Ft Lauderdale Lifestyle Blog

Mortgage Legend Supports Lending Bill

May 4th, 2008 1:13 PM

Mortgage Legend Supports Lending Bill

The man credited with developing the financing of today's U.S. mortgage industry says he supports new regulation of those involved in selling loans.

http://go-to.realtor.org/r/18QPH7/0GXCP/CAQV8/NNP73/GED8Y/JY/t/

Posted by Eileen Kedersha on May 4th, 2008 1:13 PMPost a Comment (0)

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Cast Your Vote for Bahia Mar Waldorf-Astoria Hotel Project Vote Yes

May 17th, 2008 7:59 PM

Cast Your Vote for the Waldorf-Astoria Bahia Mar New Project

We think it is a terrific idea and will enormously help Fort Lauderdale's Beach Front Vote Today

VOTE! Bahia Mar makeover

A $500 million plan to remake the waterfront Bahia Mar as a Waldorf-Astoria hotel surrounded by luxury condos and shops has been proposed in Fort Lauderdale. What do you think?
Good idea. It will add to the beach's desirability. Bad idea. We don't need anymore luxury hotels. I don't care.
- If Link Does Not work click here
  View current results

Posted by Eileen Kedersha on May 17th, 2008 7:59 PMPost a Comment (0)

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Fort Lauderdale's Bahia Mar would be reborn as a Waldorf- Astoria Hotel

May 17th, 2008 7:51 PM

Fort Lauderdale's waterfront oasis Bahia Mar would be reborn as a Waldorf- Astoria hotel surrounded by new luxury condominiums and shops, under a $500 million development plan submitted to the city Thursday.
By Tom Stieghorst | South Florida Sun-Sentinel 9:57 PM EDT, May 15, 2008

Key to the plan is a 20-foot-tall parking structure as big as a football field that would be topped by trees and grass and open to the public. The structure would sit on the west side of Bahia Mar, softening the view of the 16-acre property from the city's Idlewyld neighborhood across the Intracoastal Waterway. Full Story Click Here

Posted by Eileen Kedersha on May 17th, 2008 7:51 PMPost a Comment (0)

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How Online Gambling Hurts Real Estate

May 17th, 2008 7:30 PM

How Online Gambling Hurts Real Estate

A former U.S. representative hopes to convince real estate practitioners to become his allies in a fight against Internet gambling. Click Here for full story

Posted by Eileen Kedersha on May 17th, 2008 7:30 PMPost a Comment (0)

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Smooth Short Sales: Tips from a Lender

May 17th, 2008 7:27 PM

Daily Real Estate News | May 15, 2008
Smooth Short Sales: Tips from a Lender

WASHINGTON — Real estate practitioners who've worked with clients on a short sale often complain about constant transaction delays, particularly in getting the deal approved from lenders. On Wednesday at NAR's Midyear Legislative Meetings in Washington, D.C., a representative from lender JPMorgan Chase & Co. shared some advice on how you can help move a short sale along as smoothly as possible.

"We’ve found a brave lender to stand in front of a room full of agents,” short-sales expert Robert Kutschbach, broker-owner of Carleton Realty in Westerville, Ohio, said in his introduction of Jim Satterwhite, vice president of prime default management at Chase. A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, and the seller is unable or unwilling to bring sufficient liquid assets to closing to cover the deficiencies.

Patience Is a Virtue

Satterwhite said that just as practitioners are being hit with a wave of short sales, they must recognize that lenders are too. “Be patient. The decision process may take several weeks,” Satterwhite said, adding that a big lender may be dealing with a quarter-million delinquent loans at any given time. It can be a challenge to obtain approvals from everyone involved in the short sale, including investors and insurers, he said. He encouraged practitioners to stay in contact with the servicer of the mortgage to keep everything moving. Another common problem he sees: When short sale offers are submitted days from an impending foreclosure sale, which is not an adequate amount of time for a lender to reach a decision.

Research, Follow-Up Can Avoid Delays

Satterwhite shared these recommendations for practitioners:

Find out if there are any liens on the property, which can become big problems for lenders and real estate professionals. Secondary lien holders may require money to minimize their losses and can balk at approving the short sale. Frequent objectors include tax lien holders and mechanic’s lien holders.
Engage both primary and secondary lien holders at the same time because all parties will need to approve the contract.
When working with the seller, ensure that all paperwork is completed and submitted on time. Also, make clients aware that they may be asked to reduce the lender’s loss by making a payment or by signing a promissory note.
When working with a buyer, make a reasonable offer on the property. A ridiculously low offer is a waste of everyone's time, he said. “The servicer’s primary goal is to minimize the investor’s loss on a property with a distressed borrower,” Satterwhite said. Therefore, the lender will try to obtain fair market value for the property, so offers way below fair market value just cloud the process, he said.
What Price Should I Offer?

One audience member asked Satterwhite why lenders can’t provide some type of guidance on what price they'll accept so practitioners can avoid having multiple offers rejected. But Satterwhite said that would be too good to be true: Just as you wouldn’t try to sell your car by advertising the lowest price you’ll accept, lenders won’t do that in a short sale. “We want to do what is reasonable, but we also want to do our best to recover our indebtedness,” he said. — By Melissa Dittmann Tracey for REALTOR® magazine online

Posted by Eileen Kedersha on May 17th, 2008 7:27 PMPost a Comment (0)

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Fannie Mae Scraps Declining Markets Policy

May 17th, 2008 7:21 PM

Daily Real Estate News | May 16, 2008
Fannie Mae Scraps Declining Markets Policy
Fannie Mae will no longer require borrowers to put up an extra 5 percent down payment when purchasing homes in areas deemed "declining markets," the country’s largest secondary mortgage market company said Friday. Fannie Mae had been hearing concerns from REALTORS® and others for months that its declining-markets policy was bad for the housing market because it discouraged consumers from buying homes in markets hardest-hit by foreclosures.

"It stigmatized communities with lower sales and prices," said Dick Gaylord, president of the NATIONAL ASSOCIATION OF REALTORS®. NAR met several times this spring with Fannie Mae officials and sent letters reflecting members' unease with the policy. “We heard the concerns of NAR and we reviewed and determined that changes in our policy were needed,” Gwen MuseEvans, Fannie Mae vice president for credit policy and controls, said in a statement Friday.

Fannie Mae's announcement comes as more than 8,000 REALTORS® are gathered in Washington, D.C., where Fannie Mae is headquartered, for NAR's 2008 Midyear Legislative Meetings & Trade Expo.

Under the policy change, borrowers can get loans up to 95 percent loan-to-value, even in markets in which prices have been falling. Prior to the change, borrowers could only get loans up to 90 percent to give lenders a 5-percentage-point cushion to protect against possible price declines in the future. “This new down payment policy reinforces our goal to support successful home-owning,” says Marianne Sullivan, Fannie Mae's senior vice president of credit policy and risk management for single-family homes.

The new policy takes effect June 1. — By Robert Freedman for REALTOR® magazine online

Posted by Eileen Kedersha on May 17th, 2008 7:21 PMPost a Comment (0)

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Free Fort Lauderdale Wi-Fi Connections

May 5th, 2008 9:25 PM

Fort Lauderdale Wi-Fi Connections

What did we ever do before wireless networks? But you may as well be sending smoke signals if you can’t find one when you’re on the go. Before you head out with your laptop, check here first for where to log on. Remember, not all "hot spots" are free [if they are, remember to at least buy something or tip the staff]. Some locations allow you to buy a day pass, but if you're always away from your office, you'll do better to get wireless access from your cellphone provider.

Local WiFi Hotspots and Internet Access for Fort Lauderdale and Broward County, FL Click Here

Posted by Eileen Kedersha on May 5th, 2008 9:25 PMPost a Comment (0)

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Consumer Affairs Newsletter Offers Tips on Federal Rebate

May 5th, 2008 9:09 PM

Consumer Affairs Newsletter Offers Tips on Federal Rebate

Broward County's Consumer Affairs Division has released the latest edition of The Educated Consumer, an electronic publication, which brings readers the latest news on consumer issues.

The new edition contains valuable information on the federal economic stimulus "rebate" checks, which are now being sent to consumers. The newsletter points out that the money received this year will not have to be declared on 2008 tax returns. It also points out that if you are not eligible for this year's stimulus payment, but become eligible next year, you can claim the economic stimulus payment on your 2008 tax return.

To view the newsletter, visit www.broward.org/consumer and click on Newsletter. For a free subscription, email consumer@broward.org.

Posted by Eileen Kedersha on May 5th, 2008 9:09 PMPost a Comment (0)

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Broward County's Population Expected To Show Decline

May 5th, 2008 9:09 PM

County's Population Expected To Show Decline

Statistics released late last month through the online edition of Broward-by-the-Numbers, a monthly information service of the Environmental Protection and Growth Management Department's Planning Services Division, indicates population declines for many Broward municipalities. The April 2008 edition compares the three most reliable estimating sources of population: the U.S. Census Bureau, the Bureau of Economic and Business Research at the University of Florida and the county's Planning Services Division. According to the report, in most instances, the final results of the separate estimating procedures are not very different. The report concludes that when the U.S. Census releases statistics this summer, Broward County's municipalities should expect to see declines in their populations. For more detailed information, visit www.broward.org click on Helpful Publications, and then Newsletters, Broward-by-the-Numbers .

Posted by Eileen Kedersha on May 5th, 2008 9:09 PMPost a Comment (0)

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Foreclosure Solutions for Homeowners

May 4th, 2008 1:17 PM

Foreclosure Solutions for Homeowners
By: Scot Kenkel

Do you remember when the iPhone first came out? About a week before it hit store shelves, an on-line sports book published odds claiming that 1 in 20 shoppers would be trampled to death while trying to get one. Coincidentally, those are also the odds in any given week that someone will be behind on their mortgage payments.

Are you one of them?

If you are, you realize that the stench of fear permeates your being, as you approach the unfamiliar territory of foreclosure. You don't have to be a bum or a deadbeat to get into this position. It can be as simple as missing a few days of work or having a mortgage payment or two wind up in the Dead Letter File at the post office. Either way, your payment’s late or you're in deep doo-doo with your lender. Now your lender's threatening you with the Big “F” -- foreclosure.

The last thing you want or need is to face the stigma of foreclosure, so you're seeking any port in a storm. The best way to get out of this mess – if you can come up with the cash – is reinstatement. The concept is simple: Pay your lender what you owe. In return, your lender will call off the hounds and allow you to continue with your mortgage contract as if nothing has happened. This could be a practical and doable option if your problem is a short term financial hiccup.

In practice, however, it could be a pretty tall order because you'll be required to catch up your payments – with late fees – in one single lump sum payment. Most lenders stipulate in your contract that partial payments won't be accepted. While it's possible to pay less than the full balance of your back payments, it isn't as likely an outcome. If you can work this out, you'll need to get it in writing and the only chance you have of making it happen is if you can satisfy the lender that the conditions that led to your being late won't be repeated. If you're able to convince your lender to accept a lesser amount, it will likely take an act of Congress and your first born child. In addition, this sort of an arrangement will take some time to negotiate – time you probably don't have.

When you're in this precarious financial position, you're at your lender's mercy. It's just you and your lender. Instead of being intimidated or bullied into making a rash decision that could have a dramatic impact on your financial future, you should enlist the help of a trained professional, someone who will be in your corner, looking out for your best interests – not the bank's.

I'm talking about a real estate professional.

By calling a trained real estate professional, you'll get sound advice from an objective advocate that will act as a counterbalance to the power of your lender. This advice won't cost you an arm and a leg. As a matter of fact, it won't cost you a thing. Then you can decide for yourself whether reinstatement of your mortgage is the best course of action for you. Then maybe you can consider getting an iPhone – but only if you're willing to run the risk!marketing.

Posted by Eileen Kedersha on May 4th, 2008 1:17 PMPost a Comment (0)

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Vacant homes for sale hit a record high

May 4th, 2008 1:11 PM

Vacant homes for sale hit a record high, WASHINGTON (AP)
The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year, the government said Monday.

Posted by Eileen Kedersha on May 4th, 2008 1:11 PMPost a Comment (0)

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Madonna, Bono and Aykroyd are busy buying and selling NYC property

May 4th, 2008 1:08 PM

Madonna, Bono and Aykroyd are busy buying and selling property
Material Girl Madonna, who shops for real estate the way some people shop for shoes, has finally purchased a third apartment in her Central Park West building, after a lengthy dispute with the co-op board, which tried to block the deal. After suing the board, Madonna paid $7 million for the apartment in the building known as Harperly Hall, according to the New York Observer.

Posted by Eileen Kedersha on May 4th, 2008 1:08 PMPost a Comment (0)

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Ft Lauderdale Lifestyle Blog

VOTE! Bahia Mar makeover

Fort Lauderdale's waterfront oasis Bahia Mar would be reborn as a Waldorf- Astoria hotel surrounded by new luxury condominiums and shops, under a $500 million development plan submitted to the city Thursday.By Tom Stieghorst | South Florida Sun-Sentinel 9:57 PM EDT, May 15, 2008

Fort Lauderdale Wi-Fi Connections

Local WiFi Hotspots and Internet Access for Fort Lauderdale and Broward County, FL Click Here

Fort Lauderdale's waterfront oasis Bahia Mar would be reborn as a Waldorf- Astoria hotel surrounded by new luxury condominiums and shops, under a $500 million development plan submitted to the city Thursday.
By Tom Stieghorst | South Florida Sun-Sentinel 9:57 PM EDT, May 15, 2008