Let's face it, if a loan modification isn't making someone, somewhere some money, why would they do it?  When it comes to money, nothing is done out of the goodness of anyone's hearts.  A report that recently came out from the National Consumer Law Center reports they are finding it is cheaper to foreclose on a home than to work with the homeowner on a loan modification.  To understand this, you have to understand that the loan you took out with your local bank is no longer owned by that bank.   The bank sells the loans off to investment trusts.  These investment trusts hire "servicers" to collect and manage the debt.  The servicers have no incentive to approve a loan modification and can actually make money if the home forecloses.  Without the proper incentive, the servicers will always opt for the foreclosure route over the loan modification.  Where is the so called "hope for homeowners?"

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I can't tell you how many call and emails I get from people who say they want to take advantage of this great housing market, but state they have terrible credit and they don't make much money.  They are looking to get into a home that is "move in ready," with nothing down and a very small mortgage payment.  I have to chuckle at this because if you think what you are asking is too good to be true, then it probably is.  This certainly applies to the real estate market.  It is true that there are an abundance of great deals out there, but most of the homes need at least $20,000 in work to actually make them liveable.  Renters who want to be homeowners don't realize that they may be walking into a money pit.  When a toilet overflows in a rental, the tenant simply picks up the phone and calls the owner or the property manager and a plumber magically appears.  When you own, you own the problem and the big bill in the end.  If you are the type of person who only lives paycheck-to-paycheck, you may want to consider staying in your cozy and safe rental a little longer.

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If you are a first-time homebuyer (or second, third, so-on buyer) who has been seriously thinking about purchasing a home, but are still waiting for the home prices to fall, you're about to miss out.  Inventory is dwindling and interest rates are going up.  I have noticed a huge decline in inventory in my home market of Tampa, FL.    Most of the homes that are selling are $150,000 and under because of the influx of first-time homebuyers.  First-time homebuyers who are still thinking about buying a home need to move quickly.  The $8,000 first-time homebuyer tax credit expires December 1, 2009. This means you have to actually close on the home prior to December 1st.  If you are first-time homebuyer who has been pre-approved for a FHA loan, you need to get moving immediately.  Homes in the $110,000 price range and under that qualify for FHA are very difficult to find because there are very few of them and the few that are in good condition go quickly.  You also have to take into account the short sale timeframe, which takes forever.   At this point, if you don't already have a contract in on a short sale home, there is a very slim chance the home will close before December 1st.  Bank-owned and regular old seller to buyer sales (what are those?) are just about your only chance at this point to ensure you close before December 1st and qualify for the $8,000. 

The point of this blog is to help light a fire and get you moving on finding a home now before interest rates go through the roof (you know, inflation is going to kick in at some point) and to beat the deadline of December 1st.

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I have recently started noticing a lot being said about Realtors who claim they are short sale specialists, but their sellers are filing lawsuits against them.  Realtors taking on short sales need to realize there is a certain amount of legal risks in handling these types of transactions.  I have short sale listings and I always try to be very careful when giving sellers any type of legal advice.  It is important to make it clear to the seller that you are not a real estate attorney.  In light of the many possibile ways a seller could try to sue, Probably the biggest worry of sellers doing a short sale (besides the effect it has on their credit reports) is the fear of getting a 1099.  A lender can file a 1099 for the deficiency amount that would force the seller to claim as income and pay taxes on the amount.  If the home is your seller's primary residence, a law was passed in 2007 that states the IRS can not count mortgage debt as income, but this does not apply to second homes.  In addition, if the seller has assets or money saved in the bank or a retirement account, a lender can ask for this money before approving a short sale in some states.  Realtors need to be aware that Florida is a nonrecourse state that states lenders cannot go after a sellers cash money and should be advising the sellers as such. 

For Realtors who think they are doing the right thing by hiring a loss mitigation company to handle the short sale negotions are forewarned.  Sellers can file a lawsuit against you stating negligence if you are not managing the short sale process and the deal falls through.  It is important to make sure you are on top of what is going on and demand the loss mitigator is sending you an update email once a week so you can show the paper trail.   This also applies to Realtors who work with your modern day "flipper" who purchase short sale properties and almost simultaneously flip it over to an end buyer within an hour of purchasing the home from the seller and the lender.  The flipper negotiates the lowest price possible with the lender with the intention of selling the home to the end buyer for a profit.  Investors who are concerned abou the 1099 want the final amount paid to the lender to be as high as possible. 

These are just a couple of the important questions I tend to get from sellers who are considering a short sale.  A Realtor has to be able to give them the right answers or at least tell them "I don't know" and direct them to a real estate attorney. 

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I understand offers come in on bank-owned properties and the listing Realtor submits those offer to the asset manager and the asset manager holds on to the offers for several days (or weeks in some cases) waiting for higher offers to come in.  What I find in some cases, is the listing Realtor will tell a fellow Realtor representing the buyer, there are multiple offers in on the property but will not reveal any information of what the offers are.  I understand to a certain degree that they represent the seller and their best interest, but refusing to give me an idea of what my buyer should come in at is a disservice to my buyer.  How am I supposed to advise my buyer to come in X amount higher than the listed price if my simple question of "Do you have any offers higher than the asking price" is not answered by the listing Realtor?  How can the listing Realtor not understand that simply saying yes or no to this question is vital?  I am not asking "What is your highest offer."  I just want a yes or no answer.  It baffles me the listing Realtor does not understand this concept.  Of course, my buyer will just skip this property all together and will not bother putting in an idle offer. 

I am not saying all listing agents representing REO properties do not understand this concept because there are many saavy Realtors who are willing to give a buyer's agent just enough information so they know how to advise their buyer.  This type of Realtor understands business and how to get things done.  To the others who think keeping your offers secret, open your mind and think logically how to help get your client the most money for their properties!

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Short sales dominate the real estate market.  It is difficult to go through a list of homes and actually find a home that isn't a short sale.  I get excited when I find my buyer a home that is the traditional seller to buyer type deal.  Short sales are here to stay for at least the next few years so it is imperative for buyers to work with a real estate agent that knows what they are doing.  A short sale is a complicated. long drawn-out process that really puts a buyer to the test!  A good real estate agent will know how to weed through the multitudes of listings in order to determine the home is actually availabe and determine whether or not the listing Realtor will be successful in getting the lender to approve the short sale.  These are two very important questions that need to be asked before a buyer's agent should show the buyer the property.  Many listing Realtors are leaving the listing active in the Multiple Listing Service (MLS) so it looks like there are no offers on the property, but in reality they are holding several offers.  How does this benefit the buyer?  Once an offer is actually submitted to the lender, or lenders in some cases, it takes approximately 60 to 90 days just for the lender to either accept the offer or counter the offer.  The buyer's agent and the listing realtor need to work together to ensure the offer that is being made on the property is a reasonable offer, pre-approval is obtained and the buyer is made aware of the short sale timeframe and is willing to hang in there for the long haul.  At this point, the listing Realtor should take the home off the market and give this buyer "first right of refusal."  Many listing Realtors are not doing this so a good buyer's agent must know how to avoid these homes for their buyers.  The second question about whether or not the listing Realtor is going to get the deal done.  I have learned through the school of hard knocks to advise a buyer to not bother to put in an offer is I feel the listing Realtor is not going to get the deal done.  If the listing Realtor is savvy, they will employ one of the many strategies available to get a short sale done.  A good buyer's agent will be able to determine if the route the listing agent has chosen to take will work. 

To all the buyers looking for a great home, now is the time to take advantage of the good deals that are available to you.  There are many short sale and bank-owned properties that are being sold for way below market prices.  You just have to understand, short sales take time but the pay-off is incredible!

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Like everyone who purchased a home in the last five years, you owe more than your home is worth.  One or both of you have lost your jobs and you are struggling to stay current on your mortgage payments.  The Obama administration announced on March 4th, they will offer assistance to as many as 7 to 9 million homeowners.  The program known as The Home Affordable Refinance program will be available to homeowners who are current on their mortgage payments and want to stay in their homes, but do not qualify for refinancing because their current loan to value ratio is above 80%.  Obama has made a second program available to at-risk homeowners to help avoid foreclosure known as the Home Affordable Modification program. Under this program, lenders will work with homeowners to lower their monthly payments so they can stay current. 

Eligibility for the Home Affordable Modification is as follows (taken directly from the U.S. Department of the Treasury Report published March 4, 2009):

• Loans must have originated on or before January 1, 2009
• First lien loans on owner-occupied properties with unpaid principle balance up to $729,750.  Higher limits allowed for owner-occupied properties with 2-4 units.
• All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
• Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties.
• Incentives to lenders and servicers to modify at risk borrowers  who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
• Modifications can start from now until December 31, 2012; loans can be modified only once under the program.

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We all know a housing stimulus is absolutely necessary in order to get the economy going again, but the Senate unfortunately doesn't agree.  The shot down the proposed $15,000 home buyer tax credit, which would have helped get more buyers off the fence.  The $7500 first time home buyer credit simply was not doing what it was created to do so the National Association of Realtors lobbied Washington to give all homeowners a tax credit of $15,000.  The $15,000 coupled with lower interest rates could be the stimulus needed to get the housing market back in check.  Simply lowering the interest rates will not get the buyers completely off the fence.  I guess spending $21 million to re-sod the National Mall in Washington is going to help the economy.

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I cannot tell you enough how important it is to check your credit reports yearly for mistakes.  Mistakes are easily made and they can wreak your credit score.  If there are mistakes, you must work with the credit reporting agency to get them corrected.  Don't trust anyone else to do this for you.  Common mistakes that are easily identified are:

• Late payments - approximately 35% of your credit score is based on your timely payments of bills.
  
• Available Credit - make sure the credit limits reported on the credit reports match the actual limit you have on the credit card.
• Accounts you don't recognize - if there are any accounts showing open with balances on your credit report that you know you didn't open, call the account holder to notify it is a fraudulent account.

Make sure you are checking your credit report with all three of the major credit reporting agencies (Experion, TransUnion and Equifax).  If one is showing all information is correct, another could have an error.  In this tight credit market, it is nearly impossible to make a large purchase with a low credit score.  Take the time to clean your credit reports up and it will pay off in the long run.

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Many buyers today start their search for the perfect home on the Internet.   While it is a great way to start your search, you should contact a Realtor when you are serious about buying.  As a buyer, you pay absolutely nothing to your Realtor for the loads of work they do for you (their commission is paid by the Seller of the home you are buying).  Therefore, going at it alone in this crazy market is ludicrous!

Don't assume the Web is all you need to purchase a home.  Buying a home in a market where short sales, foreclosures and bankowned properties rule is not an easy process for someone who isn't experienced (it's not easy for those who are experienced!).  The research, negotiation and paperwork involved requires an experienced local Realtor.  There is an endless amount of homes listed on the Internet, which can make the process of finding your dream home mind boggling.  A real estate professional has access to the most sophisticated real estate search tool available (the Multiple Listing Service or MLS).  They are able to set up a search that meets most of your needed criteria so you don't have to fish through the stuff you don't want to see.  Also, you can rest assured that every listing you receive from your Realtor is a real listing.  Internet predators are a dime a dozen and they will try to scam anything they can.  They will post fake listings in order to collect page views.

Lastly and most importantly, a Realtor is going to do a market research study to ensure the offer you submit to the Seller is right.  Don't assume you are going to get the correct market value for the home you are interested in by researching it on websites like Zillow.com or Cyberhomes.com.  Your Realtor is going to use the MLS to accurately search how much buyers paid for similar homes in the same area.

Stop driving yourself nuts with the glut of listings on the Internet and just get a Realtor to help you!

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I read everywhere that applications for refis are soaring because of lower interest rates, but I find it hard to believe.  Apparently there are many homeowners out there will a good deal of equity in their homes.  I, on the other hand, are one of those people who purchased a home in 2006 during the peak of high market prices.  I would love to refinance my mortgage so I can save a few hundred dollars a month, but the problem of requiring an appraisal will knock me out of the running.   I pluncked down a hefty down payment when I bought the home, but since the market prices have fallen I have lost all of the equity and then some.  If my home would appraise, I would sell it and take advantage of one of the killer deals on a bigger house in a better location.  Once again, I question why I continue to "do the right thing."  I am a person of morals and I have excellent credit so I would never intentionally stop making my payments in order to try to weazel out from under my mortgage, but why isn't there any aide for people like me?  What is wrong with lenders bypassing the appraisal and allowing me to refinance?  It's not like I am asking them to eat a portion of my loan (I would have to be behind on my payments for that one), but all I want is a lower interest rate. 

Didn't the government implement the lower interest rates in the hopes it would stimulate the economy?  Believe me, I would absolutely stimulate the economy with my extra $300 a month at the mall!

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There are several changes taking place in the Florida Real Estate market that I believe will improve current conditions. 

• There is now a tax incentive for first time homebuyers of up to $7500.  At this time, the tax incentive is good for only first time homebuyers (you are considered a first time homebuyer if you haven't purchased a home in the last three years).  The National Association of Realtors is trying to get legislature to extend the tax credit to all homebuyers.  This credit currently expires July 1, 2009 so don't procrastinate.
• Home loans are more readily available and intereste rates are at an all-time low. 
• Mortgage lenders employ higher standards.  One of the main reasons our housing market has tanked is because of lenders who dealt in subprime lending.  An estimated 1.5 million ARMS will readjust to higher interest rates this year leaving homeowners unable to make the higher mortgage payments.  New legislation has been passed that will allow borrowers to refinance into a more affordable mortgage.
• Tighter lending practices will ensure borrowers are actually qualified for an amount they can realistically afford. 
  
• Fannie Mae and Freddie Mac has raised the limits onf the mortgages they guarantee from $417,000 to $625,500 and the Federal Housing Administration will raise their loan limit to $625,500. 
  
• The FHA will also help existing homeowners refinance their current mortgage into a lower interest rate, which will reduce monthly payments by hundreds of dollars and hopefully prevent a foreclosure.

If you have ever dreamed of owning a home, now is the time to get pre-qualified for a mortgage and contact your local Realtor to get you started.

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I just had a contract fall through on a condo the day before we were supposed to close because financing was denied. Financing was denied because the developers still owned 32% of the condos in the development and Fannie Mae would not warrant to loan. I have learned that the first question a buyer or buyer's agent should ask the condo association is whether or not any of the units are still owned by the developer. You will be hard-pressed to obtain a loan for a unit located in a community where a developer still owns more than 10%. My buyer had already gone through the inspection, received a loan commitment and the appraisal before the 32% developer ownership was discovered. The condos I am referring to were built in the 1970s, but developers apparently rehabbed the units. Had this question been asked by me or the mortgage broker or the seller or the seller's Realtor, we could have saved everyone (mainly my buyer) a lot of trouble and disappointment. Apparently, Fannie Mae is considering pulling out of condo market all together. This will mean a buyer will have to pay an inordinately high interest rate if they can find a lender to actually give them a loan or only cash buyers will be able to buy a condo. Hopefully this is not the case since the Florida condo market is already terrible. Don't let this happen to you!

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Where there is potential money to be made, there is a crook out there to take advantage of it.  As the foreclosure rate in Florida rises, predators posing as individuals who care are coming out the woodwork.  These predators entice homeowners with schemes of how they will rescue them from foreclosure, but they could care less about getting anyone from under their mortgage.  They are in the business of swindling the homeowners out of their money and in some cases the home they are alledgedly trying to save.  The scam artists focus their schemes on homeowners who have considerable equity in their homes.  They reach the homeowners via mailers, phone, email or through those signs you see in the right of way as you are driving down the road.  A common scenario is a fictitious buyback or lease-back option that involves signing over the deed to your home.  There is no reason why a person should need the deed to your home to get out from under your mortgage.  The reality of the lease-back or buyback option is the criminal will retain possession of your home and its remaining equity.

I am not saying that all of the people who state they can help you out of your mortgage are con artists because I certainly work with alot of legitimate investors who play an integral part in the housing market we are currently in.  I am just saying that you cannot trust everyone and that you must do your homework before agreeing to hand over your personal documents to a perfect stranger. 

Never let your guard down!

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Mortgage rates are at an all time low so the question many homeowners should be asking themselves is whether or not they should refinance?  Last I checked, the conventional and FHA mortgage rates were a little over 5%.  If you are currently paying 6% or more, you really should start crunching the numbers in order to determine if refinancing is worth it for you.  If you think you won't qualify for a refi because you have lost the equity in your home and now owe more than it's worth, you may still qualify.  For instance, Fannie Mae will let certain borrowers refinance with a lower mortgage rate even if their current rate equals as much as 120% of the property's current loan value.  Don't wait too long because there is no telling how long the low rates will stick around.  A a Realtor in the Tampa Bay area, I am keeping my fingers crossed that the low rates will be around for a while.  Lower rates will encourage renters and first time homebuyers to start building equity instead of throwing their money away and buy a home they can call their own. 

Another consideration is refinance vs. purchasing a new home.  It was announced yesterday that the lobbyists in the financial industry are pushing the Treasury Dept. to lower the interest rates for new home sales to 4.5%.  It would be an unprecedented opportunity for anyone who has good credit to buy a home.  If you currently own a home and owe more than what you can sell it for and are considering a refi, maybe you should crunch the numbers to see if buying a new home is cost effective.  If you refi, you have to be ready to remain in the home for many years to come.

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Ever wonder why you are always tired?  Do you work from home or in an office and find you haven't really moved all day?  Are you stressed out with the never-ending list of things to do?  How can you find relief from the hum-drum of everyday life and feel better?  The answer is easily said, but not done.  Exercise.  Besides the obvious health benefits, exercise relieves stress and can help you to sleep better at night.  Exercise will also improve stamina that will help keep you going all day.  Feeling good is essential to a successful business.  As a busy Realtor in the Tampa Bay area, I always find time in my day to exercise.  It is not always easy to find the time, but if you treat it as a part of your daily schedule you can get it done.  To those of you who work through your lunch hour, use this time to workout.  The lunch hour is a great time to lift weights.  For me, I can get this essential workout out of the way without ruining my make-up and hair.  Of course, you can't forget about your heart health so I will usually do cardio in the morning or in the evening.  Thirty to forty minutes of high-intensity cardio such as running, stair-stepping, eliptical or rowing 3 to 4 times a week will do the job. 

Exercise and eating healthy has to be viewed as a way of life.  It is definitely a big part of my life and without it, I don't think my business would prosper.  I have the energy and drive to make it prosper because of my healthy lifestyle.  If you think you don't have time to exercise, you are making excuses.  Make it a part of your life and you will see your personal and business life improve dramatically.

For more information, please contact me at info@buytampafl.com.

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It is now November in Florida and the temperature is cooling a little, the humidity is better, mosquitos numbers are a little down.  I find myself thinking more and more about what I have to be thankful for.  With the economy in turmoil, I think back to how different things were a little over two years ago.  The housing boom was in full swing and jobs were plentiful.  The population, for the most part, was happy and worry-free.  I was one of the worry-free people who was prospering and never thought the housing decline would affect the overall economy as badly as it has. We are constantly worried about whether or not we will have a job next week and have put all of our plans on hold.  I used to worry constantly about having enough money to retire as early as possible and saved like crazy, but my thinking has shifted to day to day survival.  I will say my attitude now is very different from my attitude two years ago.  I find happiness in the small things in life and I am more aware and thankful of what I do have instead of what I don't have.  I know things will eventually get better, but going through this time is definitely a learning experience of what is really important in life that I will not soon forget.  Be Thankful!

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The state of Florida is officially underwater in foreclosures!!!  Okay, we have known that Florida is one of the top five states with the highest foreclosure rate for a while.  It just keeps getting worse.  Of Florida's over four million mortgages, roughly 26% of those mortgages are in foreclosure.  This statistic does not include all of the pre-foreclosure properties that are trying to get a short sale approved and if no short sale then it's on to foreclosure.  If it is any consolation, we are no where near as bad off as Nevada where approximately half of the mortgages are in foreclosure.  What is the answer to getting people and the economy back on track?  I wish I had the answer.  Chase announced todayt that they are going to place a 90 moratorium on foreclosures in order to give them time to work with customers and refinance.  Geezzzz.....my mortgage is with Chase - can I take 3 months off?  There is just a huge incentive today for people to walk away from their mortgage.  They think that if everybody else is doing it, why shouldn't they?  It may wreck their credit, but it will wreck 26% (to date) of Florida's population too.  Almost everyone who purchased a home in the last 5 years is underwater in one way or another. Either it's foreclosure or market value decline. 

I have seen quite a few advertisements for reverse mortgages and often wonder if it's a good idea or not.  A reverse mortgage is basically a loan using the house or its equity as collateral.  It is intended for individuals who are 62+ years old who have paid off at least half of the mortgage on their home.  It is a low-interest mortgage that only requires pay back when you move out of the home or you pass away.  Once the house is vacated the owner or the estate will have 12 months to sell the house.  The proceeds from the sale will go towards paying off the reverse mortgage loan with interest and any excess will go to the owner or the estate.  If the sale of the home does not cover the reverse mortgage amount, the estate will not be responsible for the overrage.  

What are the pros of a reverse mortgage?

• No payments are due as long as you live in the home
• Interest rate is lower than traditional mortgages/home equity loans
• Retiree is able to get money out of home to live on and remain in the home
• Heirs will get proceeds of the sale that is over and above the reverse mortgage amount and proceeds are not taxable
• Income and credit score doesn't matter so it is easy to qualify

What are the cons of a reverse mortgage?

• Must do your research and call HUD for a counseling session
• You will pay closing costs just as if you are actually selling the home and will have the FHA mortgage insurance and loan origination fee.
• If you draw too much money in one month, it could affect your Medicaid.

Of course, you shouldn't consider a reverse mortgage if you are not in dire need of the money to make it through your retirement.  This is a loan meant for individuals who do not have enough money to live on day to day. 

Most homeowners who purchased their homes from 2000 to 2006 over-paid.  I was a victim of over-paying for my home.  I bought at the peak of the housing market boom in 2006 and now find that my home is now worth over $100,000 less than what I paid for it.  I made a clear and rational decision to buy the home back in 2006 and signed the dotted line for the mortgage thinking that a home will always retain its equity.  Well we all know I was very wrong in this assumption!!  My house will not regain its equity for a good 10+ years so what am I to do if I need or want to sell?  Many homeowners in my situation are considering defaulting on their mortgage loans because this is aparantly the only way they will get any relief.  I don't condone it at all, but what are people like me to do?  Why are the people who didn't make good decisions getting all the help while I have to suck it up? 

I believe our economy depends on people fulfilling their contractual obligations, but I feel I am being punished while others who bought more house than they can afford on one salary are now getting their loan principle lowered and given instant equity.  I won't see equity in my home for many, many, years........all for what?  Doing the right thing?

For more information, please contact me at info@buytampafl.com.

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I cannot believe an HOA got a local judge in Florida to sign a court order to arrest a 66 year old man for not maintaing his grass.  What was this judge thinking when they signed the court order?  Cinch bugs and lack of watering time are more than likely the cause of the brown grass, but this Florida man has more important things on his mind - like keeping his house.  He is 2 months behind on his mortgage payment and fighting foreclosure.  What is this world coming to?  Arresting a man for brown grass is ludicrous when people are walking away from their homes everyday.  I know the HOA is having a difficult time keeping order in the neighborhood, but they need to find a compromise in working with existing homeowners.  The HOA should be happy the homeowner hasn't walked away and completely abandoned the home. 

I know the HOA argues the law is the law, but I am happy I do not have to put up with these power hungry clowns!!  My once beautiful grass has been destroyed by cinch bugs and it has taken a long time to kill them so I guess I am grateful for my freedom right now.

For more information, please contact me at info@buytampafl.com.

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Lets face it, we have another 4 to 5 years of short sales, foreclosures and bank owned properties in the Tampa Bay area.  It is unfortunate, but it is reality.  The bulk of the homes that are currently on the market are short sales so it is important for Realtors to educate the buyers on the short sale process.  If a buyer is in a hurry, then a short sale probably isn't a good option for them because it could take three months or more for the bank to either approve or disapprove an offer.  The buyers also needs to understand that they could be bound to their offer for the time it takes the bank to respond so they could be in limbo for a quite a while. 

You could qualify for a short sale if you are a homeowner who is in danger of defaulting on your loan, you owe more than the home's market value or you are already in the foreclosure process.  Lenders would rather loan money to other qualified buyers instead of paying $40,000+ to foreclose on a home.  A short sale is a win-win for the homeowner, the bank and the buyer because it gets the homeowner out of the home debt-free, the bank saves quite a bit of money and the buyer is getting a great deal on a new home.  

Foreclosure should be an absolute last resort if you are behind on your payments.  Besides a short sale, there are many other options available that will allow you to retain ownership of your home. 

• Refinance - with the new lower rates, this could save you thousands.  The only downfall is you must have a good credit score so if you are already behind on your payments, this may not be an option for you.
• Repayment Plan - catch up on missed payments by paying more than one full payment per month until your account is current.
• Forebearance Plan - allows the suspension of all or part of client's monthly payment for a specified time period, based on lender agreement.
• Loan Modification - allows changes to the original terms of client's promissory note which may include an combination of the following:  an adjustment to the interest rate; an extension of the term of the loan; or an increase in the loan amount by the amount past due.
• FHA Refi - allows the forgiveness of certain principal along with forebearance and repayment plan.  Housing Bill allows lenders to write down loans to 85% of FMV and borrowers get FHA 30 year fixed at 90% of FMV.  Borrowers must then share 50% of appreciation with FHA.
• Bankruptcy - may allow changes to the original terms based on loan modification.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

3 Bedrooms

2 1/2 Bathrooms

2,071 square feet

$160,000

PRICE REDUCED $14,000.  Beautiful townhome nestled in desirable New Tampa Golf Course Community.  Eat in kitchen features all black appliances and black granite counter tops.  Breakfast bar overlooks your large dining room/living room combination. Large screened-in patio just off of the living room overlooks a conservation lot and includes a storage closet.  Huge master bedroom that is big enough for a king size bed and lots of furniture features a private bath that includes garden tub, double sinks and large walk-in closet.  Separate laundry room is conveniently located upstairs.  Additional two bedrooms are large with plenty of closet space.  Community offers fabulous amenities such as golf course, tennis courts and a beautiful resort-style pool.  Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges for sale of property at full listing price may be conditioned upon approval of third parties.  Seller has secured legal representation to expedite lender approval.

MLS#2333070

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

The U.S. Housing and Urban Development Secretary announced Friday that Florida will receive $541 million in new federal foreclosure funds to help prevent further home defaults and fight the effects of blighted areas with abandoned homes.  The funds are not for those already facing foreclosure.  The local government is required to use the funds to buy abandoned properties, rehabilitate them and offer down payment assistance to low to middle income buyers. 

The grant is part of President Bush's attempt to help the distressed housing market by offering first time homebuyers a $7500 tax credit, foreclosure prevention counseling and up to $300 billion for refinance options.  Miami is poised to get the lion share, $62 million, because they have been the hardest hit area.  Florida had the highest foreclosures in the U.S. as of June 30th with 6 percent of properties in foreclosure, which represents approximately 200,000 properties.  

If you are first time homebuyer, now is the time to buy!!!  Take advantage of the deals that are currently on the market as well as the $7500 tax credit that will expire in July of 2009.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Foreclosures in the Tampa real estate market continue to rise at an alarming rate.  Financially troubled homeowners cannot sell their home for anywhere near what they paid for it and they simply cannot afford to make the mortgage payments.  Once they are a good three or four months behind on their mortgage payments, they get notification from their lender that they have entered into the foreclosure process.  Before a homeowner receives the foreclosure notification from their lender, I would hope they will have already picked up the phone and have already spoken to their lender to notify them of their financial situation.  Sadly, many homeowners in foreclosure have never picked up the phone and have never spoken to their lender.  Another call the homeowners need to make is to a Short Sale Specialist who can help them sell their home before the bank actually forecloses.  Alot of Realtors, like myself, are now specializing in short sales because it is the bulk of the market.  Foreclosure should be a homeowner's LAST RESORT.  A short sale can be a life saver. 

When a lender agrees to do a short sale, they are agreeing to forgive the amount between what the homeowner owes and what they can sell it for.  if you claim the home as your primary residence, the forgiven amount will not be taxed.  If you bought the home as an investment or a second home, however, the forgiven amount can be taxed.  For example, if an investor owes $250,000 on the home, but the market will only support selling the home at $200,000, the lender will forgive the $50,000 but the investor will need to claim the forgiven $50,000 as income on their taxes.  Realtors need to be aware of this and advise their investor clients.  Florida is known as a debtor's haven, but the government is not letting the investor who bought three condos during the market boom get away scott free.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.