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Announcements
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In this section you will find information on items that the government, either local, state, or federal, are doing in order to help you to be more successful with your real estate property. Call us with other information we may be missing or may be misunderstood by us. Remember we are not attorneys or CPAs.
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AMENDMENT 1 REGARDING PROPERTY TAX RELIEF - 10% Annual Assessment Limitation for Non-Homestead
All non-homesteaded property assessments may increase no more than 10 percent of the just value of the property in the prior year. Beginning in 2009, owners of property subject to the limitation must apply with the county property appraiser no later than March 1 of each year. The owner’s failure to ap-ply will result in the loss of the assessment limitation. This would be a very costly omission on the part of property owners, and care should be taken that this deadline is not missed.
In years when the just value remains the same, it is still possible that the ten percent increase could be used to change the assessment if the current just value is higher than the prior year’s assessment.
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FLORIDA HARDEST HIT FUND
On February 19, 2010, President Obama announced $1.5 billion in funding to help families in the five states that have been hit the hardest by the combination of housing price declines and unemployment. Florida Housing Finance Corporation (“Florida Housing”) appreciates the confidence that the Treasury has shown in State Housing Finance Agencies by directing $418 million in Hardest Hit Fund funding to Florida for use in addressing the mortgage foreclosure crisis that Florida is facing. Already introduced to Lee County, and soon to the rest of the state.
There are two separate programs:
First, the Unemployment Mortgage Assistance Program (UMAP) is for homeowners who are unemployed, underemployed or have suffered wage losses due to death, divorce or disability. The second program is the Mortgage Loan Reinstatement Payment Program (MLRP). This program is for homeowners who are past due on their mortgage because of a reduction of income, but have regained said income and have the ability to continue making mortgage payments.
To be eligible for this program, you must meet all of the homeowner, property and mortgage requirements. Here is a quick rundown of what is necessary to qualify:
The homeowner must be a resident of the United States and Florida, and occupy the property as their primary residence. They must be unemployed, or underemployed, due to some hardship such as being laid off. The total household income must be below 140% of the AMI (Area Median Income). Also, the combined monthly cost of the mortgage principal, interest, taxes and insurance must be greater than 31% or the total household's gross income after the financial hardship event. The property must located in Florida.
If you have any questions regarding this program, or any other mortgage questions, give one of our knowledgeable home loan specialists a call today at 877.237.3627, or visit us on the web at www.cpfloans.com
http://EzineArticles.com/?expert=Justin_Kelly
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HOUSING COUNSELORS
As of 12/23/10, the Obama Administration announced nearly $73 million in housing counseling grants to more than 500 national, regional, and local organizations. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost.
HUD counselors –
www.hud.gov/ offices/hsg/sfh/hcc/fc
NeighborWorks –
www.findaforeclosurecounselor.org/network/nfmcp/findaforeclosurecounselor.asp
CredAbility (formerly Consumer Credit Counselor – CCC) –
www.creadbility.org
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FTC MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) RULE
As of 1/3/2011, the FTC prohibits third-party mortgage relief companies from charging up-front fees for foreclosure rescue and modification services until homeowners have a written offer from their lender or services that there request for a workout plan has been acceptable.
These relief companies must disclose that:
• they are not associated with the government and their services have not been approved by the government or the consumer’s lender,
• the lender may not agree to change the consumer’s loan,
• if they tell the consumer to stop paying the mortgage, they must also tell the consumer that he/she could lose his/her home and damage his/her credit rating,
• the consumer can stop doing business with them at any time, can accept or reject any offer the company obtains from the lender or servicer, and
• if the consumer rejects the offer, the consumer do not have to pay the company’s fee (which also has to be disclosed up-front).
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