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Gainesville Residents are Not Scared by the Housing Crisis

Gainesville Residents are Not Scared by the Housing Crisis

In a study conducted by Integra Realty Resources, an independent real estate valuation firm, 75% of Americans still aspire to own a home and considers home ownership as one of life’s major goals. This population of home-dreamers is based on a new poll of non-home owners aged 22 to 50.

According to the study, Americans continue to be enthusiastic on home ownership despite the housing crisis that significantly dropped housing prices in many markets.

Gainesville Florida has seen a decrease in inventory due to high demand while home prices are still slightly decreasing. The decrease in pricing is attributed to Gainesville Short Sales and Foreclosures. However, there are still issues with quality sound buyers obtaining financing.

The research study further revealed that non-homeowners under 30 years old are even more positive about home ownership than those above 30, to which, 47% of respondents under 30 strongly believes owning a home is still important compared to those above age 30 at 41%.

Despite the increased appetite of Gainesville Florida home ownership, many Americans feel they are left on the sidelines as they are unable to obtain any of the record-low mortgage rates or even those of record-high housing affordability. Moreover, the younger generations expressed their struggle to come up with the finances needed to buy a home in the face of increased job instability.

31% of all respondents say they can’t buy a home due to lack of down payment while 24% are holding off for fear of bad investment and 21% say they are not buying any soon considering the uncertainties of the economy.

It is unfortunate for the parents of the younger generation. Many have purchased properties for their college bound students to avoid paying high rents and get a return on their investment to only be stuck with the underwater properties today. This is where an experienced Gainesville Short Sale Agent can assist the parents even though this property is considered an investment home.

Other Articles to Read:

Are Gainesville Homes for Sale More Affordable?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Choosing the Best Offer for Gainesville Short Sales

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Is your Mortgage Lender and Where you Bank the Same

Is your Mortgage Lender and Where you Bank the Same – How many of us truly sit down and read every document we sign when we have a stack of papers sitting in front of us and we have some place better to be? This is all too common, especially in Gainesville Real Estate, Car purchases, signing up new bank accounts.

Now, if we all sat down and read the fine print we would see that verbiage that might just make us go “hmmm?”

So let’s talk about your short sale lender, mortgage lender or foreclosure lender and having a bank account with them. You may want to think twice! In the fine print, when you sign up for an account it states you give them the right to directly access your bank account and remove the monies owed them if you become behind on your payments, such as a loan.

It is not that Gainesville Home Buyer’s intention to default on their mortgage, life happens. This can be attributed to loss of job, financial hardship, medical hardship, death in the family.

Accounts that you share with your children or family are not protected either. In most instances, if you are only an authorized user on the account and it is not in your name the short sale or mortgage lender is unable to touch it. The same goes if the account is opened as Tenancy by the Entireties.

Let’s say you are husband and wife and you share a joint bank account however your spouse has a mortgage only in his/her name and they are delinquent on their payments. A creditor cannot go after those monies based upon the joint account being tenancy by the entireties. They are not to consider this money on a financial worksheet as monies that can be accessed when working through a short sale.

This type of account is not permanent. Say your spouse passes away, this type of account is no longer considered tenancy by entireties.

Other Articles to Read:

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Options To Prevent Gainesville Foreclosure when Unemployed

Gainesville Short Sales – Know Your Options

Banks to Prove they Own Note to Foreclose

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Federal Housing Administration’s (FHA) secretary, Shaun Donovan, announced that the agency will be selling off distressed mortgages in bulk. This move attempts to prevent foreclosure for thousands of homeowners and shed those seriously delinquent home loans.

Every time a new announcement comes from any administration it is usually glossed over with “HELP”, but not sure of the impact. So far programs such as HAMP and HAFA, though great in theory, rarely work out for homeowners.

In line with this, the housing administration aims to sell 5,000 mortgages each quarter beginning in September of 2012.

The housing bubble burdened the agency with over 700,000 seriously delinquent mortgages which mostly originated from the years 2007 through 2009. There are regulations on how deeply these loans can be modified for as long as they are backed by the agency. My question is how many people will this really save? Remains to be seen. I have seen so many people get their hopes up in trying out these programs only to be discouraged because the lenders representatives do not even understand them! There are many Gainesville Short Sales that have come about from these programs not working for the homeowner.

Donovan supported debt reduction for underwater homeowners and helped realize the $25 billion foreclosure-abuse settlement with the nation’s largest banks, which includes the homeowner debt relief. FHA-insured loans are technically eligible for debt reduction, but only few loans are expected to reduce since banks usually prioritize loans not insured by the agency. Doing the math it sounds as if it will help a very small percentage of distressed homeowners going through a Gainesville Short Sale

Donovan, in his statement at the Clinton Global Initiative in Chicago, said that selling these loans could create a backdoor route to debt reduction and those investors who buy them would have greater leeway to reduce the principal loan or offer rent-to-own arrangements and other means of making the mortgage more affordable to homeowners.

Borrowers whose loans are sold will soon receive calls that their loan balance will be dramatically reduced or they will be offered with a set of options that will reduce their monthly mortgage dues. This is probably the best news that homeowners has ever heard of. Well it takes 1 to 3 years to complete a loan modification for most to only to be let down.

This program qualifies loans that are more than 6 months delinquent that went through FHA’s available foreclosure prevention programs; their loan servicers must have started the foreclosure process, and the borrower must not have filed a bankruptcy. Note owners would have to halt foreclosure proceedings for at least 6 months and should agree not to sell half the properties for at least 3 years.

To mobilize the program, FHA will have to sell the loans at deep discounts. At present, the agency receives only 36 cents on the dollar for a foreclosed home. So the agency may be able to come up with a price offer that is attractive enough for investors without losing money. The pilot version of the program sold more than 2,000 distressed loans. But there has been no confirmation on how much the sales had yielded.

Carrington Mortgage Holdings’ executive VP, Rick Sharga, disclosed that investors would typically pay 40 to 60 cents on the dollar for seriously delinquent loans, but this depends on the local market and whether it is a judicial foreclosure.

FHA emphasized its potential to help homeowners who are behind their payments and those whose property values are threatened by neighborhood foreclosures.

The agency extends its efforts in refinancing loans with lower interest rates to borrowers who are current on their mortgage payments. Effective June 11, 2012, according to FHA, homeowners with FHA backed loans will save an average of $1,000 a year when they refinance.

Other Articles to Read:

Gainesville Florida Renter Rights During Foreclosure

Short Selling and Renting from the New Owner – Gainesville Short Sales

Where will the mortgage settlement fund go?

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Rent To Buy Schemes | What You Need To Know

Rent To Buy Schemes | What You Need To Know

This is a real estate scheme that purports distressed homeowners into their property under a rent-to-buy plan. The scammers will ask the homeowner to sign over the deed of the home to a company or individual who has a good credit standing so that the homeowner could secure a new loan and eventually save the home from foreclosure. The homeowner is then offered to stay in the house and rent it out, further guaranteeing that the homeowner could buy it back after a year when finances are stabilized.

The short sale scammers don’t actually intend to let the homeowners stay.
Plans have already been designed to evict the homeowner through the following:

1. The new borrower will not pay the mortgage so that the short sale homeowner is forced to leave.
2. Create a tight contract on rent payment terms so that when the homeowner violates, the short sale scammer files for eviction.
3. Keep increasing the rent so that the homeowner couldn’t keep up.

Another version of this scheme is when the perpetrator would ask the homeowner to sign over the deed of the property and move out within a promise that they will look for a buyer and sell the home. The scammer then promises the homeowner to give a part of the profit once the house is sold. But when the homeowner moves out, the scammer will only rent it out to someone else and then disappear with the money. What makes this scheme unforgivable is that the homeowner loses the home but is still obligated to make mortgage payments.

Scam Alert: Never sign your deed over to anyone offering these types of resolution for foreclosure. If you happen to encounter unsolicited recommendations and offers, please refer to your realtor immediately or contact the Federal Trade Commission at 1-877-ftc-help or visit their website at www.ftc.gov

Rescue Loan Deception
This is another type of scam wherein you are asked to sign documents for a new loan or make your existing debt current. It appears like you are refinancing your home, when in fact, you have signed a forged document that surrenders your home title to a scammer in return for a rescue Loan.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Is your Gainesville Short Sale Lender Delegated?

Is your Gainesville Short Sale Lender Delegated? You may be surprised to find out what “delegate” means in short sales.

To come straight to the point, the word “delegate” in short sale literally means what it is, to entrust to another.

You may be making payments directly to Bank of America, Wells Fargo, or Nationstar, but that doesn’t mean that they are your lenders. In this case, they are referred to as “servicers”. This is because, even though these lenders have lent you the money, they may have subsequently sold your loan to an investor which legally transfers their authority over the loan to the new owner—the Investor.

Your lender is now stripped of the power to approve the short sale.

What happens is that these servicers have been assigned by the investors to receive the mortgage payments, which is why you are still making payments directly to them. They are paid to do so.

You may have wondered why this happened without your knowledge. It is because when your note gets sold, they do not need to notify you. It is only when your servicer is changed that you must be notified.

The investors hire the servicers to keep them from being involved with the day to day operations of payments and other servicing details. The investor could be Fannie Mae, Freddie Mac, Pension funds, Insurance companies, and etc. Although majority of the notes are presently owned by Fannie Mae or Freddie Mac. Ask your Gainesville Short Sale Agent to lookup your loan for Freddie Mac or Fannie Mae

By delegating, these investors assign authority to the servicers to approve short sale on their behalf. However, this is grounded by certain parameters that vary for each investor.

A simple example: An investor authorizes the Servicer to approve a Gainesville Short Sale given that the loss they incur is less than 35% of the loan value. The borrower becomes 30 days delinquent on payments, they live in the property and with their debt plus mortgage payment they are 31% of gross income. Should the short sale fit within these parameters, then the Servicer can issue the approval without asking the investor.

When you are requesting a Short Sale request, it is almost always made to the Servicer. And if the Servicer is delegated, they are able to approve the Short Sale without going to the Investor which saves a lot of time. The time saved is significant— as it easily cuts the Short Sale time for approval in HALF.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Top 10 best places to buy foreclosed homes in 2012

Top 10 best places to buy foreclosed homes in 2012
After the real estate and housing bubble burst in mid-2000s, which lowered the residential real estate to a whopping 50% below its market value, some states have finally showed signs of recovery and stability.

Some real estate markets have advanced as compared to the others. If you are planning to buy a foreclosed home today, you may have wondered where the best places are.

Let’s take a look at the metropolitan areas that offer the biggest discounts and highest potential return on investment (ROI) to investors and homeowners.

To help you search for a foreclosure bargain, here are the top 10 best places in America to buy foreclosure in 2012.

To come up with the top 10 list, researchers started with the nation’s 100 largest metropolitan statistical areas based on population. Then they short listed by selecting markets with a minimum of 200 sale transactions in January 2012. This was further narrowed by selecting the metros whose average foreclosure sale price was at least 30% below that of the regular price of non-foreclosed homes. Unemployment and sales prices were also considered during the study to come up with the following statistical data.

January 2012 Foreclosure Sales

  • Kansas City
  • Boston
  • Pittsburgh
  • Tulsa, OK
  • San Francisco
  • Cape Coral-Fort Myers, FL
  • Charlotte
  • Tucson, AZ
  • Seattle
  • Columbus, OH
  • Average Sales Price $73,257
  • Average Sales Price $195,672
  • Average Sales Price $73,142
  • Average Sales Price $86,725
  • Average Sales Price $307,803
  • Average Sales Price $102,022
  • Average Sales Price $118,808
  • Average Sales Price $112,660
  • Average Sales Price $212,565
  • Average Sales Price $98,223

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Why Hire An Experienced Short Sale Agent | Gainesville FL

Why Hire An Experienced Short Sale Agent | Gainesville FL

When short sales became prominent in the Gainesville Florida area many homeowners, professionals and Gainesville Realtors® were unfamiliar with what is a short sale. Gainesville short sale agents

Find out how other sellers successfully completed short sale and avoided foreclosure.

Gainesville Short sales or short sales in any city throughout Florida require double to triple the amount of work. The extra effort can be very daunting. A successful short sale transaction requires all parties to be cooperative and needs a persistent, diligent and experienced short sale agent. Many agents openly admit they hate or do not understand the short sale process.

An inexperienced Gainesville Short Sale Agent will tell you:
“Stop Paying your Mortgage”
“Just Walk Away”
“Hide your Assets”
“To avoid a promissory note you must convince the negotiator at the PMI Company that you have not assets and no disposable income that can be used to pay them.”

This is considered legal advice and that short sale agent just practiced law without a license and they asked you to commit mortgage fraud.

Is that the type of person you want working for you? Do you think that type of agent is ethical?

If your agent has no experience with short sales, then they may either give up or mess up during the process. Make sure to hire an experienced short sale agent that has successfully closed short sales.

Thinking about a short sale? Send me an e-mail at sasjrussell@gmail.com or call me at 352-260-0153 for a free evaluation.

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Where will the mortgage settlement fund go?

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

The Homeownership Preservation Foundation (HPF) has informed us that home foreclosure prevention scammers are getting busy this year, taking advantage of foreseeable foreclosure crisis.

Gainesville Florida homeowners need to be very wary of existing scams. It is imperative that Gainesville underwater homeowners do their homework to understand their options and that there are not any quick fixes! How to Avoid Short Sale Scams.

The HPF, a network non-profit group, which helps distressed homeowners avoid foreclosure through their HOPE hotline, confirmed that the number of mortgage foreclosure fraud has increased to about 60% this year. And that these scammers were easily able to penetrate on home retention modus as federal programs are being modified to reach homeowners needing help.

Gainesville agents are not all the same If you are facing foreclosure, then consider speaking to an expert Gainesville Short Sale Agent to find out how you are able to be helped.

Unfortunately, in every government initiative that attempts to alleviate housing crisis, comes the numerous scams that go along with it. What’s interesting is, these scammers are usually the same people doing this bad business and using different names to avoid easy tracking.

These scammers carry out their scheme by offering mortgage foreclosure avoidance assistance. But they do not ever work out. The same service is provided by trained HPF counselors with no money involved. What is potentially harmful are the personal documents provided to the scammer.

When I speak with homeowners I am astounded at how many have been approached by a questionable company. It is extremely sad and scary that your entire personal, financial and family information is taken advantage of.

The HPF could not determine if all of the reported instances were 100% fraudulent, but all of the complaints have been filed by the HPF to the appropriate governing agencies.

What is more alarming is that almost 50% of the scams involve an attorney or a single individual offering a special legal service to these restless borrowers.

HPF now calls the attention of the public to never pay an upfront fee on any home-saving assistance firms. Whenever any amount of money is involved, drop the deal and call the non-profits instead, they are sure to offer the same services at no charge at all.

Other Gainseville Foreclosure Scams and Gainesville Short Sale Scams to avoid are the following:

  • Signing over your deed
  • Having someone other than a legitimate and vetted company or attorney complete a loan modification
  • Providing up front fees for services other than paying an attorneys consultation or legal fees
  • Other Articles to Read:

    More homeless? Where will the mortgage settlement fund go?

    Short Sale Process – What to Expect

    Short Sale Top 10 Questions

    When can you obtain a mortgage again after Bankruptcy – Short Sale – Foreclosure?

    Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

    Please seek legal advice. This information is for informational purposes only.


    Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

      

    Gainesville FHA Home Buyers – FHA Fee Hike

    Gainesville FHA Home Buyers – FHA Fee Hike Gainesville short sale agents learned that the Federal Housing Association (FHA) will raise their fees this year, worrying future homeowners. Monthly Insurance Premiums (MIP) for loan amounting to less than $625,000 will increase by 0.10%, making the premium reach 1.25% from the previous of only 1.15%. And this June, larger loans will increase by 0.35% thus, making the total premium to 1.5%.

    Just last year, FHA increased their upfront mortgage premium by .75 of one percentage point, making a total fee of 1.75%. This means of $300,000 loan, the borrower’s monthly mortgage premium becomes $5,250 as compared to the previous premium of $3,000. On top of that, a borrower has to place a down payment of 3.5% of the total loan amount.

    The FHA targets to add $1.25 billion in revenue by September 2013. This increase aims to replenish the agency’s reserves. Now we remember that their reserves have already been reinforced by the government’s settlement from suing banks. FHA’s financial woes have already been lifted up, what’s the fee hike for?

    Gainesville short sale agents are puzzled on where the money goes and if the government intends to prevent future home ownerships. How ironic that the government collects all the settlement money and yet the home owners are still suffering losses and mortgages are rising. Just when we thought that the government sued the banks to recover losses and help in housing recovery, it is more likely that they are adding more housing misery.

    Will an increase in Gainesville Florida FHA fees help rescue our housing stress in the long run? We can only wait for answers.
    Gainesville FHA Home Buyers – FHA Fee Hike

    Other Articles to Read:

    More homeless? Where will the mortgage settlement fund go?

    My Gainesville Short Sale Appraisal Came in Low, Now What?

    Where will the mortgage settlement fund go?

    When Can you Own a Home Again After Foreclosure?

    Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

    Please seek legal advice. This information is for informational purposes only.


    Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

      

    3

    More homeless? Where will the mortgage settlement fund go?

    More homeless? Where will the mortgage settlement fund go?Gov. Jay Nixon will cut a considerable amount of budget for public colleges and universities. His announcement was made in times when the nation’s top mortgage companies have not yet been settled.

    He is just one of the politicians who would divert funds to other purposes but foreclosure. With multimillion-dollar budget gaps, $25 million deal is sure to be tempting to state governments.

    Affected homeowners of the mortgage crisis would still get some share, but as announced by attorneys general in 49 states, approximately $2.7 billion has been allotted for state governments, adding that they may use it as they wish.

    Some have promised to use it to help struggling homeowners or create new initiatives to provide assistance to children left homeless by the cruel foreclosures. Still, there are states that plan to tap some of the dollars to support their budgets. When this happens, many opposed to this decision will surely raise their voices.

    This issue brings to mind what had happened to the 1988 tobacco settlement wherein the states spent billions in different projects, not one related to restricting smoking.
    The money intended to help consumers alleviate their mortgage troubles should be properly and justly earmarked and not be put on any other purpose.

    Putting a one time payout on immediate expenses will only exhaust the money, leaving the next year ahead at risk. There are several states that practice this but reasons that the most immediate problems should be dealt with high priority.

    All these dilemmas came in when the attorney general bestowed authority on state governments to spend the big amount of money however they feel necessary. But there have been a lot of suggestions coming in as to where the money should be spent.

    With multimillion dollar budget deficit, the great $25 billion deal is pretty much alluring the state governments who pretty much needed the fund. We will see in the coming weeks and months if this cash will more like benefit the homeless or their budget.

    Remembering again what had happened in the 1998 tobacco settlement wherein the money was spent on unfruitful sectors and not one went to campaign to quit smoking, the diversion of money is extremely discouraged.

    The verdict in settlement decision will come from the federal judge in Washington sometime in February just when the lawmakers will be planning the budget for the next fiscal year.

    The Republican legislative leaders commended the Democratic governors’ decision to use the money to reduce the budget deficit. Nevertheless, Nixon’s approach has relieved students from possible tuition fee hike.

    Marie Cocco of Tobacco-Free kids stressed the failure 1988 Tobacco settlement, and emphasizes that it should be a lesson to learn from.

    As the money is insufficient to meet the demands of economy, some consumer advocates pledged to be watchful in the disbursement of money.

    Other Articles to Read:

    Gainesville FHA Home Buyers – FHA Fee Hike

    Gainesville Florida Foreclosure Fraud Up – Avoid Scams

    Fast Gainesville Short Sale Approvals on Fannie Mae Loans

    Short Selling and Renting from the New Owner – Gainesville Short Sales

    Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

    Please seek legal advice. This information is for informational purposes only.


    Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents