Lenders can tap bank account for mortgage

145 Comments | Mar 28, 2011
It doesn't happen often, but lenders technically can tap deposit accounts to make up loan payments. Borrowers who've missed a mortgage loan payment to a bank or credit union where they also have a checking or savings account might want to move their money. The right is rarely exercised, but these institutions technically can tap those accounts to get late payments and more, according to Jeffrey A. Schreiber of The Schreiber Law Firm in Marion, Ind. Compare mortgage rates Bankrate can help

Why an lower investor offer on a short sale is better than a retail offer?

127 Comments | Dec 09, 2010
There are posts on active rain dealing with the issue of working with Real Estate Investors on properties listed as short sale. While there is a lot of bad publicity, and it is warranted, there are also investors who are legitimate. This post is to explain how a good investor gets involved in a short sale and can help the seller and the agent with the short sale. The attempt to sell short sales directly from default sellers to end-user buyers has failed miserably. But please don’t blame

Neighborhood Stabilization Program Funds $1 Billion to States

121 Comments | Sep 13, 2010
Last week, U.S. Housing and Urban Development Secretary Shaun Donovan awarded an additional $1 billion in funding to all states along with a number of counties and local communities suffering from decreasing home values and the resulting blight caused by foreclosed abandoned homes. HUD’s Neighborhood Stabilization Program (NSP) will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods. Funds will be used to purchase foreclosed homes a

Mortgage rates hit low of 4.54 percent

118 Comments | Aug 04, 2010
For those who can qualify for a loan, this is the most affordable mortgage rates in decades. Freddie Mac reported Thursday, that the opportunity to buy a home or refinance at this time is lost because of the tough economy and tight credit standards. However, for those who have secure jobs, superior credit and strong finances could do even better than the 4.54 average rates. This is the lowest rate since Freddie began tracking rates in 1971. It also marks the fifth time in six weeks that th

Strategic Defaults Not Such a Great Idea – Fannie Mae Getting Tough

106 Comments | Jun 29, 2010
Homeowners who walk away from their homes and default on their mortgages even though they can afford to make payments without trying alternatives to foreclosure may find they are unable to get a Fannie Mae backed loan for 7 years. Some homeowners in neighborhoods affected by high rates of distressed homes are opting to strategically “walk away” from their homes due to the falling values.

$8,000 Tax Credit Program May Be Extended

111 Comments | Jun 15, 2010

Senate Majority Leader, Harry Reid, wants to extend the time limit for homebuyers to qualify for the $8,000 tax credit to September 30th. Current terms required the buyer to complete a purchase by June 30th.

The $8,000 tax credit boosted sales this past Spring.  First time homebuyers were limited to an $8,000 tax credit while current homeowners were limited to $6,500 tax credit.

The proposal is presented as an amendment to a bill that would extend jobless benefits through the end of November. The Senate is expected to take up the amendment next week.  For current information about current market trends and homebuyer programs visit: www.RealEstateExpertsofFlorida.com


Technorati tags:

Mortgage Rates at a Near All-Time Low!

104 Comments | Jun 15, 2010
Rates on 30 year fixed mortgages fell to the lowest rate this year at $4.72%. The average rate on a 15-year fixed-rate mortgage hit 4.17 %, the lowest on records dating back to August 1991. This news has not stimulated the mortgage application rate. According to the Mortgage Bankers Association, the rate was down 35% from last month.

Investors and Home Buyers Enticed Back to the Condo Market

108 Comments | May 06, 2010
Recent legislation and dramatic moves by Fannie Mae and Freddie Mac could help relieve the condo crisis and help failing condo associations. Since 2006, the value of condos in parts of Florida has decreased by half. Investors and their tenants have walked away from units and stopped paying association dues. This has crippled associations and resulted in poor maintenance and repair schedules and decreased values further. Until recent changes in lending restrictions by Fannie Mae a

Short Sale Flips and Your Taxes

341 Comments | Apr 23, 2010
Different real estate investing strategies have radically different impacts on tax returns. Those who buy and hold property for over one year benefit from qualifying the income from rentals as passive income. Depreciation and many maintenance expenses qualify as deductions against any rental income. When property held for a year or more is sold, the gains are taxed as long term capital gains at a tax rate of 15% (at least for now). Consult your tax advisor for current law and expected change

Better News on Home Values

299 Comments | Apr 12, 2010
The Case-Schiller Home Prices Index showed another positive jump for the eight straight month in January. The seasonally adjusted prices increased by .4% for the 10 city index and .3% on the 20 city index. Both showed a decline on the unadjusted indexes due in part to the bad weather in many parts of the country.

Florida Looks for Money to Clear Foreclosure Backlog

104 Comments | Apr 12, 2010
Florida, like other judicial foreclosure states, is experiencing a serious backlog of cases and needs additional funds in order to clear the log-jammed court dockets. The Florida Courts Administration has asked the legislature for an extra $9.6 million in order to hire more case managers and judges in order to clear the current glut of lis pendens and final judgment cases in foreclosures.

Mortgages to Exceed Value until 2015 to 2020

43 Comments | Apr 12, 2010
First American CoreLogic has estimated that even in the healthier markets that are now beginning to heal from the steep price drops of the last three years, homeowners currently with underwater mortgages will continue to have mortgages that exceed value until late 2015.

Government Official Says HAMP is not Working

106 Comments | Mar 30, 2010

Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP), admitted that far fewer homeowners will receive assistance under the HAMP program and other government efforts to ease foreclosure than originally estimated.  Barofsky estimates that only 1.5 million to 2 million homeowners will be helped as opposed to the 4 million originally expected to receive foreclosure help from the government.   Barofsky does not believe offering modifications is a meaningful goal of the foreclosure program, since so few have actually been helped and many who have received modifications are redefaulting.   Herbert M. Allison, assistant Treasury secretary for financial stability said the program should be measured not just by the number of permanent modifications made, but also by the assistance given to provide Deed in Lieu of Foreclosure and Short Sale assistance.   Obviously, the enhancements to the HAMP program announced on March 26 are an indication that new strategies and incentives are needed if millions of people are going to be helped to avoid foreclosure.  Bob Massey

New Policy on Foreclosures and Defaults for seniors intended to be Preventive says FHA

106 Comments | Mar 30, 2010
Reflecting the extreme sensitivity of the issue, explanations, retrenchments, and denials are being voiced in response to an RMD story earlier this week about HUD’s intent – or not – to foreclose on seniors whose properties have gone into “technical” or other default. “There will be some policy forthcoming on foreclosures and defaults, intended to be preventative,” according to Meg Burns, director, FHA Office of Single Family Program Development, speaking with RMD prior to leaving for a Central

A bail-out in disguise?

148 Comments | Mar 25, 2010
As part of an agreement with state attorneys general to settle charges over high-risk loans made by Countrywide, Bank of America will begin writing down loan balances for homeowners that meet eligibility criteria.