Florida cracks down on loan modification firms - South Florida Business Journal:

 

The days of simply hanging out a shingle and opening up a loan modification business are coming to an end in Florida.

As of Jan. 1, individuals or companies providing loan modification services must be licensed by the Florida Office of Financial Regulation (OFR).

The law was sparked by hundreds of complaints filed with the state attorney general’s office. In 2008, there were 59 complaints filed. But that number has skyrocketed to 3,680 this year, as of Dec. 15, according to the Florida AG's office.

Click here to read the entire story:   Florida cracks down on loan modification firms - South Florida Business Journal:

Fla. Supreme Court requires mediation in foreclosures - South Florida Business Journal:

Plagued by an ever-increasing number of foreclosure cases, Florida judges now have guidance on how to deal with them through a statewide mediation program.

Florida’s Chief Justice Peggy Quince signed an order designed to alleviate the backlog. Click here to read the order.

It adopts recommendations by the court’s Task Force on Residential Mortgage Foreclosure Cases that was created earlier this year.

Click here to read the entire story:   Fla. Supreme Court requires mediation in foreclosures - South Florida Business Journal:

Real Estate Outlook: Housing Recovery/Realty Times

The real estate recovery continues to roll along with a big 7.4 percent jump in home resales last month, according to the National Association of Realtors.

The current sales pace is 44 percent higher than it was the year before, including detached single family homes, townhouses, condos and cooperatives.

Equally important: Sales are up in every region of the country. They rose by 6.6 percent last month in the Northeast, 8.4 percent in the Midwest, 5 percent in the South, and nearly 11 percent in the West.

Click here to read the entire story:  Realty Times - Real Estate Outlook: Housing Recovery

Fannie Mae launches program to help purchases of foreclosed properties | The Title Report News | Daily | The Title Report

The First Look program includes several initiatives supporting neighborhood stabilization and promoting home purchases by owner occupants and buyers qualifying for public entity housing programs.

(12/14/2009)

Fannie Mae has launched several initiatives supporting neighborhood stabilization and promoting home purchases by owner occupants and buyers qualifying for public entity housing programs.

To provide owner occupants and public entities an advantage in purchasing Fannie Mae-owned foreclosed properties, the company has created the First Look initiative. With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.

For more information  go to:  Fannie Mae launches program to help purchases of foreclosed properties | The Title Report News | Daily | The Title Report

New FHA Guidelines Could Amp Condo Sales

From RealtyTImes/by David Fletcher

"FHA approved" may become the most popular condominium amenity in the United States soon, thanks to the new guidelines established by the FHA to take effect February 1, 2010.

The guidelines addressed the two imperatives facing condominium sales: down payments and the financial integrity of condominium associations. Both are equally important to a condominium recovery.

"FHA approved" used to mean a 3.5% down payment. Starting early next year, "FHA approved" will mean 3.5% down plus a financially stable association approved by your lender. This is huge

Go here to read  more of this story:   Realty Times - New FHA Guidelines Could Amp Condo Sales

Investor Report: REO Listings

Investor Report: REO Listings

by Kenneth R. Harney/Realty Times

Fannie Mae calls its latest REO home sales program "First Look," but investors might want to call it "Second Look."

That's because the "first look" at all of Fannie's new REO listings, starting this month, will now go to home buyers who plan to occupy the units they purchase, or to local public agencies participating in "neighborhood stabilization" or community development programs.

When Fannie lists one of its tens of thousands of foreclosed and repossessed houses for sale through a participating real estate broker, investors will be barred from submitting bids for the first fifteen days.

Go Here to see the whole report:   Realty Times - Investor Report: REO Listings

Fed housing program encourages short sales

Well its about time!!!!!!!!

WASHINGTON – Dec. 1, 2009 – The Obama Administration, through the Treasury Department, announced new housing guidelines yesterday. While a series of announcements highlighted different programs, the National Association of Realtors (NAR) focused on changes that will make it easier for real estate associates to deal with short sales and “deeds in lieu of foreclosure.”
The program’s official name is the Home Affordable Foreclosure Alternatives Program (HAFA), and it’s part of an existing initiative, the Home Affordable Modification Program (HAMP). HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which cover over half of all U.S. mortgages; however, Fannie and Freddie will issue their own versions of HAFA in coming weeks.  To Read more……click this link NOW

Fed housing program encourages short sales