OFFICIAL BLOG OF REALESTATELATINO.COM

NAHREP Chicago REO/Short Sale Summit

2011-08-04T09:07:00.001-04:00

NAHREP Chicago REO/Short Sale Summit on August 11. The National Association of Hispanic Real Estate Professionals (NAHREP), Chicago Chapter is hosting a one-day summit at the Drury Lane Oakbrook. IAR members receive a discounted price of $50 when they use the code "IAR" when registering.

Realtor, Hispanic Marketing Opportunities Learn More Here.

Report Predicts Hispanics Will Boost Housing Market

2011-06-22T06:59:00.001-04:00

U.S. Hispanics will drive growth in U.S. housing demand due to their population size, age and greater propensity to be married with children, according to a new report issued by the National Association of Hispanic Real Estate Professionals (NAHREP).

The report, "The State of Hispanic Homeownership," predicts that this demographic will drive demand for condominiums, smaller starter homes and first trade-up homes in the next 15 years. NAHREP adds that these demographics will also represent a "rapidly growing segment of the middle and middle-upper markets for housing."

NAHREP notes that Hispanics are the largest minority group in the nation and represent a significant portion of the 26- to 46-year old age group that are involved in most home sales.

"The Latin boom has been forecasted for years, but we are now seeing the front edge of it," says Carmen Mercado, president of the NAHREP. "It has the potential to help the nation's housing system get back on track if we can create a safe credit environment for new buyers to get into the market."

Mercado adds that it is crucial for housing policy to focus on encouraging affordable housing. "In the climate of crisis, we must resist over-reaching with regulations that make homeownership more expensive for millions of responsible consumers who have the buying power to revitalize our fragile housing market," she says.

Full Report Available Online...

Signs of a Real Estate Recovery?

2011-06-17T06:36:00.003-04:00

The number of home owners who were put on notice for defaulting on their mortgage payments dropped last month to the lowest level since 2006, RealtyTrac reports.

Meanwhile, foreclosure filings for the eighth straight month also were down as filings fell 33 percent in May compared to a year earlier and 2 percent month-over-month. Also, lenders took back fewer homes in May, the second straight month of declines. And bank repossessions were down in May too — down nearly 30 percent over the last 12 months.

Is this a sign of a recovery in real estate, which has been bogged down by a high number of foreclosures over the last several years?

Experts are still cautious. Lingering delays in banks’ foreclosure process may be the culprit for the declining numbers, they say, and not an overall improving picture of the number of home owners facing foreclosure.

"Foreclosure processing delays continue to mask the true face of the foreclosure situation," says James Saccacio, the CEO of RealtyTrac. "Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures."

Read more: http://www.realtor.org/RMODaily.nsf/pages/News2011061601?OpenDocument

Meeting with Latino Leaders Across the U.S.

2011-06-13T08:03:00.002-04:00

Director Mayorkas joined Chicago area business leaders As I travel across the country to meet with various higher education organizations, I have also had the opportunity to meet with Latino community leaders to share with them the Administration’s initiatives and to hear about their concerns and accomplishments. I have been struck by their dedication to their communities, their commitment to our country, and their determination to provide a better future for their children. The President’s 2020 education goal is deeply resonant with them and with the communities that they serve.

In a suburb of San Diego, Gary and Kathleen Acosta graciously opened their home to me and about a dozen colleagues and friends from the real estate industry, the arts, and academia so I could share with them the President’s agenda for the Hispanic community. Gary is an officer of the National Association of Hispanic Real Estate Professionals, and through his leadership, that organization has embraced improving the educational level of the Latino community as one of its goals. The group was keenly interested Read More Here!

REL Launched “Path to Sustainable Latino Homeownership Sweepstakes”

2011-06-09T06:36:00.000-04:00

For immediate release: June 1st, Jacksonville, FL. Education remains a major barrier to Latino homeownership.

RealEstateLatino.com (REL) celebrates Homeownership Month by launching “Path to Sustainable Latino Homeownership Sweepstakes” nationwide. Over the years REL has become a trusted online resource to educate the Latino community about the process of homeownership. REL is expanding its educational efforts by providing realtors who embrace our core value of “Impeccable Ethical Behavior” with tools to help inform their local communities.

REL, one of the most trusted online real estate destinations for Spanish speaking consumers in the US, kicks off June’s Homeownership Month today launching “Path to Sustainable Latino Homeownership Sweepstakes”. This promotion will run from June 1st through August 30th and will be open to all real estate sales associates and brokers regardless of their company affiliations and cultural background. Three lucky agents will be selected by September 15th.

REL understands that under current market conditions many agents will face challenges if they decide to incorporate a Spanish branded website in their business plan. By entering REL’s “Path to Sustainable Latino Homeownership Sweepstakes”, real estate professionals get a chance to win a free website and a complete REL marketing package that can help increase their business in the local Latino market.

A custom-made website includes all the tools an agent will need to ignite his or her local online market. The agent website features real estate education articles and local resources that along with lead capturing forms on every page will ensure a successful lead-capturing strategy. “Need extra online exposure? You got it,” says Bill Arce, founder of REL. The winners will also receive a full year membership with RealEstateLatino.com. The certified membership provides real estate professionals an innovative online marketplace en Español where agents can list their properties for sale, promote their bilingual services, and receive phone-verified real estate leads.

About RealEstateLatino.com:

RealEstateLatino.com, based in Jacksonville, Fla., is the nation’s leading provider of real estate resources and information, with a mission to increase homeownership opportunities within the Latino community. Launched in 2004, RealEstateLatino.com was founded by William (Bill) Arce to answer Latinos’ real estate concerns about purchasing homes. The future is getting brighter for the Hispanic real estate community, as RealEstateLatino.com partners with trusted real estate professionals to make it the premier source of real estate information nationwide. For more information please visit http://english.realestatelatino.com/sweepstakes

Media Contact:

Dunia Arce
(904) 647-4420
info@realestatelatino.com
###

ROL DE LOS AGENTES DE BIENES RAICES

2011-06-08T06:17:00.001-04:00

Por Bill Arce:

Con frecuencia, la primera persona que usted consulta sobre la compra de una vivienda es un agente o corredor de bienes raíces. Si bien estas personas brindan consejos muy útiles sobre muchos aspectos de la compra de una vivienda, ellos representan los intereses del vendedor y no los suyos como comprador.

La práctica más común es que el vendedor contrate un agente para encontrar una persona interesada en comprar la vivienda bajo los términos y condiciones aceptables para el vendedor. Por lo tanto, el agente de bienes raíces con el cual está tratando puede también estar representando al vendedor.

Sin embargo, usted puede contratar su propio agente de bienes raíces, conocido como agente del comprador, para que represente sus intereses. Además, en algunos estados, los varios agentes tienen permiso para representar al comprador y al vendedor.

Aún si el agente de bienes raíces representa al vendedor, las reglamentaciones estatales sobre bienes raíces exigen que el agente le dispense al comprador un trato justo. Si tiene preguntas acerca de la conducta de un agente o corredor, comuníquese con la Comisión de Bienes Raíces (Real Estate Commission) de su Estado, o con su departamento de reglamentaciones.

Algunas veces, el agente de bienes raíces le ofrecerá ayudarlo a obtener un préstamo hipotecario. Puede recomendarle que trate con una determinada entidad crediticia, compañía de títulos, abogado o agente de acuerdo/cierre. No es necesario que siga los consejos del agente de bienes raíces.

Compare los costos y servicios que le ofrecen otros prestadores con los recomendados por el agente de bienes raíces.

Si necesita asistencia en la compra de su casa, no demore mas, Aqui podras encontrar agentes profecionales certficados por REL que hablan su idioma.

Consultas 888-934-9779

Homeowners Determined to Make Scammers Pay

2011-06-04T07:14:00.000-04:00

Juana Castillo Quintanilla paid $3,500 to a real estate broker who promised to help her strike a deal with her bank to lower her monthly payments. The Latina, who faces imminent eviction, says he didn’t deliver. He refused to return her money, so last Thursday she went to his office with about a dozen other angry homeowners to demand a refund.

“Christopher Lim, shame on you,” the homeowners yelled, as they poured onto the 27th floor of a high-rise in the mid-Wilshire district of Los Angeles, where the agent rents an office.
Hearing their shouts, Lim, dressed in a tidy gray suit, emerged from the conference room. Upon seeing video cameras, he shielded his face with a stack of papers, and turned and bolted down a corridor of identical office doors.

The homeowners continued to shout, “refund now,” as they chased after him. They lost sight of him, and believed that Lim hid in his office, before slipping out through the emergency exit when the hallway was clear.

“He’s not done a thing to this day,” Quintanilla said through a translator, adding she’s disappointed he “got away.” The Latina says she hired Lim after hearing an ad for his company, Neighborhood Credit Solutions, on Spanish-language radio. In the recession, work has slowed for her husband, a gardener, and the family’s income shrunk. Quintanilla says Lim promised to “fight” for her to stave off foreclosure, but that only involved submitting one loan modification application, which resulted in slightly lower payments that didn’t improve her situation.

But, Lim maintains that Quintanilla is just dissatisfied with the terms of the bank’s modification offer, which is out of his control.
“I’m not a bad person,” he said during a phone interview. There’s so much heat on my business. If they set this [confrontation] up on anybody, they could have looked like a bad person.”

Read More Here!

For real estate tips and advice, visit www.RealEstateLatino.com

10 markets with fastest-rising real estate prices

2011-05-26T07:00:00.001-04:00

South accounts for 6 of 10 metros with highest jumps in median list price
BY INMAN NEWS, MONDAY, MAY 23, 2011.

Southern metro areas dominated a list of the 10 markets with the biggest year-over-year increases in median list price in April, according to monthly data released this week by Realtor.com. The data considers 146 metro areas nationwide.

Two Florida markets saw the highest jumps: median list price in Fort Myers-Cape Coral rose 25.7 percent to $225,000, and the median in Miami rose 8.6 percent to $239,000.

Shreveport-Bossier City, La., followed with an 8.1 percent increase, to $173,000. Fort Myers-Cape Coral and Miami also saw the biggest year-over-year drops in inventory: -25.3 percent and -29.9 percent, respectively.

The two Florida markets were the only metros in the top 10 to move properties at a slower rate than the national median: 95 days. Median age of inventory for each was 116 and 129 days, respectively. READ MORE HERE!

For learn how you can target the fast growing Latino Market-Go Here!

Op-ed:Offer More Housing Options for Latinos

2011-05-24T06:55:00.000-04:00

Patricia Lindo, the president of the National Hispanic Organization of Real Estate Associates (NHORA), a non-profit trade organization responds to Patch's article "Report Gives 'D' Grade for Affordable Housing for Latinos."

The Latino population, at nearly one quarter of the San Mateo County population, is the fastest growing demographic group in the county and is estimated to be the state’s largest population group within the next 30 years. The largest population group has specific housing and quality of life needs, and it is critical that those needs be addressed in long range planning and policy decisions.

While the county continues to offer jobs, it is currently far off track from offering enough diverse housing to accommodate the range of income levels living and working in San Mateo County. In fact, in a recently released study, “The Silicon Valley Latino Report Card,” developed by the Hispanic Foundation of Silicon Valley, housing for Latinos received a “D” grade due to the housing quality, crowding, and affordability issues. Experts predict the lack of adequate housing will create major quality of life issues for the Latino population in San Mateo County as well as the Silicon Valley community at-large.

We need the support of our entire community – business, civic, labor and community leaders – in order to succeed in our mission to improve the quality of life for Latinos and sustain the prosperity of this county. This call to action is a win-win strategy for Latinos and non-Latinos alike. Together we need to:

Collaborate with public and private sector parties to develop or make available more affordable housing options
Advocate for housing policies, projects and opportunities that benefit the Latino community
Implement sustainable ownership measures, including financial and mortgage education for new homeowners
Last week at the Latino Bay Area Housing Report, held in Redwood City, a broad range of Bay Area housing leaders called on the Latino community and the county as a whole to take the steps necessary to help solve the housing problems. There is a huge opportunity for the greater community to join our efforts and to contribute the time and resources necessary to succeed in this effort. Education and awareness is key to mobilizing our supporters in every community. But, time is of the essence.

At the luncheon, we heard from housing experts about their minority group-focused sustainable housing programs and financial literacy education. A few of the speakers also mentioned opportunities that need serious consideration in San Mateo County, including the Baylands project in Brisbane, which includes several hundred flat and townhomes, and the Redwood City Saltworks project, which proposes up to 12,000 homes, 15% below market rate. Both projects offer considerable community and environmental benefits. It is critical for the Latino community to get involved in these projects and others and to advocate for housing product types, below market rate housing, and community benefits that benefit Latinos.

Change is possible if we act now. Commitment from our public and private sector is necessary to improve the fate of our Latino community and San Mateo County – but most importantly we need all community members to get involved. There are many ways to do so: sign up for an Engagement Circle, part of Phase II of the “Silicon Valley Latino Report Card”, www.hfsv.org; join NHORA to learn more about opportunities specifically in San Mateo County; join the Housing Leadership Council; and, go to city websites to learn about specific projects and how to participate, including the City of Redwood City, Brisbane and other cities on the Peninsula.

NHORA’s next forum will focus on education and will be held in September. Like our housing forum the next forum will be a call to action for Latinos and the greater community. I hope you will join us.

Do you believe Latinos have enough affordable housing options? Tell us in the comments.

El ejecutivo Mel Martinez asume el cargo adicional de presidente de la Fundación JPMorgan Chase

2011-05-22T20:59:00.000-04:00

Mel Martinez, alto ejecutivo de JPMorgan Chase en Florida y la región, se ha hecho cargo de responsabilidades adicionales como presidente de la fundación que posee la empresa, la cual dona más de US$ 150 millones en todo el mundo cada año.

Martinez, quien fue miembro del Senado de EE. UU. y secretario de Vivienda y Desarrollo Urbano, comenzó a trabajar en JPMorgan Chase el año pasado y continuará representando a la empresa desde el nivel de mayor jerarquía como presidente para Florida, México, Centroamérica y el Caribe.

“Mel ha sido un excelente líder tanto dentro de la empresa como con nuestros clientes y nuestras comunidades”, expresó Jamie Dimon, presidente y director ejecutivo de JPMorgan Chase. “Él sabe lo importante que es el papel de nuestra empresa a nivel local, nacional e internacional y su experiencia, integridad, criterio y compasión nos servirán mucho a todos”.

Martinez supervisará la organización filantrópica de la empresa, la cual donó más de US$ 150 millones a través de subvenciones y patrocinios a miles de organizaciones sin fines de lucro en 28 estados y más de 25 países el año pasado. Martinez reemplaza a Bill Daley, quien dejó la empresa para convertirse en jefe del gabinete del Presidente Obama.

Martinez emigró de Cuba cuando era adolescente durante los primeros años del régimen de Castro a través de la Operación Peter Pan, un programa humanitario que reubicó a 14,000 niños cubanos. Después de vivir con su hermano menor en campamentos de refugiados y hogares sustitutos, Martinez trabajó mientras asistía a la universidad y así obtuvo una licenciatura y se recibió como abogado en la Universidad Estatal de Florida.

“Mi sueño americano se hizo realidad, gracias a la generosidad de los estadounidenses que quisieron ayudar a jóvenes como mi hermano y yo”, lea mas aqui...http://nybusinesslatino.com/news/7838/el-ejecutivo-mel-martinez-asume-el-cargo-adicional-de-presidente

RealEstateLatino.com

10 CONSEJOS PARA COMPRADORES PRIMERIZOS

2011-05-18T06:59:00.001-04:00

10 CONSEJOS PARA COMPRADORES PRIMERIZOS

Para leer mas consejos en linea visita RealEstateLatino.com

C.A.R. launches short sale website

2011-03-28T07:55:00.001-04:00

With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures. To assist both REALTORS® and consumers, C.A.R. has launched shortsalescalifornia.org, a website specifically focused on short sales.

On the new site, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.

Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, learn what to expect as a buyer or seller of a short-sale property, and find out whether they qualify for government programs to keep their home.

Visit the new site at www.shortsalescalifornia.org

U.S. Mortgage Rates Flat This Week

2011-03-20T18:32:00.000-04:00

The U.S. mortgage rates held steady basically this week, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.

Freddie Mac said that 30-year fixed-rate mortgage (FRM) rose slightly to 4.88 percent for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.

The 15-year FRM this week was 4.15 percent, the same from the previous week' s figure. A year ago at this time, the 15-year FRM averaged 4.32 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent, up from the prior week' s 3.72 percent, the company said.

Moreover, the 1-year Treasury-indexed ARM averaged 3.21 percent this week, down from last week when it averaged 3.23 percent.

"Mortgage rates held steady amid a strong employment report. The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009," said Frank Nothaft, vice president and chief economist of Freddie Mac.

"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

Source: Copyright Xinhua News Agency - CEIS 2011

Inexperienced Real Estate Agents Cause HAFA Failures

2011-03-16T08:05:00.000-04:00

Real Estate Industry News

Inexperienced and uneducated real estate brokers and agents are hampering short sales in the Home Affordable Foreclosure Alternatives program, according to a pair of real estate professionals that specialize in the distressed real estate sales.

Agents and brokers who are knowledgeable of the short sale process can complete HAFA agreements in as little as 60 days, according to Teaneck, N.J.-based agent Travis Waller, who spoke at a real estate conference in New York. But it all comes down to the short sale paperwork.

“The banks know who’s experienced and who’s not,” Waller said. ”If you don’t present the files correctly to the bank, you’re going to get put at the bottom of the pile. When the banks recognize you know what you’re doing with your presentation of the documents, you’ll get a call within a few days.”

But the inexperienced agent can cause a deal to fall apart. ”Many short sales are lost to foreclosure because of the inexperience of the listing agent,” Waller said.
Getting into the short sale market is sometimes the only option for agents and brokers trying to stay in business in tough markets, explained Cincinnati-based agent Holly Maloney. An educated short sales agent can help distressed mortgage borrowers, promote local housing stability and create new opportunities for agents, she said.

“There are so many REO properties out there,” Maloney told conference attendees. ”If we can short them, we’re keeping the market values up 35%-40% higher than what they would get on an REO property.”
Maloney spent years in the mortgage industry before getting her real estate license; both she and Waller have professional designations in distressed sales. Maloney said she’s completed 14 short sales under HAFA and Waller said he’s successfully closed 73 of the 75 short sale cases he’s taken.

In addition to listing properties intended for short sale and representing prospective short sale buyers, the agents also will work as a consultant to other listing agents and brokers, handling the short sale process in exchange for a referral fee — 30% of the listing agent’s fee, Waller said.

Waller said, in his experience, borrowers he lists properties for short sale have missed four to seven mortgage payments before they come to him, and most don’t have a lot of time before their property will go into foreclosure, so they must act quickly.

“You are working under the gun as a short sales agent. If you don’t know what you’re doing, then time is just ticking away,” he said.

But uneducated real estate agents and borrowers who wait too long aren’t the only causes of failed short sales. ”There are problematic banks and non-problematic banks in dealing with short sales,” Waller warned.

Maloney agreed and recommends agents use online resources to dispute failed HAFA agreements, particularly when dealing with a servicer for a private investor, rather than Fannie Mae of Freddie Mac. She recounted one deal where the servicer gave approval on a Thursday for a deal, but only if he closed by the following Monday. When all the pieces were in place, the servicer’s employee did not follow through with the proper documents to close the sale, and the bank repurchased the house at sheriff’s sale the next day.

“Through these websites I was about to dispute it and sell it during the 30 day redemption period,” she said.

The agents credited technology like the Equator platform as an effective technology tool to communicate and transmit HAFA documents to servicers, but Maloney added it’s the only way that officials from servicers like Bank of America and Nationstar will work with agents and brokers.
For the less tech-savvy servicing shops, fax machines are still the communication method of choice, though Maloney and Waller said they prefer e-mailing the loss mitigation personnel.

By: Austin Kilgore, www.originationnews.com

Hispanic Soldier’s Home Foreclosed While She Was Serving Abroad

2011-03-15T10:00:00.000-04:00

“I couldn’t believe it,” Capt. Tania Garcia said. “I was in shock.”

Excerpts from the report…

Army Capt. Tania Garcia said she was on active duty in South Korea when she got the news.

Garcia’s Realtor informed her that her south Orange condominium had been foreclosed upon. Suddenly, a soldier serving abroad had no home to return to.

“I couldn’t believe it,” Garcia said. “I was in shock.”

More shocking news was ahead. Court files from the foreclosure showed an affidavit had been filed that stated Garcia was not in the active military and that the notice of foreclosure was served on her husband.

Two problems: Garcia said this week she was on active duty — and she is not married. Now, Garcia is fighting to win back the home she thinks was taken from her unfairly.

Garcia’s condo initially was bought back by Flagstar Bank and then resold… (No, it was Fannie Mae!)

Garcia’s real-estate broker, Celia Ruiz of Casa Latino Real Estate, said she worked with the bank during the short sale, in which the lender allows a home to be sold at a price often far below the amount owed on the mortgage. She has e-mails from a bank employee stating the sale was approved.

Five days before the scheduled sale, Ruiz said, she received the bad news. Ruiz was flabbergasted.

“I’ve done a lot of short sales,” Ruiz said. “I have never seen a property go to foreclosure while we are working on a short sale.”

The “non-military affidavit” included in the court file attested to the fact that Garcia was not in the active military, and a military status report from the Department of Defense was attached, stating: “Based on the information you have furnished, the DMDC [Department of Defense Manpower Data Center] does not possess any information indicating that the individual is currently on active duty.”

If a person is on active duty, the military must be served notice of the foreclosure to make sure the person is aware of it, Kaufman said. Garcia said there was “no way” that the bank could claim to be unable to contact her.

Still in the service, Garcia shipped off to Iraq on Friday with the legal battle serving as a constant distraction in a place where, she said, distractions cost lives.

“When I was not in this country, I was working to protect my country,” she said. As she prepared to leave again this week, Garcia was hopeful that she would return to find the situation resolved.

Read the article in its entirety here…

Minority Real Estate Leaders AREAA, NAHREP, NAREB Say Government Efforts Are Failing to Meet the Needs of Multicultural Homebuyers

2011-03-15T09:47:00.000-04:00

Saying millions of Americans are being left out of the American dream of homeownership, the nation´s three largest organizations representing multicultural real estate professionals, Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB), today called upon policy makers to do more for minority homebuyers.

This callto action comes after AREAA, NAHREP, and NAREB met in Washington, D.C., to discuss regulatory and policy changes to preserve access to homeownership for people of color.

"Overwhelmingly, the members of our three organizations agree that the lack of mortgage financing is the single biggest challenge facing minorities who want to buy homes," said Kenneth Li, AREAA chairman. "The government´s housing recovery efforts have not gone far enough to improve the situation facing minority homeowners."

At the March 3-4 Multicultural Real Estate & Policy Conference in Washington, D.C., members of AREAA, NAHREP, and NAREB were surveyed on their views of the home buying market and economic recovery efforts.

According to the survey results, nearly 80 percent of the attendees responded they "believe that the current policy efforts have done little to improve the situation facing minority homebuyers."

Attendees also felt strongly that an active secondary market role is needed by the government to ensure that all homebuyers have access to the American dream of homeownership.

"These are real estate professionals who are out in the community, trying to help hard-working Americans achieve their dreams of buying homes, and they are confirming what we have long suspected - that their clients cannot get loans," Carmen Mercado, Chair of NAHREP said.

In the survey of attendees, "mortgage financing availability" was cited as the single greatest factor facing the multicultural real estate community. Additionally, respondents cited "tight underwriting requirements" as the greatest challenge facing prospective homebuyers looking to obtain financing.

To stabilize the home-buying market for minorities, the organizations issued a joint report entitled "The Five Point Plan: Refocusing the Future of Minority Homeownership."

"Our Five-Point Plan is designed to bring common sense and a balanced approach to restoring the dream of homeownership to everyone. None of us wants to have homeownership a dream deferred or denied," NAREB President and CEO Vincent Wimbish stated.

The Five-Point Plan focuses on sustainability, accountability and responsibility on the part of all parties in a real estate transaction.
It calls for more diverse solutions to meet the future housing needs, and demands more preparation and responsibility on part of consumers and the industry alike. It also calls on the industry to develop unique and innovative solutions to the housing challenges facing the multicultural communities today and in the future.

Specifically, The Five-Point Plan calls for.

- A balanced regulatory approach that will support and encourage sustainable homeownership for qualified and responsible consumers seeking to purchase a home;

- Increased diversity in the financial services arena and adequate oversight of minority business utilization and senior management hires;

- Maintaining strong government support of the secondary market system that includes the broad network of primary lenders, government-supported securitization agency, and FHA that collectively works to broaden credit availability for all communities at all times;

- Strong consumer protection oversight to restore consumer and market confidence in homeownership; and

- Mandatory financial education for all first-time homebuyers that prepares them for the responsibilities, risks and rights associated with homeownership.

The Plan includes specific recommendations for each of the Five Points.

Visit www.areaa.org : , www.nahrep.org : , or www.nareb.com : to download the Five-Point Plan.

Lending to blacks, Hispanics plummets during housing crisis By Kenneth J. Cooper

2011-03-12T06:38:00.000-05:00

Since the housing market collapsed, mortgage lending to African Americans and Hispanics has plunged precipitously — by more than 60 percent, according to a new study of loan information that banks submit to the federal government.

Together, African Americans and Hispanics were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004, before the market crashed, the computerized analysis finds. With lenders imposing tighter credit standards, mortgage dollars going to non-Hispanic white borrowers also declined, though by considerably less: 17 percent. Asians fared best, obtaining nearly an equal amount in mortgages.
The study, using Federal Reserve data, was conducted by Maurice Jourdain-Earl, founder and managing director of ComplianceTech in Arlington, Va., which advises financial institutions on fair lending practices.

Mortgages made to Hispanics have decreased the most, by 63 percent, to $78 million in 2009 from $214 million in 2004. Lending to African Americans has dropped to $49 million from $122 million, or 60 percent.

Whites have been affected much less and Asians barely. New mortgages to white borrowers declined to $1.1 billion from $1.3 billion, or 17 percent. Lending to Asians stayed almost the same.

Whites were about twice as likely as African Americans and Hispanics to be approved for prime mortgages with the lowest interest rates, while members of the two largest minority groups were two to four times more likely to receive subprime loans, which have higher rates. By contrast, the disparities were much narrower for loans insured by the government’s Federal Housing Administration, which has attracted a growing number of borrowers during the credit crunch.

The study concluded that a “dual mortgage market” has emerged, with white and Asian borrowers having better access to lower-cost mortgages than African Americans and Hispanics, who on average pay more to own or refinance a home — if they can obtain a mortgage.
“The higher cost for mortgage credit translates into less money for basic necessities,” Jourdain-Earl writes. Read the rest of the article here.

Carmen Mercado Named Chairman of the National Association of Hispanic Real Estate Professionals

2011-03-10T18:36:00.002-05:00

SAN DIEGO--(BUSINESS WIRE)--

Carmen Mercado, a Long Island, New York-based Education & Diversity Manager with NRT’s Coldwell Banker Residential Brokerage, was installed as chairman and president of the National Association of Hispanic Real Estate Professionals during its policy forum last week in Washington, D.C. Mercado has served on the association’s national board since 2006 and most recently was vice chair. Gerardo “Jerry” Ascencio, a Los Angeles-based real estate broker, will succeed Mercado as vice chair. Both officers will serve a one-year term in their post.

“Carmen Mercado and Jerry Ascencio bring a potent combination of real marketplace knowledge, leadership and understanding of the challenges that Hispanic homebuyers and practitioners encounter,” said immediate Past Chair Alex Chaparro. “Their grasp of the issues will be a huge benefit to NAHREP’s national leadership team.”

By day, Mercado trains real estate agents and drives leadership development for Coldwell Banker Residential Brokerage, which is owned by NRT LLC, the nation’s largest residential real estate brokerage company. Mercado is also an active member of the Realogy Diversity and Inclusion Council. She is a certified real estate instructor and delivers training programs throughout the Long Island and Queens area. She became active in NAHREP at the local level in 2004 when she founded the local NYC affiliate chapter. In 2006, she was appointed to the national board and has served on the executive committee prior to being named last year as vice chair. A passionate advocate for underserved homebuyers, she has helped educate local Latinos about homeownership over the years by delivering seminars in liaison with local nonprofits.

Gerardo “Jerry” Ascencio, GRI, CRS is founder and past president of the NAHREP San Fernando/Santa Clarita affiliate chapter and a member of the association’s national board. He is an established real estate broker in the greater Los Angeles area with two offices and 65 agents and broker-associates. Ascencio served on the board of directors for the Southland Regional Association of Realtors and has served in numerous leadership and educator roles. He will succeed Mercado as chairman in 2012.

About NAHREP

The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 18,000 members in 48 states and 50 affiliate chapters.

Contacts

Phase Two Communications
Mary Mancera, 760-634-5007

Permalink: http://www.businesswire.com/news/home/20110309005130/en/Carmen-Mercado-Named-Chairman-National-Association-Hispanic

Seleccionando un agente para que maneje su short sale

2011-02-27T19:53:00.002-05:00

Check out this SlideShare Presentation:

Seleccionando un agente para que maneje su short sale

View more documents from RealEstateLatino.com.

NHORA Celebrates One Year Anniversary- Installs National Leadership Council

2011-02-25T20:12:00.001-05:00

Real Estate Professionals organize a trade association to elevate professional standards and promote commerce through sustainable home ownership in the Latino community

FOR IMMEDIATE RELEASE

San Francisco – February 23, 2011 – The National Hispanic Organization of Real Estate Associates celebrates its first anniversary at an event in San Francisco St. Mary’s Cathedral. At this gathering, Patricia Lindo will be installed as the national board chair and the National Leadership Council will be activated.

NHORA National past President Richard Gonzalez said “I am delighted to have played a key role in getting NHORA off the ground and proud to see Patricia step up to the top leadership role”.

NHORA National Board Member, Jorge Carcamo of San Francisco adds “Patricia has a tremendous passion for NHORA’s commitment to transparency, leadership development, highest ethical standards and to our Latino community. The President’s Council is important component of our governance to ensure transparency and leadership development.”

The impact of the current economic market has had a disproportionally higher negative impact on Hispanic communities. NHORA has been created to help thwart this kind of damage in our communities and further educate and empower ethical professionals and the consumers they serve.

Patricia Lindo said “Some of us have been advocating for many years for a true trade association that focus on sustainable home ownership in the Latino community. I am humbled and honored to lead this organization and take it to the next level.”

NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide.

For more information go to www.NHORA.com

Latin Builders Association® Celebrates 40th Anniversary

2011-02-04T07:57:00.002-05:00

The Latin Builders Association® (LBA), the largest Hispanic construction association in the United States, will celebrate its 40th anniversary in 2011. Since inception in 1971, the LBA has strived to provide a vital forum for discussion, networking, training/development and representation at the local, state and federal level.

The LBA’s core goal is to represent and further the interests of the South Florida Community, the local building industry, and the individuals and companies that strive day after day to make our community a better place to live, work and play.

“We are grateful to have grown as an association and to have experienced the journey we have endured over the past 40 years,” said Noelia E. Moreno, President, Latin Builders Association®. “The LBA was first started because our fathers and grandfathers were looking to have access to the building opportunities in Florida and were eager to be welcomed into our community and, as a united front, they were able to experience much success and worked hard to become recognized and valued for their hard work. We look forward to continuing to make them proud and follow the lead that they have paved for us in the years to come while accepting change.”

Further defining the LBA’s commitment to the community is the LBA Children and Families Foundation which houses the organization’s philanthropic work to formalize and further extend LBA’s involvement and commitment to providing help to those in need. Even in the midst of tumultuous times, the association continues to recognize the importance of educating our future workforce and providing for those who benefit from a helping hand. LBA’s philanthropic ventures are made possible through the commitment of the members to help the community one child at a time.

Established in 1971 by a group of local contractors, Latin Builders Association, Inc. ® has embodied the interests of builders, developers, contractors, architects, engineers, plumbers, electricians and tradesmen associated with the business of construction, striving to provide a vital forum for discussion, networking, training/development, and representation at the local, state and federal level. Today, we are the largest Hispanic construction association in the United States, representing over 750 member companies throughout South Florida.

www.latinbuilders.org

HUD INVESTIGARÁ ALEGACIONES SOBRE BANCOS QUE DISCRIMINAN CONTRA LATINOS

2011-02-04T07:53:00.001-05:00

HUD INVESTIGARÁ ALEGACIONES SEGÚN LOS CUALES 22 BANCOS Y PRESTAMISTAS HIPOTECARIOS DISCRIMINAN CONTRA AFROAMERICANOS Y LATINOS QUE BUSCAN PRÉSTAMOS

WASHINGTON – El Departamento de Vivienda y Desarrollo Urbano de los Estados Unidos anunció hoy que está iniciando múltiples investigaciones a varios prestamistas hipotecarios para determinar si sus políticas de préstamos denegaron ilegalmente acceso a crédito a prestatarios calificados de origen afroamericano y latino.

Las investigaciones surgen en respuesta a 22 quejas presentadas ante HUD por la Coalición Nacional de Reinversión Comunitaria, (NCRC por sus siglas en inglés), National Community Reinvestment Coalition, alegando que las actividades de préstamos de los originadores de hipotecas mostraron que sus prácticas de préstamo denegaron préstamos asegurados por la Administración Federal de Vivienda FHA a afroamericanos y latinos con puntaje de crédito de hasta 640. Las guías de FHA permiten asegurar hipotecas a prestatarios con puntaje de crédito superior a 580, provisto que los prestatarios realicen un pago inicial igual al 3.5 por ciento del monto del préstamo, o con un puntaje superior a 500, si los prestatarios realizan un pago inicial equivalente al 10 por ciento del valor del préstamo.

"FHA es un importante vehículo para los estadounidenses que desean comprar o refinanciar una vivienda. Agradecemos a NCRC por presentar estas quejas ante HUD. Para los prestamistas a negar esta fuente de crédito a compradores responsables, sin consideraciones de su capacidad para pagar el préstamo, crea preocupaciones muy serias de igualdad en la vivienda y, de comprobarse, menoscabaría los esfuerzos de recuperación de nuestra nación", dijo el secretario adjunto de HUD para Equidad de Vivienda e Igualdad de Oportunidades, John Trasviña. "HUD tomará acción apropiada en contra de cualquier prestamista que se encuentre realizando prácticas discriminatorias."

Con antelación al reciente retroceso en la economía, los préstamos asegurados por FHA equivalían a menos del tres por ciento de los préstamos de nuevas viviendas. Desde la crisis económica, FHA y las empresas patrocinadas por el gobierno – GSA Government-Sponsored Enterprises- han asegurado o garantizado cerca del 95 por ciento de los nuevos préstamos hipotecarios que se han originado. Al final de 2008, casi la mitad de los préstamos de compra de nuevas viviendas y un cuarto de los nuevos préstamos de refinanciación fueron asegurados por FHA o la Administración de Veteranos, (VA por sus siglas en inglés).

Según NCRC, una asociación de más de 600 organizaciones comunitarias que promueven el acceso a los servicios bancarios básicos, sus "probadores" que observan las prácticas prestatarias equitativas evaluaron las prácticas de los prestamistas nacionales, las empresas de servicios financieros, y otros prestamistas aprobados por FHA regionales y locales. En las quejas presentadas el 7 de diciembre, NCRC indicó que los prestamistas fueron elegidos según la cuota de mercado, el volumen de préstamos de FHA y discusiones con los líderes comunitarios.

Bajo la Ley de Equidad de Vivienda, HUD investiga las alegaciones de discriminación de vivienda con imparcialidad, así como durante cada fase de las investigaciones, el intento de resolver las quejas a través de los esfuerzos conciliatorios.

FHA fue establecido en 1934 y actualmente asegura más de 6.5 millones de préstamos unifamiliares. El 80 por ciento de los préstamos asegurados por FHA en 2010, fueron destinados a los compradores de vivienda por primera vez y más del 30 por ciento de los préstamos de compra fueron destinados a los compradores minoritarios.

La Oficina de Equidad de Vivienda e Igualdad de Oportunidades (FHEO) de HUD y sus socios en el Programa de Ayuda de Equidad de Vivienda investigan más de 10,000 quejas de discriminación de vivienda al año. Las personas que creen haber sido víctimas de discriminación de vivienda deben comunicarse con HUD al (800) 669-9777 (voz), (800) 927-9275 (TTY).

###

La misión de Departamento de Vivienda y Desarrollo Urbano de EE. UU. es crear comunidades fuertes, sostenibles e inclusivas y vivienda de calidad asequible para todos. HUD trabaja para fortalecer el mercado de vivienda a fin de impulsar la economía y proteger a los consumidores; satisfacer las necesidades de vivienda de alquiler asequible de calidad: utilizar la vivienda como una plataforma para mejorar la calidad de vida; construir comunidades inclusivas y sostenibles libres de discriminación; y transformar el modo en que HUD hace negocios. Información adicional sobre HUD y sus programas está disponible en www.hud.gov y espanol.hud.gov.

5 Tips You Must Do Before You Sell Your Home

2011-02-02T15:18:00.000-05:00

5 Tips You Must Do Before You Sell Your Home

New FHA Tool Will Help Condo Associations

2011-02-02T12:23:00.001-05:00

CAR subsidiary launches FHA approval tool

By Inman News
Inman News™

February 02, 2011

Real Estate Business Services Inc., a subsidiary of the California Association of REALTORS®, has teamed with FHA Pros LLC to launch a product that checks for FHA loan eligibility and offers assistance in the FHA loan approval process.

The Clarus FHA Approval product includes two services:

Approval Services helps condominium homeowners associations meet regulations from the U.S. Department of Housing and Urban Development (HUD) that require an entire condo development be approved before an FHA loan may be granted for a single unit.
Eligibility Check is a database that allows real estate professionals to determine FHA loan eligibility through a property address search.

"FHA loans now account for up to half of all new mortgages. Given the importance of this loan program, every condominium association should seek to be approved for FHA loans," said Robert Bailey, chairman of REBS, in a statement.

Contact Inman News: http://www.inman.com/

Fed punts on real estate loan disclosures

2011-02-02T12:19:00.000-05:00

Consumer protection bureau tasked to devise single, standardized form
By Inman News
Inman News™

February 02, 2011

The Federal Reserve is backing down from a slew of proposed changes to mortgage loan disclosures, saying authority in that arena will soon be transferred to the new Consumer Financial Protection Bureau.

The Fed's proposed changes to mortgage loan disclosures were over a year in the making, prompted by criticism that homebuyers often didn't understand the true cost and terms of mortgages taken out during the boom.

The situation was complicated by the fact that borrowers get two sets of federal mortgage disclosures: one addressing Truth in Lending Act (TILA) requirements, and the other satisfying requirements of the Real Estate Settlement Procedures Act, or RESPA.

The Federal Reserve has had rulemaking authority for TILA loan disclosures under Regulation Z, while the Department of Housing and Urban Development (HUD) oversees RESPA disclosures.

Lenders, the real estate industry, and consumer groups have complained that having two sets of mortgage loan disclosures is confusing.

In an attempt to address that problem, the Dodd-Frank Wall Street Reform and Consumer Protection Act transfers oversight of both TILA and RESPA to the Consumer Financial Protection Bureau in July.

The bill mandates that the CFPB issue a proposal for a single federal mortgage disclosure form that satisfies both TILA and RESPA requirements within 18 months of assuming oversight responsibility.

By the time Dodd-Frank was passed, HUD had rolled out new RESPA loan disclosure forms in the face of industry opposition, but the Fed was still in the process of overhauling TILA disclosures.

A combined TILA-RESPA disclosure rule "could well be proposed by the (bureau) before any new disclosure requirements issued by the Board could be fully implemented," the Fed said in announcing that it will not finalize three rulemaking proceedings it's initiated since August 2009.

Although there are specific provisions of the Fed's proposals that would not be affected by the bureau's development of joint TILA-RESPA disclosures, adopting them "in a piecemeal fashion would be of limited benefit, and the issuance of multiple rules with different implementation periods would create compliance difficulties," the Fed said in an announcement.

In announcing plans to update TILA loan disclosures in the summer of 2009, Fed Chairman Ben Bernanke said the one-page TILA disclosure currently in use "is not adequate to convey the features and risks of today's complex products."

The Fed promised improved disclosures would:

Capture most fees and settlement costs paid by consumers in the disclosed annual percentage rate.
Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit.
Require lenders to provide final TILA disclosures at least three business days before loan closing.
Require lenders to show consumers how much their monthly payments might increase for adjustable-rate mortgage (ARM) loans.
Another issue the Fed was attempting to tackle was the use of "yield spread premiums" -- rebates paid by lenders when mortgage brokers place borrowers in loans with higher interest rates than they might otherwise have qualified for.

Critics said the rebates were often pocketed by mortgage brokers without a borrower's knowledge, creating a financial incentive for loan originators to place borrowers in more costly loans.

The Fed proposed a ban on yield-spread premiums that was to take effect April 1 -- a move adamantly opposed by the National Association of Mortgage Brokers.

HUD, for its part, has maintained that yield-spread premiums can benefit borrowers who would otherwise have trouble paying their closing costs, as long as the rebates are not pocketed by mortgage brokers.

Instead of banning yield-spread premiums, the standardized loan disclosure forms HUD began requiring lenders to use last year require that the rebates be credited against a borrower's closing costs.

Inman News columnist Jack Guttentag has characterized the dual-disclosure system as "a disgrace" because critical information is often buried or absent.

But Guttentag -- also known as "The Mortgage Professor" -- has also questioned whether the solution put forward in Dodd-Frank will solve the problem.

Dodd-Frank appears to have more mandated disclosures than TILA, some of which are "nonsensical and will prejudice the ability of (the CFPB) to do its job," Guttentag wrote in a column on the topic.

Contact Inman News: http://www.inman.com/

Miami: el mercado más atractivo para la compra de una vivienda

2011-01-25T07:31:00.001-05:00

Existe alguna ventaja en tener una enorme tasa de ejecuciones hipotecarias, un desempleo de dobles dígitos y un mercado de crédito muy limitado. De acuerdo con una respetada firma inmobiliaria, estos elementos ayudan a hacer de Miami el principal mercado en la nación para comprar una casa en vez de rentarla.

Miami ha subido dos lugaress desde el año pasado para convertirse en el mercado más atractivo de la nación para hacerse propietario, en vez de rentar, encontró un nuevo informe de la firma inmobiliaria Trulia. El estudio, dado a conocer el lunes, comparó los precios de las casas y las tasas de rentas en las mayores 50 ciudades del país para determinar dónde el ser propietario tiene un mayor sentido financiero.

Los compradores potenciales comienzan a darse cuenta de la dinámica cambiante de la Florida en compra vs. renta. Arden Shank, director de Servicios de Viviendas de Vecindarios del Sur de la Florida, dijo que los compradores por primera vez de los condados de Broward y Miami-Dade inundan su oficina.

``Tenemos más familias que vienen al proceso de preparación de compradores de viviendas que los que nunca hemos tenido'', destacó Shank. ``Muchas personas que fueron sacadas antes del mercado debido a los precios, pueden ahora disponer del dinero para comprar una casa''.

Read more: http://www.elnuevoherald.com/2011/01/25/874698/miami-el-mercado-mas-atractivo.html#ixzz1C399Xv5E

Para consejos de como comprar una casa en Miami, visite RealEstateLatino.com

Church Foreclosures Surge, Seen as 'Next Wave' in Crisis

2011-01-25T07:04:00.002-05:00

ROSEVILLE, Calif.—Residential and commercial real-estate owners aren't the only ones losing their properties to foreclosure. The past few years have seen a rapid acceleration in the number of churches losing their sanctuaries because they can't pay the mortgage.

Just as homeowners borrowed too much or built too big during boom times, many churches did the same and now are struggling as their congregations shrink and collections fall owing to rising unemployment and a weak economy.

Since 2008, nearly 200 religious facilities have been foreclosed on by banks, up from eight during the previous two years and virtually none in the decade before that, according to real-estate services firm CoStar Group, Inc. Analysts and bankers say hundreds of additional churches face financial struggles so severe they could face foreclosure or bankruptcy in the near future.

Read more: http://www.foxnews.com/us/2011/01/25/churches-end-nigh/#ixzz1C32S27HI

Looking for a better way to target the Latino market? Visit, RealEstateLatino.net

Nextage Realty International, LLC to Convert Casa Latino Real Estate Offices

2011-01-24T08:00:00.002-05:00

JOHNS CREEK, Ga., Jan. 14, 2011 /PRNewswire/ -- Nextage Realty International, LLC, one of the fastest growing franchises in the US, has announced that it will be converting the majority share of offices of the well-know and highly respected Casa Latino franchise to its Nextage Realty brand. Casa Latino was created in 2005 based upon the premise that Hispanic home buyers and sellers have unique needs due to cultural differences and lifestyles. Casa Latino currently has offices in 13 states. Details as to which offices will convert to the Nextage brand are still in discussion.

Robb Heering, founder of Casa Latino Franchise Corporation states, "Although we will still be serving our specialized and targeted Hispanic market, the Nextage Realty system allows for broader opportunity for our franchisees as well as allowing us to continue providing superior service to our multicultural clients. Nextage and Casa Latino have much in common in our business strategy and priorities, our consumer-centric focus and our vision for the future. It's a logical next step for us to combine efforts. This is by no means the dissolution of our brand, but rather the evolution to our future."

Heering will join Nextage Realty International, LLC as Vice President of Diverse Markets, initially focusing on the Casa Latino office conversions, agent training and coaching. "The future of real estate is about the power of 'We' and I am confident that we will share much success and satisfaction working together and building our new brand across the nation and, eventually, internationally."

Franchisee Thomas Mestas, with offices in Albuquerque and Rio Rancho, New Mexico and one of the very first Casa Latino franchise owners, is looking forward to the transition. "We are very excited about joining the Nextage Realty family and about being able to provide all of our agents the same opportunity that we have as owners. With the Nextage model, we anticipate systematic growth of our business in terms of locations, agents and transaction sides throughout the next several years. We have just begun the process of presenting the opportunity to agents in the community and the response has been tremendous."

The office conversions will begin in January 2011. Currently, Nextage Realty International has almost 60 offices across the nation. Nextage Realty debuted their brand at the National Association of Realtors Convention in New Orleans in November and has achieved remarkable success, taking the industry by storm in the two years it has been in operation. Co-Founders, Frank Cluck and Dave Wild, industry veterans and visionaries, are behind the evolutionary business model that has gained wide-spread attention and respect in the industry.

For more information, visit: http://www.NextageAdvantage.com.

About Nextage® Realty International, LLC

Nextage Realty International, LLC is a consumer-centric company that helps brokers and agents overcome today's major, marketplace challenges by creating a unique team environment where everyone works toward one common goal. It's about BUILDING a business, not just DOING business™ while providing the absolute highest level of client service. With an evolutionary business model and the most innovative compensation plan in the industry, Nextage Realty is setting the new standard and leading the industry into its "Next Age".
SOURCE Nextage Realty International, LLC

Looking for a better way to target the Latino market? Visit, RealEstateLatino.net

Mexico Real Estate Coalition Announces "Live Mexico" Campaign

2011-01-14T16:59:00.003-05:00

Houston, TX (PRWEB) January 6, 2011

For the first time, a nationwide array of companies are joining forces to promote living and real estate investment in Mexico. Individuals from some of the most respected companies including Grupo Questro, Capella Pedregal, Punta Mita, Querencia, RCI International, BBVA/Compass Group and Stewart Title Latin America have compiled a stellar group of talent to combat the negative media, security concerns and perception challenges that have faced Mexico the past year. www.livemexico.org

The Mexico Real Estate Coalition (MREC) has a very clear and simple goal: to promote the many benefits Mexico offers to those seeking a place to retire or own a second home. The second home/retirement home sector is a multi-billion dollar industry in Mexico, spread over several major markets and many smaller ones. Until now, there has never been a national association to advocate this specific segment. As a national industry-wide Coalition, the MREC has the combined power to ensure that Mexico continues to attract people from United States and Canada and educate them on the main benefits of living in the country.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/01/06/prweb4945844.DTL#ixzz1B38aGwxZ

Banks repossess 1 million homes in 2010

2011-01-13T07:45:00.001-05:00

NEW YORK – The bleakest year in foreclosure crisis has only just begun.
Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle with job losses and loans worth more than their home's value, industry analysts forecast.
"2011 is going to be the peak," said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc.
The outlook comes after banks repossessed more than 1 million homes in 2010, RealtyTrac said Thursday. That marked the highest annual tally of....

Read more:

In Jacksonville’s older rentals, EPA checks warnings on lead paint risks

2011-01-13T07:41:00.001-05:00

In Jacksonville's older neighborhoods, an old worry - lead paint - is drawing attention from the federal government.

The U.S. Environmental Protection Agency fined the operators of four Jacksonville apartment complexes and a house-management company last year after concluding they violated a law that says property owners must tell tenants about any evidence of lead paint.

The last case was finalized in December.

EPA doesn't know whether tenants at any of those buildings were ever exposed to decaying paints. But it will send inspectors to as many as 175 rental offices around the Southeast each year to audit lease records for disclosure forms that are supposed to be signed by tenants at any property built before 1978.

"Understand that this is a public health issue," said Anthony Toney, chief of the lead and children's health section at EPA's regional office in Atlanta.

Lead poisoning can hurt a child's brain development and cause neurological problems that can persist as the child grows up. Adults are less vulnerable but can also be harmed by chronic overexposure at high levels. Read Article Here

Judges berating bank lawyers over foreclosure

2011-01-12T10:08:00.001-05:00

t's not been a good year so far for plaintiffs seeking to foreclose. Last week, a the highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. in affirming a lower court judge's ruling invalidating two mortgage foreclosure sales because the banks did not prove that they actually owned the mortgages at the time of foreclosure.

As Jacksonville attorney James Kowalksi said, "Wells Fargo had every opportunity to walk the judge through all the complicated steps to show ownership. And they couldn't do it."

Monday, the New York Times looked at how judges in that state are becoming more critical and vocal toward the attorneys representing banks in foreclosures.

"In numerous opinions," the Times wrote, "judges have accused lawyers of processing shoddy or even fabricated paperwork in foreclosure actions when representing the banks."

A judge on the state supreme court called one filing, "incredible, outrageous, ludicrous and disingenuous."

You can read the story here.

Vista Realtor Sent to Prison for Foreclosure Fraud

2011-01-12T08:44:00.001-05:00

SAN DIEGO - A Vista real estate agent and businessman who engaged in several fraudulent schemes in which his mostly Latino clientele paid him $4.5 million in fees over several years was sentenced Friday to four years in state prison.

Miguel Angel Romero, 40, pleaded guilty last September to eight felony counts, including grand theft and deceitful practices by a mortgage foreclosure consultant.

Prosecutors said Romero told his mostly Hispanic clients that they could get rich by withdrawing equity from their homes and investing the money in other properties.

Romero also pressured clients to buy homes they couldn't afford, most of which ended up in foreclosure, prosecutors said.

"This is a tragedy of unspeakable dimensions," Judge Charles Rogers told the victims jammed into his courtroom.

According to a probation report, Romero was involved in several fraudulent schemes from 2005 until last year. Prosecutors said at least 400 people were victimized.

Read More In San Diego 6

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2010-12-21T08:01:00.000-05:00

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Can a real estate agent really help me in buying and selling property?

2010-12-18T07:51:00.004-05:00

The answer is YES!

When you're ready to think about buying or selling your property, you need to ask yourself the following questions: Do you have the time, energy, sources of information, and contacts to do the job yourself? If you were one of the 'do-it-yourself' people, would the results be as good or better than they would be if you had professional assistance? Would it have gone smoother? Would it have given you more personal time? Would you have purchased for less, or sold for more, if a real estate agent was involved? Read the following information and learn how a real estate agent can help you understand everything you need to know about a real estate transaction.

The Buying Process

The process of buying a home or investment generally starts with determining your buying power; that is, your financial reserves plus your borrowing capacity. If you give a real estate agent some basic information about your available savings, income and current debt, they can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

Finding

Once you know how much you can and want to invest, the next step is to find the properties that most nearly fit your needs. This is the time to choose a real estate licensee. When picking a real estate agent look for one who is also a REALTOR®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS®, a real estate trade association, and all members agree to abide by a 17 article Code of Ethics.

A REALTOR® has many resources to assist you in that search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

Selecting

Your job is to make the final selection of the right property for you. This is when excitement and emotion run high. Your real estate agent can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

Negotiating

There are a myriad of negotiating factors, including, but not limited to price, financing, terms, date of possession, and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should also provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

Due Diligence

With a negotiated agreement in hand, it is time to complete the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few.

Your agent can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your agent, title company or attorney can help you resolve issues that might cause problems at a later date.

Financing

As soon as you are reasonably sure the property is right for you, the process of obtaining financing begins. Your agent can help you in understanding different financing options and in identifying qualified lenders.

Closing or Settlement

Finally, there is the closing, or settlement, as it is known in different parts of the country. Every area has its own unique customs. In some areas, the title or escrow company will handle this process. In other parts of the country, an attorney does it all. Again, your real estate agent can guide you through this process and make sure everything flows together smoothly.

Selling Real Estate

Pricing
This process generally begins with a determination of a reasonable asking price. Your real estate agent can give you up-to-date information on what is happening in the marketplace and the price, financing, terms, and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

Marketing
The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property. Marketing includes the exposure of your property to other real estate agents and the public.

In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your agent acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

Advertising is part of marketing.

The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property.

There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends and family, and personal contacts.

Security

When the property is marketed with the agent help, you do not have to allow strangers into your home. Agents will generally pre-screen and accompany qualified prospects through your property.

Negotiating

The negotiation process deals with much the same issues for both buyers and sellers, as noted above under the buying process. Your agent can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections, and financing -- a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

Monitoring, Renegotiating and Closing

Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

How Do Real Estate Agents Get Paid?

Real estate agents or brokers are generally paid through the sales commission paid by the seller when a transaction closes. Agents have expenses and financial obligations just like you, so it will be to your mutual benefit if you choose a real estate agent and stick with that person. The agent will respect your loyalty and respond with a sincere commitment to you.

Why A REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Using a REALTOR®

You Be the Judge!

Real Estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®!

Click Here To Meet a Real Estate Latino's Certified Real Estate Professional

Home Buying Glossary

2010-12-13T08:53:00.002-05:00

Agent - A person acting on behalf of another, called the principal.

Appraisal - An expert judgment or estimate of the quality or value of real estate as of a given date.

Assessed Value - The valuation placed upon property by a public tax assessor as the basis for taxes.

Bill of Sale - An instrument which transfers title to personal property (chattels); a "Deed" transfers'' real property.

CC& R''s: Covenants, conditions and restrictions- A document that controls the use, requirements and restrictions of a property.

Certificate of Reasonable Value (CRV) - A document that establishes the maximum value and loan amount for a VA guaranteed mortgage.

Certificate of Title - A document signed by a title examiner or attorney stating that the seller has a good marketable and insurable title.

Closing Statement (Settlement) - The computation of financial adjustments between buyer and seller as of the day of closing a sale to determine the net amount of money which buyer must pay to seller to complete purchase of the real estate and seller''s net proceeds. Also, "settlement sheets," "HUD-1."

Commission - Payment to a real estate broker for services performed.

Condominium - A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces (walls, floors and ceilings) serve as its boundaries.

Contingency - A condition that must be satisfied before a contract is binding. For instance, a sales agreement may be contingent upon the buyer obtaining financing.

Deed - A formal written instrument by which title to real property is transferred from one owner to another. Also, "conveyance".

Deed of Trust - Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument; the borrower, the trustee, and the lender (or beneficiary).

Due-On-Sale Clause - An acceleration clause that requires full payment of a mortgage or deed of trust when the secured property changes ownership.

Earnest Money - The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.

Equity - The interest or value which owner has in real estate over and above the debts against it. (Sales Price - Mortgage Balance - Equity).

Escrow- A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties'' instructions and assumes responsibility for handling all of the paperwork and distribution of funds.

Federal National Mortgage Association (FNMA) - Popularly known as Fannie Mae. A privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by the VA, as well as conventional home mortgages.

Fee Simple - An estate in which the owner has unrestricted power to dispose of the property as he wishes, including leaving by will or inheritance. It is the greatest interest a person can have in real estate.

Fixture - What was formerly personal property, which is now permanently attached to real property and goes with the property when it is sold.

Graduated Payment Mortgage - A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.

Hazard Insurance - Protects against damages caused to property by fire, windstorms, and other common hazards.

Home Inspection Report - A qualified inspector''s report on a property''s overall condition. The report usually includes an evaluation of both the structure and mechanical systems.

Home Warranty Plan - Protection against failure of mechanical systems within the property. Usually includes plumbing, electrical, heating systems and installed appliances.

Joint Tenancy - An equal undivided ownership of property by two or more persons. Upon the death of any owner, the survivors take the decedent''s interest in the property.

Lien - A legal hold or claim on property as security for a debt or charge.

Listing Contract - Between a home owner (as principal) and a licensed real estate broker (as agent) by which the broker is employed to market the real estate within a given time for which service the owner agrees to pay a commission. Also, "listing agreement".

Loan Commitment - A written promise to make a loan for a specified amount on specified terms.

Loan-To-Value Ratio - The relationship between the amount of the mortgage and the appraised value of the property, expressed as a percentage of the appraised value.

Market Value - The highest price which a buyer, ready, willing and able but not compelled to buy, would pay, and the lowest price a seller, ready, willing and able but, not compelled to sell, would accept. Basis for "listing price'', or "asking price".

Mortgage - A lien or claim against real property given by the buyer to the lender as security for money borrowed.

Mortgage Life Insurance - A type of term life insurance often bought by mortgagors. The coverage decreases as the mortgage balance declines. If the borrower dies while the policy is in force, the debt is automatically covered by insurance proceeds.

Mortgage Note - A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of indebtedness, and states the manner in which it shall be paid. Also, "deed of trust note."

Negative Amortization - Negative amortization occurs when monthly payments fail to cover the interest cost. The interest that isn''t covered is added to the unpaid principal balance, which means that even after several payments you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments that aren''t high enough to cover the interest.

Origination Fee - A fee or charge for work involved in evaluating, preparing, and submitting a proposed mortgage loan. The fee is limited to 1 percent of FHA and VA loans.

PITI - Principal, interest, taxes and insurance.

Planned Unit Development (PUD) - A zoning designation for property developed at the same or slightly greater overall density than conventional development, sometimes with improvements clustered between open, common areas. Uses may be residential, commercial or industrial.

Point - An amount equal to 1 percent of the principal amount of the investment or note. The lender assesses loan discount points at closing to increase the yield on the mortgage to a position competitive with other types of investments.

Prepayment Penalty - A fee charged to a mortgagor who pays a loan before it is due. Not allowed for FHA or VA loans.

Principal - This word has several meanings:
a) to denote the most important;
b) a capital sum lent on interest;
c) one who appoints an agent to act on their behalf;
d) either party to a contract.

Private Mortgage Insurance (PMI) - Insurance written by a private company protecting the lender against loss if the borrower defaults on the mortgage. Prorate - To allocate between seller and buyer their proportionate share of an obligation paid or due. For example a prorate on real property taxes, fire insurance, or condominium fee.

Purchase Agreement - A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract, or agreement for sale.

Realtor - A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors¿.

Regulation Z - The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection act.

Survey - A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure a building is actually sited on the land according to its legal description.

Tenancy in Common - A type of joint ownership of property by two or more persons with no right of survivorship.

Title Insurance - Protects lenders and homeowners against loss of their interest in property due to legal defects in title.

Title Search or Examination - A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims.

Transfer tax - State tax, local tax (where applicable) and tax stamps (in some areas) required by law when title passes from one owner to another.

For More Tips&Questions go to RealEstateLatino.com

National Association of Realtors goes global with new services for international buyers

2010-12-11T08:11:00.000-05:00

The National Association of Realtors, the number one homes for sale website in the US, is going global.
It aims to be the world’s largest online source of residential property listings and add more services such as translation, to attract more international buyers and sellers.

Its Realtor.com listing website already attracts more than 575,000 consumers from non US destinations a month.

‘While all real estate in the US is local, the same is not true for property owners. The US continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the process of buying property here,’ said NAR president Ron Phipps.

‘Realtor.com will expand the exposure of US real estate listings to global markets and add international listings. With expertise, knowledge and experience, Realtors(R) have a global perspective, reflecting the increasing importance of foreign buyers to US sellers,’ Phipps added.

NAR will work with Move Inc, the leader in online real estate and operator of Realtor.com, to add features to make it easier for international buyers to search for listings in their language and through personalized views.

‘This expansion of the strategic collaboration between Move and NAR benefits Realtors(R), provides home sellers with access to an even broader audience beyond our domestic borders, and delivers greater choice to home buyers interested in property in the US and internationally,’ said Realtor.com president Errol Samuelson.

‘US sellers will be able to generate even greater international exposure for their properties, while US buyers will be able to shop for global properties and connect with real estate professionals who can help them with international transactions,’ Samuelson added.

NAR’s 2010 Profile of International Home Buying Activity cites the strength of the dollar and the value and desirability of US real estate as the chief factors making US properties increasingly attractive to international buyers.

Between April 2009 and March 31, 2010, $66 billion of residential property, amounting to 7% of the total US residential market, was sold to foreign nationals, recent immigrants and temporary visa holders. More than a quarter of Realtors(R), some 28%, reported working with at least one international client in the past year, up from 23% in 2008.

The median price paid by foreign buyers was $219,400, higher than the national median price. Some 55% of foreign buyers paid cash compared to about 8% of domestic buyers, NAR’s study also shows.

Buyers from 53 different countries around the world bought residential property in the US last year with then highest number coming from Canada, Mexico, the UK, China, Germany and France. The top sources of international visitors to Realtor.com are Canada, the UK, Germany, Australia, Japan and Mexico.

www.RealEstateLatino.com

Mortgage Activity Surges in Florida and New York

2010-12-06T12:59:00.003-05:00

RISMEDIA, December 6, 2010—According to new consumer activity collected by MortgageLoan.com between October 15 and November 15, 2010, the New York City metro area and cities in Florida saw overall increases in mortgage and refinance requests. Requests in Boston, Texas, and the Southwest were mixed.

While the New York City Metro area showed a 17% increase in overall request volume, Florida was the real winner with a 71% increase in refinance requests in Miami and Ft. Lauderdale and a 47% increase in Orlando.

"The dramatic increase in refinance activity in Florida markets suggests that home values may be stabilizing in many areas," says David Coster, residential lending expert at MortgageLoan.com. "Recent home price surveys, which do not look at secondary markets, have shown further value drops. Yet our site activity provides anecdotal evidence that may indicate more positive attitudes among Florida homeowners relative to their refinancing prospects."

The Boston metro area market showed a 32% increase in mortgage purchase activity, yet a 23% drop in refinance activity. "It is suggestive of a situation in which first time homebuyers, in-bound relocated employees, or investors are taking advantage of lowered home values," says Coster. "At the same time, existing homeowners are still struggling with homes that cannot be refinanced due to value, credit, or employment issues."

The Houston, Texas area saw a 17% decrease in overall requests. Other Texas and Southwestern markets also saw declines in refinance activity, including a 38% decrease in Phoenix, Arizona, a 32% decrease in Albuquerque, New Mexico, a 26% decrease in San Antonio Texas, and a 24% decrease in Fort Worth, Texas.

The overall site activity at MortgageLoan.com indicates a housing market that varies from market to market and from month to month. Still, signs of marginal improvement appear to be creeping into the data.

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Holiday Safety Tips

2010-12-03T07:19:00.000-05:00

Whether you celebrate Christmas, Chanukah, Kwanzaa or a personal holiday, the season is upon us for decorating our homes inside and outside. Here at SAFE we want to wish you all very Happy Holidays!

But, we also want you to remain alert and diligent with your safety and the safety of your family. Here are more ways to reduce your chances of being victimized during the holiday season. We would like you to be especially careful with your Christmas trees. This is how fast an accident can happen. Click Here To View The Video: http://www.youtube.com/watch?v=GQT8yOYJKxQ

Safety at Home

Home Invasions increase during holidays at an alarming rate. To decrease your chances of being victimized follow these simple procedures.

* Keep the outside of your home well lit with all doors and windows locked and curtains or blinds closed.

* Do not put presents under the tree where burglars can see them.

* When away, not only have outside lights but inside lights on timers.

* When traveling make your home look occupied. Have a friend pick up newspapers and mail. Have someone mow your yard or shovel snow. And be sure someone is clearing any fliers or ads off your porch, doors and cars.

* After the holidays, don't advertise the gifts you received by leaving the boxes at the curb for garbage collection. Thieves will be on the look out for the homes that got the best presents, like that new flat screen TV, computer or game system. Cut or tear boxes up and put them in garbage bags.

Home Safety-Decorations

* Inspect all decorations before putting them out.

* Ensure all decorations are fire retardant or fire resistant.

* Use only lighting sets which bear the UL marker.

* Ensure items such as tinsel and fragile glass bulbs are placed high enough on a tree or mantle to prevent small children and pets from coming into contact with them. * Avoid overloading wall outlets and extension cords.

* Inspect light strings and cords for fraying, bare wire, loose connections and broken sockets.

* When using candles, place them a safe distance from combustibles.

* Place candles in sturdy containers. Remember hot wax can burn kids and pets.

* Extinguish candles before leaving the house or going to bed.

* Always have an operable fire extinguisher readily available.

* Install at least one carbon monoxide detector in your home.

Home Safety-Outdoor Decorations

* Never use indoor extension cords outside.

* Keep electrical connectors above ground and out of puddles and snow.

* Unplug a light string before replacing a bulb.

* Make sure when hanging lights in trees, the tree is not touching power lines.

Home Safety for Pets

* Pets are fascinated by decorations such as hanging strings, cords, sashes, tree decorations and flashing lights. To be safe, always supervise a pet closely during the holiday season.

* Guests can frighten and/or anger a pet. It is always best to remove pets from noisy gatherings, especially those pets not used to large groups or children.

Safety with Artificial Christmas Trees

* When selecting an artificial tree, select a model that is fire retardant/fire resistant.

* If the tree has a built-in electrical system, it should carry the UL (underwriter's laboratories) marker.

* Check the tree frequently, do not let it get overheated and never leave it on overnight or when you are not home.

* Never use electric lights on a metallic tree, use colored spotlights instead.

Safety with Real Christmas Trees

* When selecting a tree, get one with a deep green color and a strong scent of pine.

* Make sure the needles are attached firmly to the twigs and can be bent without breaking. This ensures a recently cut tree, fresh and not dried. If the needles fall off easily, the tree is already dead.

* Cut about 2 inches off the trunk and mount it in a sturdy, water-holding stand.

*Keep the tree supplied with an adequate amount of water to keep it from drying out.

* Never set the tree close to heat sources such as registers, computers, radiators or fireplaces.

We wish you a Happy Chanukah, Merry Christmas and a Happy Kwanzaa! May your holidays be filled with joy! And remember, "Just be safe!"

A New National Multi-Cultural Real Estate Franchise Formally Announces its Launch

2010-11-11T06:51:00.001-05:00

OneRes, a multi-cultural independent real estate franchise organization based in Celebration, Florida, officially announces its launch at the National Association of Realtors in New Orleans, LA this week.

Celebration, FL (PRWEB) November 7, 2010

OneRes, a multi-cultural independent real estate franchise organization based in Celebration, Florida, officially announces its launch at the National Association of Realtors in New Orleans, LA this week. OneRes was founded by former real estate franchisees, former Fortune 500 company executives, residential and commercial developers.

OneRes leadership consists of African American, Asian, Hispanic and Caucasian ethnicities and represents the diversity of America. Corporate Directors are Eric Waddell, President/CEO, Edie Waddell, VP of Franchise Relations, Joe La Rosa, Chief Executive Consultant, Mike La Rosa, VP of Business Development, Ana Alvarez, VP of Recruiting and Carmen Chong, VP of Education.

From Celebration, Florida, Eric Waddell, President and CEO of OneRes said, “The Company was formed because there is a definite need for small to medium sized real estate brokerages to have affordable access to business support in the areas of education, training and technology.

The current economic conditions and the real estate and financial market collapse had a greater impact on small to medium size real estate brokerages, driving income down and many out of business causing a call to action and thus OneRes was created.” With a focus on providing education, training, and collaborating with franchisees on community outreach initiatives, the OneRes brand is a proponent of interconnecting awareness and effectively servicing outreach initiatives that have an immediate impact on improving our communities. OneRes expects a high level of growth within the next 12 months.

OneRes currently has branch locations in Texas, California, New York and Florida and intends to begin franchising new locations in November and December with a nationwide rollout in January 2011.

For more information or to schedule an interview with the principles of OneRes, please contact Edie Waddell at 407-566-2689.
# # #

2010-11-04T08:09:00.003-04:00

Questions You Should Ask Your Lender When Shopping For a Loan

1.Are both fixed-rate and adjustable mortgage loans available?

2.What is the interest rate?

3.How long can I "lock-in" the financing at the current interest rate?

4.Is a float down lock available in case rates drop after I have locked in?

5.What are the other fees a lender may charge me in conjunction with my loan?

6.Are funds for a second mortgage available?

7.On adjustable loans, how often will the interest rate be adjusted?

8.Is there a maximum limit on each rate change?

9.How often will the monthly payment be adjusted?

10.Is there a ceiling on payment adjustments?

11.Can the term of the loan be extended?

12.What is the maximum rate that can be charged over the life of the loan?

13.Is there any potential for negative amortization?

14.Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.

15.What is the "grace" period?

16.How late can a monthly payment be made before a late charge is assessed?

17.What will happen if a payment is missed?

18.If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?

19.Do you have to pay "points" to get your new mortgage?

20.Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.

21.Will the lender require mortgage insurance?

22.Is the loan serviced locally or is the servicing sold? Ask for a written "good faith deposit".

More Tips and Advice At RealEstateLatino.com

Top 20 Metro Areas by Foreclosure Rate in 3Q

2010-10-29T06:21:00.003-04:00

As we continue trying to wade the foreclosure crisis, Nevada, California and Florida continue leading the nation with more foreclosures. Here are the latest statistics from RealtyTrac.

Rate rank / Ratio of foreclosures to households in state / Total properties with filings

1 Las Vegas-Paradise, Nev. 1:25 32,288

2 Cape Coral-Fort Myers, Fla. 1:35 10,352

3 Modesto, Calif. 1:36 4,825

4 Stockton, Calif. 1:39 5,925

5 Merced, Calif. 1:40 2,072

6 Riverside-San Bernardino-Ontario, Calif. 1:41 35,863

7 Miami-Fort Lauderdale-Pompano Beach, Fla. 1:41 58,624

8 Phoenix-Mesa-Scottsdale, Ariz. 1:44 39,199

9 Bakersfield, Calif. 1:44 6,135

10 Vallejo-Fairfield, Calif. 1:45 3,364

11 Orlando-Kissimmee, Fla. 1:47 19,171

12 Reno-Sparks, Nev. 1:50 3,637

13 Sacramento-Arden-Arcade-Roseville, Calif. 1:50 17,108

14 Boise City-Nampa, Idaho 1:52 4,624

15 Deltona-Daytona Beach-Ormond Beach, Fla. 1:53 4,708

16 Fresno, Calif. 1:58 5,314

17 Visalia-Porterville, Calif. 1:60 2,313

18 Naples-Marco Island, Fla. 1:60 3,237

19 Palm Bay-Melbourne-Titusville, Fla. 1:61 4,381

20 Lakeland, Fla. 1:61 4,568

SOURCE: RealtyTrac

Una Salida Digna! Tu Tienes Opción!

2010-07-21T16:30:00.005-04:00

Amigos, si ya es un hecho que no calificas para una modificación a tu hipoteca y que tu finanzas no son las de antes, no crees que es hora de comenzar una nueva vida para ti y tu familia? Hacer un short sale te brinda una salida digna de un problema que en estos momentos no tiene solución. Haz "borrón y cuenta buena" evita el foreclosure, el cual arruinaría todas tus esperanzas de tener casa propia nuevamente. Comunícate hoy mismo conmigo y te te enseno el camino junto. 888-934-9770 o visitamos en http://AvoidForeclosureAmerica.com

"The Future of Real Estate"

2010-06-30T08:07:00.002-04:00

NHORA National Hispanic Organization of Real Estate Associates

Dear NHORA Members,

Our new series "The Future of Real Estate" will begin on July 14th luncheon and will be launch by a powerhouse of REO Agents that will be sharing regarding the future of Real Estate from a perspective of an REO agent. This luncheon is sure to sell out; therefore we are encouraging everyone to pre-register to reserve your space.

I encourage those who have not yet become a member to do so now. NHORA's vision is to encourage, promote affordable and sustainable homeownership and every month we bring forth this mission to our members.

La hora de NHORA es ahora!

Gema Smith
President

Register at
Http://nhorajuly14.eventbrite.com/

Download .pdf flyer
http://nhora.org/events/july14th.pdf

El InfoCenter de RealEstateLatino.com, Lo Que Necesitas Saber Ahora

2010-06-19T20:34:00.003-04:00

La diferencia entre tener una buena experiencia o no a la hora de comprar tu casa, depende en parte de que tan bien te prepares para el proceso. RealEstateLatino.com te ofrece una herramienta que hace muy fácil el aprender sobre todos los aspectos de la compra venta de una casa, el INFOCENTER.

El InfoCenter es una librería virtual llena de artículos y consejos todos accesible con tan solo un clic. Esta dividida en cinco categorías, Compradores, Vendedores, Crédito, Financiamiento y Mi Hogar. Los artículos son en parte creados por el asesor de bienes raíces y prestamos Bill Arce ademas de selecciones selectas de los proveedores mas respetados de la industria.

Para acceder al InfoCenter no se necesita tener contraseña ni llenar un formulario con tus datos personales, todo lo que tienes que hacer es visitar www.RealEstateLatino.com.

Short Sales Rising In Popularity For Troubled Homeowners

2010-06-18T14:20:00.001-04:00

Short sales, an alternative to foreclosure that poses relatively less overall severity, are artificially boosted by mandatory and voluntary foreclosure prevention efforts that prevent mortgages from entering real estate owned (REO) status, according to a securitization research note by Barclays Capital (BarCap).

Short sales pose benefits to both borrowers and lenders where foreclosure is the alternative. A short sale tends to cost the lender less than foreclosure and it spares the borrower the negative credit score implications.

As federally-funded modifications made through the Home Affordable Modification Program (HAMP) grow in frequency and lenders are expected to hold off on foreclosure proceedings, the REO pipeline shrunk, according to BarCap researchers. The foreclosure prevention efforts have had the effect of "artificially" boosting short sales.

"The artificial constraints to foreclosure auctions have resulted in a reduction in REO stock," BarCap said. "As a result, the net volume of REO liquidations has also dropped. As short sales are not affected by moratoria, their rate held up and their overall share in distressed sales increased. It has now risen more than 10 points from the lows to about 35% of overall liquidations. It remains to be seen if this increase will sustain itself once the large number of loans sitting in foreclosure are finally released into REO."

BarCap researchers pointed to the difference in severity seem in foreclosure and short sale scenarios as one of the drivers behind servicers choosing short sales.

Servicers that pursue foreclosure on non-performing loans held within securitization have to make principal and interest advances until the loan�s liquidation, BarCap said. If the asset declines in value during the liquidation timeline and it neighbors other REOs, the final selling price will likely come in far below the current broker price opinion (BPO), which leads to high severity.

Short sales, on the other hand, pose a shorter timeline during which fewer principal and interest advances are needed. The asset has less time to depreciate, and borrowers have a strong incentive to maintain the property in order to sell it, BarCap said. The idea is that a better-maintained house attracts stronger bids, reducing overall severity in comparison with the REO liquidation scenario.

SOURCE: http://www.nuwireinvestor.com/articles/short-sales-rising-in-popularity-for-troubled-homeowners-54068.aspx

Senate approves home tax credit extension

2010-06-17T13:30:00.000-04:00

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000.

Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

Programa de ESPERANZA para Propietarios

2010-06-15T12:24:00.002-04:00

El programa ESPERANZA para Propietarios refinanciará hipotecas para prestatarios que enfrentan dificultad que hacer sus pagos, pero que pueden hacer los pagos en un nuevo préstamo asegurado por la Administración de Vivienda Federal de HUD (FHA). El programa comienza el 1 de octubre de 2008 y termina el 30 de septiembre de 2011.

Hoja de Información Básica para el consumidor sobre el Programa ESPERANZA para Propietarios.

Para Mas Informacion Visite Esta Paguina

Olga Padron is making a mid-life career change

2010-06-14T10:31:00.002-04:00

SEBRING - Olga Padron has one of those Hispanically lovely faces: eyes like Hershey Kisses, sepia-tone skin, high cheekbones. Did she ever model?

"No." Padron protested the absurdity of the question, sitting across a booth at Panera Bread. "I've got the Cuban gene. I'm barely 5'1".

True. During the 1960s, when Padron was growing up, models were no longer average-sized and perky; they were like Twiggy, 5'6" or taller, and built like boys.

Olga Padron, 52, has lived in Florida since she was 7. "So I'm more American than I am Cuban."

Fidel Castro revolted in 1959, and in 1961 he declared for communism. By 1965, her father realized that life in Cuba was no longer a good idea. Because they wanted to avoid mandatory military service, his two older sons had already asked for political asylum and moved to America with their mother in 1961. He decided to move too.

"I didn't speak English," Padron said. She learned in six months. "There was no one else in school who spoke Spanish so, you know what, you got to learn."

"It wasn't because I was so smart," she added, in an accent that still sounds Cuban - or maybe it's that Hispanic-Miami inflection. Although she still has relatives on the island, most have come to the U.S., some by vacationing in other countries first to avoid Cuba's suspicion.

Growing up in paradise

Ironically, her father felt that Castro's radical government wouldn't survive, and that his family would be back in Cuba in six months. He died in 2006.

Padron married in South Florida and began raising a family near Florida International University on South 16th and 102nd Avenue, but it got overcrowded. The crime rate rose, and so did taxes.

"It's a beautiful place, very dynamic and very diverse. It has beautiful beaches. But it's so expensive - the average person, it's hard to survive." She was a medical office manager, working for a doctor who specialized in head and neck cancer.

Twelve years ago, she began looking for a cleaner, quieter, cheaper place, and that brought her up U.S. 27. For awhile, she worked in another medical office, but she was told, "You should go into real estate. You've got a nice personality for it."

Jim Otterman hired her at Coldwell Banker Highlands Properties. "I had a good run, and it was fun, and I really enjoyed it." After all, she got in on the great real estate rush of the early 21st century.

"But I always wanted to be a nurse," she said. Why she didn't go to nursing school is Every woman's story. At 23, she met a man and lost her head - her words. Her husband didn't encourage her to make that dream come true. She needed to work while the kids were in school.

More changes

But Padron started at South Florida Community College last year. Today, she's working on prerequisites. That's one reason why she enjoys beaches and barbeques more than books. She'll start nursing classes in August 2011.

"There are only 24 available positions," Padron said, a little proud that she was chosen among 300 applicants to the two-year RN program.

A mid-life career change isn't scary to her: "I was in the medical field before, so I know what's to be expected. There's job security in the medical field, and I'm doing it because it's something I've always wanted to do."

Until then, she's still selling real estate, which she said is going for bargain basement prices. The trouble is, real estate agents aren't making much money these days, but they pay for advertising, office expenses, errors and omissions insurance, long distance, gifts to the buyers after closings...

"And you have to have nice clothes and a nice car," she added. "You can't be ashamed when people are sitting in your car."

Real estate agents have a saying: "It's not closed until it's closed." Deals fall through for hundreds of reasons: buyer's remorse, the home that the buyer is selling hasn't sold, the bank won't loan the money...

Some Cubans are avid, Padron is a Cuban watcher. It's a place she might visit, but she never wants to live there. Recently, the Women in White - who publically prayed for their husbands in jail, were arrested and beaten.

"It's an outrage," Padron said, "not only in Cuba, but anywhere. There really is no freedom. He was never elected. And people have to be free. People only leave something because they are not happy, rather risk their life on the Florida straits than to be there. You don't see anyone leaving America in a boat, do you?"

Highlands Today reporter Gary Pinnell can be reached at gpinnell@highlandstoday.com or 863-386-5828

¿Es su casa saludable y segura para sus hijos?

2010-06-07T21:37:00.003-04:00

Es esencial que tome medidas preventivas para proteger a sus hijos contra lesiones no intencionales en su hogar. Cada año mueren más niños de lesiones evitables que de todas las enfermedades infantiles combinadas.

Tomando las precauciones y acciones apropiadas usted puede ayudar a prevenir quemaduras, cortes, caídas, envenenamientos, ahogos, asfixia y otras lesiones graves.

Utilice estas cuatro listas de verificación y asegúrese de que su hogar sea saludable y seguro para sus hijos:

En el dormitorio

Instale alarmas de humo afuera de los dormitorios y en cada planta de su casa.
Pruebe las alarmas de humo por lo menos una vez al mes y cámbieles las pilas por lo menos una vez al año.

Practique rutas de escape de incendio e identifique un lugar de encuentro afuera de su casa.

Ponga a su bebé a dormir de espalda, en una cuna, sin almohadones ni otro tipo de cobijas blandas.

Use una cuna que cumpla las normas nacionales de seguridad, con un colchón de un tamaño apropiado para la cuna.

Nunca use una frazada eléctrica en la cama o la cuna de un bebé o un niño.

Mantenga juguetes pequeños, globos y pelotas pequeñas lejos de los niños pequeños.
Verifique para qué edad ha sido diseñado cada juguete. Asegúrese de que los baúles para guardar juguetes tengan tapas con dispositivos de sostén de seguridad.

Para prevenir la estrangulación, utilice cordones de seguridad para subir y bajar las persianas y también evite dejar piolas o cordones en los juguetes y los chupetes de los niños.

Instale alarmas de monóxido de carbono (CO) afuera de los dormitorios, para impedir el envenenamiento con CO.
En el baño

Para prevenir envenenamientos, guarde bajo llave todos los remedios y las vitaminas, incluso los que vienen en contenedores a prueba de niños.
Tenga a mano jarabe de ipecacuana , pero úselo solamente cuando se lo remiende un centro de control de venenos o un médico.

Nunca deje a un niño pequeño solo en el baño, especialmente en una bañera.
Antes de bañar a un niño, siempre pruebe el agua con su muñeca o codo, para asegurarse de que no esté demasiado caliente.

Para prevenir quemaduras, regule el termostato del calentador de agua a 120º F e instale dispositivos que prevengan quemaduras.
Asegúrese de que las bañeras y las duchas estén equipadas con superficies no resbaladizas y con barras para sostenerse.
Guarde los aparatos eléctricos, como secadores de cabello y barras para enrular el cabello, fuera del alcance de los niños y lejos del agua.
En la cocina

Guarde los cuchillos, las bolsas de plástico, los encendedores y los fósforos en un lugar al cual los niños no tengan acceso.
Evite incendios y quemaduras no dejando comida cocinándose sin su atención, poniendo las manijas de las cacerolas hacia atrás de la cocina, y no dejando líquidos y comidas calientes cerca de bordes de mesas y mesadas.

Asegúrese de que usted y sus hijos sepan el procedimiento de DETENERSE, TIRARSE AL PISO Y GIRAR, en el caso de que sus ropas se prendan fuego.
Guarde los aparatos electrodomésticos desenchufados y con sus cables atados. Reemplace cualquier cable que esté deteriorado.
Ate o asegure a sus hijos cuando los coloque en sillas altas, hamacas u otros dispositivos para niños.

No dé a niños pequeños comidas duras, redondas, que puedan quedárseles atascadas en sus gargantas, como caramelos duros, nueces, uvas, pochoclo, zanahorias o pasas de uva.

Evite quemaduras manteniendo a los niños lejos de canillas de agua caliente o de enfriadores de agua potable.
En todas las áreas habitables

Para prevenir ataques de asma, elimine fuentes de moho, polvo e insectos, como las cucarachas. Si tiene una mascota, manténgala limpia (y también el lugar donde ésta duerme), y no permita que la mascota se suba a los muebles.

Si fuma, evite hacerlo adentro de su casa, especialmente, alrededor de niños.
Asegúrese de las calderas, los hogares, las estufas a leña, los calentadores de habitaciones, y cualquier electrodoméstico de gas, venteen apropiadamente, y haga inspeccionarlos anualmente.

Utilice puertas de seguridad para bloquear el paso a escaleras (y otras áreas peligrosas), tapas de seguridad para cubrir los enchufes eléctricos, y trabas de seguridad para impedir la abertura de cajones y puertas de aparadores.

Mantenga a los niños, y cualquier mueble en el que puedan treparse, lejos de las ventanas.

Instale protecciones de ventanas (en ventanas que no se utilicen como salidas de emergencia en caso de incendio).

Para prevenir caídas, mantenga bien iluminados los corredores y las escaleras y coloque una base no deslizante debajo de las alfombras.

Guarde los agentes de limpieza, los pesticidas y otras substancias potencialmente peligrosas en sus contenedores originales, con sus etiquetas intactas, fuera del alcance de los niños.

Si tiene armas o rifles en su casa, guarde a éstas y las municiones en contenedores separados, cerrados con llave, fuera del alcance de los niños.
Aprenda Primeros Auxilios y Resucitación Cardiopulmonar.

Mantenga una lista actualizada de números telefónicos de emergencia, incluyendo su centro local de control de envenenamientos, su médico de familia y la sala de emergencias del hospital, al lado de cada teléfono que tenga en su casa.

Asegúrese de que su familia sepa qué hacer durante una catástrofe natural.

En el caso de un terremoto, tírese al piso y protéjase debajo de algo que sea fuerte; durante un tornado, protéjase en el sótano de su casa o en un cuarto interno que no tenga ventanas, y durante un huracán, manténgase lejos de las ventanas.

También tenga a mano suministros de comida, linternas y agua potable.

PROGRAMA ALTERNATIVAS DE EJECUCIÓN HIPOTECARIA HOME AFFORDABLE (HAFA)

2010-06-07T11:16:00.002-04:00

Compilado de Makinghomeaffordable.com

Es posible que muchos propietarios de vivienda crean que ya no pueden hacer los pagos de su vivienda, pero deseen evitar los efectos negativos de una ejecución hipotecaria.

El Programa Alternativas de Ejecución Hipotecaria Home Affordable (Home Affordable Foreclosure Alternatives Program, HAFA) ofrece a los propietarios de vivienda, a sus administradores hipotecarios y a los inversionistas un incentivo para llevar a cabo una venta corta (o una venta en descubierto) o una escritura en lugar de la ejecución hipotecaria. Con estas opciones disponibles conforme al HAFA, un propietario de vivienda deja su vivienda para poder realizar una transición a una vivienda más económica y aliviar la deuda hipotecaria que tiene.

Estas opciones se encuentran disponibles para propietarios de vivienda que: 1. no califiquen para una modificación de prueba de la hipoteca en virtud del Programa Making Home Affordable; 2. no completen exitosamente el período de prueba para su modificación; 3. no realicen, al menos, dos pagos consecutivos durante su período de modificación; o 4. soliciten una venta corta o una escritura en lugar de la ejecución hipotecaria.
Venta Corta o Venta en Descubierto
En una venta corta o una venta en descubierto, el administrador permite que el propietario de vivienda incluya la propiedad hipotecada en el listado de propiedades para la venta y que la venda, a sabiendas de que las ganancias netas de la venta pueden ser menores que la suma total adeudada en la hipoteca de primer grado.

Escritura en lugar de ejecución hipotecaria
Por lo general, si el deudor realiza un esfuerzo de buena fe por vender la propiedad pero no lo logra, un administrador puede considerar la posibilidad de una escritura en lugar de la ejecución hipotecaria. Con una escritura en lugar de una ejecución hipotecaria, el deudor transfiere voluntariamente la titularidad de la propiedad al administrador, siempre que el título esté libre de hipotecas, gravámenes y cargos.

El Programa HAFA optimiza ambas opciones para que le resulte más fácil a un propietario de vivienda trabajar junto con su administrador. En virtud del programa, un propietario de vivienda puede recibir $3,000 como ayuda para costos de reubicación.

Los administradores hipotecarios y los inversionistas definen sus propias pautas conforme a los requisitos federales para determinar cómo implementar el programa. Para obtener más información sobre sus opciones, comuníquese con su administrador hipotecario. Si usted tiene preguntas sobre el programa o si desea recibir orientación sobre cómo estas opciones pueden tener un impacto en su situación personal, le recomendamos que hable con un consejero de vivienda aprobado por el Departamento de Vivienda y Desarrollo Urbano (Housing and Urban Development, HUD) en forma gratuita. Para recibir asistencia en español a fin de ubicar un consejero de vivienda en su área, llame a la línea de información para propietarios de vivienda HOPE™, al 1-888-995-HOPE (4673).

Programa Making Home Affordable y otras opciones para conservar su vivienda
Los administradores hipotecarios que participan en el Programa Making Home Affordable deben evaluar a los propietarios de vivienda para una Modificación Home Affordable antes de evaluarlos para otras opciones. Si usted solicita una modificación a su administrador hipotecario y se determina que es elegible, ingresará en un plan de período de prueba.

Si se determina que usted no es elegible para una Modificación Home Affordable, su administrador hipotecario le evaluará para otras alternativas que se ofrecen para que usted conserve su vivienda, como sus propios programas de modificación o una indulgencia por incumplimiento.

Un consejero de vivienda aprobado por el HUD puede trabajar con usted en forma gratuita para ayudarle a comprender sus opciones. Para recibir asistencia en español a fin de ubicar un consejero de vivienda en su área, llame a la línea de información para propietarios de vivienda HOPE™, al 1-888-995-HOPE (4673).

The Benefits of AdWords by Google

2010-06-05T08:30:00.001-04:00

Because AdWords offers precise targeting and measurability, as well as tremendous reach, it's possible to achieve a high ROI on a large scale. Let's take a closer look at each of these factors:

Relevance

One of the biggest benefits AdWords offers is the ability to precisely target ads to users based on their interest, as well as a number of other factors like location, language, and demographic. The result is that the user sees highly relevant ads, which they are more likely to click on. And because ads on search engines show only in response to a user's query, the user is also more likely to be further along in the buying cycle, and more likely to be ready to convert.

Return on Investment (ROI)

Online advertising is thoroughly measurable, making it easy to tell whether or not you're meeting your advertising goals. Every user's click is tied to a particular ad, keyword, and search query, all of which you can track and decide to improve whenever you like. If you spot a trend, you can create, modify, or delete keywords, ads, and campaign targeting selections within seconds. This allows you to be more responsive and more in control when it comes to improving your ROI.

Reach

Every day, Internet users conduct millions of searches on Google. When you use Google AdWords, you have the opportunity to capture any segment of that broad worldwide audience that's actively looking for products, services, information, and websites. By giving your products or services a presence during relevant user searches, you're ensuring that you're visible in a crucial point in the customer's buying cycle -- when the user is actively searching for what you're offering.

¿Qué Es Un Short Sale?

2010-06-03T08:53:00.004-04:00

Un Short Sale ocurre cuando la compañía financiera que está sirviendo tu hipoteca acepta que vendas tu propiedad por menos de lo que debes al banco, por ejemplo: Usted debe en su hipoteca $100,000.00, necesitas vender la propiedad, pero el valor de las casas alrededor de la suya no se venden por más de $95,000.00 entonces tu asesor de bienes raíces negocia con el banco para que ellos acepten menos dinero de lo que se debe en realidad cuando se efectúe la venta de la propiedad.

Esto no siempre se puede realizar, es por eso que se recomienda que primero se logre un acuerdo con la entidad financiera antes de aceptar una oferta y de esta forma saber cuánto dinero el banco está dispuesto a perder. Tenga presente que el banco puede pedirle que pague la diferencia por separado o vender algo que tenga de valor. Nunca haga este proceso solo y siempre trate de tener un experto a su lado.

Para informarte mas sobre el short sale, visite EviteelForeclosureAmerica.com

O contáctenos por teléfono llamando totalmente gratis a 888-934-9779, Recuerde, su llamada siempre se mantendrá confidencial.

Bill Arce
Asesor de Bienes Raíces

Tax Credit Extended For Active Duty Military

2010-05-27T08:56:00.001-04:00

U.S. military personnel who are out of the country for 90 days (since 2008) may have an extra year to get the tax credit, up to $8,000, for buying a home.

The active-duty rule is not new. It’s part of the current tax credit law, though its use is limited. The qualification must be for “official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010.” Should that be the case, the homebuyer has an extra year to buy a home. He or she has until April 30, 2011, to secure a binding contract, and until June 30, 2011 to close on the home.

Other conditions such as a maximum $8,000 for first-time buyers and $6,500 for move-up buyers still apply. For advice in any specific case, consult a qualified tax advisor. The applicable IRS publication is posted online.

Understanding the Government's Home Affordable Modification Program (HAMP)

2010-05-26T17:07:00.000-04:00

Post By: www.homeloanlearningcenter.com

HAMP is a modification program with very specific requirements. It was introduced by the Obama administration to help prevent avoidable foreclosures. HAMP is one tool of many available to help borrowers who are in danger of losing their homes.

As you read through the information on this page, keep in mind that loan modifications are complicated things. The company that is modifying your loan is obligated to verify, to the best of its ability, that you will be able to make your payments moving forward. They do not want to foreclose on your property. No one wins when that happens.

Through the first eight months of 2009, the mortgage industry helped avoid 2.1 million foreclosures, and through October 31, 2009, servicers extended more than 919,965 HAMP mortgage modification offers and have initiated more than 650,994 trial modifications (a three-month period in which a borrower makes on-time payments on a modified mortgage before the modification can become permanent).

If you are truly facing financial hardship, there may be help available. Be aware, however, that not everyone qualifies for a mortgage modification. As you go through the process, try to be as cooperative and patient as possible. Keep in contact with your counselor or servicer and don't be afraid to ask questions. You will be asked to provide numerous documents and fill out many forms. Be honest and realistic about your situation so you don't find yourself facing foreclosure again in the future.

What to expect from the HAMP process

Under the guidelines established by the U.S. Department of the Treasury, your servicer will need the following from you in order to evaluate you for a HAMP modification:

First, you will need to give an explanation of your financial hardship and the reason you cannot or believe you may soon not be able to make your mortgage payment. The government has given examples of acceptable hardships:

a. Reduction in or loss of income that is needed to pay the mortgage.
b. Change in household financial circumstances.
c. Recent or upcoming increase in your monthly mortgage payment.
d. An unavoidable increase in other expenses.
e. A lack of cash reserves to maintain payment on the mortgage and cover basic living expenses at the same time. (This can include cash savings, money market funds, stocks or bonds, but not retirement accounts.)
f. Excessive monthly debt payments and over-extensions with credit cards. For example, you have been using credit cards, a home equity loan or other credit to make your mortgage payment.
g. Other reasons for hardship detailed by the borrower.

The first step is to contact your "servicer," which is the company you send your mortgage payments to. The HAMP program requires your servicer to collect the following information from you:

1. Your current monthly household income from all sources including salary or wages, tips, bonuses, alimony, retirement benefits, unemployment benefits or public assistance. Be sure to know when your unemployment or other benefits are scheduled to expire. It is important that you have evidence that unemployment benefits will continue for at least nine months. If applicable, borrowers should also provide documentation of other income including social security, disability, death benefits, pension or public assistance such as letters, insurance policies or statements and should be able to show the frequency and duration of the benefits. Borrower must also provide the two most recent bank statements showing receipt of such payments.
2. Two most recent pay stubs from your current employer showing year-to-date earnings.
3. IRS Form 4506T signed and dated by each borrower.
4. If you are self-employed, your most recent quarterly or year-to-date profit / loss statement.
5. In certain cases, signed copies of your most recent federal tax return. (If you have filed electronically, print a copy and have all parties sign the hard copy.)
6. Household expenses, including but not limited to second mortgages, revolving debt, car payments, alimony / child support and homeowners’ association (HOA) and / or condominium fees, if applicable.
7. Your hazard and flood insurance premiums, as applicable.
8. Your real estate / property taxes. This information is often available online from your county, city or other tax jurisdiction’s web page.
9. Household assets, including but not limited to amounts in checking and savings accounts, certificates of deposit (CDs), stocks and bonds.

If you are current or less than 60 days delinquent with your mortgage payments but believe you are at risk of "imminent default" and want to discuss a loan modification, you will be subject to a more thorough review of your household finances. You are likely to be asked to provide documentation of all household income and household expenses.

More information on the Home Affordable Modification Program can be found at www.makinghomeaffordable.gov.

Other considerations

Stay in contact with your servicer and/or mortgage counselor at all times. Notify them of any change in your circumstances, including new employment or problems with making payments under any modification plan.

Be patient, cooperative and honest, and keep your commitment on any modification agreement.

A HAMP modification is not the only loss mitigation tool available. If you do not qualify for HAMP, ask your servicer about other "workout" alternatives, including postponements of regular payments (called forbearance), repayment plans, non-HAMP modifications and other options.

Only work with reputable servicers and counselors. There are a lot of fraudsters out there looking for targets. For some hints, download our guide to Avoiding Foreclosure Rescue Scams.

Prevent Damage from Carpenter Ants

2010-05-12T11:43:00.002-04:00

Carpenter ants damage wood by hollowing it out for nesting. Unlike termites, wood damaged by carpenter ants does not contain mud-like debris. Instead, carpenter ant nests have a smooth, sandpapered appearance. Carpenter ants typically establish colonies in a moist environment, but will nest in dry wood. Moist areas around windows, leaky roof and chimneys, bathtubs and sinks, and exterior areas that are in contact with soil are a prime breeding ground.

Control carpenter ants by destroying their nests, and eliminating conditions that encourage colonies to nest. Often, ants found inside the home may actually nest outdoors. Old stumps, untreated landscaping timber, and dead or dying trees are common nesting grounds. Before the ants move indoors as colonies expand, remove potential nesting areas near the house.

Routine household maintenance will go a long way in preventing carpenter ant infestation. Follow these tips to reduce the likelihood of infestation:

-Ants are attracted to moist wood. Repair roof and plumbing leaks, leaky chimney flashing, overflowing gutters and all other water infiltration problems to avoid creating a tempting nesting area.

-Trim trees and bushes that touch a home's roofing and siding.

Continue Reading on BobVila.com >

Celebrating Green Earth 2010

2010-04-22T09:33:00.002-04:00

This year marks the 40th anniversary of Earth Day. While back in 1970 being green may have seemed like a radical idea, in today’s day many embraced the idea of green and homeowners are no exception.

I want to share with you some simple ideas that will help you turn GREEN.

Recycle. Paper, cardboard, plastic, cans are the most common recyclables. Check with your municipality for acceptable items and whether curbside or drop-off service is available. Also check how you can recycle at work, usually we spend more time working that at home.

Adjust your thermostat. Turn down the thermostat in the winter (72) and up in the summer (78). Install a programmable thermostat to adjust temps easily, especially while you are away from home.

Reduce electricity draw. Unplug cell phone, camera and other chargers when not in use. Turn off unused lights. Install timers to automatically turn light off.

Cut out disposables. Instead of paper towels, switch to reusable, washable cloths. Give cloth napkins a try to replace paper napkins.

Upgrade appliances. Look for Energy Star-rated appliances when replacing or remodeling to save energy and on utility costs. Take advantage of rebates and tax credit incentives while they last.

Go Green & Pass It On, Especially to Children!

WAR ON POVERTY-FLORIDA HOSTS HOMEBUYING CLINIC ON SATURDAY APRIL 17th IN JACKSONVILLE

2010-04-14T09:24:00.001-04:00

WAR ON POVERTY-FLORIDA HOSTS HOMEBUYING CLINIC ON SATURDAY APRIL 17th
Clinic designed to educate potential home-buyers on the process to becoming a homeowner

On Saturday April 17th from 10:00am - 2:00pm, the War on Poverty-Florida will host a HomeBuying Clinic for local residents interested in learning more about the home-buying process.

The FREE workshop is designed to provide a basic overview of the home buying process, availability of local home buying programs and resources with the goal in preparing participants in the pursuit of home-ownership.

What does a Realtor do? How will I know I am ready to purchase a home? What is required by the bank?

Representatives from NEFAR, CitiMortgage, Grace & Truth CDC, Florida Department of Financial Services, and Northeast Florida Community Action Agency will answer these questions and more as they cover topics such as "Becoming a Homeowner", "Thinking Like a Lender", "Trusting Your Realtor" and "Understanding Homeowners Insurance".

The event is free and pre-registration is suggested. Call 766-7275 to register. Learn more about the War on Poverty-Florida at www.waronpoverty.org.

--
Tonisha Gaines
Marketing & Development Coordinator
War on Poverty-Florida
5196-A Norwood Avenue
Jacksonville, FL 32208
(904) 766-7275 office
tgaines@waronpoverty.org

2010 JACKSONVILLE FAIR HOUSING AWARENESS SYMPOSIUM

2010-04-14T09:22:00.001-04:00

FOR IMMEDIATE RELEASE Contact: Ben Pennymon, (904) 630-3426, benp@coj.net

JACKSONVILLE HUMAN RIGHTS COMMISSION HOSTS
2010 FAIR HOUSING AWARENESS SYMPOSIUM

JACKSONVILLE, Fla., April 13, 2010 – The City of Jacksonville’s Human Rights Commission will host the eighth annual Fair Housing Awareness Symposium on Saturday, April 24. The event will include workshops with speakers providing information on a variety of topics related to housing as well as a vendor exhibition designed to align attendees with resources to aid them in exercising their housing rights.

WHEN: Saturday, April 24
8-9 a.m. Registration and welcome session
9-11:45 a.m. Vendor exhibition/workshops
Noon-2 p.m. Awards luncheon

WHERE: Crowne Plaza Riverfront Hotel
1201 Riverplace Blvd.

This free event offers an opportunity for Jacksonville residents to learn practical information about acquiring and keeping a home, predatory lending, credit, fair housing and disability rights, and other housing related topics.

These topic areas will be covered during informational workshops. Some of the workshops include First-time Homebuyers; Fair Housing and Disability Rights; Real Estate is the Value Real; Facing the Worst: Strategies, Alternatives and Options; Fair Housing vs. Landlord Tenant Disputes: Knowing the Difference; Predatory Lending; and more.

Local housing assistance organizations will also be on-hand at a vendor exhibition providing fair housing information. Participating organizations include Advocacy Center for Person’s with Disabilities, Association of Housing Counselors and Agencies, City of Jacksonville Disabled Services, Family Foundations, Grace and Truth Community Development Corporation, Three Rivers Legal Services, Home Depot, Sunshine State Health Plan and other local community-based organizations and housing partners.

In addition, awards will be given at the luncheon to individuals and organizations for their work on, and dedication to fair housing. Award recipients include:
Accessible Housing Award, Northwest Jacksonville Community Development Corporation
Good Neighbor Award, Ronald Johnson
Seniors’ Choice Award, Eula Mayes
Faith Based Award, Grace and Truth CDC
Best Practices Award, The Cathedral Foundation of Jacksonville
Communication Award, GrapeVine Newspaper

The 2010 Fair Housing Awareness Symposium is free and open to the public; however, registration is required. To register, call (904) 630-1212 x3020 or e-mail JHRCRSVP@coj.net.

This event is made possible through a Community Development Block Grant (CDBG) acquired by the City of Jacksonville Housing and Neighborhoods Department, Jacksonville Human Rights Commission and the U.S. Department of Housing and Urban Development.

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Fish Pond Management Seminar

2010-04-14T09:18:00.001-04:00

For Jacksonville Residents:

Do you want to know how to control algae in your pond, stock and manage fish populations, as well as, learn about the USDA resources available for pond construction? If so, attend a pond management seminar on Tuesday, April 20th at 6:00 pm. There is a registration fee of $5.00 to cover light refreshments and workshop materials. Pre-registration is required to Becky Davidson at (904) 387-8850.

This program is presented by the UF/IFAS Extension Office in association with the USDA Natural Resources Conservation Service and the Duval Soil and Water Conservation District.

Palatka's Bank Under the Water

2010-03-04T12:40:00.002-05:00

Palatka's First Federal hit with regulatory order
First Federal Bank of North Florida, based in Palatka, was ordered by the Office of Thrift Supervision to merge or be acquired by another bank within 20 days. The order was issued on March 1.

Regulators say the bank is undercapitalized and that action is needed to resolve problems at the least-possible loss to the FDIC's deposit insurance fund.

First Federal was founded in 1922 as the Palatka Building and Loan Association. Outside of Palatka Florida, the bank has branches in St. Augustine, Hastings, Welaka, Interlachen and Crescent City.

Congressman Ander Crenshaw will host a homeownership promotion and foreclosure prevention workshop in Jacksonville

2010-02-23T09:22:00.003-05:00

WASHINGTON, DC – Congressman Ander Crenshaw will host a homeownership promotion and foreclosure prevention workshop on Saturday, February 27 from 10 a.m. to noon in the Grand Banquet Hall at the University Center at University of North Florida.

“Homeownership is a vital part of the American dream, but with it comes serious responsibility and significant obligation,” said Crenshaw. “Unfortunately, the recent economic downturn has left many with questions about buying a home and others with difficulty making their mortgage payments. This workshop will put them in touch with representatives from government agencies, legal counselors, and non-profit organizations that have helpful information on how to move forward. I strongly encourage those who are looking to purchase a first home, having difficulty making a mortgage payment or facing foreclosure to attend.”

The session is free and open to the public, and attendees are encouraged pre-register by filling out contact information on the special events section of the web site (www.crenshaw.house.gov) under constituent services. Those interested in attending can also feel free to contact Nathan Riska in Congressman Crenshaw’s Jacksonville office at 904-598-0481.

The “open press” portion of the program will begin at 10 a.m. with remarks from Congressman Crenshaw who will introduce representatives from the participating organizations: the United States Department of Housing and Urban Development, the Jacksonville Urban League, WealthWatchers, Jacksonville Legal Aid, Three Rivers Legal Services, Operation New Hope, and Family Foundations.

The “closed press” portion will follow where participants will be able to meet one-on-one with participating agencies and have their questions and concerns addressed.

###

Why when we are talking about Foreclosure and how it hurts Minorities, Race is always a factor ignoring the real problem?

2010-02-17T09:42:00.004-05:00

By Bill Arce (RealEstateLatino.com)
Study: Latino ‘foreclosure generation’ devastated

The Orange County Register has this article featuring a study conducted by NCLR reporting how minority (especially Latinos) are being disproportionally hurt by the housing crisis mainly, foreclosures.

The study shows some interesting findings, statistics and makes recommendations:

Researchers interviewed 25 families in foreclosure, many victims of “predatory lending,” according to the study’s authors.

Among their findings:

•The loss of a job and a hike in mortgage payments most often led to losing the home. The families interviewed lost an average of $89,155 because of the foreclosure.

•Despite going to their lenders for help, none of the families were offered a loan modification, forbearance or other help.

•More than half of the families reported that their children had academic or behavioral problems in school because of the instability in the home. Researchers have dubbed these families “the foreclosure generation.”

•All but one family was left without savings they could tap in case of a financial emergency, and many held back on necessary health care to save money.

The study advocates loan modifications that include a principal reduction and a strengthening of the safety net, including allowing foreclosed families to stay in their homes as renters and a program of community based, nonprofit financial counseling.

Now, what really stroke me about this article was the responds some of the readers had. I liked to think some of these readers were showing signs of frustration due to the fact they are losing their homes to foreclosure, other may feel their race is underrepresented, or simple it seams that they are losing their share of “HOPE” and might be left out of any help available. Whether the case may be, I think it is incorrect to assume that minorities’ homeowners are getting more assistance than others just because we are considered a minority, when it is true that the mortgage crisis is hurting more Latinos and African American than anybody else.

The sad part will be when we get out of this mess and we realized we didn’t learn anything from it.

¿Qué Es Un Punto?

2010-02-16T09:16:00.003-05:00

Sabias Que? Un punto es igual al 1% de la NUEVA cantidad del préstamo.

¿Por qué se cobran puntos?

Siempre que la regulación del gobierno, las leyes de la usura del estado y/o las prácticas competitivas prohíban a prestamistas de cargar un tipo de interés que haría el préstamo de propiedades inmobiliarias competitivo con otros campos de inversiones, el prestamista debe buscar cierto método de aumentar la producción para los inversionistas. Cargando "señala", el prestamista puede traer el préstamo de propiedades inmobiliarias hasta esas otras inversiones.

¿Tiene los puntos diferentes nombres?

Sí. Honorario de creaciones de préstamo, honorario de comisión, honorario del descuento, almacenando el honorario, el honorario de financiamiento, el etc.

¿Quién debe pagar los puntos?

FHA: Cargan al comprador generalmente con el honorario de creaciones de préstamo; El comprador o el vendedor pueden pagar el honorario del descuento VA: Cargan al comprador generalmente con el honorario de creaciones de préstamo y el honorario de financiamiento. El descuento se debe pagar por el vendedor.

Convencional: Los puntos se pueden pagar por el comprador, el vendedor o la fractura entre los dos. Términos del estado en contrato de la compra.

El gobierno de City/State/State patrocinó préstamos: Según lo publicado por ellos.

¿Es verdad que el número de puntos cargado puede fluctuar?
No sin el compromiso de la venta. Incluso cuando un prestamista estipula en escribir el número de los puntos que se cargarán, ese los estados de las garantías "si el tipo de interés no es cambiado por el gobierno." Los puntos cargados en FHA o préstamos convencionales no se cambian generalmente a partir de tiempo de la comisión al establecimiento.

¿En un préstamo para Veterano hay alguna forma de asegurar los números de puntos?

Sí. Si las tarifas en préstamos de hipoteca son más bajas que otras inversiones (tales como acción, enlaces, etc.), después los fondos serán dibujados lejos del mercado de hipoteca. También, cuando hay una demanda pesada sobre el mercado de valores debido a los requisitos militares de las necesidades del negocio o el otro préstamo del gobierno, el resultado es que el dinero para las hipotecas caseras llega a ser escaso y más costoso. Cuando ocurre esto, más puntos pueden ser cargados. Los puntos balancean el mercado. Los puntos no son fijados por la regulación del gobierno sino que cada uno rinde individualmente.

¿Son los préstamos FHA y de Veteranos una forma injusta de financiar una casa?

No. Los hogares se pueden vender más rápidamente porque más compradores pueden calificar con el requisito más bajo de la señal y bajar préstamos a largo plazo – del tipo de interés con cuotas más bajas. Los vendedores reciben todo el efectivo para que su equidad reinvierta en nuevas inversiones caseras u otras. El propósito de estos préstamos es proporcionar a compradores la oportunidad de comprar hogares con la inversión de efectivo mínima que proporciona así un mercado más grande para los vendedores.

¿Son los puntos deducibles para el propósito de impuesto sobre la renta?

Los puntos en una hipoteca casera (para el propósito o la mejora de, y asegurado cerca, la residencia principal del contribuyente) son deducibles actualmente si los puntos se cargan generalmente en el área geográfica donde se hace el préstamo y al grado del número de los puntos cargados generalmente en esa área para el préstamo casero. Si usted está en duda sobre los puntos que son deducibles usted debe entrar en contacto con a su preparador de la declaración de impuestos.

Your Money Bus is coming to Jacksonville

2010-02-16T08:38:00.003-05:00

It's never too late to secure
your financial future.

Get free professional advice, no strings attached.
Your Money Bus will be in town soon. Just bring your questions and concerns for a one-on-one consultation with a volunteer independent financial planner.

You can ask about budgeting, saving,reducing debt, investing and more. And, you'll receive a complimentary toolkit with articles,workbooks and interactive tools to help you plan for your future. The bus will be stopping at:

Free Advice Event
Gateway WorkSource Center
(in Gateway Town Center)
5000-2 Norwood Avenue
Jacksonville, FL 32208
February 19th - 9:00-5:00 p.m.
February 20th - 9:00-1:00 p.m.

To make an appointment

visit

www.yourmoneybus.com

Programa de beneficio de crédito impositivo para compradores en Ohio

2010-02-11T09:10:00.002-05:00

Permita que la OHFA le ayude con el pago inicial y los gastos de cierre a través del programa de beneficio de crédito impositivo sin intereses ni pagos de préstamo hasta agosto de 2010. Los prestatarios elegibles que participen en el programa para compradores de su primera vivienda o en el programa para héroes de Ohio pueden usar el préstamo para reducir considerablemente los gastos que un comprador debe pagar de su bolsillo cuando adquiere una vivienda.

Si usted califica para uno de los programas de préstamos para la vivienda de la OHFA, puede decidir beneficiarse del programa de beneficio de crédito impositivo.

•La OHFA emitirá un préstamo, en la forma de segunda hipoteca, hasta por un 3% del precio de compra de la casa.
•Usted podrá usar el préstamo para el pago inicial, para los gastos de cierre o para otros gastos que se deben pagar por adelantado con anterioridad al cierre. Tenga presente que, si bien el préstamo reducirá considerablemente sus gastos, es posible que aún deba pagar algunos gastos de su bolsillo si éstos no están cubiertos por el préstamo.
•Si toma ventaja del préstamo, la tasa de intereses sobre la segunda hipoteca se establecerá en un 1% más alta que las tasas hipotecarias actuales de la OHFA y usted comenzará a pagar el 1 de agosto de 2010.
•Usted podría ser elegible para un nuevo crédito impositivo federal para compradores de su primera vivienda de hasta $8,000. Puede reclamar el crédito en su declaración de impuestos federales de 2008 que debe presentar a más tardar el 15 de abril de 2009, o en la declaración de impuestos correspondiente a 2009 que presente en 2010. Puede hallar más información sobre el crédito impositivo para compradores de su primera vivienda en el sitio Web del Servicio de Rentas Internas (IRS).
•Hay incentivos disponibles si decide pagar por adelantado el préstamo de beneficio de crédito impositivo para compradores de viviendas antes del 30 de junio de 2010. De lo contrario, sus pagos de hipoteca aumentarán ligeramente debido al pago adicional de la segunda hipoteca.
¿Yo califico?
Para calificar para el programa de beneficio de crédito impositivo, usted deberá satisfacer los requisitos del programa de préstamos de la OHFA para compradores de viviendas y cerrar la transacción de su casa antes del 30 de noviembre de 2009. También podrá reclamar el crédito impositivo federal de hasta $8,000 en su declaración de impuestos federales de 2008 que debe presentar antes del 15 de abril de 2009, o en la declaración de impuestos correspondiente a 2009 que presentará en 2010. Verifique los requisitos para el programa para compradores de su primera vivienda y para el programa de héroes de Ohio.

Además, usted deberá:

•Tomar un curso instructivo para compradores de viviendas ofrecido por una agencia de asesoramiento para viviendas aprobado por el HUD, o
•Usar el programa de instrucción para compradores de viviendas de la OHFA en línea.
Obtenga más información sobre las opciones de educación para compradores de viviendas.

Información para descargar
Puede descargar información sobre nuestros programas de préstamo de nuestro centro de descargas.

¿Preguntas?
Su prestamista podrá ayudarle a elegir la opción de pago inicial que sea adecuada para usted. También puede consultar la sección Preguntas más frecuentes de propietarios de viviendas para más información.

Si necesita ayuda adicional, diríjase a:

Office of Homeownership
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
888.362.6432

Help Shape the Future of AREAA Professional Development

2010-02-10T12:56:00.002-05:00

Share your feedback to enhance AREAA's Professional Development
program

In 2010, AREAA will expand our education programs to reach more
members through additional course offerings, online class
delivery, and chapter education and networking events. We would
like to have your views on the education topics and delivery
methods that would be most valuable to you as AREAA members. The
information you provide will be used to prioritize AREAA
resources in supporting our education programs throughout 2010.
Thank you in advance for your participation in this brief 10
-question survey.

Click here to take survey: http://www.surveymonkey.com/s/ZTH9WYB

Delinquency Rate Rises on FHA-Backed Loans

2010-02-10T08:47:00.002-05:00

Today I came across this article and I wanted to shear it with you. This article mentions some interesting statistics that makes me wonder, WHY? FHA loans are FULL DOCS; applicants must disclose and verify income in order to (in must cases) pass the manual underwriting approval. After reading the whole article I come to the conclusion that we as professionals (lenders, Realtors, and sure counselors) need to do a better job educating consumers.

Now, I agreed that educating consumers on what is best for them sometimes can be tricked, why? Because sometime you cannot educate someone who are not willing to listening or just have an idea and no matter what your advice is they will do what they think is best for them.

So, what we should do as professional? First always be honest, remember "If you are thinking with your wallet, you are probably doing something wrong, or at least unethical". Secondly, explaining all the facts, advice your client the best of your knowledge, even is this is something you know they wouldn't like to hear. And last, be prepared to fired your clients or at the very least let them know that you preferred not to be part of the transaction that your experience tell you is a bad deal for your client.

Recently, I qualified a client (a family of 4) who is currently leaving with his brother in law, paying only $350 a month on rent. When I asking if he had saved some money to buy his house, he said NO, I advised him to review his family budget and save some money, that it was not a good idea buying a home without any money even if I could helping get first time buyer assistance.

Few days later he called me asking me the name of the DPA program, he was applying with a different bank, and I give him the information and wishing good luck. I have not heard from him ever since, but I am sure if he buys a home now he will be joining the growing army of homeowners losing their home to foreclosure even if they were FHA approved.

You won't believe the sweetheart deal that the Indymac boys were given by the FDIC.

2010-02-08T12:39:00.000-05:00

Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

Casa Latino International Enters Global Expansion Phase

2010-02-03T13:44:00.001-05:00

(ORLANDO, FL) -- Casa Latino International, an Orlando-based multicultural real estate firm, has launched a global development initiative to expand the Casa Latino brand into select markets in South America and Europe, further strengthening the real estate franchise brand beyond the U.S. territory.

The expansion of Casa Latino International into the worldwide marketplace will establish partnerships with foreign real estate professionals, agencies and brokerage firms to create an access point to the U.S. realty markets, including access to the Multiple Listing Service (MLS).

Sonny Buoncervello, president of Casa Latino International, is spearheading this global marketing initiative with the support of Dream Factory Productions, a multicultural marketing and advertising agency with experience in the development of brands in global markets.

"Casa Latino International is creating ambassadorial-style partnerships with real estate professionals to enhance their business with residential and commercial MLS inventory from the American market in their language," said Buoncervello. "We are launching boutique real estate centers abroad to serve the interests of their citizens in popular destinations within the U.S."

Buoncervello has over 35 years of experience in the real estate business and played a pivotal role in the development of two of Central Florida's most beautiful resort communities, Celebration and Reunion, which gives him a unique advantage in real estate market development. In his desire to expand the Casa Latino brand internationally, Buoncervello recently brokered a Master Franchise Agreement with Eros Spinozzi, President of Italico Srl, to develop the Casa Latino brand throughout Italy.

During the first quarter of 2010, Casa Latino International plans to expand the real estate brand to Mexico, Costa Rica and Brazil, all countries that offer excellent market potential given the established travel routes to U.S. airports with a constant flow of tourists and business travelers.

Through the establishment of partnerships with agents and brokerage firms in the Latin American territory, as well as in Spain and Italy, customers will benefit from the opportunity to purchase real estate in many of the most popular destination cities in North America--a growing trend in countries with strong middle class segments.

Since many are likely to be unfamiliar with real estate transactions in the U.S., Casa Latino International's offers foreign real estate brokers the value-added benefit of making available a full range of resources, including MLS inventory, financing options, title assistance and bilingual support.

February Market Review

2010-02-02T11:09:00.002-05:00

New and Resale Levels Fall

After a rising surge from September through November,
existing-home sales fell as expected in December after
first-time buyers rushed to complete sales before the
original November deadline for the tax credit. However,
prices rose from December 2008 and annual sales improved
in 2009, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes,
condominiums and co-ops – fell 16.7 percent to a seasonally
adjusted annual rate1 of 5.45 million units in December
from 6.54 million in November, but remain 15.0 percent above
the 4.74 million-unit level in December 2008.

For all of 2009 there were 5,156,000 existing-home sales,
which was 4.9 percent higher than the 4,913,000 transactions
recorded in 2008; it was the first annual sales gain since 2005.

Lawrence Yun, NAR chief economist, said there were no surprises
in the data. “It’s significant that home sales remain above
year-ago levels, but the market is going through a period of
swings driven by the tax credit,” he said. “We’ll likely have
another surge in the spring as home buyers take advantage of
the extended and expanded tax credit. By early summer the
overall market should benefit from more balanced inventory,
and sales are on track to rise again in 2010. However, the
job market remains a concern and could dampen the housing
recovery – job creation is key to a continued recovery in
the second half of the year.”

Sales of new one-family houses in December 2009 were at a
seasonally adjusted annual rate of 342,000, according to
estimates released jointly January 27th by the U.S. Census
Bureau and the Department of Housing and Urban Development.
This is 7.6 percent (±14.6%) below the revised November
rate of 370,000 and is 8.6 percent (±15.2%)* below the
December 2008 estimate of 374,000.

The median sales price of new houses sold in December 2009
was $221,300; the average sales price was $290,600. The
seasonally adjusted estimate of new houses for sale at
the end of December was 231,000. This represents a supply
of 8.1 months at the current sales rate.

An estimated 374,000 new homes were sold in 2009. This is
22.9 percent (±2.9%) below the 2008 figure of 485,000.

NCLR and Freddie Mac Partner on Innovative Effort to Help Latinos Avoid Foreclosure

2010-02-02T09:44:00.000-05:00

RISMEDIA, January 29, 2010—In an effort to keep more families from losing their homes, NCLR (National Council of La Raza), one of the largest national Hispanic civil rights and advocacy organizations in the United States, and Freddie Mac announced their partnership on a program that will provide personalized credit counseling free of charge to Hispanic homeowners who are more than 90 days behind with their mortgage payments.

“NCLR’s partnership with Freddie Mac on this program means that distressed minority homeowners can access effective, personalized housing counseling from trusted community organizations. This effort will strengthen our ability to replicate best practices and succeed in helping more Latino families stay in their homes,” said Janet Murguía, NCLR president and CEO.

According to the organization, the Borrower Help program consists of pilot programs in Phoenix, Chicago, the District of Columbia, and the Riverside/San Bernardino, California area, as well as a nationwide phone campaign that offer struggling minority homeowners the opportunity to review their credit status and options with trained, bilingual housing counselors from nonprofit organizations. Southwest Housing Solutions in Detroit and New Economics for Women in Los Angeles—community-based organizations that are members of the NCLR Homeownership Network (NHN)—are providing families with counseling through this program.

“NCLR is a trusted and tested organization with a track record for helping borrowers regain their financial footing and avoid unnecessary foreclosure,” said Dwight Robinson, senior vice president for Corporate Relations and Housing Outreach at Freddie Mac. “As part of Freddie Mac’s Borrower Help Network, NCLR will provide our delinquent borrowers with a strong and reliable guide to navigate the workout process.”

Freddie Mac is partnering with 13 nonprofit organizations in the Borrower Help Network and Borrower Help Center. The program’s goal is to reach people who may be reluctant to communicate with lenders and help them find a viable way to keep their homes by providing access to third-party counselors who can take a holistic approach to their credit picture. By working with trusted nonprofit organizations, Freddie Mac offers an alternative—one that borrowers may feel more comfortable with—to speaking directly with the lender when they are facing financial difficulties.

“An estimated 400,000 Latino families lost their homes to foreclosure in 2009,” said Murguía. “As foreclosure rates continue to grow, it is important for the Latino community and our nation that we create more innovative programs to help people keep their homes. The Borrower Help program offers a fresh approach to homeowner credit counseling.”

For more information, visit www.nclr.org.

Feel free to leave your comments here.

Home Affordable Foreclosure Alternatives Program (HAFA)

2010-02-01T13:02:00.003-05:00

Realtor.org
On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available at MakingHomeAffordable.gov.

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:

••Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
••Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
••Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
••Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
••Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
••Uses standard processes, documents, and timeframes/deadlines.
••Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
••Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.
The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

If you want to be successful on 2010, you need to learn how to do shortsales....

Leave you comments here!

Walk Away Even if You Can Pay?

2010-02-01T08:47:00.001-05:00

Lenders are getting a growing pressure on their need to do more to help homeowners facing foreclosure, from the current administration to non-profit groups all are trying to see alternative to foreclosure. One of this alternative is ShortSales, it will cost less to lenders compared to a foreclosure and it will allow homeowners to buy another home after 2 years or repair their credit report. Click on the link below to see a report an "Strategic Walk Away From Your Home"

Walk Away Even if You Can Pay?

Don't forget Leave your Comments Here!!

Invitation to the 2010 Multicultural Real Estate & Policy Conference

2010-01-18T08:16:00.003-05:00

Join the nation's three largest minority real estate trade associations and hear first-hand perspectives on policies that will create sustainable housing opportunities.

Grow your business by meeting top leaders dedicated to the multicultural housing market.

Sessions include:
*REO Market
*Short Sales
*Doing Business with the Federal Government

Limited number of hotel rooms reserved, register today!

AREAA, NAHREP and NAREB are non-profit professional trade organizations dedicated to promoting sustainable homeownership opportunities in underserved communities. Visit the organizations online at www.areaa.org, www.nahrep.org and www.nareb.com

Latinos Still Passionate about Homeownership

2010-01-13T09:31:00.003-05:00

RISMEDIA, October 27, 2009—Fifty-four percent of Latinos that participated in a phone survey conducted on behalf of the National Association of Hispanic Real Estate Professionals (NAHREP), expressed a strong interest in homeownership and plan to buy a home in the next five years.

The poll was conducted among Latino renters living in the foreclosure-ravaged markets of Las Vegas, Los Angeles, Miami and Phoenix and coincides with a national survey of Hispanic real estate professionals announced during its annual member convention in Las Vegas. The survey findings reinforce what many of the 16,000-member Hispanic trade group’s members report – a strong consumer interest that could further fortify the first-time homebuyer market.

“Despite the losses that many families suffered in the mortgage crisis, there remains high interest in homeownership among those families that stayed on the sidelines and didn’t buy during the boom,” says Tino Diaz, chairman of NAHREP. “Our members report that the appeal of stability and personal freedoms that come with homeownership are top motivators.”

A survey of 500 NAHREP members including opinions from real estate agents and mortgage professionals revealed the following:

-Seventy-six percent of respondents said that stability of family ranked first or second as the primary reason why clients want to buy a home. Thirty percent said utility and the freedom to create a home that suited their personal or cultural style was the top one and two reasons why their clients want to purchase a home;

-Only 18% of practitioners polled viewed financial investment as the primary reason for buying a home;

-Fifty percent of members that answered the poll said that wasting money on rent ranked first or second as the primary motivation for their clients to become homeowners;

-Forty-nine percent of members said that tighter lending standards remain the biggest barrier to homeownership for their clients; while 44% ranked first or second the competition from cash investors as the main obstacle to homeownership of their buyers. Thirty percent of respondents ranked lack of down payment as one of the top two challenges for their buyers.

-Sixty-three percent of members polled say they have six or more mortgage-ready clients that are ready to buy a home;

-Fifty-one percent of those surveyed said that today’s buyers are more sensitive to purchase price and mortgage payment, more apt to want house payments that include taxes and insurance and prefer a 30-year fixed-rate loan;

-Sixty-five percent of Hispanic real estate professionals that participated in the poll said that some form of consumer education would be most useful to enabling Latinos to achieve homeownership

Nearly half of the nation’s 14 million Hispanic households currently rent. If half of the renter pool follows through and is able to achieve homeownership during the next five years as they plan, the nation’s fastest growing minority group could be the next big wave of first-time buyers. Based on the median home price of $174,900, this could create more than $600 billion in home sales over the next five years, the Hispanic trade association estimates.

“An infusion of new homeowners that want to stay put and build nests for their families is exactly what the housing market needs,” said Craig Nickerson, project director for the National Community Stabilization Trust, an organization that assists local communities to acquire, rehab and sell foreclosures back to homeowners. “Once the pendulum swings back to the middle, a whole new group of buyers will be ready to buy homes. This is promising news especially for foreclosure-ravaged communities.”

For more information, visit www.nahrep.org.

Got a Comment? Leave on here!

What to ASK when meeting with your potential lender

2010-01-11T07:41:00.004-05:00

The following are some good questions to discuss with your lender when applying for a home loan. If you go into the interview with your lender with the aptitude that you are hiring a services rather that the loan officer is doing you a favor, you might be able to get the best deal for your mortgage.

1.Are both fixed-rate and adjustable mortgage loans available?
2.What is the interest rate?
3.How long can I "lock-in" the financing at the current interest rate?
4.Is a float down lock available in case rates drop after I have locked in?
5.What are the other fees a lender may charge me in conjunction with my loan?
6.Are funds for a second mortgage available?
7.On adjustable loans, how often will the interest rate be adjusted?
8.Is there a maximum limit on each rate change?
9.How often will the monthly payment be adjusted?
10.Is there a ceiling on payment adjustments?
11.Can the term of the loan be extended?
12.What is the maximum rate that can be charged over the life of the loan?
13.Is there any potential for negative amortization?
14.Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.
15.What is the "grace" period?
16.How late can a monthly payment be made before a late charge is assessed?
17.What will happen if a payment is missed?
18.If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
19.Do you have to pay "points" to get your new mortgage?
20.Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.
21.Will the lender require mortgage insurance?
22.Is the loan serviced locally or is the servicing sold? Ask for a written "good faith deposit".

If you like this article, please visite our InfoCenter!

Como Se Determina El Valor De Tu Casa

2010-01-05T17:44:00.002-05:00

Saber el valor de tu casa nunca ha sido más fácil. Ahora con la ayuda de los expertos en bienes raíces certificados por RealEstateLatino.com te podemos ofrecer un servicio personalizado y lo que es mejor aun, gratis. Si deseas vender tu casa, piensas refinanciar o simplemente estas curioseando el valor de mercado contáctanos hoy para un servicio sin compromiso.

¿Qué es el reporte de mercado CMA?

El CMA no es más que un reporte donde se compara tu propiedad con otras propiedades similares que estén en la misma área. El reporte se puede comparar con el que hacen los tasadores profesionales y que cuestan cientos de dólares.

¿Cómo funciona?

¡Muy fácil! Al recibir tus datos con tu pedido le encargamos a nuestro agente certificado en tu área que visite tu casa, tome los datos referentes a esta y después de corroborar toda la información con una base de datos para agentes te entregue el reporte (todo el proceso puede durar solo un par de días).

¿Por qué este servicio es gratis?

Este servicio lo ofrecemos gratis a la comunidad Latina como parte de nuestro compromiso para mejorar la experiencia de compra-venta.

Si estas interesado en resibir este servicio sin costo alguno, Haz Un Click Aqui!

Como Prepararce Para El Cierre De Tu Casa

2010-01-04T13:47:00.005-05:00

Por Bill Arce: La compra de su casa es solamente el comienzo de un largo camino que le asegurar la construcción de su patrimonio familiar. Una vez realizado el cierre se habré ante usted una vida nueva y llena de responsabilidades. Aquí les dejo algunos consejos para que tengan una mejor idea y se preparen.

Realizando la mudada

10 Semanas antes del gran día

1.Contacte a tres compañías de mudanza para un estimado gratis.
2.Realice un plano de la casa nueva y determine donde va cada cosa.
3.Contacte a un Realtor de la ciudad para recibir información sobre el área.

8 Semanas antes del gran día

1.Haga un inventario detallado sobre sus pertenencias. Decida que quiere mudar, vender o simplemente donarlo a una entidad caritativa.
2.Llene el formulario correspondiente para el cambio de dirección, envíelo a las entidades que crea pertinentes.
3.Pida el historial médico, dentista, legal, contabilidad y veterinaria de toda su familia y mascotas, guárdelos en un lugar que pueda recordar con facilidad.
4.Realice los trámites pertinentes para enviar los record de una escuela a otra.
5.Pregúntele a su consejero de impuestos sobre posibles deducciones de impuestos y como afectará la mudanza con sus impuestos.
6.Haga una lista de posibles costos que deberá enfrentar en la mudanza.

6 Semanas antes del gran día

1.Prepare una venta en la yarda (garage sale) para que se deshaga de lo que no quiere o necesita en la nueva casa.
2.Si usted decidió contratar a una compañía profesional de mudanzas y ellos harán el empaquetamiento, haga una cita con antelación (1 o 2 días antes de la mudada)
3.Si usted piensa realizar el empaquetamiento, compre las caja adecuada, los materiales para empacar como tapes y plástico protectores de cristal, etc. Si piensa que necesitará un almacén para guardar objetos antes o después de la mudada, haga los arreglos con una compañía de (storage) unas semanas antes del día de la mudada.
4.¿Tienes mascotas? Si la respuesta es sí, haga arreglos con antelación, tenga a mano el record medico, las vacunas de inmunización, etc.

5 Semanas antes del gran días

1.Asegurase de que cuenta con suficiente material para empacar y tiene los equipos necesarios para la mudada.
2.Empiece por empacar las cosas que no necesitara inmediatamente o que piense guardar en un almacén.
3.Contacte a las compañías de utilidades e infórmele sobre cuando desea interrumpir los servicios en la vivienda vieja y para cuando piensa que necesitara los servicios activos en su nueva casa.
4.Confirme todos los arreglos para el viaje de su familia y mascotas.

3 Semanas antes del gran día

1.Prepare el auto (s) para el viaje. Haga el chequeo pertinente (si lo necesita) antes de mudarse. Si tiene servicios de periódicos, revistas o servicios dirigidos a su vivienda vieja, termínelos o haga los arreglos para que se lo envíen a la vivienda nueva. Confirme que todo está en orden con su cuanta bancaria.
2. Si compro objetos nuevos como muebles, cocinas de gas/electricidad o refrigeradores para la casa nueva, confirme el día que piensa recibirlos con las compañías.

2 Semanas para el gran día

1.Ya es hora de empacar las cosas que necesitará inmediatamente en su vivienda nueva. Tómese unos días libres para recoger, pintar y dejar lista la casa vieja.

1 Semana para el gran día

1.Recoja los papeles importantes y colóquelos en una caja fácil de recordar, si tienes una caja de seguridad con objetos valiosos envíelos como cargamento protegido a su nueva casa.
2.Déjele saber a los vecinos, amigos y familiares la dirección nueva y como contactarlo en caso de necesidad.
3.Si usted tiene un bebe, planee su mudanza para que le sea más fácil y agradable.
4.Notifique a sus amigos el día de la mudanza para que le ayuden a cargar el camión.

El gran día

1.Deje limpios y desconectados los equipos eléctricos en la cocina. Regale la comida congelada que no necesitará.
2.Prepare para ese día una comida sencilla y asegúrese de tener una hielera con agua y abundante bebida para todo el día.
3.Tenga dinero en efectivo para el viaje y un cheque del banco para pagar a la compañía de mudanza en caso de utilizarla.
4.Empaque las cosas más cercana a usted y que necesitara en cualquier momento.
5.Cuidadosamente marque las cajas para saber cual debe de desempacar primero y cual no.
6.Si utiliza una compañía de mudanza asegúrese que le dé al chofer su número de teléfono y dirección en caso de emergencias.
7.Antes de “despedirse” de su casa de un pequeño recorrido para asegurarse de que no se queda nada olvidado

Durante el Cierre

En el cierre asegúrese de que si debe traer algún dinero para pagar o un servicio, este de ser en forma de un cheque certificado por su banco, téngalo listo antes del cierre. SI no sabe la cantidad total que debe traer, en la oficina del titulo encargada de su caso o su abogado de bienes raíces se la podrán facilitar.

Sepa lo que vas a firmar antes de hacerlo, si tiene dudas pregúntele al representante de titulo o a su abogados hasta que este pueda aclarar las, recuerde que bajo ningún concepto usted debería firmar algo que no entiende. Pídale, a su agente que le ayude con la traducción y explicación de los documentos a firmar.

Después de firmar todos los papeles legales requeridos por su banco, preste mucha atención a las instrucciones de la persona que lo esta asistiendo, especialmente cuando este le haga referencia a su primer pago. Por lo general las instituciones bancaria le envia el primer pago por correo, pero si por alguna razón este falla o se retrasa usted sigue siendo responsable de enviar el dinero completo antes del día 15 de cada mes. Adjunto a su paquete de cierre usted contara con una copia de lo que representa su primer pago para que lo envié al banco sin importar si el pagare original es recibido o no.

Después del Cierre

Una vez terminado el cierre tenga presente que guardar todo sus papeles en un lugar seguro, lejos del fuego o agua. Haga copias de los papeles más importantes y manténgalos en casa para cualquier legalidad que tenga que resolver. Asegúrese de que mantendrá la información de contacto de todos los que le han ayudado para referencia futura.

Mantenga el crédito limpio, esto le dará la posibilidad de refinanciar su casa o extraer valor liquido en caso de necesitarlos. Haga un presupuesto y mantenga por lo menos 6 meses de ahorros guardados en caso de una emergencia.

Mantenga la casa en buen estado y realice reparaciones periódicas para evitar daños mayores y de esta forma logre adquirir más valor líquido. Mantenga el seguro contra fuego y huracanes en todo momento. Recuerde es mejor evitar que tener que lamentar.

Si encontraste este articulo interesante, puede leer otros aqui.

NHORA Members Successfully Completed REO Certification Course

2009-12-23T17:39:00.004-05:00

NHORA MEMBERS PICTURED "IN ACTION" ON 12/16 & 12/17-2009; AFTER SUCCESSFULY COMPLETING REO CERTIFICATION COURSE NECESSARY TO START OR CONTINUE GETTING MORE REO BUSINESS FROM BOTH BANKS AND ASSET MANAGERS.

PLEASE LET US KNOW HOW CAN WE SUPPORT YOUR INDIVIDUALS, LOCAL, & NATIONAL, REAL ESTATE NEEDS[REO'S SHORT SALE, REGULAR LISTING, REFERRAL BUSINESS, EDUCATION, REO CERTIFICATION / EXPERIENCE / NETWORKING, ETC.] AT THE LOCAL AND NATIONAL CHAPTER LEVEL.

PLEASE, WE NEED TO HEAR FROM YOU, WE VALUE YOUR VALUABLE [WIN/WIN] IDEAS FROM ALL OF YOU.

NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide. Learn More @ www.NHORA.org

Como Comprar Una Propiedad Al Banco (REOs)

2009-12-21T09:12:00.004-05:00

REO en términos simples (Wells Fargo Home Mortgage)

¿Qué es una propiedad REO en resumidas cuentas? ¿En qué se diferencia del proceso de compra típico? Cuando analice una propiedad REO - al igual que todas las propiedades - es importante que esté bien informado, de modo que conozca muy bien el proceso, desde el primer saludo hasta el momento del cierre.

P. ¿Qué significan las siglas REO?

R. REO es el acrónimo del término inglés "Real Estate Owned" o propiedades embargadas tras juicio hipotecario. REO es un término de la industria financiera que hace referencia a las propiedades que una institución ha ejecutado y que ahora le corresponden.

P. Si presento una oferta directamente en lugar de hacerlo a través del agente registrado, ¿Premiere Asset Services aceptará un precio menor?

R. Sólo aceptaremos ofertas presentadas a través de agentes registrados. Realizamos la valoración de nuestras propiedades de conformidad con el mercado local y asumimos que las venderemos al valor justo del mercado. Al igual que con cualquier listado de propiedades, el precio solicitado está basado en su condición frente al mercado local.

P. Luego de presentar la oferta, ¿cuánto demora una respuesta normalmente?

R. En el término de 48 horas a partir de la recepción de la oferta de nuestro agente registrado, aceptaremos la oferta o le presentaremos una contraoferta. El agente registrado le comunicará nuestra respuesta al agente del comprador, en el caso de que usted esté trabajando con un agente por separado, o a usted directamente. Si la oferta es presentada durante un fin de semana, la analizaremos al siguiente día hábil.

P. ¿Qué sucede si la propiedad requiere reparaciones, ya sean menores o considerables?

R. Asegúrese de hablar con el agente registrado para confirmar que usted entiende claramente los términos de nuestro listado. En la mayoría de los casos, la propiedad será ofrecida "tal como está" y su condición estará reflejada en el precio de lista. Cuando compre una propiedad "tal como está", asegúrese de realizar un estudio para comprender claramente en qué condición estructural y mecánica se encuentra la propiedad; los sistemas de calefacción, ventilación y aire acondicionado; las cañerías internas; el pozo y el sistema séptico. Es posible que el estado de estos componentes de la casa influya en los tipos de financiamiento disponibles. No obstante, existen préstamos especiales disponibles que permiten obtener préstamos sobre el valor de la casa tras las mejoras. Estas opciones le permiten comprar una casa sumamente venida a menos y convertirla en la casa de sus sueños. Para obtener más información, visite Recursos para la compra de una casa.

Pew Data on Five Largest Latino Populations in U.S.

2009-12-18T13:14:00.001-05:00

If you haven't decide whether or not target the Latino market in the USA, here is some stas that will help you decide.

•Mexicans make up over two-thirds of the U.S. Hispanic population, with four in ten living in California.

•The number of Puerto Ricans living in the U.S. and DC is higher (4.1 million) than those living in Puerto Rico (3.9 million), and are the second largest population of Hispanic origin residing in the U.S.

•The share of Cubans who live in poverty (12.3) is much closer to the percentage of the overall U.S. population (11.9%) and below the share among all Hispanics (19.5%).

•Six in ten Dominicans in the U.S. are foreign born, and eight out of ten live in the Northeast.

More Hispanics Buying Homes

2009-12-15T20:49:00.001-05:00

Sioux Falls' Hispanic community is flexing its financial muscle in the real estate market. Breaking down language barriers is opening up more housing opportunities for immigrant families.

Sioux Falls real estate agent Freddie Contreras has seen the number of his Hispanic clients grow from zero to forty percent in the past year.

"That process is growing, I'm marketing more to them," Contreras said.

It helps that Contreras, of Mexican descent, speaks the language. He often has to translate the housing paperwork line-by-line for his Hispanic customers looking to buy a home. To Contreras, trust is just as important as what's in the fine print.

"You do build a good relationship with them, almost as a family they're, a second family for yourself, because there is a huge trust factor that you're not saying something that's not on the documents," Contreras said.

Many immigrants are often reluctant to buy a home on credit. They come from a culture where paying cash up front is the only way to do business.

"So for them to translate that now over here to ok, maybe I should owe something so that they will let me borrow something is difficult for them sometimes to comprehend," Contreras said.

As real estate companies and banks offer more bilingual support, Hispanic families are responding by purchasing both start-up and move-up homes; proving that pride in ownership crosses all cultural and language barriers.

This September, Contreras took part in a home buying seminar for Hispanic immigrants sponsored by the Sioux Falls Spanish Speaking Community Association. Four families who attended the seminar are in the process of closing on homes.

Perry Groten
© 2009 KELOLAND TV. All Rights Reserved.

San Francisco Bay Area home prices inch toward stability with fewer foreclosure sales

2009-12-15T20:31:00.001-05:00

Home prices in the San Francisco Bay Area registered year-over-year gains last month for the first time in nearly two years.

The gains marked a move back toward stability for the region’s real estate as fewer distressed properties were sold and homes costing more than $500,000 accounted for a larger portion of sales.

The median price paid for all homes reached $390,000, up 6.8% from $365,000 in September and up 4% from $375,000 in October 2008, according to MDA DataQuick of San Diego. The last time the nine-county area booked a year-over-year gain was in November 2007.

Last month’s median was the highest since hitting $395,000 in July this year. But the October median was still 41.4% below the $665,000 peak reached during the height of the Bay Area’s boom in June and July of 2007. The median is the point at which half the homes sold for more and half sold for less.

A total of 7,933 homes were sold last month, up 0.7% from 7,879 in September and 4.2% from 7,613 in October 2008. Sales in the region’s pricier areas – Marin, San Francisco, Santa Clara and San Mateo – made up 42.2% of October sales, up from 35.3% in October 2008.

Sales of homes that cost more than $500,000 constituted 36% of sales in October, up from 34.9% in October 2008 and well up from a low of 22.7% in January.

Last month’s increase in the median sales price also came as foreclosure properties made up a smaller portion of the resale market. Sales of homes that had been foreclosed upon in the prior 12 months made up 31.9% of all previously owned homes sold in October, DataQuick said.

That was down from 32.3% in September and 44% in October 2008. Foreclosure sales peaked at 52% of the resale market in February.

The drop in foreclosure sales came as banks and loan servicers increasingly pursued alternatives to the foreclosure process such as loan modifications and short sales -- where a lender agrees to sell a home for less than the value of a mortgage, DataQuick said.

-- Alejandro Lazo

Think-tank study finds foreclosure crisis hits blacks, Latinos hardest

2009-12-15T20:29:00.001-05:00

By Deepti Hajela

The Associated Press

NEW YORK — African Americans and Latinos are at a disproportionate risk in the ongoing foreclosure crisis because they are more likely than whites to have higher-cost mortgage loans and face higher unemployment rates, a report says.

The new report from the San Antonio-based William C. Velasquez Institute called on the federal government to take steps, including reforming bankruptcy laws and expanding eligibility for mortgage modification, to help combat the crisis.

"If nothing is done, then the foreclosures will continue disproportionately hitting blacks and Latinos," said UCLA professor Raul Hinojosa, the study's author.

Hinojosa said continued foreclosures could wipe out billions of dollars in home equity amassed in those communities, and that even owners who kept their homes would be affected by lower property values in foreclosure-riddled neighborhoods.

"Not only are you wiping out this generation of black and Latino families," he said, "but those neighborhoods go into serious decline."

Jose Calderon, vice president of programs and policy for the Hispanic Federation, said the foreclosures carried a far-reaching impact.

"The social cohesion of our communities is being destroyed," he said.

Unemployment is now the primary force behind foreclosures. Borrowers are struggling with no income and lenders are having a harder time reworking troubled loans.

Blacks and Latinos suffer in comparison to whites both in unemployment rates and having loans with higher interest rates.

The nationwide unemployment rate is 10.2 percent. For blacks, it's 15.7 percent and for Latinos, 13.1 percent.

The report said that in regions across the country, blacks and Latinos were anywhere from two to nine times as likely as whites to have high-cost mortgages.

The William C. Velasquez Institute is a nonpartisan think tank that studies Hispanic issues.

Guia de Bienes Raices de Tampa, FL

2009-12-15T12:23:00.001-05:00

Bienvenidos a la Guia de Bienes Raices de Tampa, FL

Mas que solo una ciudad grande con toda la sofisticacion, cultura, industria y los servicios que eso implica, Tampa tambion es el lugar para las vacaciones familiares y los encuentros de tipo natural. Localizada en la ensenada mos grande de Florida, Tampa Bay, la cual la separa de St. Petersburg su ciudad hermana, tiene bastante historia maritima pasada y presente. Con su posicion estrategica empezo como un fuerte de Guerra Seminole, posteriormente su acceso rapido al Golfo de Mexico y el puerto profundo trajeron la fabricacion de cigarros y preparaciones para la guerra hispanoamericana a la ciudad.

Para una lista completa de recursos locales en Tampa, visiten

¡Antes De Comprar Tu Casa Infórmate! Guia Para Compradores!

2009-12-15T11:25:00.002-05:00

Aprende todo el proceso de comprar una casa al descargar la Guía Completa De Bienes Raíces como parte de la campaña educativa de REL.com. Esta es una guía completa con mucha información actualizada y que en verdad beneficia al comprador Latino. Explica el proceso de prestamos, pasos a tomar antes de trabajar con un Realtor, los tipos de prestamos que más te conviene y como si esto fuera poco también incluimos información para mejorar tu crédito gratuitamente y así poder recibir las mejores tazas de interés en el mercado.

Para descargar una copia gratis de la Guía haga un click aqui!

LOCAL JACKSONVILLE BANKS RECOGNIZED FOR FORECLOSURE EFFORTS

2009-12-11T10:23:00.002-05:00

FOR IMMEDIATE RELEASE Contact: Ginny Walthour, (904) 630-2518

LOCAL BANKS RECOGNIZED FOR FORECLOSURE EFFORTS
Foreclosure Task Force Applauds Initiatives and Monetary Donations

JACKSONVILLE, Fla., Dec. 10, 2009 – City Council Member Kevin Hyde joined members of the Jacksonville Foreclosure Task Force today to recognize the foreclosure efforts and monetary donations that local banks, Regions Bank, Wachovia/Wells Fargo and EverBank, have contributed to the City of Jacksonville’s marketing efforts in foreclosure prevention. Together, the three banks have donated $35,000 to assist the city with their efforts to reach homeowners in need to prevent foreclosure.

According to the Duval County Clerk of Courts, from January to September, more than 10,770 lis pendens notices were filed. Jacksonville recently posted a 64 percent foreclosure rate – one of the highest in the country, according to RealtyTrac.

Council Member Hyde was instrumental in creating the Jacksonville Foreclosure Task Force whose responsibility is to make recommendations to the mayor, city council and the Housing & Neighborhoods Department for further action in preventing foreclosure and providing assistance and relief to those facing or subject to foreclosure. Michael Boylan, president of WJCT, chairs the task force which is composed of nine members with considerable experience in banking, consumer law, marketing, housing, credit counseling, social service or other fields that provide a unique and substantial insight into foreclosure prevention, assistance and relief.

“The primary goal of the task force is to ensure that homeowners facing financial difficulty can fully explore ways to stay in their home. The task force, in an innovative partnership with the private sector and the city’s Housing & Neighborhoods Department, continues to distribute information and develop ideas to assist homeowners in need,” said Council Member Hyde. “I would especially like to express my appreciation to the local banks— Regions, Wachovia/Wells Fargo and EverBank—for their continued financial support in helping to achieve these goals.”

Through its extensive community efforts and programs such as the Stay Home Web program Web site on www.coj.net and the Facing the Mortgage Crisis initiative with WJCT, the city has been able to provide resources to connect those homeowners who may face or are facing foreclosure with the appropriate agencies for assistance. The Housing & Neighborhoods Department has mailed more than 2,260 informational packets to homeowners who have received lis pendens notices and anticipates reaching more than 5,000 families in the upcoming months as more notices are filed.

“The key to success for homeowners in trouble is to get assistance as early as possible. I was pleased to help lead the fundraising efforts with the local banks to raise the necessary monies to assist the city in reaching homeowners in need,” said Regions Bank President Marty Lanahan. “Prevention of foreclosures starts with educating homeowners about managing credit and the pitfalls of predatory lenders and the informational resources provided by the city are well-equipped to help our homeowners.”

More information about the city’s foreclosure programs can be found at http://www.coj.net/Departments/Housing+and+Neighborhoods/default.htm.

NAHREP: FHA’s Expanded Role Vital to Housing Market, Economy

2009-11-20T10:27:00.003-05:00

Hispanic Real Estate Trade Group Appeals to Congress To Support FHA’s Continued Expanded Role

11.17.2009 – SAN DIEGO -- The National Association of Hispanic Real Estate Professionals (NAHREP) issued an appeal to members of Congress this week for its support of the Federal Housing Administration’s efforts to strengthen the housing market, calling it the only real vehicle for working families to buy homes. NAHREP joined other real estate and housing groups in a joint letter issued to members of the U.S. House and Senate.

“FHA has filled an enormously important void in today’s challenging mortgage market. Without FHA, working families would be unable to buy homes,” said Tino Diaz, NAHREP’s chairman. “FHA is vital to the homeownership dreams of millions of Americans. Their ability to buy has a direct impact on our nation’s economy.”

Hispanic real estate professionals support FHA’s expanded role and the efforts taken by the agency’s leadership to manage risk. NAHREP also favors giving the agency the tools, staffing and technology it needs to be effective in its enhanced role in the current market. For Latino borrowers, FHA is a critical source of mortgage insurance accounting for nearly 50 percent of their 2008 home purchase loans.

The letter-writing outreach to members of Congress is to voice minority concerns about possible changes or restrictions to the FHA program that would, in turn, inhibit the nation’s economic recovery and virtually shut out Latinos and working families from the housing market.

The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 16,000 members in 48 states and 62 affiliate chapters.

Press Release- Fidelity National Financial Goes Greener

2009-11-19T17:17:00.001-05:00

For Immediate Release

Fidelity National Financial joins America Recycles Day by establishing a Green Title & Settlement Program

San Francisco, California – November 16, 2009 - Fidelity National Financial, Inc. (NYSE:FNF), one of the nation's largest title insurance companies through its title insurance underwriters - Chicago Title, Fidelity National Title, Ticor Title, Security Union Title, Lawyers Title, Commonwealth Title and Alamo Title - today announced an enhanced effort to implement energy saving and environmentally friendly policies. The FNF Green Title & Settlement Program (GTSP) will be initially launched in Northern California and the Pacific Northwest.

“The public is more aware of the need to protect our environment, and consumers are increasingly supporting sustainability measures in their homes and businesses. We want them to know that FNF stands behind the importance of this initiative, and with our leadership in this program we are raising the bar within our family of company’s and our industry,” said Jeff Knudson, Executive Vice President of the Fidelity National Title Group. Recently, FNF announced that quarterly statements for the Group 401(k) Profit Sharing Plan and FNF Employee Stock Purchase Plan quarterly statements will no longer be mailed to employees at home but will be available online.

The GTSP encourages the use of state of the art technology that is available to both customers and FNTG title offices. In addition to the use of the latest technology, title offices will implement more aggressive and comprehensive policies that are environmentally friendly and will develop online information to inform employees and members of the public on best practices that better protect our natural resources. “Our goal is to expand sustainability practices and to play a bigger role in protecting our natural resources,” said Pablo Wong, senior vice president for market development and project leader for this program.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, specialty insurance and claims management services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Alamo Title, Commonwealth Title, Fidelity National Title, Chicago Title, Lawyers Title, Security Union Title and Ticor Title - that issue approximately 28 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. More information about FNF can be found at www.fnf.com.

MEDIA CONTACT:
Pablo Wong
Pablo.wong@fnf.com
415-317-8339

Announcing the launch of NHORA (National Hispanic Organization of Real Estate Associates)

2009-11-18T19:36:00.004-05:00

FOR IMMEDIATE RELEASE

Contact: Richard Gonzalez or Margie O’Campo de Castillo
TEL: 800-75 NHORA Email: info@NHORA.org

Real Estate Professionals organize trade association to elevate professional standards and promote commerce with sustainable home ownership in the Latino community.

(San Diego, Ca. November 14, 2009) In response to the need for consumer education and community outreach, Hispanic Leaders in Arizona, California, Florida, Illinois, and Texas announce the launch of NHORA tm, the National Hispanic Organization of Real Estate Associates at Booth #3309 of the
NAR Convention in San Diego California November 15-16, 2009 with specially developed founding membership levels to mark the NHORA inaugural year.

NHORA National Board Member, Richard Gonzalez of California says “Our communities need an organization whose values are more than words in a mission statement. They need organized leadership and membership that exemplifies the care and well being of community in all financial affairs, especially housing”.

NHORA National Board Member, Margie O’Campo de Castillo of Arizona adds “ Our trade association is made up of democratically elected, seasoned industry leaders that are well known for their commitment to elevating the standard of service by providing valuable and timely information and educational forums for community outreach to ethical professionals in the mentoring of local, regional, and national leadership. NHORA members will act as one body in the advocacy of necessary changes within the Hispanic community with the strength of professional affinity membership”.

The impact of the current economic market has had a disproportionally higher negative impact on Hispanic communities. NHORA has been created to help thwart this kind of damage in our communities and further educate and empower ethical professionals and the consumers they serve.

National Board Member, Jorge Carcamo of San Francisco states “Our vision is to promote a true democratic trade association within the context of a membership based organization of ethical professionals primarily engaged in facilitating sustainable home ownership and commerce building opportunities with affinity professionals for the benefit of the communities they serve with complete transparency”.

The NHORA National Founding Board of Directors and Advisory Board of distinguished professionals including Hilda Ramirez, Miguel Velazco, and Patricia Lindo are currently developing NHORA Chapters in the states of Arizona, Northern and Southern California, Illinois, Florida, and Texas hosting various business developments and networking seminars beginning in the fall of 2009 into 2010 and beyond.

NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide.

Oportunidad despues de la crisis, NAHREP En Confienza

2009-10-18T19:24:00.001-04:00

FHA Commissioner Stevens to Address HUD's Role in Housing Recovery at AREAA/NAHREP Conference

2009-10-16T22:07:00.001-04:00

FHA Commissioner Stevens to Address HUD's Role in Housing Recovery
Assistant Secretary of Housing and Federal Housing Commissioner for the U.S. Department of Housing and Urban Development, David Stevens, will speak at the opening general session of the AREAA/NAHREP Real Estate and Marketing Conference in Las Vegas on October 26th. In this role, Stevens is responsible for overseeing the $600 billion FHA mortgage insurance portfolio and HUD’s multifamily subsidized housing program. In addition, he oversees HUD's regulatory responsibilities in the areas of the Real Estate Settlement Procedures Act (RESPA), and the manufactured housing industry.

The event is the nation's single largest meeting of multicultural real estate professionals and will provide Commissioner Stevens an opportunity to discuss HUD's plans to increase homeownership opportunities for America's minority communities.

Other notable speakers include: Lloyd Frink, CEO of Zillow; Economists Lawrence Yun, National Association of Realtors; Eugenio Aleman, Wells Fargo; political consultant Howard Glaser; Barrett Burns, CEO of Vantage Score and senior executives from Fannie Mae, Freddie Mac, Bank of America, Chase and Wells Fargo.
View a complete list of speakers here

Be part of the discussion. Online registration expires October 20th
Register today

AREAA and NAHREP are non-profit professional trade organizations dedicated to promoting sustainable homeownership opportunities in underserved communities. Visit the organizations online at www.areaa.org and www.nahrep.org

Popular Home Loan Programs For First Home Buyers

2009-10-06T12:32:00.006-04:00

There are many times of financing options available to home buyers. Here are some of the most common mortgage products on the current real estate market: For more information or to apply for a mortgage visit. www.realestatelatino.com

Fixed Rate Mortgage
The interest rate on a fixed rate mortgage stays the same throughout the term of the loan, usually 15 or 30 years. This means the principal interest portion of your payment remains the same. Payments are stable but initial rates tend to be higher than adjustable rate loans and often cannot be assumed by a subsequent buyer.

FHA Loan
FHA does not lend money or make a loan; rather, it insures loans. The down payment can be as low as 3.5%. Either buyer or seller may pay discount points. FHA charges a 2.25% up front Mortgage Insurance Premium (or as little as 2% for a first time home buyer) that can be financed in the mortgage amount or paid in cash (no premium is required for condominiums). The borrower must also pay an annual Mortgage Insurance Premium or .5%, which is collected monthly.

VA Loan
The VA does not lend money; it guarantees a portion of the loan so that lenders who originate the loan feel comfortable with their risk. Qualified veterans can obtain loans with no down payment (Click Here For Local VA Mortgage Limit). VA-guaranteed loans can be combined with second mortgages and are assumable upon qualifying by any future buyer.

Foreclosures Impact Latino Immigrant Communities

2009-10-03T14:18:00.002-04:00

Here is an article addressing the currently foreclosure crisis and how is affecting the Latino community. Please share it.

KANSAS CITY, KS (kcur) - The foreclosure crisis has brought a particular set of issues to Latino immigrants in the Kansas City area. Because of language barriers and the lack of a credit history, many immigrants are vulnerable to predatory lenders. They haven't faced more foreclosures than other groups. But when they do have housing problems, there are a few places where they can turn for help.

Carmen and Luis Amiel came to Kansas City about three years ago to buy a house.

"Because I lived 16 years in California and could never buy a house," Luis Amiel says. "Because it was too expensive."

Luis Amiel is from Peru, originally, and Carmen Amiel is from Mexico, where she had studied architecture. They met in Los Angeles, married and had three children. But then Carmen heard from some relatives about the good housing market in Kansas City.

She says they were excited about possibility of a house, with space for their kids, decent schools, and a quiet neighborhood. Her family recommended a real estate agent.

He sold the Amiels a $60,000 house with many structural problems. He promised to fix them, but never did.

"Because they didn't have the knowledge," says Licha Ybarra, who runs a home ownership program at Harvest America, a non-profit agency based in Kansas City Kansas. "They didn't know what to do. They didn't know how to do it. They didn't know who to go to. They were not able to get anything done, period."

Earlier this year, the Amiels came to Harvest America looking for help, when Luis lost one of his two jobs, and they fell behind in their mortgage payments. In the past year, Licha Ybarra's office has gotten hundreds of calls for help with loan modifications, mainly from Latino immigrant families.

"Someone just found out about Harvest America," Ybarra says. "And then we had all these calls; so we had a high volume of, unfortunately, foreclosure cases."

For Ybarra, it's been a stunning turn of events. About 15 years ago, she helped found one of the first local home-buyer programs geared towards Spanish speakers.

"There was a boom," Ybarra says. "In their countries, you have to be rich to buy a house and when they found out that all they needed was between a three percent and five percent down-payment. It was just word of mouth!"

In the late 1990s, several banks saw this as an under-served market. They began translating mortgage applications into Spanish, and accepted taxpayer IDs for those who didn't have social security numbers.

"I have to tell you that most Latinos are ready," Ybarra says. They have their money saved up, they have their savings, they have great work history, great rent history.

Ybarra says if they don't have traditional credit, she and the banks will work with home-buyers to come up with an alternative. But without that help, immigrants were at the mercy of some unscrupulous lenders.

"So here they were signing all these documents, you know, paying all these high fees, interest rates, paying all this money to the broker, to the real estate agent. And you know what, a lot of Spanish-speaking brokers, and a lot of Spanish-speaking real estate agents sadly took advantage of their own people."

In the past year, Ybarra says she's been able to help most families with bad mortgages get loan modifications.

Now this doesn't mean that Latino immigrants have had more problems with foreclosures than others. Ann Murguia heads the Argentine Neighborhood Development Association. She's been tracking foreclosures throughout Wyandotte County, where she's also a Unified Government Commissioner.

"Based on my experience in Argentine," Murguia says, "The number of foreclosures with migrants is few and far between."

Murguia's observations coincide with a national report from the Pew Hispanic Center, which says the rate of homeownership among immigrant Latinos has stayed the same in the past couple of years. That's even while homeownership has dropped for US-born Latinos, African Americans and whites.

"Migrants typically don't over-extend themselves," Murguia says. "It's a very conservative population, and they try to live within their means."

Murguia says even in situations where families have been the victims of predatory schemes, many will just keep paying a large portion of their incomes on loans they'll probably never pay off. And that's for modest homes.

"People want to keep paying because they don't want to raise any attention to themselves. And I don't just say that because they're undocumented. They don't want to cause problems, they don't want to make waves, and so - they don't complain."

Back at Harvest America, Licha Ybarra says some of these same predatory lenders are now charging families to do loan modifications.

Ybarra tells the Amiels, "Don't trust someone just because they speak your language."

And as for them, Luis Amiel hasn't been able to find enough work here. So he's thinking about going back to California, while Carmen and the kids stay in Kansas City.

"How sad," Licha Ybarra says, "That they'll need to be separated just to keep paying for their home."

This story was produced for KC Currents.

www.realestatelatino.com

Credit Woes to Threaten Housing Recovery?

2009-10-02T08:16:00.001-04:00

Source: RISMEDIA, September 30, 2009—Nearly two-thirds of single-family home builders are reporting a severe lack of credit for housing production, threatening the fragile housing recovery before it has time to take hold, according to a new builder survey of acquisition, development and construction (AD&C) financing conducted by the National Association of Home Builders (NAHB).

“Across the country, home builders and developers are reporting a deterioration in credit availability and intensifying pressure on borrowers with outstanding loans,” said NAHB Chairman Joe Robson, a home builder from Tulsa, OK. “Lenders are cutting off loans for viable new housing projects and producing unnecessary foreclosures and losses on AD&C loans. With the pending expiration of the $8,000 first-time home buyer tax credit, these challenges threaten to halt any positive developments we have seen in the housing market in recent months.”

In the latest NAHB survey of AD&C financing conditions, 63% of builders stated that the availability of credit for single-family construction loans worsened in the second quarter of 2009.

Read more:

Hispanic Homeownership Dropped to 49.1%

2009-09-29T08:05:00.002-04:00

Homeownership fell in '08; Asians hit worst
By ALEX VEIGA (AP) – Sep 21, 2009

LOS ANGELES — Asians, many of them living in foreclosure-ravaged California, suffered the sharpest drop in homeownership last year, eclipsing declines felt by whites, blacks and Hispanics, according to new Census data.

The decline was surprising, because Asians tend to earn more than other minority groups and have less debt. But one out of three Asian homeowners lives in California, which has seen foreclosure rates skyrocket and home values plummet since the housing bubble burst. And that appears to have disproportionately exposed them to the effects from the housing collapse, experts suggested.

The U.S. homeownership rate fell to 66.6 percent last year, the lowest in six years, after hitting a peak of 67.3 percent in 2006, according to figures from the American Community Survey, which was released Monday by the U.S. Census Bureau.

Homeownership for Asians fell 1.24 percentage points last year to 59.4 percent.

The decline was 0.88 percentage points for blacks to 45.6 percent. Hispanics experienced a similar decline, down 0.80 to 49.1 percent. Whites suffered the smallest decline, down 0.40 to 73.4 percent.

But because Asians only represent 3.3 percent of all U.S. homeowners, the decline in the number of black and white households was greater. The number of Hispanic homeowners actually rose, reflecting trends in immigration and higher birth rates.

Nevertheless, as a population group, Asian homeowners fared far worse than others.

That revelation surprised some experts such as Edward Wolff, an economist at New York University.

"Based on their income and relatively low debt, one would expect that they would have a smaller decline in homeownership," Wolff said.

The median annual household income for Asians was just over $70,000 last year, higher than for any other racial group.

"It's possible that it's a regional effect," Wolff suggested. "There's a high concentration of Asian-Americans in California, and California got particularly hard hit by property (price) declines and high foreclosure rates."

While foreclosures have been declining on a monthly basis in California this year, the state continues to have the most foreclosures in the country and one of the highest rates of foreclosure-related filings, according to RealtyTrac Inc.

The drop in homeownership is a reversal after the housing boom years, when minorities in the U.S. took advantage of easy access to financing and became homeowners.

Minorities haven't lost all the gains reaped during the housing boom years, but data from 2009 could begin to show otherwise, said demographer Mark Mather with the Population Reference Bureau in Washington D.C.

"So far these rates are still higher than they were back at the beginning of the decade, but it could be that this data are too young," he said. "We need to wait for the 2009 data because we're really just capturing part of the recession at this point. And the really high double-digit unemployment didn't hit until earlier this year."

Jennifer Nguyen and her husband Mike Truong are among this year's once-again renters, who will be counted in the 2009 Census survey that will be released next year.

The couple owned a townhome and sold it in 2004, making a $200,000 profit that they put toward a $555,000, three-bedroom, two-bath house in Anaheim two years later.

But financial problems mounted after Troung, a truck driver, saw business slow along with the economy. The couple fought to hang on to their home, but couldn't refinance because the property's value had dropped sharply. Attempts to get their mortgage loan modified also failed.

In June, the bank took possession and sold it at auction.

"At that moment my body was numb," Nguyen, 30, wrote in an e-mail. "Our first chapter of our life has been shredded and we are now ready for a new fresh start."

AP data specialist Allen Chen in New York contributed to this report.

On the Net:
Census Bureau: http://www.census.gov

Consumers Group Takes Mortgage Modification Programs to Task

2009-09-25T09:41:00.001-04:00

By David Morrison
The National Consumer Law Center, a Washington based consumer protection organization released a 50 page report sharply criticizing federal, state and local mortgage modification programs for not really pushing mortgage servicers to help homeowners.

“Ultimately, under most of the existing foreclosure mediation programs servicer discretion prevails,” the report said in its executive summary. “If the programs continue to demand little or no accountability from servicers, they will likely go the way of other efforts to control foreclosures that relied on voluntary compliance by the lending industry. They will become another piece of imagery the industry uses to support its

claims that voluntary efforts work, that statutory and other government mandates for loan modifications are unnecessary, and that jargon about the benefits of communication can solve the foreclosure crisis.”

In order to better the process for consumers, the NCLC recommended forcing mortgage servicers to disclose more about their modification calculations, bargain in good faith and not allow judicial or non-judicial foreclosures to move forward unless the servicer can show it has tried in good faith to modify the mortgage.
The National Consumer Law Center, a Washington based consumer protection organization released a 50 page report sharply criticizing federal, state and local mortgage modification programs for not really pushing mortgage servicers to help homeowners.

“Ultimately, under most of the existing foreclosure mediation programs servicer discretion prevails,” the report said in its executive summary. “If the programs continue to demand little or no accountability from servicers, they will likely go the way of other efforts to control foreclosures that relied on voluntary compliance by the lending industry. They will become another piece of imagery the industry uses to support its

claims that voluntary efforts work, that statutory and other government mandates for loan modifications are unnecessary, and that jargon about the benefits of communication can solve the foreclosure crisis.”

In order to better the process for consumers, the NCLC recommended forcing mortgage servicers to disclose more about their modification calculations, bargain in good faith and not allow judicial or non-judicial foreclosures to move forward unless the servicer can show it has tried in good faith to modify the mortgage.

Source: Credit Union Times

RELN Weekly Real Estate Blog-Briefing

2009-09-25T09:04:00.004-04:00

• Maine Warns of Phone Housing Scam
Homeowners in Maine have been receiving phone solicitations of fake foreclosure or refinancing help and the Maine Housing Authority is warning them to watch out for more housing scams.... Read more »

. Mortgage Applications Up Again After Rate Decline Read more »

. Home seminar offered by Hispanic agents
AZ Central.com - Craig Anderson - ‎Sep 23, 2009‎
The Hispanic Association of Real Estate Professionals event will be 10 am to 5 pm at Christown Spectrum Mall, 1703 W. Bethany Home Road. Read more »

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Another Sales Spike But Prices Down.OverView

2009-09-18T13:33:00.006-04:00

Existing-home sales – including single-family, townhomes,
condominiums and co-ops – rose 7.2 percent to a seasonally
adjusted annual rate of 5.24 million units in July from a
level of 4.89 million in June, and are 5.0 percent above the
4.99 million-unit pace in July 2008. The last time sales rose
for four consecutive months was in June 2004, and the last time
sales were higher than a year earlier was November 2005.

Lawrence Yun, NAR chief economist, said he is encouraged. “The
housing market has decisively turned for the better. A
combination of first-time buyers taking advantage of the housing
stimulus tax credit and greatly improved affordability conditions
are contributing to higher sales,” he said.

Total housing inventory at the end of July rose 7.3 percent to
4.09 million existing homes available for sale, which represents a
9.4-month supply at the current sales pace, which was unchanged from
June because of the strong sales gain. Raw inventory totals are
10.6 percent lower than a year ago when the number of unsold homes
was at a record.

The national median existing-home price for all housing types was
$178,400 in July, which is 15.1 percent lower than July 2008.

In new sales there were also month-to-month increases in activity but
decreases from a year ago. Sales of new one-family houses in July 2009
were at a seasonally adjusted annual rate of 433,000, according to
estimates released jointly August 26th by the U.S. Census Bureau and
the Department of Housing and Urban Development. This is 9.6
percent (±13.4%) above the revised June rate of 395,000, but is 13.4
percent (±12.9%) below the July 2008 estimate of 500,000.
The median sales price of new houses sold in July 2009 was $210,100;
the average sales price was $269,200. The seasonally adjusted estimate
of new houses for sale at the end of July was 271,000. This represents
a supply of 7.5 months at the current sales rate.

There are several pieces of good news in these reports. The decline
in sales actvitydefinitely has stopped for at least the last several
months. In addition, total inventory in both resale and new homes
is slowly declining. Finally, prices are still dropping (good news
for buyers) but there is a good deal of analysis that points to a potential
bottom--whether temporary or more permanent--in the current environment.