Digital electric meter causes headaches for homeowners

We live in the electronic age, that’s for sure. I know that my residential water company drives by my home and “reads” my water meter by radio as it passes by. I think the bills have been accurate. But,

“Sgt. John Robertson 2nd, an Army mechanic at Texas’s Fort Hood, is fuming about the so-called smart electric meter his local utility has installed on the side of his tidy, 1,800-square-foot home.”

“Like thousands of consumers with the new meters around the country, Sergeant Robertson suspects the device is not as smart as advertised.

“In his case, he says it is inaccurately measuring his family’s power use and driving up his bills — some months by as much as 50 percent, to as high as $320 — since it was installed in December. This, he said, is despite his efforts to cut back on energy use. “

But the system seems to plagued with errors.

“Over the last year, as utilities around the country have installed an estimated two million of the new digital meters, power companies have received plenty of complaints — and in some states have been hit by class-action lawsuits — most of them from consumers saying the smart meters are overstating their electrical usage.”

“Using digital technology and computer networking, smart meters can transmit real-time data that is supposed to enable utilities to conserve electricity and better allocate power during parts of the day when overall demand is high. Utilities can also then vary the price for power, by time of day or time of year, based on when it is being used; some are already offering this option to customers.”

In theory, consumers are supposed to be better able to adjust their electric use. Operative word being theory.

“But because of faulty technology in some cases, and more often through general shortcomings in consumer education and customer-service support by many utilities, smart meters are leaving many customers dumbfounded.”

So, the regulators are taking a closer look, and lawsuits have started. And there’s a lot of money at stake in operating savings for utility companies if the system works correctly.

Read the full report from the New York Times.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

Sphere: Related Content

Need to co-sign a loan? Be careful

Realty Times’s Bob Hunt writes “Guarantors of Another's Debt Need to be Very Careful.” Loan guarantees are likely to be sought in an economy like this one.

“In this kind of environment it is not unusual that a creditor may want some third party to guarantee the debt of a borrower. Parents may be asked to guarantee a lease for one or more of their offspring. (And which would you prefer: that you guarantee their lease, or that they move back in?) In-laws may be asked to guaranty some debt taken on by newly-weds; and a person venturing into a new business may need to turn to friends and/or family to guarantee a loan for start-up costs.”

While guaranteeing a family member’s loan is a traditional way to help someone get started in life or business, it should not be taken lightly. “Loan guarantors need to fully understand the terms of their guarantee.”

A California case points out the pitfalls of co-signing or guaranteeing another’s obligation. In this case, the bank went after the guarantors while it did not pursue the borrowers.

The guarantors didn't think it was right or fair that they should be pursued while the original borrower and one of the guarantors stood by. However, the trial court ruled against them; and the appellate court sustained the trial court's decision.

“There are two issues here that other, perhaps more pedestrian, potential guarantors want to keep in mind. More accurately, there is one main issue, and two examples of it. The main issue is simply this: IF YOU ARE GOING TO GUARANTEE A LOAN, BE SURE YOU READ THE DETAILS OF THE GUARANTEE CAREFULLY.”

“The point is simple. If you are going to guarantee a loan – which may be a terrific thing to do for someone – be sure you read the terms of the agreement carefully. Have a trusted attorney review it. You could be glad you did.”

Read the full article from Realty Times.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

Sphere: Related Content

FDIC closes three banks – total to date is 146

Reuters reports that FDIC regulators closed three banks in the United States on Friday, November 12, 2010. This brings the number of closures in 2010 to 146.

“The Federal Deposit Insurance Corp has said it expects bank closures to peak this year after 140 closures in 2009. The bulk of this year's closures have been smaller institutions, each with less than a billion dollars in assets.”

“FDIC Chairman Sheila Bair said recently that while the number of failures will exceed last year's tally, the total assets of this year's failures will likely be lower.”

The weak link in the American banking world appears to be community banks as “their recovery has lagged behind that of larger institutions and the broader economy.” These banks are susceptible to the problems in the commercial real estate market because they have “higher concentrations” in these loans than bigger banks.

Read the full Reuters report.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

Sphere: Related Content

Tip for home sellers - don't let your emotions get in the way

Carla Hill, writing in Realty Times advises Sellers: Don't Let Emotions Rule

It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.

Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.

For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.

Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.

Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

Sphere: Related Content

Misunderstandings in foreclosure and bankruptcy- how to protect your home

Bankrate.com has an excellent article on keeping your home in the pending face of a foreclosure. It asked its expert Justin Harelik to address this question:

“I'm filing bankruptcy. I am behind on my mortgage payments but not in foreclosure. I plan on reaffirming the loan but can they still choose to foreclose instead of reaffirming with me? If that happens, I was also going to hire a foreclosure defense attorney to challenge their ownership of the note, but don't know if I can do this through the bankruptcy process or wait until I reaffirm the loan?”

The expert’s answer-

"Unfortunately, I don't think you are getting correct information. You are discussing one thing that is not an option and another that is highly speculative."

To get a handle on what’s wrong with these two approaches and a suggested approach to the writer’s problem read the full article “Preforeclosure options to keep a home.”

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

Sphere: Related Content