April 30, 2009
As if the real estate industry doesn’t have enough problems, you can add an estimated 5,000 alleged mortgage fraud complaints every month! Criminals are taking advantage of the desperation that homeowners, who have found themselves in a foreclosure situation, are experiencing.
Although the Senate voted on Tuesday, April 28, 2009 to hire hundreds of more FBI Agents and prosecutors to investigate these crimes, there are a few steps that you can take to protect yourself and your investment.
First and foremost; ALWAYS stay in touch with your lender! Some scam artists will insist that you only speak with them and that they can help to get you out of the financial mess that you are in. This is a big red flag! Your lender is the person that your mortgage is through; no one else can get that information without your permission. Remember, that if it sounds to good to be true, it probably is, don’t allow your desperation to believe all that you hear!
Do not sign anything that you don’t completely understand and have not read thoroughly! Take it to a real estate lawyer, if need be. A common mortgage scam is as simple as a slight of hand card trick! The scam artist will try and rush you through the signing process or leave blank spaces that they can fill in later, don’t fall for it!
Mortgage rescue services that ask for money “up front” is clearly a sign of fraud. They will collect thousands of dollars from you and promise to speak to your lender about lowering your payments. They will then tell you that the lender is not able to help and thank you for your business! If your lender is not able to help you through any loan modifications, check with the Housing and Urban Development (HUD) and see if you can receive any relief through them. If you have exhausted all options and are seeking for a Mortgage Relief company, be sure to research any company that your are thinking of doing business with through the Better Business Bureau.
Here’s another classic scam…a business or a person approaches you and offers to buy your property and sell it back you when your finances are straightened out. During this time you will be allowed to rent your home so that you won’t have to move. This is called a Reconveyance Scam; the reality is that these scammers will make it impossible to purchase your home back and will cash in on your equity as well!
The bottom line is to be aware, and protect yourself from these criminals by taking just a little extra time to so some research; you can save yourself a whole lot of money and heartache!
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April 29, 2009
According to the Conference Board of economists, the Consumer Confidence Index rose over 12 points in March up to 39.2, which is the highest that it has been since November!
As consumer spending counts for over 2/3 of the economic activity in the country, during times such as these, economists keep a close eye on the consumer confidence. When consumer confidence goes up, spending begins and the economy has a fighting chance to right itself once again.
Two of the biggest fears that could lead to a drop in consumer confidence are the rapidly rising unemployment rate and the swine flu outbreak! The swine flu could actually stall economic spending with the travel and tourism industry.
However, the real estate industry is showing positive signs of recovery, as prices seem to have hit bottom and the inventory is starting to diminish, especially here in Citrus and Hernando County Florida!
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April 28, 2009
According to CNN, the Obama Administration plans to expand the foreclosure prevention program in order to include second mortgages. The original $75 billion program was designed to allow distressed homeowners an opportunity to save their home from foreclosure through refinanced mortgages, lower monthly payments and modified loans. However, during the time of the Housing Boom, many homeowners purchased second mortgages with little or no down payment. These second mortgages have created more debt for homeowners in trouble and, according to the new administration, almost 1/2 of the “at risk” borrowers have a second mortgage.
The new program will reduce the interest rate on second mortgages to 1% for loans that consist of payments that cover both the interest and the principal, and will also reduce interest-only loans to 2%. In addition, loan servicers that join this new program will receive a $500 compensation for each loan modification and $250 every year for up to 3 years, as long as the borrower remains up to date on their payments.
If all goes well, the new program should aid in the foreclosure crisis by, not only giving incentives to loan servicers, but by giving distressed homeowners another chance to fight for their homes.
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April 26, 2009
Landlords are collecting the cash, but tenants are still finding themselves out on the streets. This issue has become very real in the real estate market of today.
It seems that although you’re landlord may be collecting the rent, some are not turning it over to the bank. Perhaps the home is underwater and they just don’t see the point, with the courts clogged with foreclosures, it could be years before the case stands in front of a judge and what better way to make a few extra bucks?
Protect yourself! There was a time when landlords did background checks on their tenants before they rented them their homes, in today’s market; doing a background check on the landlord is just as good of an idea.
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April 24, 2009
Yep, it’s true, according to the data that was released yesterday by the Florida Association of Realtors (FAR), existing home sales are still on the rise! March statistics show a 32.7% increase in existing home sales across Florida, in comparison to the month before. Nationally, according to the National Association of Realtors (NAR), sales dropped 3%, but locally, we are spiraling upwards!
As a first time homebuyer, taking advantage of the low interest rates and $8,000 tax credit is a great incentive, but in order to qualify for the tax credit you must close by Dec 1, 2009! Therefore, if you are looking to purchase real estate in the Hernando and Citrus County, Florida area, feel free to shop around, there are plenty of awesome deals still out there, but don’t take too much time, or you may lose out on some of the great incentives available to you!
Other Related Articles
Now is the Time to Get the Real Estate Deals
Purchasing the Right Investment Property in Hernando and Citrus County Florida
Tips for First Time Homebuyers to Shine in Hernando and Citrus County Florida
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April 23, 2009
We are amidst the spring selling season for real estate at the moment, and today the existing home sales data for March should be released. There has been some evidence that that the home sale prices are beginning to hit rock bottom, which indicates that now it the time to buy!
First time home buyers are being lured in by the low interest rates, $8,000 tax credit and the amazing low home prices. Real estate investors are watching the housing inventory decline and the sales prices drop and are preparing to make their move. These prices and incentives will not last forever, as the inventory declines; home prices will rise.
If you’re even remotely interested in purchasing a home, don’t wait it out, in a few years time you will regret not getting in on the deals that are out there.
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April 22, 2009
We are stepping into a new “green revolution”. Americans are searching for a greener way of life, and as this is a buyers market for real estate, more and more potential home buyers are looking for ‘green homes’.
Educate yourself in the ‘green home’ market! Green Real Estate Education (GREE) is a great source for green building education and certifications for less than $100. GREE’s green building concept courses are recognized by national and state organizations and you can even use the classes for continuing education credits!
These online classes or classroom delivery courses aren’t just for real estate agents; GREE offers inspector courses, mortgage courses, appraiser courses, building trade courses and consumer courses, as well.
In celebration of Earth Day, educate yourself in the new ‘green revolution of real estate’!
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April 21, 2009
It seems in our Country that personal responsibility is rapidly becoming the new “fad”. Let’s hope that it continues and flourishes. Along those lines, the Houston Association of Realtors announced the launch of a program that allows home buyers and sellers to rate the performance of Realtors. The REALTORS are rated in the following categories:
Competency
Market Knowledge
Communication
My Experience
Under the program, the buyer’s Realtor and seller’s Realtor each receive an e-mail asking for their client’s e-mail address when a for-sale property listing’s status is changed to “sold,” according to HAR’s Web site.
“Asking clients to evaluate their Realtors in a number of areas enables our members to easily gauge what they’re doing well and identify areas of improvement,” HAR Chairwoman Vicki Fullerton said in a statement.
In areas like Citrus and Hernando County, an out of town Buyer may have difficulty finding an agent they enjoy working with. Perhaps this is a way to help resolve that potential issue. CENTURY 21 Alliance prides itself on having the finest agents in both of these Counties.
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April 20, 2009
Gas prices are on the rise again…here are this weeks lowest gas prices…
Gas Stations in Citrus County
BP
6825 W Gulf To Lake Hwy
Crystal River, FL. 34429
Regular $2.199 – Plus $2.299 – Premium $ 2.209 – Diesel $2.399
Shell
3502 N Lecanto Hwy
Beverly Hills, FL. 34465
Regular $2.119 – Diesel $2.009
Cumberland
2805 N. Florida Ave.
Hernando, FL. 34442
Regular $2.039 – Plus $2.039
Lil Champ
1943 NW US HWY 19
Crystal River, FL. 34428
Regular $1.999 – Plus $2.219
Gas Stations in Hernando County
Murphey USA
19365 Wiscon Rd.
Brooksville, FL. 34601
Regular $2.029 – Diesel $2.159
Exxon
14311 Spring Hill Dr.
Spring Hill, FL. 34609
Regular $2.009 – Diesel $2.199
7-11
14333 Spring Hill Dr.
Spring Hill, Fl. 34609
Regular $2.019 – Plus $2.119 – Premium $2.219
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April 17, 2009
If you are unable to make it to any of the Earth Day Celebrations this month, celebrate Earth Day by ‘greening up’ your home!
Here are some simple ideas that you can do over the weekend that will not only promote a healthy home, but a healthy environment as well:
Change out a few, if not all, of your incandescent light bulbs to CFL bulbs. This act will not only save energy, it will save money as well. The price of these bulbs has gone down significantly, there are still more expensive than the incandescent bulbs, but you will see the difference on your electric bill.
Add some fresh plants inside the home, mother-in-law tongues, areca palms and money trees promote fresh air. According to a study by Kamal Meattle in Delhi, the Areca Palm cleanses the air during the day, the Mother-In-Law’s Tongue’s convert co2 into oxygen over night and Money Plant filters out Volatile Organic Compounds in the air.
Pot some herb seeds to keep as potted plants, this way if the sun gets to hot you can move them into a shadier spot.
Do a little Spring Cleaning, but keep in mind the three R’s, reuse, reduce and recycle, almost anything can be used for a different purpose than it was intended. Although, re-using items is always much better than recycling them, before throwing something into the garbage, see if it can be recycled.
Change the filters in your A/C unit, your car or your water system. Clogged filters not only create a situation were the product has to work harder; thus creating more harmful emissions, but it can cause health problems, too.
Keeping a green home is not only great for the environment, but it’s a healthier way of life!
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