Archive for Financing & Mortgages

Clarification on FHA 90 day flipping rule FHA has updated its flipping rule and the following transactions do not have any restrictions to time frames when applying for FHA financing: FHA REO properties sold by FHA Re-sales of properties purchased by an employer or relocation agency Property(more…)

Key Victory for Creditors in Florida Supreme Court Make sure you create a Multi-Member LLC, otherwise it is just a “pass through!” Today the Florida Supreme Court ruled in favor of the Federal Trade Commission (FTC) in the pivotal case Olmstead v Federal Trade Commission. The decision greatly(more…)

Government Takes a Stronger Hold On HAMP Since the Making Home Affordable plan has been implemented, about 300,000 homeowners have enjoyed an average reduction of $500 a month. Unfortunately, however, this has done very little to improve the housing market. via Government Takes a Stronger Hold On(more…)

Seven Year Penalty for Strategic Default Strategic default is often defined as the conscious decision of a borrower to stop payments on an otherwise affordable mortgage because the property is worth less than the mortgage balance. The recent trend of strategic foreclosures has sparked concern and(more…)

The Home Affordable Foreclosure Alternatives Program Trying to reduce the rising number of foreclosures in the U.S., the Treasury Department introduced a new federal program that makes it easier to process a short sale for people unable to keep their homes. Home Affordable Foreclosure Alternatives (HAFA)(more…)

The Impact of Foreclosure The best way to avoid foreclosure is to pursue alternatives like a short sale or a loan modification. Don’t run from the obligation, but instead confront it head on with an experienced Realtor and your lender to determine the best approach.

Those Who Wait Will Pay Thousands More This Spring Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority(more…)

Good News about Short Sales New rules from the U.S. Treasury could figure prominently in Central Florida’s housing market, where about one in every five existing-home purchases involves a short sale. Key Points of the New Rules: Emerges between now and April; Only banks that(more…)

Fannie Mae and Freddie Mac Loan Modification I just explored this great opportunity if you are having a hardship and you live in your primary residence. If your 1st mortgage is backed by Fannie Mae or Freddi Mac, the FED has approved the HAMP program that will(more…)