Tags: Mortgage Foreclosure

17 Jul 2010, Comments (0)

Just Filed Chapter 7 BK, Now What?

Author: Richard Simpson

Just Filed My Chapter 7 Case – Now What?

Richard AvatarWith many clients, once the attorney and client have reviewed the bankruptcy petition, schedules, statements, worksheets and calculations, and their case is ready to file, I am often met with a perplexed look and a question:  ”So what happens next?”What happens next is a flurry of deadlines and court control dates, some of which require the client’s participation (such as responding to the Trustee’s requests for additional information), some do not require the client’s participation, and others may require the attorney’s participation, depending on how the case progresses.

Often, the client is overwhelmed with the detail and the numerous dates, and simply wants to know that they will get their discharge in “about four months”. However, some clients with more complex cases appreciate the added detail, which is why we have added a convenient Chapter 7 Timeline to our website.

The new addition allows a client or prospective client to input their Chapter 7 Filing Date and Section 341(a) hearing date (if known), and will output a scaled timeline with the important dates. Links to the relevant portions of the U.S. Bankruptcy Code and the Federal Rules of Bankruptcy Procedure are also included for cross reference at the bottom of the timeline page.

We hope this tool will help clients, prospective clients and attorneys alike better understand and navigate the meticulous and often trap-ridden world of bankruptcy law.

Richard Simpson

770-623-6341 Desk

404-788-4420 Cell

rsimpson05@bellsouth.net

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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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7 Jul 2010, Comments (0)

Denial of unemployment benefits to hard-pressed Americans

Author: Richard Simpson

When Uruguay striker Luis Suarez raised his hands to block a sure goal from the opposing Ghana side, he committed a foul and paid the penalty — but Uruguay won the game and Ghana’s World Cup team packed its bags.

Suarez got a red card that removed him from the game and suspended him from the semifinal that Uruguay got to play thanks to his unsportsmanlike conduct. There is no goaltending rule in soccer, and Ghana failed to make the ensuing penalty kick and then lost the overtime penalty shootout.

Suarez and Uruguay earned universal opprobrium, but, hey, all the rules were applied and they won the game. “Truth is, it was worth it,” a grinning Suarez said after the game.

Richard AvatarIn thwarting the extension of unemployment benefits, Senate Republicans are playing with Uruguayan tactics, manipulating the rules in a brazenly unsportsmanlike attempt to win the game at any cost.
AM Report: Jobless benefits spark fierce debate

Jobless benefits are leading to a fierce debate: Do they prompt jobless workers to be pickier in their searches? Or is employment insurance a prudent response to the worst recession in decades?

Using the pernicious filibuster rule, the minority party is breaking with a long tradition of automatically providing federal support in times of high unemployment, imposing further hardships on thousands of families.

It is bad politics, bad economics, and just plain nasty, but Republicans are clearly intent on sabotaging the Obama administration no matter what the cost to individual Americans.

The Republican objections about not wanting to extend unemployment unless it is “funded” because they don’t want enlarge the federal deficit are bogus and hypocritical. They never hesitated to add to the deficit when it was a question of tax cuts for the wealthy, estimated to have cost $2 trillion over six years. The $35.5 billion for the unemployment benefits is negligible compared to that figure.

Sacrificing such a relatively small expenditure on the altar of fiscal rectitude really does turn deficit hawks into deficit terrorists, to use economist Bill Mitchell’s phrase. To insist on this sacrifice when unemployment is at nearly 10% and Treasury yields are at historic lows is truly foul play.

No less an authority than Mark Zandi, the Moody’s economist who was one of John McCain’s economic advisers during his presidential campaign, said it is vital to extend the benefits regardless of the deficit. The risk of a double-dip recession by not extending them more than outweighs any harm done through a short-term blip in the deficit, Zandi said in congressional testimony last week.

The denial of unemployment benefits to hard-pressed Americans is just the latest tactic in the Republican’s scorched earth strategy.

“Paying for it…should not be a precondition for Congress to provide more financial help to unemployed workers, strapped states and municipalities, and small businesses looking to expand,” Zandi told the House Budget Committee. “A larger near-term federal deficit is not an economic problem.”

Congress can offset the expenditure a couple of years from now, “when the economy is in full swing,” said this economist, whom no one has ever accused of pandering to the left.

But the unprecedented denial of unemployment benefits to hard-pressed Americans — make no mistake, children are going hungry as a result — is just the latest tactic in Republicans’ scorched earth strategy designed to maximize their political gain in the November midterm elections.

It’s a cruel and cynical strategy that could well backfire, even though it victimizes some of the weakest and most disenfranchised sectors of the electorate.

The Republicans are evidently counting on the rage of voters hurt by the economy to be targeted at the Democratic majority, but people aren’t that stupid. They know that the Senate Republicans — and the unfathomable Nebraska Democrat Ben Nelson — are the ones who blocked the aid.

Matthew Kaminski of The Wall Street Journal cited the Suarez incident as well as some of the big refereeing gaffes in the World Cup competition as the reason why Americans don’t like soccer — it violates our sense of fair play.

And yet the Republican strategy of winning at any cost — any cost to the American people, any cost to the common weal — is a much greater violation of any sense of fair play, with much graver consequences.

The Netherlands handily defeated Uruguay in the semifinal and his red card was the last action Suarez saw in the contest. If the American sense of fair play kicks in this November, a number of Republicans may be looking at their own red cards

3 Jun 2010, Comments (0)

BofA Begins Principal Reduction on Delinquent, Underwater Mortgages

Author: Richard Simpson

Bank of America (BAC: 15.81 -0.50%) is starting to forgive principal when modifying underwater mortgages eligible for the National Homeownership Retention Program (NHRP).

BofA servicers will forgive principal for homeowners who owe “considerably more” on their mortgage than the current value of the home while being considered for the Home Affordable Modification Program (HAMP). BofA announced NHRP in March 2010.

The bank will attempt a principal reduction as the first step in the servicer waterfall to reach the 31% debt-to-income ratio target – the amount of the borrower monthly income that goes toward the mortgage. Loans eligible for the NHRP include subprime, pay-option adjustable rate mortgages (ARM) and prime-quality two-year hybrid ARMs originated by Countrywide before Jan. 1, 2009. The amount of principal owed must exceed the property value by 20%, and the loan must be delinquent by 60 or more days.

Through the five-year NHRP, BofA sets up an interest-free forbearance account for the amount of principal owed above the current value of the home. For instance, if the borrower owes $250,000 on a home worth $200,000 and qualifies for the program, BofA will set up a separate account of $50,000 that will sit alone without collecting interest while the borrower makes payments on the $200,000 at the current market interest rate. There are no required payments on the $50,000 non-interest bearing mortgage account.

For the first three years of the NHRP, BofA reduces the separate account – the $50,000 in the example above – by 20% each year if the borrower remains current. Meaning after three years, $30,000 would be forgiven in the example. If, by then, house prices have gone up and the borrower is once again at a 100% loan-to-value ratio, BofA will no longer reduce the principal. If the borrower remains above 100% LTV, BofA will continue reducing payments for an additional two years.

BofA will not reduce the principal on the non-interest bearing mortgage account if the sum of both mortgages achieves 100% LTV.

“We believe the loss [through NHRP] will be smaller compared to foreclosure,” said Jack Schakett, credit loss mitigation executive for BofA Home Loans.

The Treasury Department announced a similar earned principal forgiveness program for HAMP that will go into effect later in the year. But it ends after three years, opposed to the five-year possibility offered by BofA. Schakett said about 80% of the borrowers in the NHRP will not need to receive principal forgiveness after three years.

Schakett added that of the BofA borrowers currently moving through the HAMP process, 45% had an LTV of more than 120%.

“Our tests have shown that many homeowners who are severely underwater on their mortgages will respond positively to a modification offer that includes reduction of their principal balance, increasing the rates of acceptance of HAMP trial modification offers, conversion to permanent modifications and long-term success of the homeowner,” Schakett said.

Schakett said the amount of borrowers who have strategically defaulted is more than they’ve ever experienced before. To meet the demand for modifications, BofA more than doubled its staff in the loss-mitigation department to reach out to these borrowers. The bank also opened the first of three “outreach” centers in Nevada, joining similar centers in California and Florida.

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16 May 2010, Comments (0)

About Waiting For 7 Years To Buy Another Home…

Author: Richard Simpson
iStock_000012725881XSmallOne of the biggest reasons people don’t default and chop off the massive negative equity they are burdened with is the fear that they won’t be able to buy a home again in the near future.  This is changing rapidly.

First, Fannie Mae announced that as of July 1, 2010 they will begin lending to homeowners who went through a deed in lieu of foreclosure or a short sale after as little as 2 years.  Washington Post Reported:

Instead, it could be as little as two years. In a bulletin to lenders April 14, mortgage giant Fannie Mae said it is relaxing rules that prevented loan applicants who have participated in short sales or deeds in lieu of foreclosure from obtaining a new mortgage for extended periods of time. The new rules are scheduled to take effect July 1.

Foreign entrepreneurs may start lending:  In a Zach Fox article on SNL.com called “A bank that only lends to walk-aways?”

Zingales’ comments, which did not quite fit into the Block’s rundown on strategic default risks, suggest foreign entrepreneurs could play a large role with a new type of bank: a lender that specializes in giving new mortgages to high-credit quality borrowers who walked away from an underwater property.

Without legacy assets, the bank would have no fear of encouraging strategic default or cannibalizing its customer base.

“That would really be gasoline on the fire. The main reason why people don’t [walk away] is because they think they will have a very hard time getting a house in the future,” Zingales said. “But if somebody comes and says, ‘You know what, you have always had a good credit, you’re in a bad situation today, I’m sort of going to give you that offer,’ then I think [strategic default] might become irresistible.”

If you were caught in an adjustable rate mortgage, a credit union may allow you to buy again after only 6 months! www.DailyFinance.com

California, Golden 1 Credit Union’s Mortgage Repair Loan is targeted to people who have been been in a foreclosure in the last six to 18 months. It advertises that it’ll will help you buy a home sooner than you expect.

I expect this to keep happening more and more.  Big lenders like Chase used to lend at good rates only 1 year after foreclosure.  I think you will see lenders quickly have a big change of heart as more people elect to do a strategic default.  If they don’t, foreign lenders out there will and the US lenders will wish they had.

Richard Simpson  rsimpson2010@live.com

770-623-6341

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

12 May 2010, Comments (0)

Clients Who Sold Home w/ Short Sales-Good News

Author: Richard Simpson

Fannie never had an official policy about how they would treat people who had a short sale or a deed-in-lieu of foreclosure in their past.

If a person gave back their home to the lender, prior to it going thru the long foreclosure process, Fannie says they will consider giving another loan after 2 years, a maximum of 80% LTV (20% down payment) and re-established credit.

If home was a short-sale, it’s 4 years, and 90% LTV (or 10% down payment) OR 7 years and minimum down payment. (5%).  It’s the time versus the money thing.

Let’s talk about re-establishing credit after a short sale or deed-in-lieu.  In addition to these below, the minimum credit scores must be met (varies between lenders)

1. Waiting period is defined as from the date of the short-sale/deed,  to the date of application

2. Must receive automated underwriting approval

3. Establish “traditional” credit thru banks, finance and credit cards

Real Estate Agents should let their clients (who have or are selling home with short-sale) of the waiting time periods too.

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

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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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