Modified mortgages faltering

According to Florida Realtors:  More troubled mortgage borrowers are failing out of the Obama administration’s foreclosure-prevention program than are winning permanently lower home payments, the government reported Monday. Go here for the story:  Modified mortgages faltering

Squatters take over homes, causes housing crisis

For property owners, consequences of adverse possession can be costly. A claim can cloud the title and affect future sales.   Scammers are taking over homes that are vacant and claiming adverse possession….read more here:   Squatters take over homes, causes housing crisis

Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment

News wires are buzzing with reports that the Senate just approved an extension of the homebuyer tax credit's June 30 closing deadline.

THESE HEADLINES ARE MISLEADING!!!

The June 30 closing deadline has not been extended...but it was accepted as an amendment to the Tax Extenders Bill.  Go here to read entire story:

Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment

Lenders Warn Foreclosure May End in Lawsuit

Take Notice:  Homeowners just walking away better think again… ….  there is a HUGE possibility your lender will pursue recovery from you…..Know your options …there are many ways to resolve your current mortgage crisis ….. re-think NOW!!!

Experts predict that mortgage companies will begin to sue home owners in the next two years, including borrowers who ransack a house that has been lost to foreclosure and those who walk away from "underwater mortgages,"   read on…REALTOR® Magazine-Daily News-Lenders Warn Foreclosure May End in Lawsuit

A Real Estate Recovery in 2013

It is my belief that this an accurate prediction.  Realistic …..

We think the market will be flat in nominal terms for three to five years," remarked Humphries. "We are not going to hit bottom and see a V-shaped recovery."  read on…

REALTOR® Magazine-Daily News-A Real Estate Recovery in 2013

Proposal to Extend Tax-Credit Closings

Well, its about time this was addressed.  We have several short sales that are under contract in our office for first time homebuyers seeking the Tax Credit.   Although we are working diligently to have the short sales approved in time, there are many other variables that go into play such as the buyer’s financing that may not allow us to close by the June 30, 2010 deadline date.   We are happy to see that there may be a possible extension to allow these first time homebuyers to purchase their homes under the US tax credit stimulus.

NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” read on….REALTOR® Magazine-Daily News-NAR Lauds Proposal to Extend Tax-Credit Closings

There is No Recession When the World is Your Market…….. Do you want to do business with International Buyers?

If you answered Yes, then you will want to meet with my friend Valeria Grunbaum.   She is an amazing woman in real estate with a Marketing background that is floating to the top quickly amongst the highest real estate organizations.  The knowledge, tools and expertise that she has to share in her forums is Critical information for you to succeed as an International Real Estate Guru…..take a look for yourself……GO HERE:  Untitled Page

Distressed-Condo Market Gets Help?

A New law that goes into effect July 1, 2010 in Florida may not only help their distressed condo real estate market but also may lead to similar laws in other states  Go here to read:  Realty Times - Distressed-Condo Market Gets Help?

Home Affordable Foreclosure Alternatives (HAFA)

There’s another “H” in town…..H as is in HAFA…..so many programs are available, only the future will tell if all these “H” programs will really help the Homeowners in Distress…..if the Lender’s don’t cooperate, it’s just another “H” word….. Take a look at Fannie’s and Freddie’s new program…

Introduction of Home Affordable Foreclosure Alternatives Program

On June 1, 2010, Fannie Mae released Servicing Guide Announcement SVC-2010-07: Introduction of Fannie Mae's Home Affordable Foreclosure Alternatives Program to provide servicer guidance and direction for using the short sale or deed-in-lieu (DIL) process for borrowers who qualified for, but did not complete, a loan modification under the Home Affordable Modification Program (HAMP).

Announcement SVC-2010-07   Go Here for entire guidelines   :Home Affordable Foreclosure Alternatives (HAFA)

Temporary Property Tax Relief for Homes with Chinese Drywall

Today, Governor Charlie Crist signed HB 965 into law, which provides temporary property tax relief for some who own properties that have been significantly affected by Chinese drywall.

When the property appraiser determines that a single-family residential property is affected by drywall with elevated levels of elemental sulfur that results in corrosion of certain metals and needs remediation to bring that property up to current building standards, the property appraiser shall adjust the assessed value of that property by taking the presence and impact into consideration. If a building cannot be used for its intended purpose without remediation or repair, then the value of the building shall be assessed at $0, but not the land. Home owners who need to vacate the property in order for the drywall to be repaired would not lose their homestead exemption under the law, provided they did not establish a new homestead elsewhere.

In cases of newly purchased properties, the relief only applies to properties in which the buyer was unaware of the issue at the time of purchase. It does not apply if the presence was disclosed. This relief is repealed on July 1, 2017, unless reenacted by the Legislature.

According to Florida's Division of Emergency Management, "As of March 1, 2010, the preassessment has determined that there are 530 homes in Florida that meet the [Florida Department of Health] threshold for being impacted (the homes have been subject to metal corrosion due to Chinese drywall). Further, county property appraisers in Florida have identified 2505 homes that have had their value adjusted downward based on damages from the presence of Chinese drywall. An additional 846 claims for adjustment due to the presence of Chinese drywall are pending."

Foreign buyers are flocking to Florida condos again

If you haven’t heard the news….if you have not come across a foreign buyer….where have you been????  Probably not in Florida……It is very true and real, we are in foreign buyer heaven….they know that Florida is at “Feline’s Basement Bargain prices….and they are HERE!!!!   “Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar.”  Read on: Foreign buyers are flocking to Florida condos again

Lenders Take Control Of 1,900 New Miami Condos In 45 Days

“This is a new trend starting to take hold of the Condo market in South Florida…."We are entering the phase of the real estate cycle where the lenders, not the developers, are dictating the course of the condo market going forward in Greater Miami," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "This is a position that lenders are not comfortable being in as owning and managing real estate carries with it various responsibilities and liabilities that are out of their circle of expertise”… Read on: Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Lenders Take Control Of 1,900 New Miami Condos In 45 Days

PreventLoanScams.com Coalition Goes After Mortgage Modification Fraud

Do you know someone who has been scammed by mortgage modification programs…???? “The administration's existing program has already spawned fraudulent schemes, the report said, such as one in which borrowers are tricked by "thieves" into paying upfront for modifications that never materialize”   Go here to read entire story:  Realty Times - PreventLoanScams.com Coalition Goes After Mortgage Modification Fraud

Real Estate Outlook: Sales Promising

So what are the numbers really saying about our housing industry…..are we really out of the woods?   See for yourself…. “If you look at the latest housing numbers released last week by the Commerce Department and the National Association of Realtors, you'd have to say, "Wow! We are on track for an amazing year in sales -- and maybe even prices."  Go here to read entire story: Realty Times - Real Estate Outlook: Sales Promising

Shadow Inventory Remains The Big Question

Many have asked me what is this Shadow Inventory………Well, its not a good thing to start with, and the numbers are increasing.  The positive side is that there are many opportunities for investing in real estate.

“…there is currently a shadow, or "dark cloud", inventory of something more than 5 million homes in the U.S. -- roughly equal to the total number of existing homes sold in 2009. Naturally, this inventory will vary from local market to local market.   Go here for entire story:  Realty Times - Shadow Inventory Remains The Big Question