Nathan Bangs Tampa Florida Real Estate Blog

Loan modification terms can be tough for those few who get them

Wed, 10 Mar 2010 18:09:00 GMT

Loan modification terms can be tough for those few who get them

FORT LAUDERDALE, Fla. – March 10, 2010 – For William and Lida Negron, their lender’s decision to modify their mortgage seemed to be the key to holding on to their home.

William Negron, in his mid-70s, lost his job in car sales two years ago. The possibility of losing their home put “so much stress on him,” said son Carlos Negron. “My mother has been to the hospital twice because of this.”

Relief turned to shock when the Negrons saw the new loan terms: the monthly payment fell to $1,280 from $2,000, but the loan would be extended to 40 years from 30, with a $25,000 balloon payment in 15 years. William Negron would turn 90 about the same time.

“That was a major slap in the face,” said Carlos Negron. The couple gave up their Orlando home.

The Negrons’ story is a sign that trouble in mortgage loan modifications is reaching a new stage.

For months, troubled borrowers have struggled to get mortgage modifications. Only 14.3 percent of South Floridians who get a temporary mortgage modification secure a permanent new loan. Now, a growing number of homeowners who are offered permanent mortgage modifications are finding the terms unacceptable.

Among the problems: surprising balloon payments – one-time lump-sum payments that cover any principal that may have been deferred – and interest rates that can rise again.

Many borrowers spend months in limbo, from the time a temporary loan modification is offered by their lender to when a permanent modification is made. Terms of the permanent loan may not be the same as the temporary modification.

“It’s been a long, tedious, painful time of uncertainty,” said Steven Carroll, a Lighthouse Point resident who has spent more than a year trying to modify his mortgage.

A brief period of unemployment for Carroll and his wife threw their finances into turmoil. Now they are both working and they have a temporary modification, but he doesn’t know what the terms of the permanent loan will be. “I’m hopeful that they’ll finally fulfill their end of the bargain,” he said. A Bank of America spokeswoman said the lender is working with Carroll.

A year ago, the Obama administration launched the Making Home Affordable program, putting $75 billion toward modifying mortgages and helping millions of borrowers through the worst housing crisis in decades.

So far, the results are slim. About 100,000 Florida loans have been modified on a trial basis. A spokeswoman for the Treasury Department says it is difficult to estimate how many borrowers are eligible.

Fewer than 15,000 trial loan modifications in Florida have become permanent. Nationwide, 116,297 modifications have become permanent out of almost 1.3 million trial modifications begun under the Obama program.

Despite the odds, thousands of South Floridians are trying to modify their loans in a desperate effort to save their homes. Recently, they jammed an event in West Palm Beach that promised face-to-face meetings with bank representatives and loan counselors. “Good news!” shouted homeowner Cleore Gauvin, of Wellington, when she learned, on the spot, that Bank of America would cut her interest rate in half to 3 percent for a trial modification.

Bankers point out that a mortgage modification is only a temporary break that gives borrowers an affordable payment while they stay in the home. Borrowers, they say, should make plans for the day when that period of lowered payments will end and decide whether they can really afford the house.

A cut in the interest rate, for example, could end in a few years, which would mean the monthly payments would increase and the loan potentially becomes unaffordable again.

Under the Making Home Affordable program, interest rates can be lowered for up to five years. Then they start rising again, 1 percentage point per year until the rate reaches the market rate at the time of the modification. Loans modified outside the federal program can have different provisions.

Another emerging issue is balloon payments, such as the one the Negrons faced.

Not all loan modifications have them. But some permanent loan modifications defer payment on a portion of the loan until years later.

When the mortgage’s term ends – in 30 or 40 years – or when the house is sold or the loan is refinanced, some borrowers will owe a one-time, lump-sum payment that could amount to tens of thousands of dollars. The balloon payment covers the portion of the principal that was deferred.

“There’s no question the principal-deferred balloon payment is, in fact, very, very common,” said David Berenbaum, of the National Community Reinvestment Coalition, a group of hundreds of lenders, loan servicers and community groups that offer foreclosure counseling. The organization wants banks to reduce or forgive some of the loan rather than to defer a portion of it.

The concept of deferring principal and having a balloon payment is widely misunderstood.

Says Alexander Fernandez, director of Homeownership Preservation for Neighborhood Housing Services of South Florida. “A lot of people have that confused. They think (the principal that they’re not paying) is going to be forgiven and it’s not.”

Homeowners may be unaware of the terms of their new deals – for a good reason. Terms such as balloon payments are not spelled out in their loan papers, said Terry Schmitz, senior underwriter at AmeriFirst in Fort Lauderdale.

“It doesn’t say you have to make a balloon payment [in the future]. Unless you know how to work a real estate calculator, you don’t know what you’re signing,” she said.

For borrowers trying to hold on to their homes the difficulties continue even after the new loan begins.

About 20 percent of modified loans, through last June, ended up in default only three months later, according to federal statistics.

Short-sale risk: 'property flopping'

Tue, 09 Mar 2010 17:17:00 GMT

Nathan Bangs, a Tampa Bay, Fla.-based Realtor who specializes in short sales, said that unlike an appraisal, which attempts to determine a property's market value and can quickly become outdated in a declining market, a BPO is intended to establish "what it would take to move (a property) in 30 days."

http://www.inman.com/news/2010/03/9/short-sale-risk-property-flopping?page=0%2C0

See complete article in the link above from Inman News.

Nathan

LOOK BACK TO THE FUTURE!

Sun, 07 Mar 2010 09:00:00 GMT

INSPIRATION FOR TODAY:

"The path you're on looks different when you turn around."

- Cynthia Copeland Lewis

LOOK BACK TO THE FUTURE!

Life has been described as a path, a direction in which we travel over time - rather than a single event. Each of us gets to choose the direction our path will take us. By making those choices, we also clear the way to achieving the objectives we've set for ourselves.

When we fail to choose the path we will travel, that is also a choice. In that case, the path we travel becomes less distinct with more twists and turns than we would have liked. Each side path we encounter tempts us to change direction. Lacking any roadmap of objectives we might have chosen, we often end up somewhere - else.

Regardless of the quality of our choices, we can get a clear understanding of where we are likely to end up - just by turning around. By simply looking back at the path we have been following, much can be learned. For example, is the path behind us straight, or filled with curves and detours taken? Is it paved with solid, masterfully laid stepping-stones, or filled with muddy ruts that zig-zag around every obstacle?

Chances are that, as teenagers, most of our paths seemed to have had many twists and turns. As we matured and learned from our mistakes, however, it is also likely that we began improving the direction and quality of the path we traveled. The more attention we paid to the path, the more enjoyable the journey became.

Want life to be a most pleasant journey? Build your own roadmap - then start paving!

Make your home shine

Sat, 06 Mar 2010 08:44:00 GMT

Buyers love clean homes. Here are a few things you can do to get your home ready to sell. Please contact me if there is anything I can do.

It's a common fact that clean homes net more money. Most people are turned off by even the smallest amount of uncleanness or odor when looking at homes to purchase. Sellers lose thousands of dollars because they do not adequately clean their homes or rid them of offensive odors.

If your home is squeaky clean, you will be able to sell your home faster and net more money.

If you are planning on moving, why not get rid of that old junk now so that your house will actually appear larger? Make more space. Odors must be eliminated, especially if you have pets, young children in diapers, or a smoker in the house. A little work now can pay huge dividends at closing!

If your home is squeaky clean, you will be able to sell your home faster and net more money.

Nathan

Cool Websites from Money Magazine

Wed, 03 Mar 2010 14:59:00 GMT

I came across a couple of websites in Money Magazine we thought you might be interested in.

The first is WalkScore.com. This site calculates the walkability of an address based on the distance from the house to nearby amenities. Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking. If you are interested in being within walking distance of restaurants, shops, libraries, parks, etc, you will enjoy this website.

I also have this website application on my iPhone and it is ver cool.

Next is DIYorNot.com. This site helps you compare the time and cost of doing a project yourself vs hiring a local contractor. For example, the cost of having a professional replace a stove hood is $538 vs a 'do it yourself' cost of $400. Costs can be adjusted by Zip code.

Nathan

Tampa Florida Real Estate Market Trends

Mon, 01 Mar 2010 21:24:00 GMT

Tampa Florida Real Estate Market Trends

Hurry! Tax Credit Expires Soon!

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010. First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000. Current homeowners are also eligible for a tax credit of their own. Homeowners who have lived in their primary residence for 5 consecutive years of the past 8 are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500.

The following conditions apply:

The tax credit is only awarded on homes purchased for $800,000, or less
Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000.
Under the rules, as long as a written binding purchase contract is in effect on April 30, 2010, the buyer has until July 1, 2010 to close.

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by!

Existing Home Sales Up From Year Ago

Existing home sales are up in 2010 compared to the same time a year ago. According to the National Association of REALTORS (NAR), existing homes sales -- including single family, condominiums, townhomes and co-ops -- were up 11.5 percent from January 2009 levels. At the current pace, NAR is projecting existing home sales of 5.05 million units for the year. Total housing inventory is down 0.5 percent to 3.27 million units nationally.

NAR chief economist Lawrence Yun is watching the sales data very closely. "Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory," Yun said. "With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country."

Mortgage backer Freddie Mac reported an average commitment rate for a 30-year, conventional, fixed-rate mortgage of 5.03 percent in January. This is up slightly from 4.93 percent available in December 2009, but down overall from a year ago when the rate was 5.05 percent in January 2009.

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities! Investing in real estate has unique advantages over other types of investments:

Interest in mortgage loans are tax-deductable. Investors can lower their tax liability while increasing their equity.
Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
Real Estate values increase over the long term. Real Estate is limited and will always be in demand.
1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

Morning Coffee with Nathan Bangs

Mon, 01 Mar 2010 10:59:00 GMT

Visit us online at www.nathanbangs.com

Good Morning,

What a great weekend for me and my family, I hope yours was great too.

In this weeks Morning Coffee message the topic is, "THROW AWAY THE BAND-AIDS!" See the bottom of this email to read more.

I have been getting lots of calls for Single Family Homes so I have included the homes we have 'active' all over Tampa Bay.

My next email will be this months Market Trends Newsletter, should have that finished up today or tomorrow.

Thanks,

Nathan Bangs

12903 Nor ROME AVE, TAMPA, Florida

Price: $115,000.00

Beds: 3

Baths: 2

Sq Ft: 1546

Description: Contingency Contract Pending. Right of First Refusal. Contact Listing Agent. Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing p ....

View this property >>

1301 CHILT DR, BRANDON, Florida

Price: $150,000.00

Beds: 4

Baths: 2

Sq Ft: 2764

Description: Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller's lender(s). Updated ranch style home sit ....

View this property >>

3014 Wes WAVERLY AVE, TAMPA, Florida

Price: $220,000.00

Beds: 2

Baths: 2

Sq Ft: 1308

Description: Short Sale; AFFORDABLE 1920s SOUTH TAMPA BUNGALOW STEPS TO BAYSHORE. Spectacular neighborhood, 1.5 blocks to Bayshore, view of water from front yard, surrounded by million dollar homes, sought after s ....

View this property >>

412 Sou WEST SHORE BLVD, TAMPA, Florida

Price: $229,900.00

Beds: 3

Baths: 2

Sq Ft: 1645

Description: Short Sale A Beach Park deal for you! Large master suite with his & her closets. Recently remodeled and move in ready. Large back yard with garage in back. Updated baths have newer vanities, sinks ....

View this property >>

526 AVOCADO COUNTY ROAD CR, Brandon, Florida

Price: $85,000.00

Beds: 3

Baths: 2

Sq Ft: 1484

Description: Contingency. Contract Pending. Buyers Right of First Refusal.Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of Property at full listing ....

View this property >>

5810 OSCEOLA PL, Tampa, Florida

Price: $45,000.00

Beds: 2

Baths: 1

Sq Ft: 864

Description: Short Sale; Located on quiet dead end street, features include restored hardwood floors, original 2 panel doors , plaster walls, fireplace, large kitchen with lots of cabinet space, & pantry, orig ....

View this property >>

And Here's Your Morning Coffee!

Nathan Bangs & Associates

Nathan Bangs & Associates, Keller Williams Realty
3502 Henderson Blvd., Tampa FL 33609 For Sellers: 813-739-5965

Visit http://www.nathanbangs.com

Foreclosure Bargains Getting Harder to Find

Fri, 26 Feb 2010 18:23:00 GMT

Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Source: The Wall Street Journal, James R. Hagerty (02/23/2010)

Are you seeing the same?

Thanks,

Nathan

www.nathanbangs.com

HAFA home sale rules

Fri, 26 Feb 2010 18:00:00 GMT

HAFA home sale rules

A federal program designed to help owners losing their homes – those owners who cannot hold onto their property even with existing federal aid.

The U.S. Treasury Department’s Home Affordable Modification Program (HAMP) was designed to help owners stay in homes by lowering principal, lowering interest rates and/or extending the payment period. However, some homeowners still don’t have the ability to hold onto their property under HAMP, and will inevitably lose their homes, either through foreclosure or deed-in-lieu of foreclosure (homeowners voluntarily cede ownership to the lender by mailing in their keys). To help these owners, the Home Affordable Foreclosure Alternatives (HAFA) was created.

HAFA created a standardized process for short sales. It benefits real estate licensees, homeowners and lenders in some ways – including a faster short sale process – but it also creates rules that impact some real estate company policies. If dealing with HAFA short sales, however, buyers, sellers and real estate licensees must accept the terms.

For licensees, a contract that does not follow the law could be illegal; more importantly, however, a contract that does not adhere to the terms of HAFA won’t be accepted by a lender, further bogging down the slow short sale process even more and further frustrating buyers and sellers.

HAFA does not impact all short sales. Created to help only the most needy homeowners, the rules apply only under the following conditions:

• The property must be the borrower’s principal residence.
• The loan was originated on or before Jan. 1, 2009.
• The loan is delinquent or a default is reasonably foreseeable.
• The unpaid balance on the mortgage is less than $729,750 (higher for two-to-four unit properties).
• The total monthly mortgage payment exceeds 31 percent of a borrower’s gross income.

For properties that qualify under HAFA rules, real estate licensees and brokers must adhere to the following limitations:

• There can be no agreements to share any portion of a commission after the deal closes to the buyer or seller. This negates any form of commission rebate offered by some licensees.
• The transaction must be “arm’s length,” meaning the buyer, seller and Realtor cannot have a personal or familial relationship.
• A real estate licensee cannot earn a commission through the sale of his or her own house.
• A buyer must agree to not resell the home within 90 calendar days.
• A seller cannot have any expectation of buying or renting the property back after the sale.

HAFA also offers positive changes for real estate licensees. A prime complaint in the past focused on commission changes. Since lenders were not a party to the original contract between buyer and seller, they were free to change the commission percentage as they negotiated a short sale rate.

Under HAFA, lenders cannot reduce a commission if it is 6 percent or less. It also offers other benefits such as pre-approved short sale terms before listing. For sellers, a HAFA sale fully releases them from future liability for the first mortgage debt. The program also offers financial incentives to some participants.

HAFA becomes effective April 5, 2010, but servicers may implement HAFA earlier, providing the servicer is able to collect and report all required information described in the reporting requirements. Borrowers may be accepted into HAFA if the short sale agreement is fully executed by the borrower and received by the servicer on or before Dec. 31, 2012.

For more information on HAFA rules, visit the National Association of Realtors’ website at: http://www.realtor.org/realtors/basics_short_sales?wt.mc_id=rd0041.

IRS Clarifies What's Needed to Claim Tax Credit

Fri, 26 Feb 2010 17:45:00 GMT

IRS Clarifies What's Needed to Claim Tax Credit

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

GTAR has released their January 2010 statistical data

Fri, 26 Feb 2010 12:02:00 GMT

GTAR has released their January 2010 statistical data. Here is Rob Young take on this data.

AVERAGE RESIDENTIAL SALES PRICE

The Average Residential Sales Price represents the average sales price of closed residential sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas. As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS. This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

The optimism view - The January 2010 average residential sales price of $180,151 represents a 5.42% increase over last month, a 5.39% increase over last quarter (3 months ago), and a 7.95% increase over January of 2009 (which happens to be the lowest point over the last 5 1/2 years). We certainly seem to be finding support at this level. After about 18 months of finding news lows every month, we have spent the last 12 months supporting the low found in January 2009. Hopefully this indicates an end to plummeting home values.

The reality of what we've been through - The January 2010 average residential sales price represents a 29.78% decrease from 2 years ago, a 35.72% decrease from 3 years ago, and a 42.33% decrease from the high of $312, 356 hit in July 2006.

TOTAL RESIDENTIAL SALES

Total Residential Sales represents the number of closed sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas. As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS. This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

In January 2010, GTAR reports 1,015 residential sales. This is down 30.67% from last month, down 32.02% over last quarter (3 months ago), and up 23.48% over January 2009.

This January figure is also down 66.93% from the high reached in June 2005 when 3,069 residential sales were reported, but up 43.56% from the recent low reached in January 2008 when only 707 residential sales were reported.

Please click the link below to access a pdf file with the data and graphs.

January 2010 Market Activity Data and Graphs

Monthly Foreclosure Activity

The first public notice of a foreclosure is the recording of a legal document called the Lis Pendens. This typically happens after the homeowner has missed about 3 mortgage payments. The Final Judgment of Foreclosure is recorded next, detailing the amount owed including principal, past due interest, fees, etc., Finally the foreclosure sale is held. The winning bidder at the foreclosure sale, or the foreclosing lender if no one bids, acquires title via the next recorded document, the Certificate of Title. This process takes about 8 months, barring any delays. Because lenders are not really in the business of owning real estate, they will now attempt to sell this REO (Real Estate Owned) property and move it off their books, often times at deeply discounted prices.

In January 2010, there were 2,238 Lis Pendens filed in Hillsborough County alone. Keep in mind that there were on average 398 Lis Pendens filed in Hillsborough County during the 24 month period from August 2004 to July 2006. This is a 464.31% increase. Over the last 24 months there have been an average of 1,933 Lis Pendens filed every month.

As of this writing, there are 1,890 Lis Pendens filed so far in February.

Please click the link below to access a pdf file with the data and graphs.

January 2010 Foreclosure Activity in Hillsborough County

Thank you for your time this month. As always, If I can do anything to help you, please let me know. If your contact information has changed recently, please click here to update our records. Thanks!

Rob Young
Benefit Title Services, LLC
212 S. Magnolia Ave.
Tampa, FL 33606
Phone: (813) 251-1420
Toll Free: 800-237-9190
Fax: (813) 251-1454
RYoung@BenefitTitle.com
www.BenefitTitle.com

Florida Homestead Exemption for tax year 2010

Wed, 24 Feb 2010 18:22:00 GMT

Monday March 1 is the deadline to file for Homestead Exemption for tax year 2010 for clients who took title prior to Jan 1 2010.

See attached link for an index of every county in Florida- it contains the Clerk, Property Appraiser and Tax Collector. Each county has specific requirements to file for homestead exemption.

http://publicrecords.netronline.com/dir.aspx?StateID=11

Morning Coffee with Nathan Bangs

Tue, 23 Feb 2010 01:05:00 GMT

Visit us online at www.nathanbangs.com

Ok, so I am a little late with today’s weekly Morning Coffee with Nathan Bangs message. I am in New Orleans, Louisiana for the national Keller Williams Real Estate Reunion. What a weekend it has been! So many great agents, people and IDEAS to help market, sell, buy and invest in Tampa Bay homes. I will come back a stronger and more educated Real Estate Agent!

How are you? Glad you let me come into your inbox every Monday to educate you on Tampa Bay Real Estate, Inspirational Message and homes we have for sale OR have SOLD!!

The two properties I have featured this week are TWO sold homes, see them below. WHY would I feature homes that are no longer on the market? Well to show you the great deals that are in the Tampa Bay market...I still cannot get over the home we sold in Lutz on Patton Court. A Bank Owned / REO sold for $200k 30 days prior and we closed at $180,000 yesterday!!! That is 10% below what someone else paid 30 days before...how did we do it...well you will need to speak with one of my Buyer Agents to get that Short Sale secret...email us at www.HotBankBuys.com and we will email you a list of Bank Owned properties for sale, want short sales included? Just tell us!

Also for you Sellers, want to know the value of your Tampa Bay property? Would you like an instant report without talking to me!? :) Email me at www.ValueMyTampaAreaHome.com and I will send you a really, really cool report with the active, pending and sold homes in your area....

Question? Are you on Facebook? become a fan of our page www.facebook.com/TampaRealEstate

Twitter? www.Twitter.com/NathanBangs

Well enjoy this week’s message below and please if you know someone who is looking to Buy, Sell or Invest in any Real Estate, not just Tampa Bay please think of me and my team....and if someone is having a hard time with their current mortgage we have options for them...visit www.TampaBayTroubledHomes.com

Thanks, Nathan

17014 PATTON CT, Lutz, Florida

Price: $200,000.00

Beds: 4

Baths: 2

Sq Ft: 2860

Description: Short Sale; Very nice 4 bedroom, 2.5 bath home with a 3-car garage located on a beautiful 1 acre lot. Open kitchen with 2 pantries. ....

View this property >>

205 Eas CLUSTER AVE, Tampa, Florida

Price: $99,000.00

Beds: 3

Baths: 2

Sq Ft: 1504

Description: Bank Owned, quick closing possible. Motivated seller, bring all offers! 3 BED, 2 BATH HOME. No HOA fees. Easy to show. ....

View this property >>

And Here's Your Morning Coffee!

Nathan Bangs & Associates

Nathan Bangs & Associates, Keller Williams Realty
3502 Henderson Blvd., Tampa FL 33609 For Sellers: 813-739-5965

Visit http://www.nathanbangs.com

The Short Sale Publicity Flood Continues

Tue, 23 Feb 2010 00:01:00 GMT

The Short Sale Publicity Flood Continues ==> http://bit.ly/a9LGPJ

Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

NathanBangs.com Facebook Twitter Tampa Bay Real Estate TV

Are You Facing Foreclosure Click me? Analysis of your Tampa Bay Homes Value

New credit card rules squeeze consumer more

Mon, 22 Feb 2010 23:57:00 GMT

New credit card rules go into effect today and your next statement could contain these ugly truths.

http://bit.ly/9QEUUx

Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

NathanBangs.com Facebook Twitter Tampa Bay Real Estate TV

Are You Facing Foreclosure Click me? Analysis of your Tampa Bay Homes Value

ENJOY PRIDE OF OWNERSHIP!

Mon, 22 Feb 2010 00:22:00 GMT

INSPIRATION FOR TODAY:

"We stand at the crossroads each minute, each hour, each day, making choices.
We choose the thoughts we allow ourselves to think, the passions we allow ourselves to feel,
and the actions we allow ourselves to perform. Each choice is made in the context of whatever value
system we've selected to govern our lives. In selecting that value system, we are, in a very real way,
making the most important choice we will ever make."

- Benjamin Franklin

ENJOY PRIDE OF OWNERSHIP!

Remember the day you made the decision to go to college? What about the day you decided to buy that sporty red car? Surely you remember the day you decided you would get married. What about your present career path? Did you purposely decide it's what you want to do? Do you remember making a conscious decision to have three children?

Some decisions are relatively simple. You decide to buy a TV, go to the store, write a check - and it's yours. You own it! Other decisions are also easy to make, i.e. the red sports car, but carry a higher price. The decision comes quickly, but entails both a down payment and a commitment to make payments on time for several years. Again, you make the decision to buy and the car is yours - you own it!

At some point in life come decisions that shouldn't have been made, but were, as well as those you should have withheld. In high school, a day of classes skipped may have resulted in grades lower than acceptable to your choice of colleges. Later, a poor choice of friends may have resulted in a blemish on your "permanent" record. As an adult, poor decision-making not only may reduce the quality of your life, but of those you love.

Regardless, each decision made is yours to keep - you own it! You also own the responsibilities created by the decision, i.e. following a healthy lifestyle to stay trim, working two jobs to keep your commitment to the mortgage company, giving up poorly chosen friends and activities to provide your children with a happy, nurturing home life.

Every decision made can turn positive or negative, depending on the actions taken once the decision has been made. Either way - making the decision is followed by ownership of the results. Does "pride of ownership" appeal to you? Buy it, own it, love it!

Pricing your home to sell in Tampa Bay Florida

Sun, 21 Feb 2010 23:51:00 GMT

Here are some reasons why it is so important to price your home correctly when it comes time to sell. Call me if I can be of any assistance.

Did you know the best chance for selling your property is within the first seven weeks? It's true.

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An overpriced home can minimize offers, lower agents response, limit the number of qualified buyers, reduce showings, reduce prospects, limit financing, waste advertising dollars, and most importantly, net less for the seller! When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

NathanBangs.com Facebook Twitter Tampa Bay Real Estate TV

Are You Facing Foreclosure Click me? Analysis of your Tampa Bay Homes Value

State Supreme Court makes it tougher for lenders to foreclose

Fri, 19 Feb 2010 18:21:00 GMT

State Supreme Court makes it tougher for lenders to foreclose

The Tampa Tribune

Published: February 15, 2010

TAMPA - The Florida Supreme Court continues to make it more difficult for lenders to foreclose in the Sunshine State.

The court says lenders are now required to verify they own loans before they file a foreclosure lawsuit. And, according to the court order, lenders can no longer charge the homeowner for that investigation.

This follows the court's order in late December that requires lenders to offer owners of primary residences a chance to negotiate with a third-party mediator before moving forward with foreclosure.

The new rules are an effort to help the courts better manage foreclosure cases and make sure lenders have tried to modify loans before taking back homes.

The rules and corresponding legal forms were proposed by a pair of Florida Bar panels.

"They found that many cases were being filed by plaintiffs that didn't own the mortgages anymore," said Miami lawyer Mark Romance, who chairs the Civil Procedures Rules Committee.

Lenders sometimes have a difficult time coming up with the original note to prove they have the authority to foreclose. This is because loans were often bundled and sold as securities. In some cases, the notes are stored in warehouses or get lost in the shuffle.

No deadline has been set on the mediation order, which is being executed through the chief judges of Florida's 20 judicial circuits.

The program will require all cases involving primary residences be sent to mediation unless the plaintiff and borrower have already done so or both parties agree to opt out. Florida's high court isn't the only one putting pressure on lenders to work something out with distressed homeowners. The federal government is, too.

Some lenders, burdened with loans in foreclosure, are agreeing to allow homeowners to sell for less than the loan amount. In those cases, the lender typically writes off the rest.

The lower prices have helped spur home sales, but real estate professionals and buyers complain that lenders take too long to approve sales. Sometimes the process can drag on for six months or longer, and frustrated buyers often walk away before they get the lender's answer.

The U.S. Treasury Department wants to speed up the process. The department said last month that starting in April, lenders will be required to respond to offers within 10 days.

Not all lenders are required to obey the rules. The rules apply to the 83 loan servicers participating in the Obama administration's Home Affordable Modification Program. Those include Bank of America and JPMorgan Chase.

Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

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Resource to Reduce Short Sale Stress - HAFA

Fri, 19 Feb 2010 16:43:00 GMT

I just received this email on short sales and have put the HAFA information on my website.

According to the most recent REALTORS^® Confidence Index, buyers continue to be discouraged with the extended short sale process, which frequently results in foreclosures that could have been prevented.

On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program (HAFA). Part of the Home Affordable Modification Program, HAFA helps home owners who are unable to retain their home under HAMP by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. Home owners must meet certain requirements to participate, and incentive payments are provided to home owners and servicers.

To help understand HAFA and its guidelines, NAR has released a brochure about the Home Affordable Foreclosure Alternatives Program and additional resources online, including government forms and guidelines, a video explaining the new federal guidelines, and frequently asked questions.

Thanks,

Nathan

Nathan Bangs & Associates - Tampa Bay Office - 813.739.5965 / Buyer Hotline - 813.739.5925

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Program to Shore Up HAMP Announced

Fri, 19 Feb 2010 16:33:00 GMT

On Feb. 19, President Obama is expected to announce a $1.5 billion program to prevent foreclosures for unemployed and/or underwater home owners in the hard-hit states of California, Arizona, Nevada, Florida, and Michigan.

The program also will assist home owners prevented by second liens from getting loan modifications.

This is the second time the administration has tried to make the Home Affordable Modification Program (HAMP) more effective.

Source: CNNMoney.com, Tami Luhby (02/19/2010)