Many Americans are wondering how to deal with an underwater mortgage in these tough economic times.  Florida has been hit harder by the housing crisis than any other state in the nation. While some can afford to continue making payments on their home, many across the state have been pushed into foreclosure as home values have decreased anywhere from 15 to 55 percent or more. Aside from a loan modification, we have all heard the terms foreclosure, short-sale, and deed-in-lieu of foreclosure. Each of these terms spells trouble for the homeowner - loss of home, reduced credit score, and negative social stigma. Although lenders in February filed fewer foreclosure actions in Florida compared to a year earlier, a new strategy is on the horizon, an idea coined "strategic foreclosure." If you p... 03/14/2010

  New FHA Mortgage Changes  Give Home Buyers More Reasons to Purchase Now   Impending changes to to help recapitalize FHA Mortgage reserves will make it more difficult to qualify. These FHA Mortgage changes will further restrict home buyers from obtaining low down payment financing. The final ruling on these FHA Mortgage changes is still being discussed and will be placed into effect between the Spring and Summer of 2010. The key changes will include: Changes to the upfront MIP (Mortgage Insurance Premium). It will to be raised from the current 1.75% of the loan amount to 2.25% of the loan amount as of April 5, 2010. This additional premium is targeted to build up the FHA capital reserves. This change will take place with all FHA case numbers issued on or after April 5, 2010. This will ... 03/13/2010

The Fort Lauderdale Mortgage Snake Pit has poisoned many real estate deals since lending guidelines tightened significantly. Fort Lauderdale mortgage preapprovals are being relied on by sellers of foreclosed and short-sale properties competing against cash offers. All things being near equal, what seller wouldn't take a cash offer over one with a mortgage contingency. Many Realtors have expressed their frustration to me about a previously lost sale due to an inaccurate preapproval letter. Gone are the days of the casual preapproval. Pulling and reviewing credit reports, W2s, pay stubs and bank statements isn't enough anymore. Even running a buyers application through FHA or Fannie Mae's Automated Underwriting System isn't enough. Why is that you might ask? That's because the preapprova... 03/13/2010

It is very clear and apparent, the Ft. Lauderdale real estate market is stable and is about to make a turn for higher prices. According to Trendsgraphix,  inventory levels in both single-family products and multi-family products dipped after making a small spike in January. The inventory level of single-family homes within the greater Ft Lauderdale market dipped to 9.9 months, down from 10.1 months in January. The actual number of single-family homes currently on the MLS stands at 8,100. Of the current single-family inventory, only 6.1% was from foreclosures while a whopping 59.5% were from traditional sellers that still had positive equity within their homes. Inventory levels dropped from 11 months to 10.9 months according to the chart below. The actual number of multi-family homes cur... 03/13/2010

Over the last month condominium sales in the Fort Lauderdalearea have skyrocketed. Along with the rising sales we have seen some signs of our old market that I find very alarming and it is really the job of  every Realtors to prevent the old style of purchasing in Fort Lauderdale from happening again. Buyers are approaching the condominium market the same way they do the single family market completely ignoring the fact that they are buying into a community that deserves as much due diligence as does the unit they are buying. I always present Fort Lauderdale Condos with the same introduction "when you purchase a Fort Lauderdale Condominium you are buying two things you are purchasing your condominium unit in which from a renovation standpoint, you can do just about anything which meets ... 03/04/2010

Exquisite condo in major downtown urban locale.5 minute ride to the beach, walk to all Las oOas restaurants and clubs. Magnificent pool and spa, state of the art fitness center, wine bar, Billiards, 24 hr concierge service, and much more. Looking for a great long term tenant, no fears of foreclosure or short sale situations here, the price is negotiable. ready for immediate occupancy. SIB REALTY, LLC 305-588-8599   Irina Rogina 561-756-6962  Tatyana Permanova       Rent With Us - Save With Us ---NO FEE SERVICE----- irinarogina@gmail.com See my Add's Exterior Front Other Other Other Other 02/28/2010

Sales of existing homes and condos in South Floridarose in January, though prices sank further. Ok, that makes sense with over 60% of the sales being distressed properties (please remember 40% are good old fashioned sales), these 60% are driving average sale prices down. But also please remember distressed refers to many aspects of the property. The condition, the location, the street, and possibly that people simply don't like the home, all can make it distressed. So the price reflects true value, and homes with lesser true value are driving the market, so average prices are lower, as long as properties with lower, distressed prices are out there driving the market. Ok, that's all good buyers are buying ...unit volume is up...distressed properties will sooner or later be less of a perc... 02/28/2010

This is a line that many realtors will tell you they hear almost everyday in this new real estate market. Personally I feel solace in the fact that we are all hearing it everyday. I am not sure I fully understand the definition of a "steal", but I find comfort in knowing there are so many potential buyers out there are interested in Fort Lauderdale Real Estate, and are all looking for one.I have asked many clients to help me define a steal. Sometimes it leads to the word foreclosure. So just maybe a "steal" is a property that has been on the market, nobody else has wanted it, and now a bank owns it. The bank is willing to sell it at a lower number and because a bank owns it, it is a Steal. For many reasons this concept simply doesn't work for me, certainly if a great property went into... 02/27/2010

Have you ever been denied credit, goods, benefits, services, employment and/or insurance?  Do you have a problem with "free" credit reports that are often bundled with credit scores and/or credit monitoring services and steep monthly fees?  If so, you are not alone. As part of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (commonly referred to as the Credit Card Act of 2009), advertisements for credit reports will soon require enhanced disclosures to help consumers avoid confusing "free" offers.  These offers often require consumers to spend money on credit scores and/or credit monitoring while the "no-strings-attached" credit reports available through the central source at www.AnnualCreditReport.com are truly free to consumers once every 12 months.Effective ... 02/26/2010

Like many realtors, and people in general, I gather information from all areas--However, I happened to come across this video from the think big work small website--in addition, to a few realtors sending it to me as well. I would be very interested in knowing what YOU think about this video regarding the banking industry...and it is true....I never believed in the bank bailout -- and I really believe new banking regulations and standards need to be implemented. Let me know what you think?  Am very curious about your feedback. http://www.thinkbigworksmall.com/mypage/player/tbws/23622/1371497       02/18/2010

  Will it be cheaper to close on my property at the end of the month of the beginning of the month?     How many times do we read something that may not be true?  Or that you get misinformation, just because someone thinks they know.  Can this confuse so many?  I could be here all day on this topic. Today's topic is Interest Per Diem - It's very simple on real estate transactions. It is the interest charged to the borrower daily for that specific month until the loan closes, or on a refinance, until the loan disburses.  If you were to close on the 25th of February 2010, then you are paying daily interest until February 28th, 2010, which is 4 days of interest. What I wanted to point out is that there are some lenders, mortgage companies, that can do what is called an interest credit. Thi... 02/17/2010

After 6 years in both retail and wholesale mortgage lending (most recently at the end of 2008), I know how brutual it is for originators these days.  Frankly, I don't know how you guys do it other than you're very smart, hard working, tech savvy and have the patience of Jobe. I'm on the title side now, but my clients still run into this stuff all the time and I wish there were more of a common-sense based, informational conduit from the Government (State or Federal) to the prospective borrowers Nationwide. Earlier today, I read an article in the New York Times that cited a frightening statistic.10% of homeowners are SIXTY days behind on their mortgages, and 50% of new buyers rely on FHA.The latter of the two didn't surprise me, the former scares me to no end. I'll blog about that later.... 02/15/2010

The dawn of the new year has seemingly given way to an increase in inventory levels throughout the price points of the Ft. Lauderdale real estate market. If one solely looked at the increase in the months of inventory, the condition of the local Ft. Lauderdale market would be taken totally out of context. Actually, the market is stronger than ever these days. From this time last year, single-family inventory levels have decreased an amazing 42.2% while the inventory of attached homes have decreased an astounding 52.9%. As of this article, another significant shift has occurred. Traditional sellers are now again a clear majority of what is being offered on the MLS. In the single-family arena, traditional sellers represent 60% of the homes offered with an additional 34.2% offered as short... 02/13/2010

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There are so many naysayers out there and that will probably never change. Some people make a living at throwing negativity out in the world just to throw out a contrasting point of view. To them I say, "Find a new job!" Just in the last twelve months in the Ft. Lauderdale real estate market, I've witnessed price points under $400k experiencing bidding wars over distressed or newly renovated properties. In many ways, it was reminiscent of the old glory days of 5 years ago. Ft. Lauderdale has experienced a renaissance in the real estate market. Prices of homes and investment properties are now so affordable that the non-college type can purchase and own a piece of terra-firma. If a person has carpentry or mechanical talents, there are properties going for as much as 75% off their peak pr... 01/30/2010

Yesterday, FHA announced changes to the criteria in which they insure loans. According to the Florida Association of Realtors, here is a break down of the 4 key points. 1. The mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending · The first step is to raise the upfront MIP by 50 bps to 2.25 percent and request legislative authority to increase the maximum annual MIP that FHA can charge. · If this authority is granted, the second step is to shift some of the premium increase from the up-front MIP to the annual MIP. · This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing. · The initial upfront increase i... 01/22/2010

Happy New Year everyone! In Ft. Lauderdale there is definitely something to cheer about. Inventories of all type of dwellings in the greater Ft. Lauderdale area continuing to shrink quickly. Despite a minor uptick in the month of November, December continued Ft. Lauderdale’s winning way and another significant drop occurred. As I previously wrote, November seemed to be an anomaly. The slight uptick was created most probably due to the expiration of the Federal Tax Credit offered to first time buyers. Likely in October, most saw the purchase of a home to be too late to qualify for the credit, so the first timers backed off. After the extension was granted, everyone came out in full force and this would explain the drop in December. Currently, according to the Ft. Lauderdale Board of Real... 01/12/2010

The days of simply opening up shop and starting a loan modification business have come to an end in Florida. Individuals or businesses providing loan modification services must now be licensed as a mortgage broker by the Florida Office of Financial Regulation (OFR) in order to conduct business. The Florida legislature recently passed Senate Bill SB 2226. This law makes significant changes to Florida's mortgage brokerage law - Chapter 494, Florida Statutes - effective January 1, 2010. In particular, the new law specifically covers negotiation of existing loans as being part of the duties of a mortgage broker. As such, any individual or business attempting to negotiate a loan mortgage modification in Florida will require a license through OFR. Additionally, there are new disclosures requi... 01/06/2010

The days of simply opening up shop and starting a loan modification business have come to an end in Florida. Individuals or businesses providing loan modification services must now be licensed as a mortgage broker by the Florida Office of Financial Regulation (OFR) in order to conduct business. The Florida legislature recently passed Senate Bill SB 2226. This law makes significant changes to Florida's mortgage brokerage law - Chapter 494, Florida Statutes - effective January 1, 2010. In particular, the new law specifically covers negotiation of existing loans as being part of the duties of a mortgage broker. As such, any individual or business attempting to negotiate a loan mortgage modification in Florida will require a license through OFR. Additionally, there are new disclosures requi... 01/06/2010

Are you wondering how to protect your family through a recession and tough economic times? Families are scrambling to protect their financial security while watching their nest egg shrink. Between the foreclosure epidemic and closed or reduced credit lines, Congress has been left to bail out the financial industry. Many consumers are experiencing severe stress as it relates to their economic stability and general well-being. With unemployment at an all time high and an economy that is struggling with food prices and professional services that have increased at alarming rates, many families have scaled back on their spending to include only the necessities. In an ever worsening economy your good name and reputation within the community is becoming more important. Creditors have tightened... 01/05/2010