Denise Allen Realtor@ Chesapeake, Hampton Roads

Fannie Mae says it will get tough on borrowers who engage in "strategic defaults," or walk away from a home that's worth less than what's owed on the mortgage even if they can afford to keep making their payments.

Fannie Mae said that it will not only refuse to guarantee another loan for seven years if it has evidence that a borrower chose to default on their loan. They will also seek to recoup losses in court through deficiency judgement. Virginia is one of the states that will allow Fannie Mae to recoup their losses.

The city of Chesapeake will come out and spray for mosquitos at no charge to the residents. Residents just have to call the Mosquito Control Commission which will send a worker over usually the same day.

There are two companies that are charging homeowners $550-$650 to spray for mosquitos for a season. For a one time spray it costs between $79.00 and $125.00.

Before you pay someone to kill mosquitos on your property give the Mosquito Commission a call. It seems to be a great deal to have mosquitos killed for free. If you are not happy with the results call Mosquito Squad or Mosquito Joe to come and spray them for you.

Chesapeake City Council voted no to a free standing Emergency Room in the Greenbrier area. The Emergency room was going to be built by Sentara. The city council looked at the big picture and if it was really needed that close to Chesapeake Regional Medical Center. It would be 2 1/2 miles away.

Chesapeake Regional Medical Center is the last regional independent hospital. Sentara has bought up the other hospitals that were independent. Chesapeake Regional has recently spent $6 million to renovate their emergency room.

Right after the meeting Sentara said they were going to file a lawsuit against the Chesapeake City Council. Sentara just does not like to be told "no". They are now taking a step back and are going to examine all their options. They say that they may still file a lawsuit.

I am glad that Chesapeake city council looked at the effect the free standing emergency room had on Chesapeake and not just what Sentara wanted.

If you are a first time buyer that has been wanting to buy a home do it now. The $8,000 tax credit will expire on April 30, 2010. You have to have a contract written by that date. You have until June 30, 2010 to close on the home. Interest rates are still very low.

Do not delay buying your new home. Interest rates are predicted to start rising. This is the best time to buy a home. Do not let this opportunity pass you buy. Start looking today for your new home. There is still time to take advantage of the low rates and the tax credit.

Chesapeake city council is unwilling to spend $350,000 to study the plan to extend light rail into Chesapeake. They have also postponed the plan to seek $1.4 million in federal money. Chesapeake leaders were told that they would need to come up with the non-federal funds before applying for federal funds.

The city council decided to revisit the idea next year. The mayor said the delay will give the residents more time to comment on the light-rail. It will also give officials time to come up with a way to pay for the study if they decide to move forward.

The study would examine the cost and feasiblity of extending the light-rail into South Norfolk or Greenbrier area.