Fort Lauderdale Blog

Appraisers -Deal Breakers?

I am encountering a great deal of frustration with appraisers, especially with VA and FHA financing.

FHA Regulatory Changes Alert

FHA announced changes in the following areas:

• The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP.

Haiti... my GOD!! what a disaster. My heart is with the families, the mothers and the fathers that lost their children, the children that lost their parents, the siblings that lost bothers and sisters... i am taking a minute to thank for having my love ones safe today.

Is Rent to Own an option in Fort Lauderdale?

The current home market seems impossible to buck. The one advantage though is that more creative options are becoming more common to navigate the apparent road blocks to owning a home.

Why the freezing cold in Florida??

It's not the first time there's been a cold snap in Florida. Over the years there have been harsh winter freezes in our area that have destroyed the orange crops and made life really cold for those of us used to much warmer climes!

But what is causing this cold snap...I thought we were in the middle of global warming trend?!

Holidays in Fort Lauderdale

The holidays are here! Fort Lauderdale always has a very special feel during the holidays, particularly on Las Olas Blvd.

Here are a few of the happenings around town..

Christmas on Las Olas
A community tradition for over 50 years, come visit the Boulevard during this season!

Riverwalk
Light Up Lauderdale's Family Fun Zone - Dec. 20
Annual Christmas Concert - Dec. 20
Holiday Antiques Show - Dec. 26-28
Kosher Comedy Tour - Dec. 26

Tradewinds Park Light Display
Take a trip to Coral Springs to Tradewinds Park where this year they are presenting a 3-D display!

Chinese Drywall Is at Issue!

So, the U.S. Consumer Product Safety Commission has released a report finding there is a strong correlation between Chinese drywall and excessive corrosion of pipes and wiring in these homes.

Picture of corroded AC coil in Florida home.

Read this story from the AP to get the full scoop!

 

Federal Tax Credit is Extended

President Obama is signed the bill passed by Congress extending and expanding the first-time homebuyer tax credit to homes under contract before May 1, 2010.

The credit, equal to 10 percent of a home's purchase price, remains capped at $8,000 for first-time homebuyers, but income limits have been raised.

Congress also approved an expansion of the credit to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another.

That will provide an incentive not only for entry level, but move-up buyers!

Here's more information and a useful site from the government about the Tax Credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Cases of Loan Modifications being revoked

Complaints continue to rise against Bank of America rescinding loan modifications granted to home owners in Florida.

Some home owners who were granted a mortgage modification found that months later their modification was revoked, the bank citing that they had been non compliant with the terms of the modification. Home owners say they do not know what the bank is talking about..they are compliant.

The Florida Attorney General is looking into the claimes. Bank of America currently has 452 complaints against them, with JP Morgan Chase showing 62. Bank of America has been more aggressive in offering loan modifications with 82,000 mortgage modification so far in Florida so their numbers are higher.

Hmmm, government can't find proof illness caused by tainted Chinese drywall

The Sun Sentinel reports that the government funded investigation over health issues caused by tainted Chinese drywall in South Florida homes, does not show high enough levels of toxic substances to warrant health issues.

Try telling that to the home owners who continue to pay their mortgages and fees while not being able to live in their homes!