Tuesday, February 23, 2010

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

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.


Wednesday, February 17, 2010

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

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.

Tuesday, February 16, 2010

¿Qué Es Un Punto?

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

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



Thursday, February 11, 2010

Programa de beneficio de crédito impositivo para compradores en Ohio

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.

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

Wednesday, February 10, 2010

Help Shape the Future of AREAA Professional Development

Share your feedback to enhance AREAA's Professional Development

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

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.

Wednesday, February 03, 2010

Casa Latino International Enters Global Expansion Phase

(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.

Tuesday, February 02, 2010

February Market Review

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

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.

Monday, February 01, 2010

Home Affordable Foreclosure Alternatives Program (HAFA)

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?

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!!

BIENVENIDOS AL ÁREA DE ORANDO, AQUÍ SIEMPRE ESTARÁS DIVIRTIÉNDOTE. El centro de la Florida compuesto por cuatros condados, Lake,...