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Loan Modification Program failed miserable in Florida

Loan Modification Program failed miserable in Florida

Loan Modification Program - A nighmare!Florida Homeowners hold on to their property with a needle and a thread, hoping for a loan modification under The Making Homes Affordable program.  According to the Florida Realtor’s website, only 8,405 in Florida get mortgage modification. This is simply pathetic and a nightmare!

Here are some basic rules to qualify:

  • The property must be owner occupied with the owner still living in the home
  • The borrower must have sufficient income to support the new mortgage debt
  • The first mortgage may not exceed 105% of the current market value of the property. For example if the property is worth $200,000, the borrower must owe $210,000 or less.
  • The borrower/homeowner monthly housing expenses (PITIA), defined as principal, interest, taxes, insurance and association dues must be more than 31% of gross monthly income.

These are the reason, in my opinion, why this loan modification program was doomed from the beginning:

  1. Property values in Florida declined at a staggering rate of 30%, 60% and even 80% in some areas, since the housing boom of 2005. Making it impossible to qualify based on current market values/mortgage ratio.
  2. High unemployment rates in Florida
  3. Homeowner must have income to qualify for this program.
  4. Bureaucracy

 

Short Sales do close in Florida and if you are looking for more information about Short Sales, I invite you to visit www.shortsalesuperstars.com a forum for homeowners and real estate agents that deal with short sales on a daily basis and where I am a member.

 

 

Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
 
CDV TransAtlantic Inc
(863) 619-6918
 
25 comments • Petra Norris - Lakeland Florida Realtor® Lakeland FL Homes for Sale • January 19 2010 11:42AM

Tax Deadline April 15th – Lakeland Florida, Are you prepared?

Tax Deadline April 15th – Lakeland Florida, Are you prepared?

 

Don't miss your deadline!Have you filed your income tax yet? The tax deadline April 15th is fast approaching and there are questions home owners, sellers, home buyers and investors in Lakeland, Florida and around the country may have. Are you prepared? While everyone’s financial situation is unique and I’m not a Certified Public Accountant (CPA), I do advise you seek a professional advice for your situation.

Homeowner and Seller Answers - Sellers if you sold your Lakeland main home in 2008, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Your mortgage interests, property real estate taxes and other fees may be tax deductible. You may be able to deduct amounts of some energy efficient improvements, such as solar water heating costs, solar electric costs, small wind energy property costs, and geothermal heat pump.

1st Time Home Buyers Answers – Are you still waiting over the fence? While I can’t predict the future, I do know that our home prices in Lakeland and surrounding cities in Polk County are at levels we have not seen in a long time. This is as good as it gets, with the $8000 tax credit that you may recoup in a 2008 tax return or if filed in a 2008 tax return amendment, all time low interest rate, the possibilities of seller’s or builder’s incentives. Why are you still paying rent?  As it stands right now, this great government incentive of $8000 will run out in December 2009.

Investors Answers – Do you recommend selling? This question is being asked mostly by absentee owners and investors. With investment properties, you have to take both – the good and the bad. While you have had the pleasure of getting top rent dollars with a great tenants and surely made profit along the way, I hope you also thought about “rainy days” as it is now and put money into a reserve account. For the losses accrued throughout this past year, the loss may be carryover to future gains on your tax return, depending on your situation. For this, I would definitely seek the advice of a CPA specializing in investment properties.

While I do recommend holding on to your property riding out the storm because the value of the property is only on paper until it is sold. However, your situation may warrant where there is no other alternative other than to sell. Give me a call and I will do my best to answer all your questions.

 

Copyright © 2009 http://www.petranorris.com| All Rights Reserved

 

Tax Deadline April 15th –  Lakeland Florida, Are you prepared?

 

Petra Norris – Realtor®

 Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 – Lakeland, FL 33804-2050  

Telephone (863) 618-6919

 

 

Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
 
CDV TransAtlantic Inc
(863) 619-6918
 
3 comments • Petra Norris - Lakeland Florida Realtor® Lakeland FL Homes for Sale • April 02 2009 02:33PM

Helping Florida Homeowners - President's Homeowner and Stability Plan

Helping Florida Homeowners - President's Homeowner and Stability Plan 

The $789 billion economic stimulus plan was signed on February 17th, 2009 by President Obama during his visit to Denver, CO.

Help for Homeowners across America, especially in states such as Florida, Arizona and California is on its way as it was announced today. While visiting Phoenix, AZ President Obama announced the $75 billion in mortgage relief plan to help approximately 9 million homeowners from loosing their homes. This plan is designed to help folks, who owe more than their current home value with refinancing and reorganizing their current loan to avoid foreclosure.

This new plan will not help every Lakeland Florida homeowner, this program is limited to loans held or secured by Fannie Mae or Freddie Mac. This plan will not help you if you did not live in the home, it will not help if you were taking risk such a flipping homes, or if you knew you could not afford the home

Now, I'm sure you are thinking right now "How I can get help?"

There are rules of course and details are scheduled to be announced by March 4th, 2009 - Mark your calendar!

In the meantime, there are Frequently Asked Questions posted you may want to read about:Helping Florida Homeowners

I'm current on my mortgage  payments, but the value of my Florida home decreased - can I get help?

Am I elgible to refinance Lakeland Florida home?

Can I still qualify to refinance my home, if I have a first and second mortgage under this plan? 

 

Copyright © 2009 http://www.petranorris.com| All Rights Reserved 

Helping Florida Homeowners - President's Homeowner and Stability Plan

Petra Norris - Realtor®

 Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 - Lakeland, FL 33804-2050  

Telephone (863) 618-6919

 

 

 

 

 

 

Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
 
CDV TransAtlantic Inc
(863) 619-6918
 
1 comment • Petra Norris - Lakeland Florida Realtor® Lakeland FL Homes for Sale • February 18 2009 03:56PM