October 1st brings on new real estate laws. Have you visited the web site for Amendment #1 that will be on the ballot on January 29? Will the special session of the state legislature discuss the real estate tax reform ballot measure? FHA to change rules regarding seller-financed assistance program. Is the state owned Citizens Insurance giving you the best coverage? A lender is closed down by the Fed’s.
It’s time for supporters of property tax reform to be counted. Governor Charlie Crist just launched his "Yes on 1" Web site to promote passage of the real estate tax reform, to be accomplished through a proposed constitutional amendment. "While the amendment is temporarily off the ballot, we have every confidence that the citizens of Florida will be voting on real estate tax reform on Jan. 29," says John Sebree, Florida Association of REALTORS vice president of public policy. "Floridians have suffered long enough and deserve an opportunity to vote for the largest real estate tax cut in Florida history." The Web site asks visitors to join the reform movement and includes a count of the "number of Floridians who support Amendment 1." Help make that number grow by going to the "Yes on 1" Web site, http://yeson1florida.com/.
NEW REAL ESTATE LAWS – Two new laws approved during the regular session of the Florida Legislature take effect today. SB 1824 creates new mortgage rules and greater transparency in the lending process. HB 111 effectively deregulates closing services and regulates out-of-state title insurance agents.
FLORIDA LEGISLATURE – A special session of the Florida Legislature starts Wednesday but it’s still not clear if lawmakers will discuss the real estate tax reform ballot measure. The House Speaker wants it; the Senate President does not; and Gov. Crist says he won’t take sides.
DOWNPAYMENT ASSISTANCE – The FHA announced it will prohibit borrowers from using seller-financed downpayment assistance programs that have helped hundreds of thousands of people buy homes. The rule goes into effect in 30 days.
HOMEOWNERS INSURANCE – The Florida Association of Insurance Agents says that customers of Citizens Property Insurance Corp., the state-backed insurance company, may receive less coverage and be subject to higher assessments than homeowners with policies from other insurers.
MORTGAGES – NetBank Inc., an online bank based in Alpharetta, Ga., with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults. It was the largest savings and loan failure since the tail end of the industry’s crisis more than 14 years ago.
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