Metas
Real Estate News 05/02/08
HOMEOWNERS INSURANCE
The Florida Legislature has fixed its seal of approval on a homeowners insurance bill and sent it to Govenor Crist, who is expected to sign it. Once approved, the new law, among other things, extends a freeze on Citizens rates, helps companies remove policies from Citizens, and requires insurers to pay any undisputed part of an insurance claim within 90 days.
MORTGAGES
As private lenders tighten standards and mortgage loans become harder to get, Federal Housing Administration loans, which waned during the housing boom years, are once again a top choice for homebuyers with spotty credit.
FORECLOSURE FRAUD
When a herd’s weakest members stumble (homeowners facing foreclosure), vultures (some foreclosure rescue services) swoop down to finish the job. In an effort to protect these Florida homeowners, however, the state Senate approved a foreclosure fraud bill yesterday that now heads to the governor’s desk for a signature.
MORTGAGE RATES
Rates on 30-year mortgages remained above 6 percent and almost unchanged this week. Experts polled by Bankrate.com generally agree that rates will increase or remain steady in the short term.
Comments
One Response to “Real Estate News 05/02/08”
Got something to say?
Hello Glenn
As an investor myself, I’ve seen the foreclosure vultures at work. Not all investors, like myself, are out to make a buck at any cost, but homeowners in trouble with their mortgage do have to be on the watch.
The second the notice about foreclosure goes out homeowners may see a wave of investors offering, many times, too good to be true options - which give a bad name to investors like me.
Typically if I’m looking to help someone out of foreclosure, I’ll find out what the homeowner wants. If they want to keep the house and I feel they are trustworthy enough, I’ll lease-option the house back to them or equity share.
I hear short sales are great ways to help people going in foreclosure, but I haven’t gotten into those as of yet.
I’ve heard of a newer company called YouWalkAway. I guess they help people deal with their banks, but I don’t know much else about them. Have you heard about this company?
To homeowners:
If you’re going into foreclosure and you get a sea of investors trying to bail you out all at once, be sure you talk with a real estate professional - especially if you have any equity.