The Government has funds to help homeowners pay their mortgage

Unemployed or underemployed Florida homeowners having trouble paying their mortgage payment may be able to receive financial assistance from the government. Qualified homeowners can apply for funds to pay up to 6 months of their mortgage payments!

Eligibility requirements include; must be a Florida resident, property must be primary residence, and homeowner must be underemployed or unemployed through no fault of their own.  Additional homeowner eligibility requirements must be met.  The complete list and additional information on how and where to apply for this assistance can be found by visiting the official website Florida Hardest-Hit Fund.

Do not fall victim to fraudulent, deceptive or unfair foreclosure rescue consultants

Do not fall victim to fraudulent, deceptive or unfair foreclosure rescue consultants. If you are in danger of losing your home and are contacted by or you have contacted a company that claims they can rescue you from foreclosure, know your rights.

There are laws in place created to protect distressed home owners from unscrupulous companies. I would strongly suggest you contact an attorney before signing any documents you do not fully understand. You can also review the laws pertaining to foreclosure rescue including Florida Statute 501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

One important component of the law is that rescue companies and consultants are not allowed to collect payments upfront. The law clearly states:

(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services. (bolding mine)

If you are concerned about a company you can visit the Florida Attorney General mortgage fraud site to find a list of those with questionable business practices. You can also visit the HUD website to find local information on how to avoid foreclosure.

Photo credit: Vorstius

Does a short sale impact your credit the same way a foreclosure does?

Q: Does a short sale impact your FICO® credit score the same way a foreclosure does?

According to a Credit Q&A from FICO®, short sales, deed in lieu and foreclosures are viewed the same and will have the same impact on your credit score.

Source


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How credit scores are determined is about to change

Is the money lost because of a foreclosure tax deductible?

Search for a home

Is the money lost because of a foreclosure tax deductible?

Here is the answer as found on the IRS Website:

Question: I lost money on the foreclosure of my home. Can I
claim a loss on my tax return?

Answer: No. Losses from the sale or foreclosure of personal
property are not deductible.

This information is not to be used as professional tax or legal advice, please consult with a tax professional for answers to your specific situation.


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There comes a point when you have to foreclose.

Foreclosure affects families

Foreclosures are more than sub prime "blah blah blah" and stalled real estate markets. An impact of a foreclosure affects the most innocent as depicted in this video for Neighborworks. Call 1-800-995 HOPE for counseling.

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Impact of foreclosure on families

A homes real value

Failing to rent to individuals with children will cost you.

- Greg Staker Watson Realty Corp. 407-304-0255

What do you call them? Bank owned, REO, Foreclosure?

You call it tomato I call it.... Whatever you call them, the number of bank owned properties for sale in the MLS offer home buyers an alternative to the many short sale properties for sale. REO homes are often easier to purchase than a short sale and are competitively priced.

The MLS shows the following number of foreclosed properties in the selected counties:

407/Osceola
428/Polk
610/Orange

Contact me in order to receive an update, free list of available homes in your area.

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Why would anyone offer to buy a home at list price or above in this market?


- Greg Staker - Watson Realty Corp. - 407-304-0255

Bill could help stabilize neighborhoods hit hardest with foreclosures

H.R. 5818 would establish a $15 billion loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes, helping to stabilize and reoccupy them as soon as possible.

H.R 5818 is important because it will provide funds to state and local governments to address the foreclosed and abandoned homes which threaten to weaken neighborhoods.

Additional information can be found here NLIHC.


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- Greg Staker Watson Realty Corp. 407-304-0255

Bank starts foreclosure on wrong home.

wftv.com reports a bank started the foreclosure process on the wrong home in Kissimmee.