Tags: Mortgage

9 Jul 2010, Comments (0)

Biggest Defaulters on Mortgages Are the Rich

Author: Richard Simpson

Biggest Defaulters on Mortgages Are the Rich

The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.

“The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist.

Five properties here in Los Altos were scheduled for foreclosure auctions in a recent issue of The Los Altos Town Crier, the weekly newspaper where local legal notices are posted. Four have unpaid mortgage debt of more than $1 million, with the highest amount $2.8 million.

Not so long ago, said Chris Redden, the paper’s advertising services director, “it was a surprise if we had one foreclosure a month.”

The sheriff in Cook County, Ill., is increasingly in demand to evict foreclosed owners in the upscale suburbs to the north and west of Chicago — like Wilmette, La Grange and Glencoe. The occupants are always gone by the time a deputy gets there, a spokesman said, but just barely.

In Las Vegas, Ken Lowman, a longtime agent for luxury properties, said four of the 11 sales he brokered in June were distressed properties.

“I’ve never seen the wealthy hit like this before,” Mr. Lowman said. “They made their plans based on the best of all possible scenarios — that their incomes would continue to grow, that real estate would never drop. Not many had a plan B.”

The defaulting owners, he said, often remain as long as they can. “They’re in denial,” he said.

Here in Los Altos, where the median home price of $1.5 million makes it one of the most exclusive towns in the country, several houses scheduled for auction were still occupied this week. The people who answered the door were reluctant to explain their circumstances in any detail.

At one house, where the lender was owed $1.3 million, there was a couch out front wrapped in plastic. A woman said she and her husband had lost their jobs and were moving in with relatives. At another house, the family said they were renters. A third family, whose mortgage is $1.6 million, said they would be moving this weekend.

At a vacant house with a pool, where the lender was seeking $1.27 million, a raft and a water gun lay abandoned on the entryway floor.

Lenders are fearful that many of the 11 million or so homeowners who owe more than their house is worth will walk away from them, especially if the real estate market begins to weaken again. The so-called strategic defaults have become a matter of intense debate in recent months.

Fannie Mae and Freddie Mac, the two quasi-governmental mortgage finance companies that own most of the mortgages in America with a value of less than $500,000, are alternately pleading with distressed homeowners not to be bad citizens and brandishing a stick at them.

In a recent column on Freddie Mac’s Web site, the company’s executive vice president, Don Bisenius, acknowledged that walking away “might well be a good decision for certain borrowers” but argues that those who do it are trashing their communities.

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3 Jul 2010, Comments (0)

People Helping People

Author: Richard Simpson

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People Helping People

14 May 2010, Comments (0)

VantageScore has prevailed against Fair Isaac’s claims.

Author: Richard Simpson

The use of credit scoring is vital to the mortgage underwriting process.  However, behind the scenes, a war is raging over who can lay claim to that process, with one party recently losing ground in the courtroom.

The Fair Isaac Corp. (FICO: 23.25 -0.90%) was denied a new trial regarding what it claims is clearly its trademark; that is, the act of rating an individual’s credit on a scale of 300 to 850.

However, VantageScore Solutions, the credit rating provider created by America’s three major credit reporting companies — Equifax (EFX: 32.59 -0.64%), Experian and TransUnion — successfully argued that its system that rates credit on a scale between 501 to 990, is not in violation of the FICO trademark.

The presiding US district judge in Minnesota, Ann Montgomery, went a step further and called for FICO’s trademark to be invalidated in her verdict.

In her decision, Montgomery addressed the jury’s finding stating, “Indeed, the jury’s verdict was a wholesale, unambiguous rejection of Fair Isaac’s central theory of the case — i.e., that one can legitimately claim trademark protection in the numerical range for credit scores.”

VantageScore Solutions CEO Barrett Burns said that the court’s decision confirms its longstanding allegation that FICO’s claims are “meritless,” and “at every step, VantageScore has prevailed against Fair Isaac’s claims.”

“Should FICO appeal, we remain confident we will prevail there too,” Burns said.

And FICO has the full intention of appealing, according to Craig Watts, a director of public affairs at Fair Issac. As to be expected, he said that FICO strongly disagrees with Montgomery’s verdict.

Watts added that the basic tenants of the case surround fairness and consumer protection, not against the numerical methodology for presenting that value, especially as it pertains to the sale of those scores to mortgage lenders, for example.

“Nothing has changed as a result of this order,” he said, “the defendants have not been held accountable for copying what it took FICO 20 years to build; and consumers will continue to be victims of big-budget ad campaigns that trick them into buying knock-off scores that they think are the genuine FICO scores lenders use to make decisions.”

Write to Richard Simpson at rsimpson2010@live.com

12 May 2010, Comments (0)

8 Things To Consider Before Walking Away From Your Mortgage

Author: Richard Simpson
  • Last week I received an email from a desperate couple in Illinois. Here’s the edited version of their note:

“My wife and I have been struggling, morally, with what to do. We have two interest-only, adjustable-rate mortgages with two different lenders coming due in May of 2011. I currently can handle paying all my bills–but just barely, with nothing left over for replenishing of the emergency fund, or even my kids’ college savings.

In one year, when those adjustable rate mortgages adjust, it’s a different story. The home is now worth about 70% of the loan values. We do not want to stay in the home and have been trying to be proactive about doing something before the rates adjust. My lenders both said that if I do a short sale they would definitely make me sign a promissory note (for the deficiency). That defeats our purpose, so it is not an option for us. Bankruptcy attorneys have told me I make too much money to file for Chapter 7. I am currently employed. Last June I lost my previous job, and squandered our savings to stay above water with bills and the mortgages. Hindsight is 20/20 and at the time I should have filed for Chapter 7.

So, I am considering just letting the home go to foreclosure, saving my money, paying off other smaller debts (such as credit cards, and car loan), but am hesitant. I want/need to do the right thing fiscally for my family, but am wavering on the fence as to just take the plunge or not in a strategic foreclosure.

What should we do?”

These people are far from alone. Millions of middle-class Americans today are in a similar situation. They are struggling with their mortgage payments, and cannot sell because they are a long way underwater, owing more on their home than it is worth. They have wiped out their savings trying to keep up. One worker in six is either unemployed or underemployed, and there is a tsunami of rate resets coming in the next two years.

No one forced them to borrow –but no one forced the banks to lend either. More important right now is how they get out of it. I took this conundrum to two experienced bankruptcy attorneys–Richard Nemeth in Cleveland and Jeffrey Tromberg in Ft. Lauderdale, Fla.–for their advice. Here are some thoughts they offered.

1. Put those suitcases down! Stop and take a deep breath. Sure, you could just walk away from the home today. There is a decent chance the banks won’t come after you for the shortfall either. And, as I’ve written before, the issue is not really a moral one. But you should first make sure you explore all your options to make sure you do it right.

2. Find out if you are eligible for help from the federal government. If your lender won’t modify the loan or agree to wipe out the deficiency through a short sale, Uncle Sam may still help you. The Making Home Affordable program was signed into law by President Obama last year. It hasn’t achieved as much as some may have hoped, but it has still helped some homeowners. The program offers mortgage modification and refinancing for some homeowners who are struggling, but there are conditions. The Department of Housing & Urban Development also offers help and advice on avoiding foreclosure: Details can be found here.

3. Get another legal opinion. You say you’ve spoken to bankruptcy attorneys, but were they specialists? Bankruptcy law in the U.S. like something out of Charles Dickens, even though it was just rewritten a few years ago. It’s convoluted, self-contradictory, and complex. The laws vary from state to state, and case law is changing almost weekly. It’s just five years since Congress passed sweeping legal changes, and many of the new rules are only getting road tested now. You may get different answers from different experts. Even those who pushed for the law, such as the lending industry, have been surprised at how some of it has worked out. It’s worth making sure your counsel knows the minutiae. The National Association of Consumer Bankruptcy Attorneys (NACBA.org) should be able to help you find a local specialist.

4. Double-check to see if you can still squeeze under the bar for a Chapter 7 bankruptcy. Chapter 7 is probably the simplest way to clear your debts, walk away and start again. I know you say you’ve been told that you earn too much to qualify. The 2005 law made qualification much tougher. But the new means test is actually far less restrictive than many people–including many attorneys–think. It allows some pretty generous exclusions from your gross income. You are, for example, allowed to deduct some pension and 401(k) contributions. You are also allowed to deduct charitable donations up to 15% of your gross income, though you have to demonstrate some history of these contributions. Make sure your counsel is experienced at bankruptcy filings and has fully explored how you might be able to make these work for you.

5. Realize that even if you can’t file now, that may change. The means test also excludes mortgage payments from your income. So even if you earn too much to file for Chapter 7 today you may do so when the mortgage rates reset. Mr. Nemeth says that the bankruptcy laws contain some peculiar loopholes you need to know about. For example, they may actually reward you for falling behind on your mortgage payments. That’s because your mortgage arrears will help reduce your effective income for the purposes of the means test–even if you plan to walk away from the home. Crazy? Yes. But blame the lenders. This is the law they, um, lobbied for.

6. Understand how a Chapter 13 might help you after all. Chapter 13 is “bankruptcy lite,” for those whose income is too high to qualify for a Chapter 7. It involves a debt repayment plan (it’s something like the Chapter 11 bankruptcy process used by corporations, though not as generous). In Chapter 13, the courts work out how much of your unsecured debts you can reasonably repay and set up a schedule to repay it.

Chapter 13 will not reduce the value of your primary mortgage. But make sure your counsel understands a little-known gap in the law that can help distressed homeowners who either have two mortgages, or one mortgage and a home equity line on top. If the property value has fallen so far that the primary mortgage is now under water, the courts can rule that the second mortgage is now an unsecured loan. And that, miraculously, means they can modify it. An example: You take out a $200,000 first mortgage and $50,000 second mortgage to buy a home for $250,000. The home then falls in value to $180,000. As that’s not even enough to cover the first mortgage completely, the second mortgage now has no collateral against it at all. The court, in most jurisdictions, can now modify that second mortgage the way they could other unsecured debt, such as a credit card payment.That could include reducing it to zero.

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7. Keep contributing to your 401(k), IRA and 529 plans. It’s very easy in a crisis to stop thinking about the distant future. After all, you’ve got your hands full dealing with today. But this is a dangerous reaction. Why? Because money invested in a qualified retirement plan, and in 529 college savings plans under some circumstances, enjoy substantial legal privilege. They can be sheltered from creditors in bankruptcy. And the contributions may actually help you qualify for bankruptcy–as mentioned above. But the earlier you start making these contributions, and the longer you have been making them, the more respect the courts are likely to give them. Mr. Tromberg’s advice: “If both parents are working, I would contact the HR or 401(k) coordinator at work and say ‘I’d like to max out my contributions today.’”

8. If all else fails? There are not always easy answers. If there really is no way to make use of Chapter 7 or Chapter 13, you may indeed decide just to walk away from your mortgage and let the chips fall where they may. You have already made valiant efforts to keep up your payments. You are absolutely right to put your family’s finances first. But do explore the implications fully. Specialist knowledge can help. For example in some states the lenders have a very limited time to file legal papers for the arrears. And in many cases they are so swamped that they aren’t even bothering. And before walking you should also at least consider ceasing payments on your mortgage but staying in the home. Many mortgage lenders have made this crisis worse by refusing to sit down with borrowers to strike a deal. Alas, they may react better to a stopped check than a polite phone call.

Write to Richard Simpson for more information rsimpson2010@live.com

20 Apr 2010, Comments (0)

How we can help you avoid Mortgage Foreclosure

Author: Richard Simpson

I have discovered how I can help you to avoid Mortgage Foreclosure!

We offer a FREE one (1) hour counseling with a Certified Forensic Mortgage auditer to review your  loan documents given to you at closing.

Be sure to read my post about MERS (Mortgage Electronic Registration Systems www.mersinc.org

Contact me for a  True Forensic Audit of  all of your loan documents that the lender gave you upon closing your loan to purchase or refinance your home.

This will be a true life saver for you and your family! Afterward completing your Mortgage Forensic Audit I our Attorney and home counsler will want to share the  good news with you on how you can now avoid a very painful situation with your mortgage .

I have been a Mortgage Banker for the past 25 years and have never seen more good honest people in such dire straights financialy that we see today.

Homeowners faced with Foreclosure often find themselves in the mix of new terminology they have not heard before. Below your will find some of the things you might find helpful if you are facing foreclosure. Make sure you understand what you are being told by your lender.

Knowledge is the best weapon to have when fighting your Foreclosure!

My niche is paying attention to the needs of the people that I work with.  Striving to take the uncertainty and stress out a loan that you now have for your home and saving your home.

Richard Simpson

Avoid Mortgage Foreclosure
Desk:  770-623-6341

20 Apr 2010, Comments (0)

BofA Could Cover Unemployed Borrower Mortgages for 9 Months

Author: Richard Simpson

Bank of America is considering a special program for unemployed borrowers that would offer as many as nine months of no mortgage payments while they hunt for a new job.

A spokesperson for BofA told HousingWire that the program is still pending regulatory approval. Whether or not the payments are forgiven or just deferred has not been solidified yet, but according to the spokesperson, a likely option would be to capitalize the past due payments into the new permanent modification.

If the borrower finds employment during the nine-month period, BofA would structure a loan modification using its own programs or the Home Affordable Modification Program (HAMP).

BofA completed almost 32,900 HAMP permanent modifications through March, up from 20,666 in February. BofA was the first to commit to the HAMP second-lien program from the Treasury and the first to offer principal write-downs as part of the servicing process.

If the borrower cannot find a job after nine months, the borrower would enter into a previously agreed upon deed-in-lieu of foreclosure arrangement. BofA would offer a minimum $2,000 “cash-for-keys” check to the homeowner.

“Sustained recessionary impacts and their effect on the unemployed, in particular, demand we consider creative solutions above and beyond what is currently available to put these customers in the best possible position to sustain homeownership,” the BofA spokesperson told HousingWire.

The savings bank Flagstar put in a new unemployment insurance program earlier in the month that would cover mortgage payments if the borrower lost his or her job. Genworth Financial (GNW: 18.28 -0.33%) is providing insurance to the program that comes at no charge to the borrower.

This month, 15m people held no job, and the overall unemployment rate stayed at 9.7% in March – the same as February, according to the US Department of Labor.

Richard Simpson 770-623-6341

rsimpson@helptoavoidmortgageforeclosure.com

16 Apr 2010, Comments (0)

Mortgage Servicers Getting Creative with Door-Knocking

Author: Richard Simpson

Rick Roniger, executive vice president and chief operating officer at Westlake, Texas-based First American Loss Mitigation, said servicers used to mail outreach packages with return envelopes included. But when that method failed, servicers turned to increasingly creative rewards-based outreach programs.

These “gimmicks” included mailing coffee mugs with single-serving-sized packages of coffee grounds to borrowers with notes encouraging them to “sit back, relax” and fill out the information about their late mortgage payments, Roniger said.

Soon, servicers sent out field units to engage in a door-hanger service to encourage borrowers to contact their mortgage companies if they had trouble paying. Door-hanging services soon became door-knocking services, which ultimately produced occasions of field agents knocking on borrowers’ doors and physically handing them a phone to call their servicers.

“If we can talk to people, we can usually reach a workout deal,” said Brad Staley, managing director at Irving-based iServe Servicing, who also spoke at the TMBA conference.

He noted the main challenge in resolving extremely distressed, low-value assets is making contact with the borrowers and maintaining that contact once a workout plan is initiated. Some field services go so far as to knock on borrowers’ doors after normal business hours and on weekend mornings, as well as stake out in cars in front of houses for up to an hour or until the borrowers return home.

If the borrower responds to the outreach efforts, a workout plan can be reached 85-90% of the time, Staley said.

He noted some field services will actually go with borrowers out to a coffee shop to go through paperwork and discuss workout options. If those same field agents keep in touch with borrowers once modifications or forbearance plans are initiated, the level of continuity achieved gives borrowers a sense of stability and customer service.

Staley said these methods achieve a low recidivism rate around 18%.

But that’s only when the borrowers can be contacted. And in the case of servicers sending field agents out to knock on borrowers’ doors, sometimes the homes are already abandoned.

In the Midwest region, for example, Staley said around 55-60% of homes visited by door-knocking field agents are already vacant. Some proactive outreach methods like contacting the listing agent if the property has a for sale sign, or following through to a forwarding address, may still result in an avoided foreclosure, he said. For instance, some borrowers respond positively to pursuing a short sale or deed-in-lieu.

Staley said this type of proactive outreach can bring around 30% of borrowers that have already walked away back into the homes and into workout plans.

Richard Simpson   770-623-6341

15 Apr 2010, Comments (0)

A forensic analysis report would or should state as follows:

Author: Richard Simpson

1.     The title chain reveals the property is located in the County of Los Angeles, State of California and contains a purported assignment signed by Margaret Dalton, “Vice President”, Mortgage Electronic Registration Systems, Inc (MERS) “as nominee” for “Hoecomings” (sic) Financial Network, Inc. with an execution date of March 5, 2010 and a notarization date of the same date, notarized by D. Pakusic in Duval County, Florida, naming United Independent Title as Trustee under the Deed of Trust and purporting to assign the Deed of Trust to JP Morgan Chase Bank National Association. in public records book ____, at page ____ of the County of _________, in the State of Florida. The document appears on its face to have been prepared by Malcolm-Cisneros, a Law Corporation located at 2112 Business Center Dr., Irvine, California 92612. Given the location of the property in California, the location of the law firm that prepared it in California and the location of of the other parties, the fact that it was “notarized” in Florida raises numerous forensic questions requiring production of additional documentation and facts.

2.     Location Issues: The property is located in the State of California, as are the Trustors under the Deed of Trust (DOT). Margaret Dalton is believed to be located in Irvine, California, possibly employed by or on the premises of the above-referenced Law Corporation. The Notary is located in Duval County, Florida which has no known connection with any of the parties. MERS offices are reported to be located in states other than California and the IT platform is reported to be located in the Midwest. Homecoming Financial Network, Inc. (which undersigned believes was intended by the referenced instruments and title chain) is authorized to do business in the State of California, but upon research does not appear to be a chartered bank, financial institution or lender. HFN is a mortgage originator acting on behalf of unknown sources of funds who may be located anywhere, since they are neither disclosed nor described in the closing documentation nor any document on record. Accordingly there is a question as to the identity of the creditor at the time of the origination of the loan, the identity of the creditor at the current time, and the identity of the creditor at all times between the origination of the loan and the present. There are also questions requiring additional documentation and fats to reveal whether the purported assignment was executed by or on behalf of anyone in Duval County, Florida where the instrument was notarized or in Irvine, California where the instrument may have been executed.

3.     Margaret Dalton’s employment is unknown but it does not appear that she has ever been an employee of MERS, nor that MERS is located where Margaret Dalton apparently signed the document. Previous investigations by the undersigned indicate that MERS is an electronic database privately owned and operated by fewer than 17 employees, which do not include Ms. Dalton. According to information received from MERS, the database platform operated by MERS for its members, has an access procedure consisting of a user ID and password. With such information any person could enter, alter or amend any entry in the MERS database. The procedure also provides access to an automated procedure wherein the user may name a person to serve as “vice-president” or “limited signing officer” for MERS. No record has been produced for this analysis indicating that Ms. Dalton was named as “vice-president” or whether she did so herself, nor whether she was authorized to do so or from whom said authority would be claimed. There is accordingly a question as to whether the document was in fact signed by Ms. Dalton, and if so whether she had authority to sign a document that conveyed an interest in real property.

4.     Given the above information, there is also a question as to whether the notarization was valid or void. Florida law provides that if the Notary knows that the person signing does not possess authority to sign or knows that the person is ignorant of their authority, that the oath administered is invalid and that the instrument is construed to be not notarized, despite the signature and stamp. Recording laws require notarization. Thus there is a question as to whether the document is or would be construed as a recorded instrument despite its obvious appearance in the title record. If it is not construed as a recorded instrument, then the chain of title should be amended to remove this document.

5.     The chain of title, as stated above, reveals a Deed of Trust (DOT) in favor of MERS as nominee. No issues are readily apparent as to the execution of the Deed of Trust. However, the content of the DOT raises factual issues that require further examination and the production of additional documents and information. Since MERS is an IT platform operated for the purposes of its private owners, it is not authorized by Florida Statutes nor California Statutes to serve as the equivalent of a recording record for instruments in the public records. It is a data entry and retrieval system that is private, not public. Since MERS was named as nominee and the MERS documentation available on the internet clearly state that under no circumstances will MERS ever claim an interest in the real property, the DOT, the note, nor will ever be the actual lender, beneficiary or mortgagee in any transaction, the effect of naming MERS raises factual issues since there are questions regarding title raised by the conflict between naming MERS and MERS disclaiming any such interest. There is no record of MERS accepting the position as nominee and if so under what circumstances. Those terms exist in agreements executed between members of MERS and one of the MERS corporations and are unavailable to the undersigned forensic analyst.

6.     The DOT and the above-referenced purported assignment refer to MERS as nominee for HFN, which was neither the creditor nor the lender at the time of the origination of the loan. Thus the DOT appears to name MERS (who disclaims any interest in the loan) on behalf of HFN (who served as a conduit for a table-funded loan transaction, probably as part of the securitization of the subject loan transaction) both of whom served principals that were not disclosed at the time of the origination of the loan nor, to the knowledge of the undersigned, to the present. The effect of misspelling the name of HFN on the purported assignment is unknown, but based upon advice from title agents consulted, it would be ordinarily required in any subsequent transaction, that the document be re-executed with the proper spelling. Whether this affects the legality of the instrument is unknown to the undersigned analyst.

7.     The purported assignment refers only to the DOT, which raises several questions. It is unknown whether an assignment of the note, as evidence of the underlying obligation, was executed at the same time as the purported assignment of the DOT. It is unknown whether all the necessary parties executed instruments required to authorize the assignments, and if so when this was accomplished. If there were no such other assignments then there is a question as to whether the instrument was effective, and if so, whether it intended to provide ownership of the security instrument (DOT) to one party while the ownership of the note remained or was transferred to another party, while at the same time the underlying obligation to yet another party may have existed between the Trustor as debtor and the source of funds for the origination of the loan, as creditor. Additional documentation and facts would be required to make these determinations.

Richard Simpson  phone 770-623-6341

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  • PeopleZ PowerGardZ FAQs -What is the PowerGardZ? The PowerGardZ™ is a new, innovative device that filters the supply voltage while improving the efficiency and power factor of the electricity consumed in a home by electrical appliances. Its purpose is to save wasted electricity in homes, condominiums, apartments, shops and offices. The PowerGardZ™ does not consume electrical energy. You can use it 24 hours a day all year round without increasing electricity expenses. The amount of energy that can be saved depends on factors such as the type of electrical appliances used (i.e. air conditioning, garbage disposal unit, etc.), the amount of electricity used and even the location of the home. The PowerGardZ™ is the new generation device that has been professionally tested and checked for compliance with International Safety Standards and is UL listed and tested as well as CE certified for Europe and cULus for Canada. How Does the PowerGardZ™ Unit Work? The PowerGardZ™ reduces the amount of power drawn from the utility by storing (in its capacitors) otherwise lost electricity (watts) caused by the inductive motors in your home. (Some examples of inductive motors are air conditioning units, refrigerators, freezers, washers, dryers, dishwashers, pool pumps, vacuum cleaners, furnace blower motors, fans, etc.) The PowerGardZ™ technology supplies that stored electricity back to the inductive loads of the house, causing the home to require less electricity from the utility. This causes a decrease in demand from the utility. When there is a decrease in the demand from the utility, the meter slows down, coinciding with less use of electricity. When you have already paid for that electricity, why waste it when you can store it and use it again? This whole process is called power factor optimization. Why use PowerGardZ™ ? All electrical equipment and appliances become less efficient over time. As they age, they consume more power in order to deliver the same service, hence the higher electricity bills. Since there are many appliances in every household, each with different power and current requirements, this affects the voltage and current consumption. Unstable supply voltages increase in resistance due to wire size and poor power supply which may result in power loss. The PowerGardZ™ is designed to compensate for those inefficiencies. Does the PowerGardZ™ work in any home? Yes, simply plug the PowerGardZ™ in any power outlet and start saving money. Is the PowerGardZ™ tested and approved? Yes! The PowerGardZ™ is UL listed and tested as well as CE certified for Europe and cULus for Canada. How much can I expect to save per month by using the PowerGardZ™ ? That depends on many factors; the size of your home, the amount of inductive motor load and the amount you are paying per kilowatt-hour for electricity. t's not unusual for users of the product to see up to 10% and more in reduced consumption. How long will it take for the PowerGardZ™ to pay for itself? Generally about 6-12 months although the same factors above apply. Some will see the payback in 6 months and some in a year or more. Is the PowerGardZ™ easy to install? PowerGardZ™ does not require a professional installation. Simply plug it in and $ave Can PowerGardZ™ be used in other countries with different voltage? Yes. PowerGardZ™ can be used in other countries that have an electrical supply of 110 to 130 Volts AC or 220 to 240 Volts AC, and 50-60Hz. We have all the plug adapters for each country. How many units would customers require? Up to 1,800 kwh of monthly consumption we recommend one (1) unit. Over 1,800 kwh we recommend two (2). How long will the PowerGardZ™ last It has a planned lifespan of up to 10 years. Why haven’t I heard of this product until now? First, this product is new to the market. Also, until recently, electric rates throughout America were low, costing about 2, 3 or 4 cents per kilowatt-hour. Now, rising electric rates are 8, 10, 12, 14, and 19 and in some cases higher (New York City is 22 cents per Kwh, and Hawaii is 33.5 cents per Kwh). At lower rates, interest in PowerGardZ™ was poor, but at the current high rates, and growing concern for environment, there is a renewed interest in energy conservation and the PowerGardZ™. Committed to YOUR Success, Richard Simpson "Helping Others Help Others" Rsimpson05@bellsouth.net / 770-623-6341 Click HERE> to Check out my web site Isn't it time for a change? THE 200 BILLION DOLLAR SECRET CALL – PHPI - MONDAY-FRIDAY AT 8:30pm EST 712.432.1900 pin 7474# - (12 minute call) Your are invited to watch our BUSINESS OVERVIEW WEBINARS MONDAY-FRIDAY AT 9:30pm EST 712.432.1900 pin 7474# (15 minute webinars) IMPORTANT: This is best viewed online at www.PeopleZteam.info

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