Naples Real Estate News 06/17/08
HOUSING AID
Major mortgage lenders have agreed to streamline and speed up the process for assisting distressed homeowners following criticism that they’re too slow and sometimes unresponsive. Under new guidelines, homeowners seeking help can expect an answer within 45 days.
GULF OIL DRILLING
With high gas prices squeezing many consumers, there’s more pressure to lift the ban on oil and gas drilling in the waters off Florida’s Gulf Coast - a move that could threaten the state’s pristine beaches and $65-billion-a-year tourism industry. But according to United States Senator Bill Nelson, Democrat from Florida, drilling proponents are using high gas prices "to scare the public into thinking coastal drilling offers a real solution to our dependency on oil." Probably would be much better if we reduced the consumption of petroleum related products and spent more on the development of alternative fuels.
HOUSING STARTS
The Census Bureau reported this morning that May housing starts fell by 3.3 percent compared to April numbers.
FORECLOSURES
A few buyers with good credit have discovered the "buy and bail" strategy: Buy a second home at a good price, tell the new lender that you plan to rent out the first home, and then walk away from the original home, leaving the first lender holding the bag. This strategy is not recommended - you will be negatively impacting your credit score, exposing yourself to a possibly deficiency judgment (depends upon the state laws and mortgage), as well as, the possibility of signing an unsecured promissory note for any deficiency.
Comments
Got something to say?