Homeowners facing foreclosure may be able to remain in their homes

Fannie Mae has started a program called Deed for Lease™, created with the goal of keeping homeowners who would otherwise lose their home to foreclosure and alternative way of remaining in the home.

Homeowners who qualify and agree to give their home back to the lender via a deed in lieu will then be allowed to lease back the home at a payment in line with the current market. Other considerations in order to participate include:

• Home must be primary residence
• Rental rate cannot exceed 31% gross income
• 12 month lease period
• Inspection of the property to determine house has been maintained

To find out if you have a loan that qualifies for the Deed for Lease™ program contact your mortgage service. For additional information visit Fannie Mae.

Related blog posts about Fannie Mae

The tax credit extension adds a closing cushion for buyers who are trying to purchase a home subject to short sale.

The recently signed into law tax credit extension adds a closing cushion that could help buyers who are trying to purchase a home subject to short sale. The extension allows buyers who are under contract to purchase a home by April 30, 2010 to receive the tax credit provided the transaction closes by June 30, 2010.

Short sale transactions can take up to 30-60 days or longer. Before the extension passed, buyers were leery of making an offer on a home listed with a short sale contingency for fear they would miss the November 30th cutoff date. With the new tax credit extension, buyers may not have to avoid making an offer on a short sale, knowing that they now have 60 days in order to close.

Buyers will still want to consider the possibility of the short sale not being approved in time and should consult with their agent, tax advisor and attorney for guidance before making an offer.


Related blog posts on tax credit

Related blog posts on short sales

Orlando driver license

If you have just moved or relocated to Orlando you will want to know the location of the Orlando driver license offices.

The following are the addresses and phone numbers as they are listed on the State Motor Vehicle site where you can pick up driver licenses, driving tests and ID Cards.

• 11764 E. Colonial
  (407) 445-5462
• 4101 Clarcona Ocoee Road
  (407) 445-5462
• 11210 S. Orange Blossom Trail
  (407) 836-4145
• 4576 South Semoran Blvd.
  (407) 836-4145
• 2110 W. Colonial Drive
  (407) 836-4145
• 301 S. Rosalind Avenue
  (407) 836-4145
• 11967 E Colonial Drive
  (407) 836-4145

The following are the addresses and phone numbers as they are listed on the State Motor Vehicle site where you can register, tag and title cars and trucks.

• 11967 E. Colonial Drive
  (407) 836-4145
• 4576 S. Semoran Blvd
  (407) 836-4145
• 11210 S. Orange Blossom Trail
  (407) 836-4145
• 2110 W. Colonial Drive
  (407) 836-4145
• 301 S. Rosalind Avenue
  (407) 836-4145
  

Give me a call if you have questions about Orlando or if you are moving or relocating to the Orlando area.

Related blog posts about relocating to Orlando

Florida home buyers will benefit from extension and enhancement of tax credit

Florida home buyers will benefit from extension and enhancement of tax credit recently voted for by the House and Senate and now waiting for the President's signature. The tax credit extension will give Florida residents into next year to purchase a home in order to take advantage of the up to $8,000 for first time home buyers.

Once the extension and enhancement becomes law I will post the details that include a tax credit for existing home owners too.


Related blog posts on home buyer tax credit

It is ok; we do this all the time.

I hate it when I hear this. Usually this is spoken by someone I have just recently met and is said when something just does not feel right about a real estate deal. The person saying it wants me to feel at ease and ok with whatever “it” is. More often than not, “it” really is not ok and I have to step in and nix whatever “it” is before it drags one of our seller/buyers, agents or company into a real estate deal we should not be involved with.

I just finished reading a press release posted on the Florida Association of Realtors website announcing the arrest of over 100 people in Florida for mortgage fraud. I wonder how many times those persons arrested uttered the words, “It is ok; we do this all the time”?

I am not saying every time someone says those words they are trying to do something illegal or committing mortgage fraud. But the facts are if whatever it is, is legal and done all the time by professionals in this business, I am going to be fully aware of it and you will not need to tell me.


Related mortgage fraud blog posts

License requirements to be a home inspector

What are the license requirements to be a home inspector in Florida? Starting July 1, 2010 Florida law requires home inspectors to be licensed. The reasoning for this is explained in the Florida law:


Purpose.—The Legislature recognizes that there is a need to require
the licensing of home inspectors and to ensure that consumers of home
inspection services can rely on the competence of home inspectors, as determined
by educational and experience requirements and testing. Therefore,
the Legislature deems it necessary in the interest of the public welfare to
regulate home inspectors in this state. CHAPTER 2007-235


Related Florida real estate view blog posts about home inspections

More studies needed to determine connection between Chinese Drywall and health problems

A Task Force consisting of the U.S. Consumer Product Safety Commission and several other government agencies report that additional studies are needed to determine connection between Chinese Drywall and health problems. The Interagency Task Force on Chinese Drywall draft reports states:

"While the studies have discovered certain differences between Chinese and non-Chinese drywall, further studies must be completed to determine the nexus between the drywall and the reported health and corrosion issues."

Related blog posts on Chinese Drywall

Has the tax credit been extended and expanded for Florida?

The tax credit has not been extended and expanded for Florida or the rest of the country as of today. All indications are that we are close but there has not been a vote. When or if the tax credit is extended and/or expanded I will blog the details here.

The National Associations of Realtors is asking that we call our Senators.

Please make a quick call to your Senator's office today to ask for cloture*
on the Unemployment Insurance Extension bill that contains the tax credit
provision. This cloture vote is scheduled for Monday evening. Sixty
Senators must vote yes so that a vote can be scheduled on the tax credit.

Related blog posts on the tax credit

Casselberry will host a lakefront workshop

The City of Casselberry will be hosting a lakefront workshop on November 3rd, 2009 for residents and homeowners of Middle Lake Triplet, South Lake Triplet, Queens Mirror, and Lost Lake. The workshop will run from 6pm - 8pm. Topics to be covered include:

• water quality
• floodplains
• vegetation characteristics
• plant identification

For additional details and contact numbers and emails, please visit the City of Casselberry press release.

Past blog posts related to Casselberry

Who do you call if you are behind on your house payment?

Who do you call if you are behind on your house payment? Your first call should be to your lender. The phone numbers I have listed below are found on the individual bank websites. They are the numbers the bank list for homeowners who are having problems making their house payment. Please verify each number by visiting your lender’s website or checking the numbers on your account statement. You should not ignore the problem. Calling to work out a solution with your lender is the best first step for many.

• Bank of America: 1-800-720-3758
• U.S. Bank: default resolution 1-866-932-0462 default counseling 1-800-365-7900
• Wells Fargo: 1-800-678-7986
• Citibank: 1-866-915-9417
• Fifth Third Bank: 1-866-601-6391
• Huntington National Bank: 1-877-477-6855
• Sun Trust Bank: 1-888-886-0696
• Regions Bank: 1-800-748-9498
• HSBC: 1-800-338-6441

I will continue to add numbers as I find them. Several of these numbers were harder than it should have been to locate on the bank web page. I would have thought a bank would look for ways to make it easier for their customers to call them when falling behind on payments, like put the toll free help line on the front page.

For help with housing needs, you can find the nearest HUD-approved counseling agency on the web or by calling 1 (800) 569-4287.