Mortgage Seminar Delray Beach

Suzanne Morton of The Mortgage Firm Delray Beach will be presenting "Real Talk About Mortgages" at the Greater Delray Beach Chamber of Commerce on February 4, between 5:30 - 6:30 p.m.

Downtown Delray + Halloween= Family Fun!

Don't be a victim of FRAUD!

Living in the technology age is somewhat nerve racking when it comes to personal information and the internet. The best defense against fraud begins with you, and one of the ways to not become a victim is to be familiar with what fraud is and how fraudsters work.

Types of fraud

Elder Fraud and Financial Exploitation

Elder financial exploitation is the illegal or improper use of an older adult's funds or property.

This type of fraud is an act directed at older adults in which efforts are made to mislead with promises of goods, services, or financial benefits that don't exist, were not planned on being provided, or were distorted.

Health/Medicare Fraud

Health/Medical Fraud is purposely billing Medicare for services that were never received.

Identity Theft/Privacy Issues

Identity theft is the use of another’s personal information without permission — such as their name, Social Security number, and/or credit card number with the intention to commit fraud.

Mass Marketing, Mail, Wire, Telephone and Internet Fraud

Mass Marketing Frauds target individuals of all ages. Victims are lured in with false promises of cash prizes, goods, or services in exchange for up-front fees, taxes or donations.

Mail, phone, and internet can be used by criminals to commit many different types of fraud, including sweepstakes and lottery frauds, loan fraud, phishing scams, buying club memberships, credit card scams, identity theft, and more. All of these types of fraud are under this category.

Wire Transfer Fraud entails of using wire communications in a scheme to defraud the following: wire transfers of monies to or from a financial institution; electronic mail communications; Fax transmissions; and radio or television communications.

Mortgage, Loan, Lending and Related Fraud

Mortgage scams and frauds include traditional mortgage fraud, foreclosure rescue scams, loan modification scams, and reverse mortgage scams.

Securities and Commodities Fraud

Securities Fraud covers a wide range of illegal activities, all of which involve the schemes of investors or the handling of financial markets.

Tax Fraud

Any misrepresentation of the tax laws or effort to undermine the integrity of the tax system to the gain of a person or business at the expense of the federal government.

Other Types of Fraud

Charity Fraud: Scammers representing themselves as a charitable organization and using similar techniques to request donations as telemarketing, direct mail, email and online ads.

Job Scams: Scammers who promise employment, access to special employment listings, interviews, or a way to make a big income working from home for a fee or for credit or debit card information.

• Protect your personal information 
• Know who you are dealing with
• Make sure your systems are set up properly and protected
• choose a secure password- at least 8 characters long and a combination of letters &number

Sinkholes Suck

Earthquakes, tornadoes  floods, hurricanes, and landslides cost homeowners millions of dollars in damage each year; us Floridians have always focused our attention to hurricanes, but with growing number of sinkholes being reported the focus is shifting.  

Sinkholes are naturally occurring holes in the surface of the earth.   They can form gradually over time as the underground water dissolves layers limestone bringing the soil with it or suddenly.

In addition to Florida being made up of a young very weak, porous, Limestone that is easily weathered by the extreme conditions endured throughout storm season. Pumping from aquifers increases the chances of formation. As well as droughts that cause low ground water levels, that reduces the support of a cavity or the combination of low ground water then heavy rains or floods. 

Sinkholes can also be caused by growing population and development. The changes in drainage patterns, construction, and heavy traffic all have impacts. Building in areas like “sinkhole alley” with limestone depth less than 200 feet are examples of the modern sinkholes that we see on the news today. 

Whether natural or man induced, there are many types of sinkholes. The most common three are:

• ·        “Solution” sinkholes: when the limestone is exposed at the surface or covered by a thin  layer of soil leaving the limestone subject to physical and chemical process that break downs the rock forming a cavity or void. These type develop slowly, but are continuous.
• ·        “Cover-subsidence” sinkholes: when the sand layer is around 50-100 feet with very little clay around it. As the limestone dissolves, sand falls in filling the void. These types are known to not get very large in diameter or depth due to the sand fill.
• ·        “Cover-collapse” sinkholes: when the solution cavity develops in the limestone that the overlaying cover material can no longer support the weight. Greater chance of collapse when the limestone aquifer is below level.

Certain Signs that a sinkhole is about to open up.

-Slumping trees or fence posts

-Formation of small ponds where they had not been before

-Wilting of small area of vegetation in circular pattern

-cracks in building foundation

If you notice signs

-provide safety for your family. Evacuate if necessary

-secure or move valuable possession safely

-Notify your insurance company

-Mark the sinkhole or property with tape or rope to signify danger. 

 * You could be held liable if someone is injured.

For those who are buying a home...

• Be sure that the house is insurable. Is sinkhole coverage included in your policy?
• Hire a home inspector that can find signs of potential activity (especially in central-western Florida)

C.Y.A. (Cover Your Assets)

Rule #1 Cover Your Assets

We are over a month into storm season, you have prepped the yard, your family emergency plan and supply kit are stocked and in place, but what about your insurance? Let the images still haunting us from last years destruction be the extra motivation insurers need to take a much closer look at their policies this year. 

You have worked hard for what you have, so why would you risk it to something as unpredictable as mother nature? Isn't it better to be over prepared then not prepared enough and with changes in the future

1. Do you have your insurance in order? Have you read your policies? Do you understand exactly what is covered for the money you are spending? A standard homeowner insurance policy only protects you from wind and wind driven rain, water that is on the ground is covered under a flood insurance policy. Do you have one? It takes about 30 days for a new policy to take effect...For more information visit National Flood Insurance Program (NFIP)  
2. In your home gone from room to room and photograph and/or video the contents of that room. Electronics, clothing, furniture, art work, etc. You will also want to scan all important documents and policies that you have before sealing them in a water proof bag. Save the photos and scans to a hard drive that you can store safely in a safe location outside your home. Also store a PDF copy on your phone. 

• Property Insurance 
• Boater Insurance       
• Renters Insurance           
• Flood Insurance                
• Wind Only Insurance           
• Auto Insurance                    
• Health Insurance              
• Life Insurance

Post Storm Claims

• Immediately report property damage to your agent, they will arrange a time to visit and assess the damage.                                
• Any emergency repairs you have to make, document and keep all receipts, videos, and photos to submit with your claim.
• During the claim process, keep a log of who and when you spoke to anyone involved in the claim. Also a brief summary as to what was discussed.
• When dealing with contractors, get copies of estimates including the dates it would be completed, & payment schedule. To check their license contact the FL Dept. if Business and Professional Regulations 850-487-1395

We never know what mother nature will bring or the damage she will leave behind. 

Being prepared for the worst is the best way to protect your family and your investment. 

  *If you have a smartphone check to see if your insurance company has a app that you can download ahead of time. 

Is your Boat Ready for Storm Season?

Do NOT under any circumstances try to ride out a storm 

on your boat!

Hurricane winds can lift a boat out of the water or sink it!

First things first, do you have a hurricane plan?

1. Where will you keep your vessel in the event of a storm? 

• Location: Marina? Dry Dock? Ask the dock master what preparations evacuation procedures are for the marina and what you ar responsible for. Small enough to store in a a reinforced garage? Tie-down on the trailer outside your home? If you are evacuating with your boat on a trailer, make sure your destination is not in possible threat of storm if it changes course. 

2. Are you properly insured? 

• When is the last time you reviewed your insurance policy? Consolidate all your insurance, boat registration, recent photos of the boat and it's contents. Scan and save back-up on hard drive,originals should stay with other important documents in a water tight storage, just in case. 

3. Do you have the proper supplies?

• Extra Dock line is always a must, double line at least. Are there specific tools you will need to remove antenna, outriggers, Bimini tops, and the electronic equipment you decide to remove for storm. (if it is removable, remove it. Why risk the loss?)

4. Do you have a current inventory list with photos? 

• If you have a smart phone, why not put it to use. As you would for your home, go from room to room and photograph pictures of inside, outside, and engines of your boat. Save these to a file with your scanned insurance and boat registration paperwork. Having a complete up to date list and photos will only help your through the claims process. 

5. Trial Run, how long will it take you to

• Hurricane prep is stressful enough, without unforeseen "hiccups" that can occur when you are rushing. Once you have a plan, do a trial run. You will want to time how long it takes you from beginning to end. Check accessibility, depth of water, and bridge schedules. Don't forget to factor in elevated tides. 

6. Be sure to have a back-up.

• It is good to have a back-up person that is aware of your storm plan, that is able to step in if you are unable. 

Boat in a marina:

· Tie high on pilings to allow for rising water.

· Run extra line and double tie every knot.

· Purchase rope, duct tape and other materials early before supplies run low.

· Cover all tie lines at contact points with rubber to prevent chafing.

· Disconnect shore power.

· Verify battery power is sufficient to run bilge pumps throughout and after the storm.

· Remove or secure all deck gear, radio antennas, outriggers, rafts, sails, tops, canvases, 

   curtains, booms and dinghies and all other objects that could blow away or cause damage.

· Insert plugs in engine ports.

· Close fuel valves and cockpit seacocks.

· Install fenders to protect the boat from rubbing against the dock.

· Use duct tape to seal windows and hatches.

· Remove all canvas, chains, life preservers and other equipment to reduce wind load.

· Ensure fire extinguishers and lifesaving equipment are in working order.

· Keep copies of boat registration and insurance( &photos) in a safe place NOT on the boat.

Boat on a trailer:

· Park the boat/trailer in the garage or near a building.

· Fill the boat no more than halfway with water to add weight. (Overfilling can damage the trailer.)

· Remove outboard motors (if possible).

· Let some air out of trailer the tires.

· Place blocks in front and back of the tires to prevent rolling.

· Lash the trailer down with heavy ropes or chains.

"If your vessel can be dry docked or stored on a trailer, do it. Don't leave it in the water if you don't have to" advised Palm Beach Yacht Center Dockmaster, Jena Bradley

The Anatomy of Waterspout

Waterspout:  waw-ter-spout (noun) A tornado occurring over water that forms a column of water and mist extending between the surface and the clouds above. cyclone, twister, whirlwind, eddy


5 Part Life Cycle 

 Stage 1: Formation of a dark spot on the water surface

Stage 2: Spiral Pattern on the water surface

Stage 3: Formation of a spray ring

Stage 4: Development of visible condensation funnel

Stage 5: Ultimately decay

Two types of Waterspouts: Fair Weather waterspout & Tornadic waterspout

Tornadic waterspouts are tornadoes that form over water, or move from land to water. They have the same characteristics as a land tornado. They are associated with severe thunderstorms, and are often accompanied by high winds and seas, large hail, and frequent dangerous lightning.

Fair weather waterspouts usually form along the dark flat base of a line of developing cumulus clouds. This type of waterspout is generally not associated with thunderstorms. While tornadic waterspouts develop downward in a thunderstorm, a fair weather waterspout develops on the surface of the water and works its way upward. By the time the funnel is visible, a fair weather waterspout is near maturity. Fair weather waterspouts form in light wind conditions so they normally move very little. These type of  waterspouts dissipate rapidly when they make landfall, and rarely penetrate far inland.

Boaters: If a waterspout is sighted, immediately head at a 90 degree angle form the apparent motion of the waterspout. Never try to navigate through a waterspout. Although waterspouts are usually weaker than tornadoes, they can still produce significant damage to you and your boat.

*An amazing fact about water spouts is that they continue to be mysterious despite of extensive 

studies on them. Their unique nature continues to baffle world all together.

 A bit of history...

Physical and Meteorological Observations: Conjectures and Suppositions by Franklin in 1751 , but not published in the Royal Society's Philosophical Transactions until 1765 , Franklin explained a weather condition that forms large "whirlings". “Thus these eddies may be whirlwinds at land, waterspouts at sea.” He assumed that these were produced by air ascending or descending that had attained a circular motion. The air within receded “from the middle of the circle by a centrifugal force, and leaving there a vacancy; if descending, greatest above, and lessening downwards; if ascending, greatest below, and lessening upwards; like a speaking trumpet standing its big end on the ground. When the air descends with violence in some places, it may rise with equal violence in others, and form both kinds of whirlwinds.The air in its whirling motion receding every way from the center or axis of the trumpet, leaves there a vacuum; which cannot be filled through the sides, the whirling air, as an arch, preventing; it must then press in at the open ends. …. The air entering, rises within, and carries up dust, leaves, and even heavier bodies that happen in its way, as the eddy, or whirl, passes over land. If it passes over water, the weight of the surrounding atmosphere forces up the water into the vacuity… A body of water so raised may be suddenly let fall, when the motion, &c. has not strength to support it, or the whirling arch is broken so as to let in the air; falling in the sea, it is harmless, unless ships happen under it. But if in the progressive motion of the whirl, it has moved from the sea, over the land, and there breaks, sudden, violent, and mischievous torrents are the consequences.”

*The earliest record of a water spout on sea goes as back as 1456 when a whirlwind of water was spotted on the sea near Ancona in Italy