed an extensive marijuana-growing operation which was discovered after the home caught fire.

o. A man who revealed the fact that he'd been harboring 94 hamsters in his apartment before he surrendered them to an animal shelter.

o. A Michigan family who uncovered a skeleton in a hidden space of their attic.

o. A Florida man was found dead surrounded by a swarm of 60,000 bees.



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]]>Miami SquattersMiami Squatters 10 grenadesMiami Squatters cocaineMiami Squatters drugsMiami Squatters grenadesMiami Squatters pigTeke Wiggin2012-02-09T12:50:00+00:00National Mortgage Settlement Finally Reachedhttp://realestate.aol.com/blog/2012/02/09/national-mortgage-settlement-finally-reached/http://realestate.aol.com/blog/2012/02/09/national-mortgage-settlement-finally-reached/http://realestate.aol.com/blog/2012/02/09/national-mortgage-settlement-finally-reached/#commentsFiled under:

foreclosure settlementWASHINGTON -- Forty-nine U.S. states have reached a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst.

Federal and state officials announced the deal Thursday. It is the biggest settlement involving a single industry since a 1998 multistate tobacco deal.

Under the agreement, five major banks -- Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial -- will reduce loans for nearly 1 million households. They will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.

All but one of the 50 states agreed to the deal. Oklahoma, the lone holdout, will receive no money.

The conditions will be overseen by Joseph A. Smith Jr., North Carolina's banking commissioner. Lenders that violate the deal could face penalties of $1 million per violation and up to $5 million for repeat violators.

The settlement ends a painful chapter that emerged from the financial crisis, when home values sank and millions edged toward foreclosure. Many companies processed foreclosures without verifying documents. Some employees signed papers they hadn't read or used fake signatures to speed foreclosures -- an action known as robo-signing.

Under the deal, the 49 states have said that they won't pursue civil charges related to these types of abuses. Homeowners can still sue lenders in civil court on their own, and federal and state authorities can pursue criminal charges.

"There were many small wrongs that were done here," said U.S. Housing and Urban Development Secretary Shaun Donovan. "This does not resolve everything. We will be aggressive about going after claims elsewhere."

Bank of America will pay the most to borrowers as part of the deal -- nearly $8.6 billion. Wells Fargo will pay about $4.3 billion, JPMorgan Chase will pay roughly $4.2 billion, Citigroup will pay about $1.8 billion and Ally Financial will pay $200 million. This does not include $5.5 billion in federal and state payments.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America acquired Countrywide in 2008.

The banks and U.S. state attorneys general agreed to the deal late Wednesday after 16 months of contentious negotiations.

New York and California came onboard late Wednesday. California has more than 2 million "underwater" borrowers, whose homes are worth less than their mortgages. New York has some 118,000 homeowners who are underwater.

Lending Guidelines To Loosen

In addition to the payments and mortgage write-downs, the deal promises to reshape long-standing mortgage lending guidelines. It will make it easier for those at risk of foreclosure to make their payments and keep their homes.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement.

The settlement would apply only to privately held mortgages issued from 2008 through 2011. Banks own about half of all U.S. mortgages -- roughly 30 million loans.

Some critics say the proposed deal doesn't go far enough. They have argued for a thorough investigation of potentially illegal foreclosure practices before a settlement is hammered out.

Under the deal, the funds would be divided this way:

o. Roughly $1.5 billion for direct payouts, in the form of $2,000 checks, for about 750,000 Americans who were unfairly or improperly foreclosed upon, another $3.5 billion will go directly to states.

o. At least $10 billion for reducing mortgage amounts.

o. Up to $7 billion for other state homeowner programs.

o. At least $3 billion for refinancing loans for homeowners who are current on their mortgage payments but who are underwater.

Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

Also see:
Sharp Drop in Foreclosures in 2011, Corelogic Says
Bank of America Plaza Sells at Foreclosure Auction


Newsy Now: February 9 (1530 GMT)

 

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]]>attorney generalattorneys generalforeclosure settlementforeclosureshousing crisisMERSmortgage settlementrobosigningThe Associated Press2012-02-09T12:00:00+00:00See Homes of the Rich and Over 50http://realestate.aol.com/blog/2012/02/09/p/http://realestate.aol.com/blog/2012/02/09/p/http://realestate.aol.com/blog/2012/02/09/p/#commentsUnless Cher is inviting you over, about the only time mere mortals ever get to peek inside the homes of the rich and famous is when they list them for sale. Whether these post 50 celebrities are hoping to downsize or just move on, it's open lookie-loo season! Vote for your favorite post 50 celebrity home on the market.

See the gallery on The Huffington Post.

 

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]]>Ann Brenoff2012-02-09T11:29:00+00:00Home Swap: Exchange More Than Affection on Valentine's Dayhttp://realestate.aol.com/blog/2012/02/09/home-swap-exchange-more-than-affection-on-valentines-day/http://realestate.aol.com/blog/2012/02/09/home-swap-exchange-more-than-affection-on-valentines-day/http://realestate.aol.com/blog/2012/02/09/home-swap-exchange-more-than-affection-on-valentines-day/#commentsFiled under:



The most romantic day of the year is looming on the horizon, but not all of us have the bankroll to whisk our valentine off to a a five-star luxury resort in Tahiti (sadly). But before you book that sorrowful Sweetheart Package at a local motel, why not consider a classier, cheaper and trendier alternative?

Imagine your dream vacation, without the cost of a hotel or car rental. Plus, the opportunity to sidestep the cliched tourist experience offered by a hotel or resort and, instead, live like a true local. If that sounds alluring, you may want to consider a home exchange (also known as "home swapping") this Valentine's Day.

Home exchanges via websites like HomeExchange.com and Love Home Swap have become increasingly popular in the past couple of years due to a growing acceptance of online, peer-to-peer marketplaces, a burgeoning "sharing economy" and possibly the hit Nancy Meyers movie, "The Holiday."

HomeExchange.com, for example, grew to 42,000 members in 2011, up from 20,000 in 2008, while Love Home Swap, which launched just last October, already boasts 4,500 members across 70 countries. Love Home Swap CEO Debbie Woskow also adds that over 3.2 million people are planning home swap vacations in 2012 alone -- double the amount of home swap vacations registered last year.

And it's no wonder. To begin with, there are the obvious financial benefits. A three-day Valentine's Day getaway to Fiji, for example, could set you back nearly $2,000 for a single hotel room with an oceanfront view at a five-star luxury resort. In a home exchange, the cost drops to zero, less membership fees. Additionally, other vacation-related expenses such as car rentals are eliminated if both parties are willing to loan each other their vehicles (which, according to HomeExchange.com President Ed Kushins, happens with one of every five home exchanges).

Plus, their are other social and cultural benefits. For example, home swapping opens the doors for vacationers to explore new locations that they'd never previously thought to visit, thanks to what Woskow calls the "serendipity factor." Woskow explains that "swappers" will often find themselves agreeing to exchange for a vacation at an unconventional destination, due to an attractive swap invite from a homeowner in that destination. Naturally, what is everyday and mundane to one person will always be exciting and exotic to another -- and because of this, beach condos in Bali, Indonesia, are just as popular as urban pads in, say, Austin, Texas.

In some cases, home exchanges have gone so well, that they've led to home sales in the new exchange location. Debbie describes the case of one Australian family who "swapped" with a retired couple in London for three months -- and shortly after, decided to move to London permanently, purchasing a family house just down the road.

"Home swapping is a great 'try before you buy' option because it really does enable you to experience the location as a local, over an extended period of time," Woskow told AOL Real Estate.

"The travel experience is very authentic and the locations of these swap homes are unique."

Of course, the flip side is that you'll have to offer your home up, too. But there are ways to ensure that you end up with a legitimate, reliable swap partner. Love Home Swap, for example, offers a "trust center" powered by an identity authentication tool that allows people to check that people are whom they say they are. To further protect home swappers, Woskow has teamed up with insurance market Lloyd's to develop custom home and travel insurance for site users, aiming to create a product that covers the full costs of a host's home, as well as a traveler's flight.

"Especially for first-time swappers, trust is an issue that crops up," Woskow said.

"To ensure a happy and safe home swap, you must talk to your swap partner over email and over Skype. Also, to put your mind at ease while you're away, ask a neighbor or a cleaner to check on your home. And remember that because the swap goes two ways, most people will treat your home as they would expect you to treat theirs!"

HomeExchange also offers similar reassurance to their users on their website: "In 19 years and tens of thousands of exchanges, we've never had a report of a theft, malicious vandalism, or a case of someone getting to their exchange home and finding a vacant lot."

Before diving headfirst into the social travel trend, however -- a disclaimer. While the exchange of homes does not incur an extra cost, the service which facilitates the exchange requires a fee. Membership at Love Home Swap.com begins at $159 a year, while membership at HomeExchange.com begins at $119.40 a year. Though both sites offer wallet-friendly trial subscriptions (Love Home Swap is currently offering a four-week trial membership for only $1) and short-term memberships (HomeExchange.com offers a three-month trial at $47.85), but it's important to note that the notion of "free" accommodation is not entirely accurate.

Still, it's a small price to pay for frequent travelers, and even one successful home exchange can be worth the one-time yearly membership fee (keep in mind that hotel rooms in most major cities will run you upward of $100 per night). In the rare case that you cannot find a suitable home exchange partner within a year of listing your property on HomeExchange.com, the company promises to extend your property listing, free of charge, for another year.

Plus, as a homeowner, you have the advantage of using your No. 1 asset to its fullest potential, saving you money in the long term.


Experience Home Exchange with a Home Swap Club



















Also see:
Renting a Vacation Home Online: 6 Ways Not to Get Burned
Use Your Rental to Make Extra Money

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]]>home exchangeromantic getawaysvacation home exchangevacation home swapvacation homesvacation real estatevacation rentalsKrisanne Alcantara2012-02-09T07:00:00+00:00House of the Day: Spacious but Cozy in Hampton Bayshttp://realestate.aol.com/blog/2012/02/09/house-of-the-day-spacious-but-cozy-in-hampton-bays/http://realestate.aol.com/blog/2012/02/09/house-of-the-day-spacious-but-cozy-in-hampton-bays/http://realestate.aol.com/blog/2012/02/09/house-of-the-day-spacious-but-cozy-in-hampton-bays/#commentsFiled under:



Let's face it, many of the houses in the Hamptons are beautiful. Nothing new to report there. But we love this particular home because, while it's Southampton-flashy on the outside, on the inside it reminds us of a little English cottage.

From the quaint vintage-style interior decor, classic wicker lounge furniture with quilted pillows, wood-burning fireplaces, and even an entire bedroom decked out floor-to-ceiling in very cottage-like wooden boards, this 3,414-square-foot home has a warm, country charm that most swanky Hamptons mansions lack.

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Apart from its coziness, this six-bedroom, three-bathroom "authentic traditional" home in the Hamptons also boasts an acre of Great Peconic Bay frontage and its own private entrance leading down to the shore. Located high on a bluff, you can enjoy magnificent south-facing waterfront views over the bay to Robin's Island from the home's beautiful, wood-shingled wrap-around porch.

A setting so stunning, it was the location of the award-winning 2010 indie film, "Kisses, Chloe."

Christine Sullivan and Deirdre Devita of Brown Harris Stevens have the listing.

Click on the images below to see more homes for sale in the Hamptons, N.Y.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to respond to each submission.)

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]]>Christine Sullivan Brown Harris Stevenscountry living homesDeirdre Devita Brown Harris StevensHampton Bays homes for saleHampton Bays propertyHampton Bays real estatehome of the dayHouse of the DayKrisanne Alcantara2012-02-09T06:00:00+00:00Arthur Livingston, Thought Dead by Bank, Very Alive and Frustratedhttp://realestate.aol.com/blog/2012/02/08/arthur-livingston-thought-dead-by-bofa-very-alive-and-frustrat/http://realestate.aol.com/blog/2012/02/08/arthur-livingston-thought-dead-by-bofa-very-alive-and-frustrat/http://realestate.aol.com/blog/2012/02/08/arthur-livingston-thought-dead-by-bofa-very-alive-and-frustrat/#commentsFiled under: ,



Rumors of Arthur Livingston's demise have been greatly exaggerated -- and they're taking a toll on the South Carolina man's credit rating.

Bank of America, Livingston's bank of choice for the past 14 years, mistakenly declared him dead to the three major credit bureaus in May 2009, TV station WIS in Columbia, S.C., reports. As a result, Livingston has been stonewalled by lenders -- who refuse to loan money to the deceased -- and his dream of building a new home stymied by a 2½-year-old error.

Livingston said Bank of America promised to resolve the issue within 30 days of his complaint. It's been more than three months now and the problem has yet to be resolved, he told WIS.

"I spend every free minute I have either sending a message, calling, faxing or just, you know, wondering if it is going to be resolved today," he told the station.

While Livingston's case is an extreme example, credit report errors are a very common -- and costly -- problem for Americans looking for a line of credit.

According to the U.S. Public Interest Research Group, one in four reports can have an error serious enough to hurt one's chances of getting new credit. This is especially troublesome for prospective homebuyers today as mortgage lenders have, since the housing bubble burst, drastically raised the bar on qualifying for a loan.

Tips to Avoid a Costly Credit Report Error

The most basic step to protecting your credit score is regularly checking in with the three major credit bureaus. And contrary to a slew of popular commercials claiming to provide free credit reports, the only federally endorsed credit reporting site out there is annualcreditreport.com.

Once an error is identified, be prepared to maneuver through an entirely different bureaucracy. "Thousands of [dispute] letters get thrown out," Glamis Haro, a lending manager at a New York credit union, told AOL Real Estate.

To ensure that your complaint isn't lost to the void, Haro suggests sending any correspondence with the credit bureaus by certified mail with a return receipt request.

Under the Fair Credit Reporting Act, the bureaus are required to respond to your complaint within 30 days of receipt.

In Livingston's case, however, because Bank of America has yet to correct the error on their end, his options remain limited. Bank of America told WIS that the issue is under investigation, but resolution has yet to be reached.

See also:
How to Dispute Credit Report Errors
Bank of America Plaza to Sell at Foreclosure Auction
80 Cent 'Typo' Almost Cost Man Home

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]]>Arthur Livingston bankBank of America mistakenly declares man deadcredit applicationcredit ratingcredit rating errorscredit rating mistakescredit reporting errorsmistakenly declared deadAOL Real Estate Editors2012-02-08T19:00:00+00:00'Sh*t Real Estate Agents Say' Finally Hits the Webhttp://realestate.aol.com/blog/2012/02/08/sh-t-real-estate-agents-say-finally-hits-the-web/http://realestate.aol.com/blog/2012/02/08/sh-t-real-estate-agents-say-finally-hits-the-web/http://realestate.aol.com/blog/2012/02/08/sh-t-real-estate-agents-say-finally-hits-the-web/#commentsFiled under:

shit real estate agents sayAfter the breakout success of "Sh*t Girls Say" on YouTube, just about every group under the sun has been skewered in the popular fill-in-the-blank series. But with over a million registered Realtors in the U.S., where's the self-deprecating sendup for real estate agents? Well, thanks to agents Brian Copeland and Maura Neill there's finally a comprehensive place to find all your favorite Realtor cliches. From "It's a great market for sellers" to "It's not dated, it's retro," the duo run down some of the most cringe-worthy quotes.

Highlight of the video: Brian gushing over an ad-lib inspired listing that squeezes "appointed," "discerning" and "laminate" in the same sentence. (A tip of the hat to our friends at Curbed for finding this gem.)





Just don't laugh too hard at the pair's convincingly manic performance -- real estate agents are hurting from the housing slump, too. The median income for Realtors fell to $34,100 in 2010, down from $35,700 in 2009, according to the latest National Association of Realtors member survey. Three-quarters of its members also reported receiving no benefits from their firm. Something to keep in mind the next time your agent gives you the hard sales pitch.

See also:
First Time Buyers: How to Choose a Realtor
Don't Be Surprised by Costs of Homeownership

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]]>sh*t+realtors+saysh*trealtorssaysht real estate agents sayAOL Real Estate Editors2012-02-08T15:30:00+00:00CoreLogic Report Shows Sharp Drop in Foreclosures for 2011http://realestate.aol.com/blog/2012/02/08/corelogic-report-shows-sharp-drop-in-foreclosures-for-2011/http://realestate.aol.com/blog/2012/02/08/corelogic-report-shows-sharp-drop-in-foreclosures-for-2011/http://realestate.aol.com/blog/2012/02/08/corelogic-report-shows-sharp-drop-in-foreclosures-for-2011/#commentsFiled under:



New data released today suggests that the foreclosure crisis may be subsiding, though experts caution against taking the data at face value since government activity has distorted the housing market in the past year. Analytics firm CoreLogic says that the number of completed foreclosures dropped by 24 percent between 2010 and 2011, while the supply of homes in some state of foreclosure also fell by a considerable margin.

Completed foreclosures numbered about 830,000 in 2011 -- representing a significant decrease from the approximately 1.1 million foreclosures completed in 2010 -- while the number of homes in some stage of foreclosure dropped by 8.4 percent to 1.4 million, the report says. Since December of 2011, 3.2 million homes have succumbed to foreclosure, according to CoreLogic.

Though at first glance the report would seem to suggest that the foreclosure crisis is abating, experts say much of the decrease is a result of government interference in the housing market. Foreclosures "are being curtailed by a variety of judicial and regulatory constraints," CoreLogic chief economist Mark Fleming said in a statement. Experts like Fleming say investigations and regulatory measures stemming from alleged foreclosure improprieties have caused banks to halt foreclosure proceedings, creating a backlog.

Overshadowing all other government action is a possible settlement over foreclosure abuses being negotiated between the nation's five largest mortgage servicers and a coalition of state attorneys general that has been long in the works. Earlier this week, Iowa State Attorney General Thomas Miller announced that more than 40 states had signed on to the deal before a Monday deadline. But it remains to be seen if key states like New York and California will agree to the deal.

Against the backdrop of ramped-up government oversight, banks have just recently begun to sell foreclosed homes at a faster pace than they acquire them. In December, the "distressed clearing ratio," calculated by dividing the number of foreclosed homes banks sell by the number of homes they push through foreclosure, ticked up to 1.03 from 0.94 in November, according to the CoreLogic report.

"This is the first time in a year that REO sales have outpaced completed foreclosures, and part of the reason for the decrease in the foreclosure inventory," Fleming said.

A report recently released by RealtyTrac, a company that compiles foreclosure data, also showed a slowdown in foreclosure activity. Foreclosure sales as a share of total home sales dropped by 10 percent last year, falling from 30 percent in the third quarter of 2010 to 20 percent in the third quarter of 2011. The drop also reflects government activity in the housing market, experts say.

"As the foreclosure industry gets clarity on the foreclosure process, they will be able to push more of these foreclosures to sale," Daren Blomquist, vice president of RealtyTrac, told The Associated Press last month.


Foreclosures Down 34 Percent in 2011



















Also see:
Bank of America Plaza to Sell at Foreclosure Auction
Top Turnaround Housing Markets for 2012

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]]>2011 foreclosure reportcorelogic foreclosurecorelogic foreclosure reportcorelogic reportforeclosure 2011foreclosure corelogicTeke Wiggin2012-02-08T12:10:00+00:00Mortgage Applications Soar on Near Record-Low Rateshttp://realestate.aol.com/blog/2012/02/08/mortgage-applications-soar-on-near-record-low-rates/http://realestate.aol.com/blog/2012/02/08/mortgage-applications-soar-on-near-record-low-rates/http://realestate.aol.com/blog/2012/02/08/mortgage-applications-soar-on-near-record-low-rates/#commentsFiled under:

Mortgage applications soared nearly 10 percent this past week as record low interest rates lifted refinancing activity, an industry trade group said Wednesday.

The Mortgage Bankers Association, which measures loan application volume through the market composite index, said loan volume increased 7.5 percent on a seasonally adjusted basis from a week earlier.

Read the full story on HousingWire.

Also see:
CoreLogic Report Shows Sharp Drop in Foreclosures for 2011
Bank of America Plaza to Sell at Foreclosure Auction
Top Turnaround Housing Markets for 2012

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.


What Information To Provide When Applying For A Mortgage

 

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]]>HousingWire2012-02-08T11:20:00+00:00House of the Day: Live on a Magical Islandhttp://realestate.aol.com/blog/2012/02/08/house-of-the-day-live-on-a-magical-island/http://realestate.aol.com/blog/2012/02/08/house-of-the-day-live-on-a-magical-island/http://realestate.aol.com/blog/2012/02/08/house-of-the-day-live-on-a-magical-island/#commentsFiled under:



I don't know about you, but I've always wanted to live on a magical island. (Maybe I just read too much Enid Blyton as a kid.) If you're anything like me, then you'll be thrilled to discover that there really are "secret" islands on which ridiculously beautiful homes exist.

Exhibit A: This truly exceptional, $21.9 million mansion on Bay Island in Newport Beach, Calif. The highly exclusive Bay Island has been described by some as a "magical island," which sits out in the middle of the turning basin in Newport Harbor. Apparently, the island is "not well known," as it is privately owned by a small handful of families who allow little access to the public. Which is a shame, because the homes on Bay Island are really worth showing off.

This one, located on the north point of the island, is no exception. A refreshing respite from the typical California McMansion, this Balinese-style home boasts tropical greenery throughout, Eastern-style wooden ceiling fans affixed to thatched ceilings, rich color themes, and stunning, waterfront outdoor decks with fire pits. Plus, the 5,415-square-foot, five-bedroom, seven-bath home is flanked by water on all sides and looks out onto the harbor and a private dock.

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Our favorite feature? The home's infinity pool and waterfall, which overlook your own private beach.

Mauricio Umansky of The Agency has the listing.

Click on the images below to see more homes for sale in Newport Beach, Calif.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to respond to each submission.)

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]]>enid blytonhouse of the daymagic islandnewport beach californianewport beach real estateKrisanne Alcantara2012-02-08T06:00:00+00:00'Robo-Camera' Goes 'RoboCop' on Some London Residentshttp://realestate.aol.com/blog/2012/02/07/robo-camera-goes-robocop-on-some-london-residents/http://realestate.aol.com/blog/2012/02/07/robo-camera-goes-robocop-on-some-london-residents/http://realestate.aol.com/blog/2012/02/07/robo-camera-goes-robocop-on-some-london-residents/#commentsFiled under:



"Stop! This is a restricted area!'

The statement is the sort of warning you might expect to hear from a robot guarding a top-secret facility in your average B-grade sci-fi flick.

But some residents of a housing development in England are reportedly getting it from a robot camera that -- in the process of surveilling their communal garden -- photographs them and threatens prosecution, and they aren't pleased, The Guardian reports.

As a result, the district council in London's borough of Camden recently apologized for the surly "robo-camera," the newspaper says.

"This is a measure that is meant to tackle antisocial behavior but it is antisocial behavior," a resident of the development, Jim Jepps, told The Guardian. "If we had a man in the garden telling everybody to move on and that they were in a restricted area, we'd call the police."

The camera, activated by a motion sensor, takes flash photos of perceived intruders at night, announcing: "Stop! This is a restricted area and your photograph was just taken. We will use it to prosecute you. Leave the area now."

The device really drives its message home by delivering it in what the Camden New Journal characterizes as a " 'RoboCop' American accent."

The Camden Council originally installed the camera, made by Q Star Technologies, in order to fight "antisocial" behavior taking place on the premises, reports The Guardian, adding that the council says that it will deactivate the warning message "as soon as possible."




Also see:
Bulgarian Models Victims of Voyeur Webcam
Family Faces Eviction Over Toddler's Noise

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]]>Camden Council cameraCamden robocameraLondon robo cameraQ Star Technologiesrobo camerarobo camera homerobo camera houserobocamrobocam homerobocam houseTeke Wiggin2012-02-07T17:46:00+00:00Blueseed: 'Startup Incubator' Could Sail Past Immigration Lawhttp://realestate.aol.com/blog/2012/02/07/blueseed-startup-incubator-could-sail-past-immigration-law/http://realestate.aol.com/blog/2012/02/07/blueseed-startup-incubator-could-sail-past-immigration-law/http://realestate.aol.com/blog/2012/02/07/blueseed-startup-incubator-could-sail-past-immigration-law/#commentsFiled under:



A group of Silicon Valley entrepreneurs is trying to make it easier for its foreign counterparts to make and maintain business connections through an innovative end-run around U.S. immigration law: Putting them up for months at a time in a floating "Googleplex" that anchors in international waters -- but is close enough for them to make frequent visits to Silicon Valley.

Co-founder of the Blueseed project, Max Marty, and his partners want to build a floating "startup incubator" strategically positioned in the Pacific Ocean about 12 miles off San Francisco's coast. Offering an array of rich work and living spaces designed to foster creativity, the "Googleplex of the sea," would provide innovators with a space where they could operate far enough away from the U.S. mainland to sidestep its immigration laws, but close enough to cultivate business relationships with Silicon Valley insiders.

The project, whose creators are based in Sunnyvale, Calif., "is for entrepreneurs from around the world who want to start companies here in Silicon Valley ... but are currently unable to do so because of our antiquated visa system," Max Marty, CEO of the project, told AOL Real Estate.

The vessel, which would be anchored in international waters, would, in theory, allow entrepreneurs who are normally denied regular access to Silicon Valley the ability to make periodic trips to the technology hotbed using business or tourist visas. Jaunts to the mainland would enable entrepreneurs to meet face-to-face with investors, providing the ship's residents with an enormous advantage over other foreign entrepreneurs who are hard-pressed to court investors in person.

"If [investors] are going to invest a million dollars in a couple guys," said Blueseed's legal adviser Ron Rose, "they want to meet them."

Marty claims that over 100 startups in fields such as web 2.0, biotech and clean tech, and from almost 40 countries, have expressed interest in Blueseed.

The Floating Dorm

French entrepreneur Tarik Ansari, who developed a smartphone app that allows users to pay for groceries as they shop, says the setup would make it much easier for him to refine his product. He's worked in the U.S. for the last four years, but has been forced to take several months long trips out of the country due to U.S. immigration restrictions. But Blueseed's vessel, he said, would be "a place where people can get started and kind of bridge Silicon Valley to the rest of the world."

"You have nothing really as big or fast-paced as Silicon Valley," said Ansari, who is currently waiting in France to be approved for a business visa. "Everything else is 10 times smaller. When you're trying to change the world, you want to be with like-minded people."

As it is currently conceived, Blueseed's giant vessel would hold about 1,000 tenants, who would inhabit a variety of living quarters ranging from four-person rooms that would cost $1,200 a month per person, the likely choice for ragtag go-getters, to expensive singles for those with cash to spare. Office space can be located in residents' living quarters, or as far off as the other side of the vessel, all depending on their preferences and budget. Rent would cover amenities, but meals would be extra.

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Carving a small hotel section out of their residential space, Blueseed's craft would also offer guest quarters to U.S. citizens who might want to visit -- even work with -- its residents.

While the main point of the vessel would be to provide residents with relatively easy access to Silicon Valley, where they could pick the brains of fellow techies and interface with investors, Blueseed would also furnish the vessel's residents with a unique onboard community designed to foster innovation.

"We're trying to design a space that's actually really conducive to them forming the friendships [that] will help them become really successful," Marty said.

The most effective way to achieve this goal, said Blueseed CIO Dan Dascalescu, is to simulate the living conditions of a college dorm, where the lines between work and living space are blurred and close proximity to neighbors fosters collaboration.

"There's a lot of interesting magic that happens in dorm situations," Marty said, pointing to Facebook and Google as examples of companies that grew out of university environments.

The ship's interior and deck design would also incorporate the hallmarks of reputed tech firm campuses, like the headquarters of Facebook and Google, Marty said.

The vessel would make use of clean lines and simple colors similar to those found in Google facilities, as well as offer lavish amenities including nap rooms, tennis courts, massage areas, luxury gyms and an "awesome" cafeteria. There would be art, too, and "a lot of things that make you feel like you're not in a sterile, impersonal work environment," Marty said.

A few other ideas the two are throwing around: Hosting a university satellite campus and building an oceanographic research center.

Still a Pipe Dream

But in many ways, Blueseed remains an abstraction. When describing features of the project, Marty speaks mostly in the subjunctive and peppers his statements with "maybe" and "perhaps." His avoidance of outright declarations is understandable: The project is still in its infancy. Creating such a vessel, which could cost anywhere from $15 million to $35 million, according to Marty, is far from certain. In fact, Blueseed has only raised a bit over $500,000.

But the source of most of that initial investment might inspire confidence in other investors. PayPal founder and Facebook financier Peter Theil is the face of Blueseed's fundraising effort, having reportedly invested $500,000 of his own money into the project. Using that money over the next year, Marty says, he and his colleagues intend on drawing up plans for the vessel, which would involve retrofitting an existing ship.

While U.S. authorities might be loathe to accept such a brazen attempt to circumvent American immigration rules, they might have to get creative in finding a way to stonewall the venture.

Since it would be anchored more than 12 miles off the U.S. coastline, the vessel would fall outside the jurisdiction of U.S. immigration laws, said Blueseed legal adviser Rose, who works for Rose Carson Kaplan Choi & White LLP.

Instead of directly associating itself with the U.S., Blueseed would pay a fee to register its vessel with -- and fly the flag of -- another "reputable country that has good relations with the U.S.," Marty said. It would then abide by that nation's laws. The vessel would also have to comply with international standards of classification and safety, and residents would have to pay taxes to their home countries in accordance with those countries' tax codes.

From Blueseed's vessel, inhabitants would be able to take 30-minute ferry rides to a spot on California's coastline that would put passengers another 30 minutes from San Francisco and 40 minutes from Google's headquarters in Silicon Valley. Residents would theoretically be able to make these trips legally by using business or tourist visas, which are relatively easy to obtain, Rose said. The work-around allows them to cultivate contacts without sponsorship from investors -- in the hope of obtaining that very sponsorship in the future, after they've wooed venture capitalists or angel investors on the mainland.

Legal Hurdles

The vessel's residents would have to toe a thin legal line, however. They would be prohibited from engaging in "productive work," and permitted only to engage in networking activities, like meeting with investors or attending business conferences, Rose says.

The distinction, like the Blueseed vessel's work and living spaces, could be a hazy one.

"The really key legal issue," Rose said, "is whether the U.S. immigration service is going to feel that the activities that are conducted on land can be conducted under a business visitor visa."

Edward Low, chief supervisory customs and border protection officer of U.S. Customs and Border Protection, said it's feasible that visits from the Blueseed vessel would be allowed by his agency, but questions whether its residents would be able to make frequent trips on tourist visas.

He also said that Blueseed would need to create a "mechanism" that would enable Customs and Border Protection to monitor when the vessel's residents leave U.S. waters, not just when they enter them. Departures from U.S. territory "would have to be verifiable," he said.

Marty admits that it's possible that authorities could choose to revoke residents' visas, thereby leaving them stranded on the craft. But to hedge against such a scenario, Blueseed would require every resident to put down a deposit equal to the cost of a flight back to his home country.

Correction: A previous version of this story incorrectly stated that attorney Ron Rose works at Global Immigration Partners. In fact, Rose works for Rose Carson Kaplan Choi & White LLP.



Also see:
Google Engineer Turns Home Into Gamer's Fantasy-LAN
Ride Out Armageddon in a Space Station

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Find homes for sale in your area.
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The Blueseed Offshore Solution for Innovation in America

 

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]]>blueseedblueseed boatblueseed immigrationblueseed incubatorBlueseed Ron Roseblueseed startupblueseed startup incubatorDan DascalescuFrench entrepreneur Tarik AnsariMax Marty BlueseedSilicon Valleystartup blueseedTeke Wiggin2012-02-07T13:04:00+00:00Foreclosure Settlement Missing Some Key Stateshttp://realestate.aol.com/blog/2012/02/07/foreclosure-settlement-california-new york-nevada-florida-delaware/http://realestate.aol.com/blog/2012/02/07/foreclosure-settlement-california-new york-nevada-florida-delaware/http://realestate.aol.com/blog/2012/02/07/foreclosure-settlement-california-new york-nevada-florida-delaware/#commentsFiled under:

By Jennifer Liberto

WASHINGTON -- More than 40 states have signed on to a draft settlement with the nation's largest banks that's aimed at helping homeowners struggling with loans bigger than the value of their homes.

But several key states -- including California, New York, Nevada, Florida and Delaware -- remain undecided, sources familiar with the negotiations tell CNN.

"The sign-on deadline for the proposed joint state-federal mortgage servicing settlement passed Monday with more than 40 states," said Iowa Attorney General Thomas Miller, who has been leading negotiations that have spanned nearly a year. "This enables us to move forward into the very final stages of remaining work."

Attorneys general from California, New York and Delaware, who have all been cold to the deal in past weeks, are still talking with negotiators and may yet signal their participation, according to sources familiar with the talks.

Attorneys general from Florida and Nevada also have issues, but are still at the negotiating table.

"My office is continuing to review the intricate draft settlement terms and advocating for improvements to address Nevada's needs," said Nevada's Attorney General Catherine Cortez Masto.

Deal Could Bring $25 Billion for Homeowners

Federal officials and state attorneys general could announce -- perhaps as early as this week -- the deal with some of the nation's largest banks that could yield up to $25 billion for qualified homeowners. That would be more than any housing relief program has produced since the financial crisis began.

Under the latest draft, about 1 million U.S. homeowners who are "underwater" on their mortgages -- with principal exceeding the home's value -- could be eligible for as much as $20,000 in relief of principal owed, according to U.S. Housing and Urban Development Secretary Shaun Donovan.

In return, mortgage servicers in states that agree to the deal would get immunity from future state servicing and originating claims -- although homeowners could pursue claims against banks, and states could still pursue criminal investigations, according to reports.

Driving the deal originally were allegations that mortgage servicers cut corners and enlisted "robo-signers" that improperly foreclosed on homeowners. However, the deal under negotiation now wouldn't be able to return houses to those who have already been foreclosed on, according to reports.

What the deal would do is ensure that mortgage servicers agree to communicate better, avoid delays and give homeowners who are late on mortgage payments a fairer shake.

Without California, Payout Could Shrink

The big question is how much money would be available to help homeowners, but that depends on how many states agree to the deal. If all 50 states sign on, the mortgage servicing settlement has the potential to offer as much as $25 billion. But without California, the nation's largest state, the pot would be several billion dollars smaller.

Last week, California's Harris and Attorney General Beau Biden of Delaware said the deal, as drafted, wasn't good enough for their states.

New York's Schneiderman was tight-lipped about his participation when asked. Calls to his office on Monday weren't returned.

Generally, the attorneys general have said they're worried they if they agree to the deal it would cripple their own investigations into mortgage cases.

But California's Harris is more comfortable that the deal will leave her room to pursue her own investigations and lawsuits, a source close to the talks told CNN. However, she had not signed on as of Monday night.

At least one consumer advocacy group, the Center for Responsible Lending, has said the deal -- while "no silver bullet" -- leaves room to hold banks accountable in other mortgage probes, said Kathleen Day, a spokeswoman for the nonprofit.

The negotiations are between federal agencies, including the U.S. Department of Justice and the U.S. Department of Housing and Urban Development, as well as the state attorneys general and the five largest mortgage servicers: Bank of America (BAC, Fortune 500), Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500) and Ally Financial (GJM). A few other regional banks that service mortgages are reportedly considering signing on as well.

The big banks aren't as keen to sign off on a multi-state deal that doesn't include immunity from mortgage servicing claims from California's and New York's attorneys general, said a source familiar with the deals.

And left-leaning groups, including Move On and the New Bottom Line, are continuing to urge states to hold out for a big criminal investigation and a $300 billion settlement award.

CNN's Jessica Yellin and Lesa Jansen, and CNNMoney's Erica Fink contributed to this report.

More from CNNMoney:
Facebook's Zuckerberg May Face $2 Billion Tax Hit
Honeybee Die-Off Shouldn't Sting
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How to Save Your Home from Foreclosure

 

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]]>Attorney General Thomas MillerBeau BidenCatherine Cortez Masto.foreclosure settlementforeclosure settlement californiaforeclosure settlement delawareforeclosure settlement floridaforeclosure settlement missing key statesforeclosure settlement nevadaforeclosure settlement new yorkKamala Harrissettlement foreclosureCNNMoney2012-02-07T11:15:00+00:00David Schwimmer Turns Historic Home Into Teardownhttp://realestate.aol.com/blog/2012/02/07/david-schwimmer-turns-historic-home-into-teardown/http://realestate.aol.com/blog/2012/02/07/david-schwimmer-turns-historic-home-into-teardown/http://realestate.aol.com/blog/2012/02/07/david-schwimmer-turns-historic-home-into-teardown/#commentsFiled under: ,



Seems like Ross Geller's come a long way from sharing a tiny two-bedder in the West Village with his ex-girlfriend and their baby.

Almost a decade after the last episode of "Friends" aired, David Schwimmer has shown that his requirements are a little more refined than those of the TV character he played. So much so, apparently, that he's bought and torn down a landmark-worthy East Village townhouse built in 1852 -- to replace it with a luxurious, six-story mansion.

Schwimmer snagged the $4.1 million property (pictured above) in 2010, which at the time was one of the oldest buildings on the block and located a stone's throw from a National Historic Landmark, the Sixth Street Community Synagogue. According to the New York Post, Schwimmer had been sent three letters from the city's Landmarks Preservation Commission since the purchase, notifying him that the East Sixth Street building could gain landmark status by the end of this year.

Still, just four months after the last notice was sent, the building was bulldozed at Schwimmer's instruction (what Curbed called a "surprise demolition") to make way for his luxe new digs.

Though we can't say we're too surprised. Schwimmer did, barely three months ago, put his $10.7 million, 11,000-square-foot L.A. mansion on the market. With its outdoor swimming pool, spa and an in-home theater, his rich tastes aren't exactly shockingly new.

What is particularly sad about this situation however, is that the initial listing advertising Schwimmer's now-property clearly sought a new owner that would appreciate and preserve the home's original features, rather than tear it down for something new and "better." Local bloggers such as EV Grieve have posted the listing, which reads:

"Endless possibilities for this oasis in the East Village! This south facing, 4 story, plus English Garden floor, mixed use townhouse will be delivered vacant. Situated on a lovely tree lined block location between Second and First Avenues, this home with its magical Tuscan inspired garden proves to be one of the finest East Village houses available. Move right into the owner's duplex and have a beautiful home with the added benefit of income producing live/work English Garden floor and two large floor thru residential units OR transform it into the single family home of your dreams. So many opportunities for living!"

Those opportunities probably did not include fitting the abode with an elevator and a swanky roof terrace, which reportedly are in the plans for Geller's new home.

East Village residents, including Grieve, have expressed dismay and outrage. Grieve wrote in an entry just this morning: "Just to spell this out, Schwimmer and his people knew that the building was under landmark consideration, yet they hurried and destroyed it anyway.... With all the available upscale townhouses on the market in the city, why did he buy this historic building only to tear it down?"

We think it's safe to say that Schwimmer may not be viewed as a friend by all in the neighborhood.

Also see:
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Clippers' Chris Paul Scores House From Avril Lavigne

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]]>celebrity real estatedavid schwimmerDavid Schwimmer demolishes historic East Village buildingDavid Schwimmer demolishes historic homeEast Village landmarksEast Village real estateNew York Landmarks Preservation CommissionSchwimmer East Village teardownSchwimmer teardownKrisanne Alcantara2012-02-07T10:15:00+00:00House of the Day: Greenwich Home Is Waterfront Beautyhttp://realestate.aol.com/blog/2012/02/07/house-of-the-day-greenwich-home-is-waterfront-beauty/http://realestate.aol.com/blog/2012/02/07/house-of-the-day-greenwich-home-is-waterfront-beauty/http://realestate.aol.com/blog/2012/02/07/house-of-the-day-greenwich-home-is-waterfront-beauty/#commentsFiled under:



You can probably tell we're big on lakeside, tree-fringed homes. Well, this one has both, and then some.

This magnificent, $14.9 million, Tudor-inspired estate in Greenwich, Conn., boasts an 800-foot-long shoreline and private dock, and is also nestled within its own private forest of lush trees. In addition to 6 1/2 acres of immaculate greenery, you get stunning panoramas of Tweed Island and Long Island Sound. And that's just on the exterior.

Inside the Phelps Stokes-designed manor, you'll find 9,173 square feet of flawless detail, from the marble and limestone fireplaces, to the broad-leaded casement windows, to the exquisite triple French doors and soaring 12-foot ceilings. Its furnishings are a little too classic for our tastes, but we do love those chandeliers and the floor-to-ceiling bookshelves.

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The nine-bedroom, eight-bathroom home also boasts a bay-windowed library, well-equipped kitchen with large butler's pantry and a top-floor terrace with views of the sound.

Lyn Stevens and FiFi Sheridan from Greenwich Fine Properties have the listing.

Click on the images below to see more homes for sale in Greenwich, Conn.



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]]>architect Phelps StokesGreenwich Conn real estateGreenwich CT real estateGreenwich real estatehome of the dayHouse of the DayLyn Stevens FiFi Sheridan from Greenwich Fine PropertiesPhelps StokesKrisanne Alcantara2012-02-07T08:00:00+00:00Kenneth Robinson, $16 Squatter, Kicked Out of Upscale Homehttp://realestate.aol.com/blog/2012/02/07/kenneth-robinson-16-squatter-kicked-out-of-upscale-home/http://realestate.aol.com/blog/2012/02/07/kenneth-robinson-16-squatter-kicked-out-of-upscale-home/http://realestate.aol.com/blog/2012/02/07/kenneth-robinson-16-squatter-kicked-out-of-upscale-home/#commentsFiled under:

kenneth robinson $16 squatter

FLOWER MOUND, Texas -- After paying $16 to file a one-page claim to an empty, $340,000 home in an upscale Dallas suburb, Kenneth Robinson moved in furniture, hung a "No Trespassing" sign in the front window and invited television cameras inside for a tour.

He quickly turned into something of a local celebrity, creating a website -- http://16dollarhouse.com -- where he sold an e-book and offered training sessions for would-be squatters. And while real estate experts and authorities say he's misusing the law, Robinson appears to have inspired dozens of imitators to move into Dallas-Fort Worth area homes -- some of which were still occupied by their owners.

But Robinson's time in the house ran out Monday.


















Bank of America wants possession after foreclosing on the home last month, and a judge on Monday gave Robinson until Feb. 13 to appeal or move out. Rather than wait to be evicted, Robinson slipped out before sunrise Monday, skipped a morning court hearing and refused to say where he was moving next.

"It's been a huge learning experience," he said in a phone call with reporters.

On his website, Robinson describes himself as a savvy investor who's part of a "paradigm shift" in which people have taken over abandoned homes. In his "adverse possession" claim filed in court last June, he promised to pay taxes and homeowners' association fees while living in the house. He kept the lawn outside mowed, and the front clean.

Robinson spoke to The Associated Press last week while standing at the front door of the two-story, 3,200-square-foot home with a backyard pool. He declined to discuss his background or say how much money he made from book sales or seminars related to his takeover.

He said he started his website -- which describes him as "poised, measured, insightful and wise" -- to keep the media and others from misleading the public about his story.

"They think some bum off the street came and paid $15 to get a $300,000 house by filing a piece of paperwork," Robinson said. "That is not the case. That is the sum of what happened."

Robinson's website says he's not a lawyer and isn't offering legal advice but has done real estate research.

Real estate experts say he's got the law just plain wrong.

Adverse possession statutes can be found in most states, said Brian C. Rider, a real estate lawyer and professor at the University of Texas. Someone who has openly taken charge of abandoned land for an extended period of time -- using a driveway on a neighbor's property, for example -- could try to claim that land later, he said.

But it takes a long time to establish those rights -- typically 10 years in Texas. Until then, anyone trying to stake claim to a piece of property owned by someone else is just a squatter, Rider said.

Arlington, Texas, real estate attorney Grey Pierson said the law is often used to resolve disputes between homeowners over driveways, lawns or other property with shared boundaries -- not to take someone's house.

It's not clear how long the home in Flower Mound was empty before Robinson moved in. Its last owner, William Ferguson, bought the house for $332,000 in 2005 and appeared to run into trouble making payments about three years later, according to county records. Ferguson did not have a listed phone number, and the records don't indicate where he moved.

County clerks in North Texas said they have seen such a spike in adverse possession filings that they've stopped accepting the claims without prosecutors' approval. In a handful of cases, squatters entered homes that weren't abandoned, but left empty for a few days.

"We just had people making bad decisions, taking a portion of the law and applying it in a way that was not legal," Tarrant County clerk Mary Louise Garcia said.

In one case, an Arlington travel nurse came home in September to find her locks changed and two TVs missing, according to a police report. Authorities say Anthony Brown came to the front door and told her that he had claimed the home and she was trespassing.

When the nurse asked Brown for his paperwork, he offered to return the home for $2,000, police said. Brown, who was arrested in October, does not have an attorney listed and did not respond to messages left on his cellphone.

Tarrant County constable Clint Burgess said authorities have interviewed a handful of people claiming "adverse possession" who said they spoke to Robinson. The Fort Worth Star-Telegram reported that Robinson attended a December eviction hearing for two charged with burglary. Robinson said then he was attending to show support for the couple.

He says now that he doesn't want to be an example to others.

"The truth is I don't want people to think that they should go out there and do anything based on what I did," he said last week. "Whether they do it or whether they're not is solely up to them."

Robinson hasn't been charged with a crime but police said they responded to several calls from his neighbors. One neighbor, Chris Custard, attended Monday's hearing and was smiling after the eviction was ordered.

"We're going to throw a party," he said.

Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

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Also see:
Distressed Sales Undercut Home Prices in 2011, Study Says
Foreclosure Discount Capitals: Best Cities to Beat the Bank

 

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]]>16 dollar house16dollarhouseDallas squatterFlower Mound squatterKenneth Robinsonsquatter Kenneth RobinsonTexas squatterThe Associated Press2012-02-07T07:00:00+00:00Bank of America Plaza to Sell at Foreclosure Auctionhttp://realestate.aol.com/blog/2012/02/06/bank-of-america-plaza-to-sell-at-foreclosure-auction/http://realestate.aol.com/blog/2012/02/06/bank-of-america-plaza-to-sell-at-foreclosure-auction/http://realestate.aol.com/blog/2012/02/06/bank-of-america-plaza-to-sell-at-foreclosure-auction/#commentsFiled under:



In today's post-bubble housing market, it's not uncommon for landmark buildings to fall into foreclosure. But this Atlanta tower is noteworthy for two reasons - it's the tallest skyscraper in the Southeast, and its sale smacks of irony.

The Bank of America Plaza, the 55-story skyscraper where BofA still holds office space, is scheduled to hit the auction block on Tuesday, the Atlanta Business Chronicle reports.

The building's current owner, BentleyForbes, fell behind on mortgage payments after buying the property from BofA and a real estate investment company in 2006.

Just as we've seen in the residential market, commercial buyers over-leveraged loans by betting on still-climbing prices. In 2006 the 1.25 million-square-foot property sold for $436 million. Today, it's worth less than half that, at approximately $202 million, Bloomberg reports.

The news comes as BofA and four other major lenders brace for what could be a record-breaking mortgage settlement, in which the nation's largest banks could face up to a $25 billion judgment for inappropriate underwriting practices known as "robo-signing."

All told, the five major lenders - Bank of America, JP Morgan Chase, Citigroup, Wells Fargo and Ally Financial - control two-thirds of the nation's mortgage servicing industry, Stateline reports. Mortgage wrongdoing has been found by every state attorney general involved in the settlement.

Perhaps spurred by the impending lawsuit, BofA announced that they're considering selling all of their corporate offices, with the exception of the New York and North Carolina headquarters.

Since the purchase by BentleyForbes in 2006, BofA has downsized its presence in the building from 400,000 square feet to under 200,000 square feet.

UPDATE: The Atlanta Journal Constitution reports that the Bank of America Plaza sold at auction to the property's bond holders for a $235 million "credit bid." That's almost half its original sales price of $436 million at the height of the bubble in 2006.



Also see:
Distressed Sales Undercut Home Prices in 2011, Study Says
Foreclosure Discount Capitals: Best Cities to Beat the Bank

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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]]>bank of america foreclosurebank of america plazacommercial real estateforeclosure auctionmortgage settlementREITsrobosigningStefanos Chen2012-02-06T15:40:00+00:00