Chris Smith

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Eco Tech Management Corporation is a Full Service Southern California REO Maintenance and Security Company. Offering Green Solutions to Property Clean-Up, REO Maintenance, Property Security and Maintence Products and Security Consultation Services. We provide services ranging from Closed Circuit Cameras to Board-Ups and Remodeling. All jobs are performed in a clean, organized, professional manner. Contact Eco Tech today, for all of your property Maintenance needs! 1-866-965-6999 or email us at: ecotechinc@yahoo.com EcoTech Management is a fully licensed General Contractor.
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Choose Nursing, Choose Hoag

FOR IMMEDIATE RELEASE

PRLog (Press Release) - Feb 17, 2009 - Chris Smith of Chris Smith and Associates (Surterre Properties) and his wife Julie were in attendance at the Choose Nursing, Choose Hoag Celebration of Success Luncheon 2008 The luncheon took place at the Island Hotel in Newport Beach, CA. The mission of Choose Nursing, Choose Hoag is spreading the word that nursing education is a viable component to the solution for the critical nursing shortage. Its members are an outstanding group of community leaders dedicated to supporting nursing education in order to attract and develop the best and brightest new nurses and to providing career-advancing education for established nurses. Mr. and Mrs. Smith are both active members of Hoag's 552 Club and Volunteer and Assist in the Hospital's Philanthropic Efforts and Events. "Nursing plays such a vital role in our community's health care, there is such a need for nurses, nursing educators and advanced practice nurses going into the next decade, we feel this an excellent way to attract and inspire those interested into the Nursing Field", said Chris Smith. If you have any questions about Choose Nursing, Choose Hoag or Questions Related to this even you may contact the Hoag Hospital Foundation Directly or you May Contact Chris Smith and Associates at 1-800-390-4437.

January 28, 2009, 1:04 pm Why Luxury Housing Could Be Hit Hardest The realtors and housing analysts who argued that the top of the housing market would be immune to the housing market’s travails have now mostly given up. Most agree high-end homes have followed the rest of the market into the tank. SothebyBut what if the high end actually does worse than the rest of the market? I haven’t heard anyone of repute raise this theory, but consider the following: JUMBO DEFAULTS. An article today by my colleague Nik Timiraos shows that delinquency rates for jumbo mortgages–those that are too high to qualify for backing by the government–are more than three times as high as regular conforming loans. About 6.9% of prime jumbo loans were at least 90 days delinquent in December, compared to 2.1% for other mortgages. That suggests mortgages taken out by the affluent and wealthy, or at least the aspiring or former wealthy, are deteriorating at a faster rate. FEWER BUYERS. When everyone was getting richer, selling a high-end home was a plus, since there was a rising number of buyers. Now, with Richistan evacuating faster than Malibu in a mudslide, the number of potential buyers for big, $1 million-plus homes is on the decline. At least on the middle and lower end of the housing market, there is a crowd of first-time buyers and discount-seekers ready to take up the slack. At the top, well, it is getting much more lonely among buyers. WORST REGIONS. The regions with the highest-valued properties–New York, California, Nevada–have reported the biggest fall in prices. That means homes that once were priced at the top of the national market may take the biggest spill, and have the hardest time recovering. THE INDEBTED RICH. Everyone assumed that the wealthy were living more within their means than the rest of the population. But they may have been just as leveraged as everyone else–and certainly owe more in dollar terms. From 1995 to 2004, the top 1% of Americans by wealth more than doubled their mortgage and residential debt to $494 billion. Since the recession reached the rich later than the rest of the country, that mountain of debt could become a huge overhang on the high-end housing market. Permalink | Trackback URL: http://blogs.wsj.com/wealth/2009/01/28/why-luxury-housing-could-be-hit-hardest/trackback/ Save & Share: Yahoo! Buzz| Share on Facebook | Del.icio.us | Digg this | Email This | Print Comments Report offensive comments to wealth@wsj.com Lower the rates for Jumbo Holders as much as conforming loans… I have a FICO above 800, income to support the loan, and a significant amount of equity, but interest rates are at least 2% higher than conforming loans.. Comment by Jumbo Loan Holder - January 28, 2009 at 8:33 pm The 80/20 rule applies to all sectors of society. Poor, middle class, uber-rich. Look at the NFL. This is supposed to be the best of the best that were picked out of all the kids in all the colleges across the nation. And in the NFL about 20% of the players really stick out. And 5% of the 20% shine like diamonds in the sun. The same could be said for the NFL of wealth. 80% of these people are getting loans, using credit and barely staying “wealthy” by the skin of their teeth. 20% are comfortable now because they make wise decisions. 5% will never worry. Even if you took all their assets, they’d rebuild a fortune because they wealthy were it matters most. In their mindset. Note Taking Nerd #2 http://www.mynotetakingnerd.wordpress.com Comment by Note Taking Nerd #2 - January 29, 2009 at 1:03 pm Hard for me to believe, but we could actually “afford” to buy up — by quite a bit. But every time we look at one of the $1million + homes, the amount of taxes makes me blanch, and I stop looking. Taxes are something that I have taken a much more serious look at — particularly now that we are living in Obamaville where socialist seem to abound. Comment by Taxes are one of the issues - January 29, 2009 at 7:14 pm I live/rent in Fairfield County, Conn and yes, the blood bath in the higher end real estate market, $1M to $5M has started in earnest with no end in sight. It will be worse than in the more moderate price range. Its not just the purchase prices that are out of reach of potential buyers, you also have to consider the carrying costs of these McMansions–i.e. heating, insurance and real estate taxes and that puts off even buyers who can afford them, who ask why should I be paying $30,000 a year in property taxes for a house? Comment by Megalos - January 30, 2009 at 12:34 am As always - Irrational on the way up = Irrational on the way down Cannot outrun supply/demand fundamentals…maybe delay for the short run. But eventually they catch up with you. Let the ultra wealthy hold the houses - they are ‘immune’ to the economic crisis. And honestly, the prices do not reflect current market conditions and repricing of risk. So - let them hold until 2012+ when the market flattens. Good Luck to All Comment by Save Money... - January 30, 2009 at 9:00 am Frank- indebted rich? that’s a contradiction in terms. you question whether the wealthy live within their mean? “everyone assumed that the wealthy were living more within their means than the rest of the population.” i tell you they would not be weathly if they did not do so! many of those people purchasing multimillion dollar estates are not rich they just pose as being rich. Stanley’s “Big Hat, No Cattle” syndrome. Comment by littleitaly - January 31, 2009 at 7:51 pm Donald Trump and others of his ilk could, in fact, be insolvent. I think Manhattan condo values will decline 50 -60% over the next three years. Comment by Richard Cranium - February 2, 2009 at 11:49 am Keep hearing that tired refrain. Bet they said that in Greenwich too. Note taking nerd nailed it exactly. Anyone who is truly wealthy will ride this out without drastic lifestyle adjustment or nasty price cutting. For the come lately nouveau faux rich Wall St class that was overpaid and hence overleveraged (on overpriced properties) just like their now defunct firms and who now stare listlessly at their bonus envelopes which are either, shrunken to a fraction, empty or mostly stuffed with IOU’s collateralized by toxic CDO’s that even the USG won’t buy, that loud clucking noise is the din of the chickens coming home to roost. There is a lag to this wave of the credit tsunami and while Joe six-pack and company got washed away in the first rush, time for the rest of the imprudent to snap out of their trance and price their homes correctly, or get swamped in the next surge. Things are different this time, there will be a reckoning at the top of the market, not just the middle or bottom. Regional nuances are nice to talk about but let’s be real here - Every region in the country is now feeling this recession on steroids, few more acutely than the NE Wall Street crowd. Boo-hoo!

Here are some great ways to get your credit card debt down! We are all in this mess together.. So here is some stuff that can help you out... Have a great day!

1. Debt Settlement

With debt settlement you hire a company to negotiate with your lenders on your behalf. Essentially, they're negotiating a new, reduced amount of money that you would owe them that they will consider payment in full. You pay the debt settlement company directly for several months and then they try and pay off your creditors. They take their fee out of your contribution.

They all seem to have the same strategy, which is to tell you to stop communicating with your lenders. The theory is that if you can get your lenders so desperate for a payment, they'll be more open to accepting less than you really owe them.

Pro - If a settlement is accepted on an account, you will pay less than you initially owed the lender.

Con - The industry is polluted with scam artists and thieves and you're not going to be able to tell the difference until it's too late. People who still have decent credit should NOT choose settlement. The reason is your credit reports will be significantly damaged for seven years.

Suggestion - If you choose to settle, try doing so on your own. They can't do anything that you can't do yourself. And you'll save their fees.

Strategy Grade: D

2. Self-Budgeting

Ok, let's address the elephant in the room...budgeting is not fun. In fact, losing weight is more fun. People have a hard time sticking to a budget for more than a few months. Having said that, many people would be able to get out of debt on their own with this option. Things like dinners out, movies, cell phones, vacations, car washes, spa treatments, that new car you want but don't need, expensive haircuts, and gym memberships are fun but have to go if you're in too much credit card debt.

Pro - Reducing your debts on your own will save your credit from damage and it's free. And you'd be surprised how flexible you can be when it comes to money. Sticking to a budget might eventually become second nature.

Con - Paying your debts off on your own will take time and time equals interest on revolving balances. The faster you can pay off your debts, the better.

Suggestion - Start with the most expensive debt first, which are those with the highest interest rates. Do this unless you have some really low dollar debts that can be knocked out in one month. The euphoria of NOT getting another statement will energize you to continue.

3. Debt Management Plans (DMPs)

A debt management plan is set up through a legitimate non-profit Consumer Credit Counseling Service. Essentially you hire them at a reasonable fee ($40 per month in some cases) to act as your trustee. They talk to your lenders and renegotiate your payment requirements (if your lender is willing to work with them). They'll even make your payments for you by drafting the money directly from your checking or savings account.

The goal with most debt management plans is to have them completed in less than five years. And, when you're done, you'll be completely credit card debt free.

Pro - There's no negative impact to your credit scores by signing up for a DMP. Most credit card issuers will work with the legitimate credit counseling services and report your account in good standing as long as they are getting paid each month. And your existing late fees will probably be waived.

Con - Even though there is no overt negative impact to your credit, you can expect lenders to avoid you while you're in your DMP, and rightfully so.

You also have to be absolutely certain that you are working with a legitimate organization. If you want to be sure, you can find a local CCCS operation here.

Be certain that any organization you speak with is a member of the National Foundation for Credit Counseling. If they are not, keep looking.

Suggestion - If you have a great deal of credit card debt and are not able to manage it on your own, this could be a good option for you.

Strategy Grade: A

4. Bankruptcy

Bankruptcy is legal protection from your creditors. There are two types of bankruptcy that consumers can generally file: Chapter 7 and Chapter 13. A Chapter 7 allows consumers to "discharge" or do away with almost all of their debts. There are some exceptions, as always, and the new bankruptcy laws make Chapter 7 much harder to file and much more expensive.

Chapter 13 is also referred to as a wage earner plan and has become much more common with the bankruptcy reform laws. You pay a monthly amount to a trustee who then distributes the money to your creditors.

Pro - If you file Chapter 7, you may walk away completely debt free, a good feeling to be sure. And, completing a Chapter 13 will still relieve you of a majority of your debts. Plus, depending on your state's laws, you may be able to keep your home and other property.

Con - A bankruptcy filing will stay on your credit reports for 10 years and your credit scores will be damaged by it almost the entire time. It will take some time before you can qualify for a loan at decent rates. There are also some lenders who will never do business with you again if you discharge one of their accounts in a bankruptcy.

Filing bankruptcy is also more expensive today than it has ever been. You can expect to pay well over $1,000 to file for Chapter 7 and you'll have to pay for mandatory credit counseling before you can even file.

Suggestion - Bankruptcy isn't always a bad option BUT it should usually be considered your last option.