Check out this clip! CNBC’s Ron Insana, author of “How to Make a Fortune From the Biggest Bailout in U.S. History,” has tips for gaining back some of the investments your retirement savings may have lost in the last year.
http://today.msnbc.msn.com/id/26184891/vp/34724700#34724700
Our Century 21 office handed out more than 1200 pieces of candy during the recent Treat Street on Main on October 31st. I have attached some pictures of the fun for you all to see.
TALLAHASSEE, Fla. – Aug. 24, 2009 – Florida’s Office of Financial Regulation took more action Friday against Ocala-based Taylor, Bean & Whitaker Mortgage Corp., ordering the company to cease foreclosures, late charges and adverse reports to credit bureaus about customers.
It is state regulators’ second move this month involving the Ocala operation. On Aug. 7, they ordered Taylor Bean to cease mortgage lending activities after federal housing officials announced it was under investigation for possible fraud.
The Ocala company still operates as a holding company for Illinois-based Platinum Community Bank.
Taylor Bean’s mortgage unit is also now under order to move its customers’ existing loans to other mortgage servicers within 60 days. Regulators are holding Taylor Bean accountable for safeguarding customer payments, escrow funds and accounts.
U.S. Treasury agents raided the company’s Ocala offices earlier this month as part of a multi-faceted investigation by the Office of the Special Inspector General for the Troubled Asset Program, the Federal Bureau of Investigation and the U.S. Department of Housing & Urban Development.
Earlier this year, Taylor Bean agreed to provide troubled Colonial Bank with a $300 million capital infusion. The deal fell through in late July, and Colonial failed last week. Its deposits, branches and most of its assets were acquired by BB&T Corp. of Winston-Salem, N.C.
Copyright © 2009 The Orlando Sentinel, Fla., Richard Burnett. Distributed by McClatchy-Tribune Information Services.
AMY SMITS EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
Amy Smits of CENTURY 21 Gold in Frisco, CO has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when distressed homeowners are in, or attempting to avoid the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the Summit County area, more than 100 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
“This CDPE designation will be invaluable as I work with sellers and lenders on complicated short sales,” said Smits. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Amy Smits with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys their credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.
“I wish we had staged my house sooner!”
I hear this all the time from clients after I’ve staged their condo/house for sale. Most recently at a $6.2 million listing in Breckenridge, but also at a $100,000 condo in Boulder.
Unfortunately, many homeowners employ the following strategy: We’ll list the home vacant or tired-looking, then we’ll wait and see if it sells before we decide to stage it.
All realtors can tell you that the traffic of potential buyers is greatest when a home is newly listed. That’s when your home should look its’ best to appeal to the greatest number of buyers. Imagine the perfect person viewing your home, but not seeing the potential of the home because it’s vacant, only partially furnished, or because it just looks lived in.
The cost of staging is much less than the extra mortgage payments while your house is on the market longer. We do not charge to preview your home and give you our list of recommendations for staging (general, not specific) and estimates on the cost of staging.
This is the strategy all homeowners should employ: Stage your house at the time you list it for sale, to highlight the positive features of the home, eliminate distractions and help buyers visualize themselves and their furnishings in your home. Your house will sell quicker!
Nancy Ewing at Creative Angle REdesign and Staging can be reached at 970.333.4349 or www.creativeangle.net,
Here is some great info from a survey that was just completed.
The typical vacation-home buyer in 2008 was 46 years old, had a median household income of $97,200, and purchased a property that was a median of 316 miles from their primary residence; 35 percent were within 100 miles and 36 percent were 500 miles or more.
When asked about their reasons for purchasing a vacation home, 89 percent of buyers wanted to use the home for vacation or as a family retreat; 27 percent to diversify investments; 27 percent to rent to others; 26 percent to use as a primary residence in the future; and 17 percent for use by a family member, friend or relative.
In terms of location, 26 percent of vacation homes were purchased in small towns, 23 percent in a rural area, 23 percent in resorts, 20 percent in a suburb, and 8 percent in an urban area or central city.
Seventy percent of vacation homes purchased in 2008 were detached single-family homes, 18 percent condos, 5 percent townhouses or rowhouses, and 7 percent other.
Sixty-nine percent of vacation home buyers and 84 percent of investment home buyers purchased existing homes; the rest purchased new homes.
Investment-home buyers in 2008 had a median age of 47, earned $85,000, and bought a home that was fairly close to their primary residence – a median distance of 19 miles.
When asked about the most important reasons for purchasing an investment home, 58 percent said to provide rental income; 38 percent to diversify investments; 19 percent for use by a family member, friend or relative; and 15 percent to use for vacations or as a family retreat.
Twenty-eight percent of investment homes were purchased in a suburb and another 20 percent in an urban or central city area, 23 percent in a rural area, 22 percent in a small town, and 6 percent in a resort area.
Sixty-four percent of investment homes purchased in 2008 were detached single-family homes, 22 percent condos, 8 percent townhouses or rowhouses, and 6 percent other.
Vacation-home buyers plan to keep their property for a median of 12 years; 58 percent plan to keep their vacation home for 11 years or more. Investment buyers plan to hold their property for a median of five years.
Eight in 10 second-home buyers consider it a good time to invest in real estate, compared with 71 percent of primary residence buyers.
The size of the second-home market is significant. NAR’s analysis of U.S. Census Bureau data shows there are 8.1 million vacation homes and 40.5 million investment units in the United States, compared with 75.5 million owner-occupied homes.
NAR’s 2008 Investment and Vacation Home Buyers Survey, conducted in March 2009, includes answers from 1,924 usable responses. The survey controlled for age and income, based on information from the larger 2008 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.
• 977 sq. ft., 2 bath, 2 bdrm single story - 
MLS® $629,000
Keystone, Summit County - Rare 2 bedroom lock-off. Live or vacation in one and rent the other. All the amenities you would expect in River Run. Overlooks the pool. Underground parking w/ convenience of an elevator. Ski lockers. Steps away from the new gondola! Rentals!!!!!!!!!
Property information
• 1,792 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $319,900
Fairplay, Park County - Great 3 bedroom 2 bath home in Valley of the Sun. Big wrap around deck with nice mountain views and easy access to HWY 9. Sound proof insulation between levels. Fully furnished to sleep 10 people. Too many improvements to list~
Property information
• 897 sq. ft., 1 bath, 1 bdrm single story - MLS® $307,000
Breckenridge, Summit County - What a location! Views! Rentals! In town, near base of Peak 9 pool & hot tubs. One bedroom + spacious loft. Gas log fireplace, top corner unit. Deck off living room. Hardwood floors, infloor heat in tiled bathroom. WiFi includedMountain Views! Light and Bright Priced to Sell!
Property information
• 1,030 sq. ft., 2 bath, 3 bdrm single story - MLS® $289,000
Wildernest, Silverthorne - Walk into equity in this Fixer upper or fix and flip 3 bedroom, 2 bath condo with great views from the large deck, a huge storage closet, wonderful open floor plan and a washer and dryer in the master bathroom. This property is perfect for that get awayweekend, or a wonderful family home. Lowest priced 3 bedroom in Wildernest!
Property information
Cheapest 2Bd in Summit CO
• 552 sq. ft., 1 bath, 2 bdrm single story - MLS® $185,000
Wildernest, Silverthorne - Located in the heart of Wildernest this condo is a fantastic buy. Vaulted ceilings, top floor solitude all add up to an amazing value at only $185K. Cash flow from day one if you choose to rent it or a great weekend getaway if you are from the Front RangeLocals will find the location perfect for hopping on the Summit Stage or heading to the slopes. Don't wait....this one won't last long!
Property information
- Buy a home between January 1, 2009 and December 1, 2009.
- Get $8,000 Federal Tax Credit when you file your 2009 Tax Return (or sooner, see below).
- This does not have to be repaid. (UNLESS: You sell the home within 3 years)
- If you and your spouse make a combined income of less than $150,000 annually, or if you are single and make less than $75,000 annually, you qualify for the full $8,000 tax credit. If your income is higher, you may qualify for a partial tax credit.
- You may not have owned a home during the past 3 years to qualify. If you're married, your spouse can't have owned a home either.
- The credit is 10% of the purchase price of the home, up to $8,000 . If you buy a home with a purchase price of at least $80,000, you get the full $8,000 credit.
- The tax credit is refundable. That means that if you owe no taxes, you can choose to have the government send you the $8,000 as a refund.
- You can elect to claim the tax credit on your 2008 return , meaning you can get the credit this year, even though you didn't buy the home until 2009. This may be helpful to those who know that they will make more than $150,000 combined in 2009.
- If you closed on a home early in 2009 and have already filed your 2008 return, you can submit an amended return.
- If you bought your home between April 9, 2008 and December 31, 2008, you cannot claim the $8,000 tax credit that does not have to be repaid. You can still claim the $7,500 tax credit that has to be repaid over 15 years.
While you are at the NAHB site, you can check out other links that will take you to explanations of other provisions of the stimulous package. This is a great resource for getting some answers to your other questions about the stimulous plan.
For purposes of the tax credit, a first time homebuyer is someone who has not owned a home for three years from the date of closing on a new home . If you or anyone you know would qualify, and be in a position to take advantage of this incentive, it is an absoluutly FABULOUS gift of $8000 that may never come your way again! If you don't owe $8000 in income tax, you will get a check from the government with no restrictions on what you do with it, and no requirement to pay it back.
Questions and Answers for Borrowers about the
Homeowner Affordability and Stability Plan
Borrowers Who Are Current on Their Mortgage Are Asking:
- What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
- I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
- How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
- I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
- Will refinancing lower my payments?
The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
- What are the interest rate and other terms of this refinance offer?
The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment. All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.
- Will refinancing reduce the amount that I owe on my loan?
No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.
- How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.
Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.
- What should I do in the meantime?
You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:
- information about the gross monthly income of all borrowers, including your most recent pay stubs if you receive them or documentation of income you receive from other sources
- your most recent income tax return
- information about any second mortgage on the house
- payments on each of your credit cards if you are carrying balances from month to month, and
- payments on other loans such as student loans and car loans.
Borrowers Who Are at Risk of Foreclosure Are Asking:
- What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?
The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.
- Do I need to be behind on my mortgage payments to be eligible for a modification?
No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.
- How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?
In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.
- I do not live in the house that secures the mortgage I’d like to modify. Is this mortgage eligible for the Homeowner Affordability and Stability Plan?
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.
- I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?
Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.
- I have two mortgages. Will the Homeowner Affordability and Stability Plan reduce the payments on both?
Only the first mortgage is eligible for a modification.
- I owe more than my house is worth. Will the Homeowner Affordability and Stability Plan reduce what I owe?
The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.
- I heard the government was providing a financial incentive to borrowers. Is that true?
Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.
- How much will a modification cost me?
There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.
- Is my lender required to modify my loan?
No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate.
- I'm already working with my lender / housing counselor on a loan workout. Can I still be considered for the Homeowner Affordability and Stability Plan?
Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.
- How do I apply for a modification under the Homeowner Affordability and Stability Plan?
You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.
- What should I do in the meantime?
You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes
- information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other sources
- your most recent income tax return
- information about any second mortgage on the house
- payments on each of your credit cards if you are carrying balances from month to month, and
- payments on other loans such as student loans and car loans.
- My loan is scheduled for foreclosure soon. What should I do?
Amy and I are very pleased to announce that we have purchased the Century 21 Gold office in Frisco making us the largest real estate office in Frisco! We now have 31 real estate professionals ready to assist you in your mountain home purchase. The Gold office has a 30 year history of providing excellent service and has won numerous awards for production and quality service. Stop in today, or on your next visit to Summit county and share our excitement! Our new address is 507 Main Street, Frisco, CO 80443 and our new phone number is 970-668-2121. Hope to see you soon!
Kevin