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If you or someone you know has dealt with a collection agency, you know how trying it can be. Debt collection agencies have a long history of harassment and illegal practices. Can a collection agency report to a credit bureau without notifying you? The answer might not be that simple. Knowing illegal debt collection practices can help identify when you’re being treated unfairly.

The Law Protects You

The Fair Debt Collection Practices Act is a federal law that protects consumers against certain unfair collection practices. It applies to only external or third-party debt collectors and only for personal debts. It does not come into play for creditors collecting their own debts. State laws may provide additional protection.

In its annual report to Congress about debt collection complaints, the Consumer Financial Protection Bureau described collection complaints received by the Federal Trade Commission (FTC).

In 2019, the FTC received 75,200 complaints about debt collectors—down from 84,500 in 2018. A complaint does not mean a law has been broken, and some complaints may result from overseas debt collection scammers who harass consumers.

If the FTC finds the complaint to be valid, the agency can ban parties from participating in debt collection. The FTC keeps an up-to-date list of all prohibited parties.

A collection account can significantly affect credit score. If you’ve been contacted by a collector and are worried your credit is being hurt, it might be a good idea to check your credit scores to see if anything has changed.

FTC 2019 Annual Report: Types of Debt Collection Complaints Reported by Consumers

Every year the FTC releases a report discussing the six main types of debt collection complaints from consumers. Understanding these complaints gives you a better idea of your rights as a consumer. If you’ve experienced any of these types of actions from a debt collection agency, you can report them to the FTC. 

Before we delve in, a quick note: keep in mind that state laws can vary. So whenever we mention the law, we’re specifically referring to the Fair Debt Collection Practices Act (FDCPA).

1. Attempts to Collect a Debt Not Owed

Percentage of complaints: 45% in 2019

The law: If you don’t think the debt belongs to you, you can send a request in writing within 30 days of receiving the initial notice that you want verification of the debt. You can also request that the debt collector no longer contact you. You may consider making the request in writing so you have proof of the request

Often, this issue arises after identity theft occurs. That’s why it’s essential to keep an eye on your credit report, so you can spot these issues early.

2. Failure to Provide Written Notification of Debt

Percentage of complaints: 18% in 2019

The law: Within five days of initially contacting you, the collector must send written notice of the debt and include:

  • The amount of the debt
  • The name of the original creditor to whom the debt is owed
  • A statement describing your right to dispute the debt

You can file a complaint with the FTC if you believe the debt collector never sent written notice. Most individuals complaining about written notifications (65%) say they didn’t receive adequate information to identify and confirm their ownership of the debt. Additionally, some individuals (30%) complain that their written notice never included their right to dispute the debt.

3. Communication Tactics

Percentage of complaints: 12% in 2019

The law: Collectors are not allowed to call repeatedly just to harass you. However, there is no specific number of calls specified in the FDCPA limiting calls they can make within a given period. That’s for the courts to decide. If you think a debt collector is calling too often, start keeping a record of the time of the call and any messages left. Collectors also may not call before 8 a.m. or after 9 p.m. unless you’ve given them permission or at times you’ve told them are inconvenient.

The majority of complaints surrounding communication tactics are about repeated phone calls (55%), foul or abusive language (12%) or calls outside of the allotted times (5%).

4. Negative or Legal Action, or Threats of It

Percentage of complaints: 12% in 2019

The law: Collectors can’t threaten a lawsuit, criminal prosecution, wage garnishment, jail time, or a poor credit rating unless they have the legal authority to do so and intend to do so.

The most common complaints in this category in 2019were:

  • Threats or suggestions that a consumer’s credit history would be damaged (34%)
  • Threats to sue on old debt (28%)
  • Threats to arrest or jail consumers for not paying the debt (14%)
  • Lawsuits without proper notification (9%)
  • Attempts or successful seizures of property (8%)
  • Attempts or successful collection of exempt funds, such as unemployment benefits or child support (5%)
  • Lawsuits filed in a different state from where the consumer signed the contract or currently lives (2%)
  • Threats of turning the consumer in to immigration officials or of deportation (0.2%)

These threats are often in violation of the FDCPA. Usually, collectors must take you to court and win before they can take these kinds of actions—if they even have the right in the first place.

5. False Statements or Representations

Percentage of complaints: 11% in 2019

The law: Collectors can’t use false statements or representations to try to force consumers to cooperate, including:

  • Claiming to be affiliated with the U.S. government or any state
  • Purporting to be a law enforcement official or an attorney
  • Stating that failure to pay will result in imprisonment, seizure of property, garnishment of wages, or other false claims
  • Implying the consumer committed a crime

These claims are in violation of the FDCPA to make if they are untrue. Sometimes, collectors may be allowed to make a claim if they have taken the consumer to court and received a court-approved judgment.

In 2019, the majority of complaints in this category were for:

  • Attempts to collect the wrong amount (74%)
  • Impersonations of an attorney, law enforcement official, or government official (17%)
  • False statements that the consumer committed a crime by not paying the debt (6%)
  • Suggestions that the consumer should not respond to a lawsuit (3%)

6. Threats to Contact Someone or Share Information Improperly

Percentage of complaints: 3% in 2019

The law: Collectors can call third parties such as family members, neighbors, friends, or co-workers only once to locate the debtor. When they do, they are not allowed to reveal the debt.. They can only make contact again under specific circumstances.

In 2019, the majority of complaints in this category were for debt collectors who contacted:

  • A third party about the debt (53%)
  • An employer (28%)
  • The consumer after being asked not to do so (18%)
  • The consumer directly when they were informed to speak with only the consumer’s attorney (2%)

Debt Collection Laws

The federal Fair Debt Collection Practices Act (FDCPA) limits what debt collectors can do and say when attempting to collect a debt. This law covers mortgages, credit cards, medical debts, and any other debt for personal, family, or household purposes.

Unfortunately, the FDCPA doesn’t cover business debt or debt that is owed to the original creditor rather than a collection agency.

As stated earlier, time and place, harassment, and representation are all factored into this federal act. Debt collectors cannot contact you in an unusual place or at a time they know is inconvenient.

Additionally, if collectors are aware you have sought legal representation for the matter, they must immediately stop direct communication with you and, instead, contact your attorney, except for a few exceptions.

Can a Debt Transfer Hands?

Many people ask, “If a debt is sold to another company do I have to pay?” Once your debt is transferred, you owe the money to the current company rather than the original creditor. However, the new collector must still adhere to all the regular debt collection laws. In addition, the company cannot add interest you didn’t agree to or change any other terms of your original contract.

So, when does this happen? Can collection agencies buy from other collection agencies? Yes. Once your debt crosses a threshold that indicates it’s less likely to be paid, your original creditor will send it to a collection agency. After some time, the collection agency might sell your debt to a debt buyer.

If you do choose to pay off your debt, always make sure you pay the party currently holding your debt.

The Fair Credit Reporting Act

Another federal law is the Fair Credit Reporting Act. It covers certain financial aspects, including debt being collected and reported on your credit report.

This law protects consumers from unfair, deceptive, or abusive acts or practices by collection agencies or creditors.

How to Get Help

If you think a debt collector or collection agency has broken the law while trying to collect a debt, you can:

  • Complain to the Consumer Financial Protection Bureau and your state attorney general
  • Contact a consumer law attorney — you might be entitled to damages and/or attorney’s fees

Whenever you’re dealing with debt, it’s smart to review your credit reports for accuracy, because errors can unnecessarily damage your credit standing. Should the worst case happen, there are ways to dispute credit report errors.

If you’re ready to improve your credit score, you can begin the process of credit repair. Debt sent to a collections agency doesn’t have to ruin your financial life—you can work to fix your credit report with credit repair. ExtraCredit is offering an exclusive discount to one of the leaders in credit repair, so sign up today.

Source: credit.com

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It might sound a little bittersweet, but former homeowners are now authorized to purchase the properties they lost to foreclosure at fair market value, instead of having to pay back the entire amount owed on the old mortgage.

This new rule applies to real estate owned (REO) properties held by Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency (FHFA) announced the news today in a press release, with director Met Watt referring to it as a “targeted, but important policy change” intended to reduce the number of vacant homes and stabilize property values.

In other words, a larger pool of potential buyers should lead to fewer empty homes, which in turn should boost home prices and aid the ongoing housing recovery.

Previously, borrowers who lost their homes to foreclosure couldn’t repurchase them at their current value. Instead, they were forced to pay off the associated mortgage balances if they wanted the properties, something I doubt anyone actually did.

The old rule also applied to anyone who attempted to buy a foreclosed property on behalf of the previous homeowner.

Going forward, previous homeowners (or third-parties who purchase on their behalf) will be able to scoop up their old properties at their present value, as determined by Fannie and Freddie.

This policy change is limited to properties held by the pair as of November 25th, 2014.

For the record, the fair-market value policy already applied to purchasers of REO properties who did not originally own the homes.

If a former homeowner wishes to purchase their old property (or have someone buy it for them), it must be used as a principal residence. Simply put, you can’t buy your old home and rent it out.

The FHFA also noted that some property exclusions may apply and will be dealt with on a case-by-case basis.

At the moment, Fannie and Freddie hold about 121,000 REO properties in their collective inventory. It’s unclear how many former owners want to move back in.

If you’ve lost your home and want it back, you might be able to reacquire it more easily, though it should be noted that home prices have surged in recent years. So you’ll probably still pay more than you originally did, but I suppose it’s better than nothing.

However, you’ll need to be able to qualify for a mortgage again (assuming you can’t pay with cash), which can be difficult after experiencing a foreclosure.

The timeline to get a mortgage after foreclosure ranges from three to seven years for conventional loans, depending on the circumstances involved. It can be as short as one year via the FHA.

Source: thetruthaboutmortgage.com

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Whether you’re relocating to a new house in Tacoma, WA, or an apartment in Houston, TX, moving to a new city or state can be an exciting adventure, but the process of long-distance relocation can also be overwhelming. Proper planning and organization are crucial to ensuring a smooth and successful move. In this comprehensive guide, Redfin provides you with ten valuable tips to make your long-distance move stress-free and efficient.

1. Start planning early

Long-distance moves require careful planning, so start as early as possible. Ideally, begin the process at least 8 to 12 weeks before your intended move date. Create a detailed moving checklist and timeline to keep track of important tasks. This includes researching moving companies, sorting and decluttering belongings, and scheduling necessary services such as transferring utilities. Also take into account how many moving boxes you’ll need.

2. Hire a reputable moving company

Choosing the right moving company is essential for a successful long-distance move. Research several companies and read online reviews to assess their reputation and customer satisfaction. Obtain written estimates from multiple movers and compare their services and prices. Look for companies with proper licensing, insurance, and a good track record of handling long-distance moves.

3. Purge unnecessary items

Long-distance moves can be costly based on the volume of your belongings. Take this opportunity to declutter your home thoroughly. Donate, sell, or discard items you no longer need or use. Consider hosting a garage sale or selling items online to earn some extra cash for your moving expenses. Reducing the number of items to move will not only save you money but also make the packing and unpacking process much more manageable.

“Sell or donate unwanted items,” says Eshon Howard of The Hard Body Haulers. “This will free up space in your home and reduce the amount of stuff you have to move. You can even host a garage sale or sell your items online to make some extra money.”

4. Organize important documents

During a move, important documents can easily get lost or misplaced. Gather and organize essential documents such as passports, IDs, birth certificates, medical records, financial paperwork, and any contracts related to your new home. Keep them in a safe and easily accessible place, and consider carrying these documents with you personally rather than packing them in boxes.

5. Pack methodically

Packing your belongings room by room is a practical and efficient approach. Start with the items you use less frequently and work your way to daily essentials. Use high-quality packing materials to protect your belongings during transit. Invest in sturdy moving boxes, bubble wrap, packing paper, and quality tape. Fragile items should be wrapped individually to prevent damage.

Label each box with its contents and the room it belongs to. This will make unpacking a breeze and help movers place boxes in the correct rooms in your new home. Additionally, keep an inventory list of your packed items. Number the boxes and write down the contents in a notebook, or use a moving inventory app. Having a detailed list will help you ensure that nothing gets lost during transportation and will serve as a reference when filing insurance claims, if necessary.

Marcin Cwaliński of Ampol Moving, Inc suggests doing the packing yourself to stay organized and save money. “In order to keep costs down, we advise anyone who is moving to be as organized as possible,”he says. “Try to pack your own boxes, versus having a moving company to do it for you. If at all possible, bring as many items as possible to the garage or a main level of your house. This will speed things up, thus saving you money.“

6. Take inventory

“With a move of any size, it is prudent to have an accurate assessment of your property,” says Thomas Engelhart of 513 Movers. Create a detailed inventory of all your belongings before the move. It’s particularly crucial for long-distance moves, where your belongings may be transported with other items. Having an inventory will help you keep track of your possessions and ensure that everything arrives safely at your new home. It will also be beneficial for insurance purposes in case of any unforeseen accidents or damage during the move.

7. Plan your travel and accommodation

If you’re driving to your new location, plan the route in advance and make reservations for accommodations along the way if needed. Calculate the distance, travel time, and any potential stops you might want to make. Consider the best time to travel to avoid heavy traffic or inclement weather conditions.

If your move involves air travel, book your flights well ahead of time to secure the best prices. Arrange for transportation from the airport to your new home in advance. If you have pets, ensure they have proper travel arrangements as well.

8. Notify important parties

One of the critical steps in a long-distance move is notifying relevant parties of your upcoming relocation. Inform your current and new utility providers about your move-out and move-in dates to ensure a seamless transfer of services. Also, notify your banks, insurance companies, credit card providers, and any other institutions you have accounts with about your change of address.

Don’t forget to update your address with relevant government agencies such as the postal service, the Department of Motor Vehicles, and the Internal Revenue Service (IRS). Additionally, inform subscriptions, friends, family, and other contacts of your new address to continue receiving mail and packages without interruptions.

9. Pack an essentials box

Packing an essentials box is a simple yet incredibly useful step that can save you time and stress during and after your move. Pack a box with items you’ll need immediately upon arrival at your new home. This may include toiletries, a change of clothes, important documents, basic kitchen supplies, essential tools, and any items that will help you settle in comfortably during the first few days.

Keep this essentials box with you during the move, rather than having it transported with the rest of your belongings. That way, you can easily access these important items without rummaging through packed boxes when you first arrive at your new residence.

10. Stay positive and stay flexible

Lastly, remember that moving, especially long-distance, can be challenging and unpredictable. Unexpected issues may arise, but maintaining a positive attitude and staying flexible can make the process more manageable. Embrace the adventure and the new opportunities that await you in your new location.

Source: redfin.com

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Last year I asked, “How much do you spend on food?” Answers varied widely. Some commenters couldn’t comprehend that others could spend so much — or so little. I’ve always believed that buying produce at the farmers market is a good way to cut food costs. But is it really? This weekend I decided to find out.

Over the past two days, I’ve surveyed produce prices at five different locations: the farmers market, a produce stand, and three different grocery stores. I did my best to compare apples to apples (so to speak), but I cannot guarantee that my methodology was flawless. Still, this survey was accurate enough for me to draw general conclusions about my personal shopping. Here are the places I scouted:

The nearby farmers market is a great source for produce, but it’s not exactly convenient. It’s open every Sunday from 9:30am to 2:00pm between May and October. The market is a crowded, bustling place with dozens of local growers offering their wares. Quality is good, and most items are raised organically. The market also features cheese-makers, bakers, and the all-important knife man. (We take our blades to be sharpened at the end of every summer.)

You won’t find out-of-season or out-of-region produce at the farmers market. Ginger and bananas and asparagus are nowhere to be seen. You can, however, find a dozen different types of tomatoes, or sample the fall raspberries before you buy. Prices are good on some things, poor on others. For us, it’s worth paying a little extra to support local farmers and businesses with our food dollars.

This high-end grocery store is tucked at the edge of a wealthy neighborhood. We shop it a couple times a year, generally before dinner parties. It stocks a variety of interesting items, and has the highest-quality meats of any nearby source. New Seasons sells a lot of organic and “health” foods, but is less concerned with local items.

The produce here is high quality, but it’s expensive. I have friends that refuse to shop for groceries anywhere else because they support the ideals New Seasons represents. This hinders their ability to economize, but it’s a price they’re willing to pay. I find it difficult to justify the forty minute round trip and the higher costs.

Safeway (Oak Grove store)

Safeway is the closest source of food for us. It’s a mile from our house, and I often walk to the store if our grocery list is light. The prices are decent, especially on sale items. Kris usually plans her weekly shopping list around the Safeway sale inserts.

While the store stocks some organic items, these are costly. The concept of local produce — or local anything — doesn’t enter into the picture with Safeway; we’re treated to woody California strawberries even during the peak of Oregon’s berry season. Produce quality here is good but not great. Safeway’s real competitive advantage is that it sells just about anything we cold possibly need for our home.

Grocery Outlet (Oak Grove store)

Just beyond walking distance is a discount grocery store that features nick-and-dent items, as well as products approaching their expiration dates. We don’t shop here much because Grocery Outlet mostly sells processed food. They do have a small produce section in the back of the store, and their prices are excellent. I can’t vouch for quality, however, as I’ve never purchased any fruits or vegetables from them. On the downside, you must purchase produce in bulk. They don’t sell Costco-sized packages, but still — does anyone really need three pounds of plums?

The Willamette Valley is an agricultural region, and there are produce stands all over, even in the middle of the city. I pass three on my daily commute. Produce stands offer local high-quality organic fruits and vegetables. Selection is mostly seasonal, though; you’re usually limited to whatever is ripe. For this survey, I chose the closest produce stand, which is located across the road from a fish market.

At each location, I jotted prices and observations. After compiling the data, I created a spreadsheet. I had hypothesized that the farmers market would have the lowest prices, but I was wrong. Click below to open the results of the survey in a new window:

Based on my past experience with each produce purveyor, and based on this new research, I charted the pros and cons of each supplier:


My arbitrary system for evaluating my options.

The choice seems clear. During the peak of the harvest, at least, the produce stand offers the best balance of quality and cost, with the best price on 33 out of 63 items. But will it still be a smart place to shop in February? Instead of berries and tomatoes, perhaps the stand will stock yams and winter squashes, cabbages and turnips. Some produce stands shut down completely in the off-season.

Another advantage of shopping exclusively at a produce stand or farmers market is that there are fewer temptations that fall outside the realm of healthy eating. One vendor at the farmers market sells fresh bakery cookies, but that’s as bad as it gets. The produce stand carries bottled soda (including my beloved Mexican Coke), honey stix, wax-paper-wrapped cubes of caramel, and carob balls, but there are few other distractions. Grocery stores — even high-end natural food stores — are warrens of processed food.

What’s the cheapest source of produce in your town? Who has the best quality? Are you willing to pay more to support causes that are important to you? Do you always buy from the same source? Or do you shop around based on price and convenience?

Source: getrichslowly.org

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The U.S. Department of Housing and Urban Development (HUD) on Monday published a newly-proposed rule in the Federal Register that would allow mortgage servicers to use telephonic or other electronic means to communicate with a distressed borrower, in a way that is most likely to yield a response.

“[T]his rule proposes to update HUD’s current in-person, face-to-face meeting requirements by permitting mortgagees to utilize methods of communication most likely to receive a response from the mortgagor as determined by the Secretary, including electronic and other remote communication methods, such as telephone calls or video calls, to meet with mortgagors who are in default on their mortgage payments,” the proposed rule explained.

The rule would also expand a meeting requirement to all borrowers in default, including those “who do not reside in the mortgaged property and those with a mortgaged property not within 200 miles of their mortgagee, its servicer, or a branch office of either,” the proposal said.

In the proposal’s supplementary information section, HUD explains that the rule as currently enforced is simply outdated, and does not account for modern methods of communication that would comply with the protection of the involved parties’ personal information. The currently-enforced face-to-face meeting requirement was first codified in 1976 during a very different time for the mortgage business and communication landscape.

“This requirement […] originated during a time when mortgage lending and servicing activities were conducted in person at locations in the local communities a mortgagee served,” the proposal explained. “At that time, a ‘face-to-face’ meeting was the most effective way to discuss and facilitate loss mitigation options because knowledgeable mortgagee staff were available at locations near the mortgaged property.”

Beginning in the 1990s, lenders began consolidating their origination and servicing activities in more centralized locations, which also led to the creation of major lenders’ dedicated national servicing centers. This has led to greater distances between borrowers and lenders, necessitating a more wide-ranging approach to communicating with distressed borrowers, in addition to a wide preference among borrowers to conduct their financial affairs online.

“As a result of mortgagees’ expanded outreach processes to mortgagors and mortgagors’ ability to independently research loss mitigation options, mortgagees reported very few mortgagors who agreed to participate in face-to-face meetings with their mortgagees prior to the COVID–19 pandemic,” the proposal said.

Data obtained from the Mortgage Bankers Association (MBA) in feedback to HUD also demonstrated more limited participation from lenders, and sometimes burdensome costs for borrowers that can stem from the current face-to-face requirement.

“The evidence shows mortgagees are seeking ways to automate, simplify, and expedite mortgage origination and servicing processes through technological innovation,” the proposal said. “HUD’s proposed updates to the in-person meeting requirement […] align with such advances and better support mortgagor engagement preferences.”

Source: housingwire.com

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Bank of America said it has eased a policy related to short sales to facilitate more of them, instead of letting properties simply slip into foreclosure, according to a report in American Banker.

Previously, the bank required that 10 percent of the proceeds from a property’s selling price go towards paying off an associated home equity line of credit or other second mortgage.

But BofA spokesman Terry Francisco said the policy changed last month, as the bank now accepts five percent of the sales price when there is no home equity available to holders of first or second liens.

He noted that the policy change is based on the assumption that it will help all parties involved, adding that the 10 percent figure was arbitrary and didn’t take into account potential savings from a short sale versus foreclosure.

Short sales, while not all that attractive either, can result in losses 30 percent less than foreclosures, and with moratoriums drying up and defaults surging, banks seem to be getting a bit more flexible.

In many cases, lenders like Bank of America were being offered payoffs on second mortgages of $1,000 to $3,000, but often declined the payoffs, thereby freezing the deals in their tracks.

Meanwhile, the properties headed further down the path towards foreclosure or borrowers simply gave up and chose to walk away.

Apparently 77 percent of California foreclosures have associated Helocs, which often hinder short sales, but other issues also hold up the deals as well.

Things like the long processing time and limited staff on hand to deal with such transactions, coordinating the many parties involved with the loans, and investigations to determine if misrepresentations occurred, or if the deal is a non-arm’s-length transaction.

Then there are the private mortgage insurers, who aren’t keen to take the first 25 percent loss on the deal, and the real estate agents who must agree to reduced commissions to get the tricky jobs done.

Some experts have also argued that the largest mortgage lender-servicers are refusing to execute short sales in the hopes the real estate market will eventually improve.

Source: thetruthaboutmortgage.com

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A power of attorney (POA) — which is a legal document that names a person to act on someone else’s behalf in certain legal, medical or financial cases can be overridden by the creator (or principal) at any time, as long as they are of sound mind. If the principal cannot override their POA agent, or the person appointed to act on their behalf, loved ones may attempt to do so

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Reasons to override a power of attorney

A POA may need to be removed if the agent is:

  • Abusing their position. This could include taking advantage of their role by using the principal’s assets to make a profit for themselves or not upholding their fiduciary responsibilities to follow the principal’s instructions and make financial decisions based on the principal’s best interests. 

  • Combining assets with the principal. Unless the POA agreement allows it, the POA should not create joint accounts or connections between themselves and the principal.

  • Unable or unwilling to keep and/or share the proper records. This includes things such as investments, receipts, disbursements and transactions. 

  • Overstepping their authority. POAs shouldn’t take any actions that the POA document prohibits

    .

What are the steps to overriding your power of attorney?

Steps to override your power of attorney vary by state. For example, the formal way to end a power of attorney in Illinois includes filling out a revocation form, getting it notarized and sending it to the agent

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Check with a lawyer or local court to ensure that any method you take is legal. In general, though, you should make the change in writing, typically through one of the following methods:

  1. Mail. Provide written documentation of removal to the current agent through the mail. When removing a power of attorney this way, you should select a type of mail delivery that requires signed certification of receipt by the agent.

  2. Electronically. In some states, written notification through email that you are revoking your agent’s authority is enough to remove them from the position.

  3. In person. There are also approved methods of personal delivery that vary by state. An estate lawyer can help ensure the proper removal of a power of attorney through this method.

If there are additional rules regarding agent removal listed within the power of attorney document, you should follow those guidelines.

After removing your agent, you should notify any third parties that may have been in contact with the current agent — like your bank or doctor — to alert them of the change.

What are the steps to overriding someone else’s power of attorney?

In some cases, loved ones may become concerned about the ability of an agent to fulfill their duties. When that happens, there are a few options.

  1. Discuss issues with the principal. In a case where the principal is of sound mind, an individual can address their concerns directly to them. If their concerns are founded (perhaps through the request of an accounting of actions taken by the agent) and the principal agrees, the principal can go about removing the agent through the steps listed above.

  2. Talk to an attorney. If the principal has an estate planning lawyer, anyone concerned about an agent’s actions can speak with that attorney for advice. In some cases, the lawyer can revoke the power of attorney.

  3. Go to the court in the county where the principal resides. If the principal isn’t able to physically request the removal of an agent and consulting a lawyer isn’t an option, visit the county court where the principal lives and create a petition to request a replacement. 

What happens after you override a power of attorney?

If you haven’t already, consider appointing a successor agent in your POA. This person would take over the responsibilities of the agent if you decide to override your original agent, or if something were to happen to the original agent and they could no longer perform their duties.

🤓Nerdy Tip

A successor agent is different from naming a co-agent who would serve at the same time as your original agent. Naming more than one person to act as an agent together isn’t usually necessary and may lead to disagreements or other legal issues.

If you don’t have someone listed as a successor and you remove the current agent, pick a new agent as soon as possible. If something happens to you before doing so, a court may be required to appoint someone for you.

Frequently asked questions

What happens if my power of attorney wants to quit?

A person can decline agent responsibilities or quit whenever they like. The rules for an agent to resign from their power of attorney duties are usually laid out in the power of attorney document. That often includes the agent notifying the principal in writing of their decision. If the principal isn’t in a position to receive notification, the agent may resign through a notice to the person in charge of caring for the principal. If you’ve named a successor within your power of attorney document, that person becomes the agent when your original agent resigns. If you didn’t, you’ll need to name someone new.

What happens if I don’t have a power of attorney?

State law dictates what happens to someone if they are incapacitated and unable to handle their business or personal affairs and don’t have a power of attorney. In most cases, a court may appoint a guardian or conservator to take over for you.

Can I have more than one power of attorney?

There are two types of POAs: financial and health. A financial POA handles your money and any legal needs. A health care POA (or “proxy”) makes medical decisions for you when you cannot do so. You can name the same person to be both your financial and health care POA, or you can have different people for each.

Source: nerdwallet.com

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Nestled in the heart of the South, the bustling epicenter of Atlanta offers a unique blend of history, diverse culture, and thriving job market, captivating newcomers seeking a new place to call home. From its iconic landmarks and diverse neighborhoods to its culinary delights, there’s no denying that Atlanta holds an alluring charm. 

However, like any city, it comes with its share of trade-offs. Before you make the leap and buy a home or rent an apartment in Atlanta, it’s essential to weigh the pros and cons of living in Atlanta. From its vibrant neighborhoods to traffic congestion, this Redfin article offers valuable insights into what life in Atlanta truly entails. 

Pros of living in Atlanta, GA

1. The convenient location

Atlanta’s strategic position serves as a major transportation hub, with Hartsfield-Jackson Atlanta International Airport being one of the busiest airports globally. The city’s extensive highway network, including the intersection of major interstates, makes traveling to neighboring states and cities remarkably accessible. Additionally, Atlanta’s central location enables residents to enjoy a variety of day trips to charming towns, scenic mountains, and serene coastal destinations. Here’s a few spots locals recommend:

Blue Ridge Mountains
“Glamping in the Blue Ridge Mountains is always a great year-round getaway about 2 hours from Atlanta,” explains Phnewfula, owner of Happy Mango, a baby boutique located in Atlanta, GA. “Bainbridge, GA is also a fantastic weekend trip. You can stay at the Willis Park Hotel and visit one of the Seven Natural Wonders of Georgia at the Little Grand Canyon State Park. Helen GA, is like little Germany in Georgia, and is such a fun experience.”

Chattahoochie Hills, Birmingham, Charleston, and Savannah
“For a quick weekend getaway, I recommend exploring the idyllic Serenbe in Chattahoochee Hills, GA, soaking in the vibrant culture of Birmingham, AL, and indulging in the historical charm of Charleston, SC,” shares Atlanta Influences Everything, a creative consulting agency. “Alternatively, immerse yourself in the coastal allure of Savannah, GA, or unwind on the serene shores of St. Simmons Island or Tybee Island. Each of these picturesque destinations promises a delightful escape filled with unforgettable experiences.” 

Dahlonega
“Dahlonega, GA, boasts exceptional wineries and captivating wine tours, along with local breweries producing delightful Beer and Meade,” suggests Michelle Dunbar, Administrative Partner at Clutch Bicycle Shop. “For a coastal escape, head to Savannah, where pristine beaches and rich history await. And if mountain vistas call to you, venture north of I-75, near the Tennessee state line, where cozy cabins offer a perfect retreat amidst awe-inspiring scenery that stretches as far as the eye can see.”

2. Things to do

From exploring the vibrant Atlanta BeltLine and savoring Piedmont Park’s urban oasis to immersing in culture at the High Museum of Art or Fox Theatre and spending time at Little Five Points’ unique shops and bustling nightlife, Atlanta has an endless list of things to do. 

Georgia State Parks are highly recommended by Atlanta native and Spa Director at D’LOR Salon & Spa, Kym Anderson, who praises the diverse landscapes, from mountains to waterfalls, perfect for romantic getaways or lunch break escapes. Anderson also shares, “Atlanta’s entertainment scene is a treasure trove for making connections. The city hosts events where going solo is embraced, allowing you to mingle and forge friendships with people from across the globe. So, whether you seek natural wonders or a vibrant social life, Atlanta has something truly special to offer.”

A can’t miss event is October Pride. Finca to Filter, an ATL based coffee shop focused on celebrating humanity’s finest through inspired drinks and celebratory events, explains “This event takes place during National LGBT History Month, and it showcases the city’s welcoming and inclusive spirit. From colorful parades to engaging cultural events, October Pride embraces diversity, advocates for equality, and fosters a strong sense of community.”

Atlanta-based beverage company Eleven TLC cherishes the abundance of greenspaces and nature trails Atlanta, “The City in the Forest,” has to offer. “As someone who loves hiking, I find it delightful that there is always a hiking trail nearby to explore. From tranquil urban parks to scenic trails nestled in the lush woods, Atlanta’s diverse landscapes offer endless opportunities to connect with nature and enjoy the city’s unique blend of urban and natural environments.”

3. Culture 

Atlanta, GA, boasts a vibrant and diverse culture that reflects its rich history and dynamic present as the city embraces a blend of traditional Southern hospitality and contemporary urban energy. Residents contribute to a thriving arts scene, celebrated music traditions, and a booming film industry. The city also values its civil rights legacy, with landmarks like the Martin Luther King Jr. National Historic Park, serving as a reminder of its pivotal role in the American civil rights movement. 

“Atlanta is a playground for the arts,” states Dee-Ann Woolridge, owner of Clowning for You, offering a variety of entertainment options for parties and events. “The city is home to world-class museums, theaters, and music venues that will leave you awe-struck including the High Museum of Art, Fox Theatre, and an impressive music scene – from hip-hop and R&B to jazz and indie rock – with  live performances at iconic venues like the Tabernacle or the Terminal West.”

“Over the years, Atlanta has transformed into a remarkably multicultural city, and while many of us are newcomers, we have embraced it as our cherished home,” says Michelle Dunbar, Administrative Partner at Clutch Bicycle Shop. “The city offers abundant opportunities for diverse communities, and our growth knows no bounds. Atlanta proudly carries the moniker of ‘the gateway to the South,’ symbolizing its welcoming spirit and pivotal role as a crossroads of cultures and ideas.”

4. The incredible food scene

Atlanta’s food scene is a delectable melting pot of flavors and cultures. From upscale dining establishments helmed by renowned chefs to vibrant food markets offering diverse international cuisines, the city caters to every palate. Southern comfort food, farm-to-table delights, and innovative fusion dishes are just a taste of what awaits eager foodies in Atlanta. Below are some local favorites:

La Parilla for mexican food
“Here in Atlanta, there is just a variety to satisfy anyone’s food palette, states Shawn Brown, owner of CheeseCaked known for their hand-crafted cheesecakes – from cheesecake egg rolls and deep fried cheesecake to the Over The Top Cheesecake Milkshakes. “I personally love Mexican food and La Parilla has the best variety of tacos, enchiladas but my favorite dish is their Fiesta salmon salad. Atlanta also hosts a variety of festivals ranging from ice cream festivals to mac and cheese festivals that are a can’t-miss event.” 

Chef Moe’s Lunchbox
“Atlanta is the perfect city for just about anyone,” says Jayde Mauldin, CEO and co-founder of the Treat Truck serving delicious desserts across Atlanta. “If you’re a foodie like me, there’s an endless amount of amazing food from 5 star restaurants to local food trucks. My personal favorite, apart from the Treat Truck, is Chef Moe’s Lunchbox.

Atlanta satisfies all cravings
Happy Mango offers several recommendations for dining options in Atlanta. “For those looking for soul food, the Busy Bee Cafe offers delicious Atlanta soul food. If you’re in the mood for a variety of cuisines, The Chattahoochee Food Hall provides a little taste of everything. For those seeking upscale soul food, South City Kitchen is a fantastic option. If you want to explore different ethnic foods, Buford Highway is the place to go. Lastly, Kamayan is a highly recommended Filipino restaurant in the area.”

Consulting Agency, Atlanta Influences Everything, also compiled a list of their top dining recommendations in Atlanta. “Soul Vegetarian offers a variety of plant-based dishes. Magic City Kitchen serves some of the best wings. Slutty Vegan is highly recommended for plant-based burgers. Poor Calvin’s is the place for amazing mac and cheese. Zaddy’s or Humble Mumble are great choices for large and tasty sandwiches. Local Green offers creative vegan bites to satisfy your cravings.”

5. Atlanta’s neighborhoods

Atlanta boasts diverse neighborhoods, each with its own charm. Buckhead, known for luxury living and high-end shopping, contrasts with the artistic and bohemian vibe of Little Five Points. Historic Grant Park offers beautiful parks and Victorian homes, while Midtown buzzes with cultural attractions. East Atlanta is celebrated for its hip and eclectic atmosphere. Here’s a few more options to consider from locals’ perspectives.

West End
Finca and Filter prefer the West End neighborhood, and not just because their shop is located there. “Known for its diverse culture and strong sense of community, West End boasts beautiful historic homes, charming streets, and a thriving arts scene. It’s a place where history meets creativity, making it a unique and appealing destination.”

Midtown
“Living in Midtown is truly like living in an inclusive utopia,” says Mitchell Anderson, Founder and Executive Chef at MetroFresh, a diner offering fresh and healthy food. “The kaleidoscope of cultures, ethnicities, ages, sexual identities/expressions, and diverse range of professions are all around you here. To be part of this vibrant cultural life, to eat amazing food, to hear incredible music, to walk in beautiful parks and neighborhoods, makes living in the center of Atlanta amazing.” 

Upper West Side and East Atlanta
“The Upper West Side has become a cherished haven, offering an array of amenities and a lively atmosphere,” says Happy Mango. “Meanwhile, East Atlanta, with its diverse neighborhoods like East Atlanta Village, Little Five Points, and the Krog Street District, has won my heart as the ultimate place to reside. These areas present an eclectic blend of attractions, catering to a wide range of interests and tastes. From quirky boutiques to vibrant art scenes and culinary delights, this vibrant mix of experiences is precisely why my family and I have chosen to call this part of Atlanta our home.”

Buckhead
“My favorite neighborhoods in Atlanta include Buckhead, where I attended K-12,” shares Atlanta Influences Everything. “Known for its luxurious and upscale ambiance, Buckhead offers a captivating blend of southern charm and contemporary flair, attracting celebrities and offering a glimpse of the city’s evolving landscape.”

Here’s a short description of several more neighborhoods in Atlanta worth checking out:

  • Virginia-Highland: Quaint, walkable streets, trendy boutiques, and restaurants.
  • Inman Park: Historic charm, beautiful Victorian houses, and the BeltLine trail access.
  • Old Fourth Ward: Art, dining, and the historic Martin Luther King Jr. site.
  • Cabbagetown: Artistic neighborhood with murals, lofts, and a vibrant community.
  • Poncey-Highland: Lively area with nightlife, the Atlanta BeltLine, and Ponce City Market.
  • Reynoldstown: Emerging neighborhood, mix of historic and modern homes, and BeltLine proximity.
  • Atlantic Station: Urban mixed-use development with shopping, dining, and entertainment.
  • Sweet Auburn: Rich history, Civil Rights landmarks, and cultural significance.
  • Grant Park: Home to Zoo Atlanta, historic homes, and Grant Park Conservancy.
  • Ansley Park: Upscale neighborhood with tree-lined streets and Ansley Golf Club.
  • Little Five Points: Bohemian district with eclectic shops, music venues, and alternative culture.
  • Chastain Park: Upscale area known for Chastain Park Amphitheatre and green spaces.

6. Weather

“Because of Atlanta’s mild and accommodating climate, there is always a wide array of activities and events to enjoy throughout the year, explains Michelle Dunbar, Administrative Partner at Clutch Bicycle Shop. “The city’s four distinct seasons offer a balance of warm summers, pleasant springs, colorful autumns, and mild winters, catering to various preferences and interests. 

During the warmer months, you can explore the numerous parks and outdoor spaces, indulge in water sports at nearby lakes, or attend lively outdoor festivals and concerts,” says Dunbar. “Springtime welcomes blooming flowers and ideal conditions for hiking and biking in the surrounding nature reserves. Fall brings a tapestry of vibrant colors, creating a perfect setting for scenic drives and visits to local orchards and pumpkin patches. Even during the cooler months, Atlanta has indoor attractions such as museums, theaters, and art galleries to keep you entertained.”

7. Cost of living

“Amid the nationwide increase in the cost of living, Atlanta stands out with a variable and relatively affordable housing market,” shares Dunbar. “Prospective residents can find a range of options that suit their needs and budget, from budget-friendly apartments in bustling neighborhoods to more spacious suburban homes. This flexibility in housing choices allows individuals and families to discover a living arrangement that aligns with their preferences without breaking the bank.”

While the median sale price for homes in Atlanta reached $439,200 in June 2023, about 3% more than the national median sale price, Atlanta home prices are still much lower than other major cities. For example, Seattle and Boston both have a median sale price of over $800,000.

8. Parks, historical sites, and attractions

“Centennial Olympic Park is a favorite spot in Atlanta, offering year-round activities like concerts, festivals, and sports,” shares Chetter Galloway, President at Kuumba Storytellers of Georgia. “Nearby attractions include the College Football Hall of Fame, The Georgia Aquarium, and the Coca Cola Museum. The National Center for Civil and Human Rights is a recent addition, leaving a profound impact. Piedmont Park in Midtown hosts outdoor activities, concerts, and festivals, attracting newcomers to its charming surroundings. The Dr. Martin Luther King, Jr. National Historic Site showcases his birth home, museum, and Ebenezer Baptist Church, chronicling his remarkable journey.”

“No matter where I spend time on planet earth, this city is always somewhere I am excited to return to and call home,” shares L’Angela Lee, Natural Skin Therapist herbalist, and owner of Honeysuckle Moon Self Care & Spa. “There’s a rich vegan food community known as Historic West End that’s superior to any city I’ve ever explored. Additionally, as it relates to festivals and culture, Atlanta’s many artists, thought leaders and inhabitants never disappoint in coming together to celebrate and support one another. Two of my favorite city festivals are One MusicFest and Vibrant Moons Natural Wellness Festival for the Indigenous Women. Simply put, ATL is where it’s at.”

Cons of living in Atlanta, GA

1. Hot and humid summers

Atlanta experiences sweltering summers with high temperatures and high humidity levels. The heat can be uncomfortable for some residents, necessitating higher energy usage for cooling and making outdoor activities less enjoyable.

2. High property taxes

While Atlanta’s property taxes aren’t excessively high compared to other major cities, it’s crucial to research and understand the long-term costs for informed decisions on homeownership or renting in Atlanta. Atlanta’s property taxes can pose a significant financial burden for homeowners and renters, impacting housing affordability and overall cost of living. Higher property tax rates can result in increased mortgage payments for homeowners and indirectly affect renters through potential rent increases. 

3. Traffic congestion

Atlanta is notorious for its heavy traffic, especially during rush hours. The city’s sprawling layout and dependence on cars can lead to frustrating daily commutes and lengthy travel times, impacting overall quality of life.

4. Air quality

Atlanta occasionally experiences poor air quality due to traffic congestion and industrial activities that contribute to smog and particulate matter, which may pose health risks for sensitive individuals, especially those with respiratory conditions. Residents may need to take extra precautions during days with poor air quality, which may also impact outdoor activities and overall well-being.

Ultimately, whether you choose to move to Atlanta or not, the pros certainly outweigh the cons when calling this dynamic city home.

Source: redfin.com

Apache is functioning normally

We already knew Millennials were selfish and bad savers, so it probably comes as no surprise that they don’t know the first thing about closing costs.

They just seem to know that they want to buy a home, regardless of the costs involved, which I suppose is somewhat bittersweet to those in the industry.

While many see the 18-34 age group as the future of the real estate market, mainly because of their immense size, their perceived lack of knowledge may come off as a bit disconcerting.

A new survey from ClosingCorp, a provider of real estate closing data, found that two out of three Millennials who plan to own a home are “Not At All” aware of closing costs.

Closing costs include things like title insurance and escrow fees, appraisal fees, lender fees, home inspections, and so on.

The fees are quite substantial, and can range anywhere from two to five percent (or more) of the purchase price, so they shouldn’t be taken lightly or ignored.

The good news is that either the buyer or the seller can pay them, so even if young buyers are unaware of the costs, they might be able to avoid paying them out-of-pocket.

That means the deals should still close, though it does kind of tell you that these prospective buyers may be ill-prepared to purchase real estate.

Even if the loans close, these borrowers may not get the best deals, or they may wind up in over their heads.

Older Folks Clearer on Closing

Older folks seem to be a lot more knowledgeable, perhaps because they’ve already been there before.

As you can see from the graph, those 55 and older are well aware of closing costs, and most 35+ are also pretty aware.

However, across all age brackets more than one third of potential home buyers indicated that they were either “Not Very” or “Not At All” aware of closing costs.

So there’s still a major lack of financial literacy in this country, which is something I’ve been disappointed about for a long time.

Where do you learn about these things? And when? Only after making a mistake the first time around?

Well, the survey also answers that question, though the learning seems to come from interested parties, not from an impartial university professor or housing counselor.

When asked how they learned about closing costs, the overwhelming response was from their real estate agent.

Many also learned about closing costs from independent research, so kudos to them for trying to make sense of it all.

For Millennials, they were twice as likely to get the lowdown from a real estate agent than a lender.

ClosingCorp CEO Brian Benson noted that the results show “Millennials are more dependent on realtors than previously presumed.”

That’s somewhat ironic given the fact that they grew up in the Internet age, where everything can be researched in mere seconds at the tap of a button.

Read more: Is your real estate agent choosing your lender for you?

(photo: Erin Nekervis)

Source: thetruthaboutmortgage.com