The start of 2009. What’s going on?

A sampling of things in the midst.

We are in a recession/Financial Meltdown. By a common rule of thumb, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-Sept. quarter of 2008 and falling at an even sharper rate [...]

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Early Modification is the word

For those thousands of homeowners out their facing tough financial times, here’s some good news.
In the past you had to miss two or three payments before the mortgage company would talk to you about a loan modification. Now, Fannie Mae- Responsible for about 18,000 home loans, will allow borrowers facing tough financial times to request [...]

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New Condominium Laws: What Condo Commando’s might not want you to know.

For those who currently live in or will move to a condominium (One of the roughly 25,000 units in the tri-county areas), this is for you.
The Condominium Act (Chapter 718 F.S.) has been significantly amended for present and future residents.
Like just about all written statutes, there are pockets of ambiguity and issues that are open [...]

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The government’s gift to homeowners

Wondering where is your bailout- why not? every other mega-billion dollar financial institution is getting their’s.   The U.S. Treasury is offering a  little present, just in time for the holidays.
The federal government announced that it will pump some $600 billion into the mortgage market — purchasing up to $100 billion of Fannie Mae and Freddie [...]

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The credit noose is tightening

New rules and restrictions are coming. Zero down-no more…..
Affected loans are:

Mortgages for certain second home purchases.
Short-term construction loans that convert to permanent mortgages.
Cash-out refinances.
Investment loan applications where the buyer already owns at least three other rental properties.
Loans with anything less than full documentation of borrower income, credit and assets.
Too new credit with thin files.

Freddie Mack [...]

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Downtown Miami

A Steal of a deal!
There is this 1/1, a corner unit, overlooking the pool of the  Met1,
waiting for you. Designer ready!
This would be below builders prices. Don’t delay! It would have to be a cash deal!!!! 
  (Only Unit under $300,00)   
                      $215,000

Motivated Seller!
This unit wont be listed in the MLS. Buyer can’t close. Just wants out. [...]

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Credit Scoring

Credit Score- a mathematical model, can make you or brake you. It is a lenders table of measure and should be your main concern if you care about  your money. The score can determine the fees, interest rates and terms you will be offered, or not.
Remember the following:
35% The Way You Pay
Your credit history is [...]

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Credit Report. Get it!

So many people are being affected by the credit crunch these day’s, I thought a reminder that you can get your credit report for free from the three leading credit reporting companies  would be in order.

Go to it. http://annualcreditreport.com/
P.S. Don’t fall for the subscription pitches if you don’t need the additional services.
For professional advise on [...]

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Downtown Miami’s Condo Deal of a Deal

I know some of you, not all, are sitting on the sidelines
of the real estate game, waiting for the right moment to score on a deal. Right!,
Well, I believe I have one for you.
There is this 1/1, a corner unit, overlooking the pool of the  Met1,
waiting for you. Designer ready!
You could have this unit for [...]

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A Short on the Short

As you know, property tax, foreclosure and short sale are the dominant words for 2007/2008. I’ve covered these subjects in previous posts, however, short sales, now it seems, are running neck and neck with foreclosures these days.
Many people did very well buying and selling real estate while home values rose year after year  and home [...]

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