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CAPITAL GAINS QUESTIONS ON THE SALE OF A PROPERTY?
CONTACT ME REGARDING THE "ABILITY-TO-REPAY" MORTGAGE RULES
CHANGES THAT WILL AFFECT YOU.
REAL ESTATE NEWS
RE: THE MORTGAGE FORGIVENESS DEBT RELIEF ACT
As part of the new budget. However, nothing confirmed.
However, the fact that USDA delayed (again) the enforcement of the new boundaries as a result of the 2010
Census, means they feel the housing market is still in need of helping those areas. Meaning, the housing market hasn’t
Fully recovered and there are still TONS of homes that are in default without full resolution (be it short sale, modification, or foreclosure).
Harp 2 was implemented because the cap on LTV’s was insufficient for many homeowners, plus they extended that program until 12/31/2015.
For further details contact me.
NEWSLETTER CATEGORY ON LEFT
FOR BUYER AND SELLER RESOURCES SEE BELOW.
Go to this link to view all of the tax benefits for 2014:
Effective January 1, 2014.
You can contact me for further details or go to:
Key House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.
Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, announced the bipartisan legislative fix for the National Flood Insurance Program (NFIP) that she said will assure that “changes are implemented affordably.”
Senators Mary L. Landrieu, D-La., Johnny Isakson, R-Ga., Robert Menendez, D-N.J., Jeff Merkley, D-Ore., Thad Cochran, R-Miss., Heidi Heitkamp, D-N.D., David Vitter, R-La., and John Hoeven, R-N.D., are among those sponsoring the legislation in the Senate.
Waters was a chief architect of the bipartisan Biggert-Waters Flood Insurance Reform Act that ordered an end to many premium subsidies for property owners and a remapping of communities along with other changes that are resulting in many homeowners facing big premium hikes and more property owners being told they must buy flood coverage. In some areas, the premiums hikes are beginning to affect home sales.
The Biggert-Waters law was intended to help reduce the debt of the NFIP, a debt now estimated at more than $25 billion, by bringing rates charged more in line with the risk and losses in flood-prone areas.
The new legislation calls for a four-year delay in most rate increases and requires FEMA, which administers the flood program, to complete an affordability study and propose regulations that address affordability issues.
The bipartisan deal comes after several weeks of negotiations with Democrats and Republicans in the House and Senate. Waters said that on Oct. 9, in the midst of the government shutdown, she convened a bipartisan meeting of nearly 20 House members, as well as Senate staff, to build consensus around an agreement to delay and fix the program.
“Over the past several months, I have felt the harm and heartache that many Americans have already experienced as a result of changes to the National Flood Insurance Program. From the start, I have made clear that I would lead the effort to fix the unintended consequences of the Biggert-Waters Flood Insurance Reform Act,” said Waters in a statement released by her office announcing the deal.
She said the legislation will be released this week in the House and Senate. It will impose a delay likely to total four years for the most vulnerable properties, by delaying implementation of rate increases until two years after FEMA completes an affordability study, which was mandated in Biggert-Waters but not undertaken.
In addition, the legislation requires FEMA to propose regulations that address the affordability issues within 18 months after the completion of the study and establishes a six month moratorium thereafter to provide for Congressional review.
The proposed delay applies to: primary, non-repetitive loss residences that are currently grandfathered; all properties sold after July 6, 2012; and all properties that purchased a new policy after July 6, 2012.
FEMA has estimated it will take two years to complete the affordability study before regulations can be issued and reviewed by Congress, meaning rate increases would be delayed for approximately four years in total, according to Waters.
In addition, Waters said the legislation:
Lawmakers from both parties have been clamoring for a delay in the Biggert-Waters reforms.
Business, taxpayer and insurance interests immediately criticized delaying Biggert-Watersas “unfortunate”and “preposterous.”
LOOKING TO BUY? LOOKING TO SELL?
FLORIDA'S HOMETOWN REALTOR
VALID ONLY WITH DONNA K.
UPDATES AND MORE.
"She sold my lake lot within 2 months of the date I signed the contract with her. Previously I had it listed for more than 3 years with another realtor with no positive results."
The detailed "results" were?
"I listed with Donna several years ago. Then, I was persuaded by my daughter to sign with a former relative who was a realtor. I asked Donna to allow me to cancel with her, about a week later. She had already put in the time and effort of doing a write-up on the property preparing for the on-Iine listing & taking pictures. But she graciously agreed to allow me to cancel without charging me, which she could have done.
When the property failed to sell after more than 3 years, I canceled the contract with the other realtor (fined with a fee) and called Donna & listed with her. She called me weekly to give me updates on the activity that had taken place. In less than 2 months she had 2 interested parties which resulted in an offer and sale. She had numerous contacts & leads she worked to market the property. She negotiated a good price for me. During the offer & acceptance period, Donna quickly responded to any calls & e-mails I made. She put in extra effort to explain all details about the offer, my choices, closing costs, etc. She made sure I had a comfort level with all documents I would be seeing at close. I had no surprises and all went very smoothly. She showed concern about the location of the closing since it was about 40 minutes away for me. She offered to meet with me at a closer location & then, meet with the buyers at a separate time at the other location. I told her it was no problem for me to drive there. But her priority on convenience for me was an indication of the service I received from Donna.
She always told it like it was. By that I mean, I had views of the current market for land, etc. She showed me sales, values, market activity. She did not try to tell me what she thought I wanted to hear. She would tell me what was happening, as she saw it.
I got more feedback from Donna in the few months from listing the property to close of the sale, than the entire 3 years I had it listed with the previous realtor."