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Gainesville – Short Sale Banks are Offering Incentives

Gainesville – Short Sale Banks are Offering Incentives Many short sale lenders are offering incentives to homeowners to decrease the amount of foreclosures.

JPMorgan Chase went national with short-sale incentive and deed in lieu offers last year, paying up to $35,000 in some cases. Unfortunately, when a Gainesville homeowner receives a letter in the mail they have a timeline for the borrower to respond. As with some of my clients they call the number provided in the letter and the short sale representative on the other end is not familiar with the terms in the letter.

Bank of America started testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. This was a trial run in November and December with very strict criteria.

Wells Fargo’s incentive program offers range from less than $3,000 to $20,000.

Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures. In cities and states such as Gainesville Florida, a judicial state, where foreclosures go through the court, 50% of the loans in foreclosure are more than two years past due.

Banks are more willing to do short sales now than in the past, however short sale lenders will not say how often or when they will offer incentives. You will see short sale incentives more often in states where foreclosures take more time.

HAFA foreclosure prevention program also offers short sale incentives, at least $3,000 for sellers, but far more short sales are being done outside the government program.

Other Articles to Read:

Will Florida Speed up the Foreclosure Process?

Gainesville Short Sales Hiring Incompetent Short Sale Agent

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Gainesville FHA Home Buyers – FHA Fee Hike

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 – Bank of America Cooperative Short Sale Program

Gainesville – Bank of America Cooperative Short Sale Program – The bank of America’s new Cooperative Short Sale Program is designed to increase its bottom line profit and through this, homeowners/borrowers will benefit as well, since it makes the short sale process less difficult to handle. This is good news both for Gainesville short sale agents and home sellers and buyers.

The bank makes more money with short sales than foreclosures. The Bank of America would gain control of the whole short sale undertaking once it has the authority to pick the short sale list price and through the Cooperative Short Sale, it will be able to approve the short sale earlier.

The Cooperative Short Sale would also help patch certain setbacks that the bank had faced such as:

– A bad reputation for delayed processing of short sales;
– Incorrect short sale pricing by short sale agents (Gainesville short sale agents) due to the uncertainty of how to handle short sales; and
– Buyers were giving lowball offers due to the period it takes in buying a short sale.

So, what specific benefits can homeowners get from the Bank of America’s Cooperative Short Sale program?

First and foremost, sellers will receive a moving allowance worth $2,500. The Bank of America will no longer demand for the deficiency payment and it will be the one to set the listing price of the home – reevaluation of the price happens every 2 weeks until the buyer comes. And lastly, the bank will not foreclose on your home.

This Cooperative Short Sale Program by the Bank of America will help thousands of Gainesville FL homeowners and Gainesville short sale agents.

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

  

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Gainesville Short Sales – Freddie Mac Relief Save Your Home

Gainesville Short Sale – Freddie Mac LP Relief Program Can Save Your Home

If you are a homeowner in distress with your Freddie Mac loan – you currently have an upside down mortgage or currently have an adjustable rate mortgage where payments continue to increase, then the Freddie Mac LP Relief Program is just what the Dr. ordered.

Gainesville short sale agents reveals the insider information on the new Freddie Mac Relief Refinance Mortgage, it is the Home Affordable Refinance Program (HAFA). It offers aid from simplified appraisal requirements, standard mortgage insurance, and no maximum loan to value ratios.

For borrowers who make on-time payments yet are unable to refinance because of declining Gainesville property values, the Freddie Mac LP Relief Program may save your day by helping you to refinance into a better mortgage so you will be eligible for long term successful home ownership.

Gainesville homes for sale showcases this new program and its new extensions:

Eligibility requirements for mortgage:
You must be a first lien, owned by Freddie Mac.
Your Freddie Mac closing must be on or before May 31, 2009.
You must be seasoned for a span of three months.
The mortgage being refinanced is eligible for refinancing if it has mortgage insurance.
The mortgage being refinanced is ineligible for refinancing if the mortgage has recourse, indemnification or other credit enhancements.

Benefit for borrower (must result in one of the given benefits)
You will receive a reduction in interest rate.
You will receive a replacement of an ARM.
You will receive a reduction in the amortization term of the first lien mortgage.
You will receive a reduction in the monthly principle and interest payment of the first lien.

No maximum LTV (Loan to Value) ratio for fixed-rate mortgages
For ARMs, the maximum LTV ratio is 105 percent.
For mortgages with LTV ratios lower than or equal to 80 percent, the maximum TLTV or (HTLTV High Loan to Value) ratio is 105 percent.
For mortgages with LTV ratios higher than 80 percent, no maximum TLTV and HTLTV ratios will exist.

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

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

  

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Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Foreclosure News – Lease Deposits During Foreclosure – Delays on mortgage payments by the landlord result to a foreclosure. A judicial process for foreclosures is required in Florida; therefore, the lender must file a foreclosure case by court.

A notice of lawsuit is posted on the home. The landlord has the option to either negotiate with the lender or make full payment on the home in order for the foreclosure not to proceed. The tenants are also notified and this is through a notice posted on the home once the schedule for the foreclosure sale has been set.

To ensure recovery of lease deposits – for security, pets, etc. – from the landlord, Gainesville Florida renters should respond quickly as soon as the notice comes. Delay to act lessens their chance to get a refund. Renters should also inquire about the foreclosure in order to be guided on what to do.

Renters can file a lawsuit

Gainesville Florida renters who will be pressured to move out from the foreclosed home, according to Foreclosure news, can file lawsuits in state court for the damages. A breach of contract case may be filed in court for early termination cases. Claims of fraud may also be filed in court if the landlord continued collecting rent even after the home was foreclosed. The renter may be able to go to Small Claims Court for these charges depending upon the amount of lease.

Other Articles to Read:

Gainesville Homes Short Sale Update – Freddie Mac LP Relief Program Can Save Your Home

Gainesville Short Sale Update – Banks Are Calling Homeowners To Solicit Short Sales

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

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

  

Avoid Notice of Default – Refinancing Balloon Mortgages

Avoid Notice Of Default – Refinancing Balloon Mortgages – Gainesville Short Sales, What is a balloon mortgage? It is a type of mortgage on which the mature balance is due. Balloon mortgages or loans, aside from the repayment obligation, are somewhat alike to standard fixed-rate mortgages or FRMs.

To better understand this type of loan, let’s say a five-year balloon loan for $100,000 is at 5 percent for a span of 30 years. With the same rate and term, the $537 initial payment would be the same as on an Fixed Rate Mortgage.

The balance of $91,829 on the balloon loan must be repaid after five years. The loan at this point may be refinanced with the existing or another lender or extended at the current market rate.

Balloon mortgages/loans are not that popular in the U.S. unlike in Canada where one-to five-year balloon mortgages have been the standard tool for quite a long time. However, a number of balloon mortgages in the U.S. were written in the years before the financial crisis hit, having balances that will mature in five or seven years, meaning, dues are fast approaching.

Below are some scenarios relevant to balloon mortgages and the action points to take:

Balloon refinancing: Timing is a big issue for those borrowers having balloon mortgages who are eligible to refinance with their current lender or another lender.

Scenario: A balloon payment is about to mature on January 10, 2012 and the borrower tries to refinance with another lender who is consuming much time. The loan might not be closed until the due date on the balloon arrives.

Action point: The lender bearing the balloon will merely charge the borrower with interest for each day the payment is delayed. Frequently update both lenders about the progress.

Refinancing a balloon for underwater homeowners: The borrower having a balloon balance which is greater than the value of the home is facing a more serious situation.

Scenario: The balloon payment is about to mature in December 2012 and the existing balance on the loan is about $150,000. The selling price of the home in today’s market may be at $125,000. Is the lender expected to refinance the mortgage/loan?

Extension of the term at the same rate for five years more will likely be offered. You have the will not to accept the offer if you have difficulty in making payments on this mortgage. Having no other options will compel you to attempt negotiating. You’re direction is to default and this would inflict a big loss on the lender’s end. The best course is to provide you with a refinance.

If necessary, the lender should be willing to relieve your payment problems through loan terms modification. You negotiate on the deal that arises. It will be better to refinance a balance which is about equal to the home’s value. A distinct drop in the interest rate could be your backup. Your lender should perceive that you carry on with two options, refinancing at terms you can afford or acquire a notice of default.

Illustrated below is an example of potential hazard:

A homeowner tried to refinance his first mortgage. He had a second mortgage and paid off $400,000 balance to proceed in taking the second lender’s offer to accept $250,000 as full payment. The homeowner willingly complied believing that it will enable him to refinance his first mortgage. His credit score had been excellent until it was found out that the second mortgage lender had declared to the credit agencies that the transaction and considered paid for less than full balance. As a result, his credit score fell and hindered refinancing of his first mortgage.

Credit score write-downs have been prevalent in mortgage modification programs and even those under the federal Making Home Affordable program are included. The same dilemma is being faced by homeowners with underwater balloon mortgages that are about to mature who choose to take a private modification. One factor that needs to be negotiated on with the lender is how the transaction will be reported to the credit agencies.

No other lender will vouch to refinance an underwater mortgage/loan. The only option is for the existing lender to refinance or else, you will be required to default.

Extension of the term at the same rate for five years more will likely be offered. You have the will not to accept the offer if you have difficulty in making payments on this mortgage. Having no other options will compel you to attempt negotiating. You’re direction is to default and this would inflict a big loss on the lender’s end. The best course is to provide you with a refinance that would allow your payments to continually come and this will help you to eventually pay off the mortgage.

If necessary, the lender should be willing to relieve your payment problems through loan modification. You negotiate on the deal that arises. It will be better to refinance a balance which is about equal to the home’s value. A distinct drop in the interest rate could be your backup. Your lender should perceive that you carry on with two options, refinancing at terms you can afford or going on default.

Other Articles to Read:

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Gainesville FHA Home Buyers – FHA Fee Hike

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

  

Banks have to Prove they Own Note to Foreclose


Banks have to Prove they Own Note to Foreclose


This highlights the 4th District Court of Appeal’s ruling, which requires lenders-banks to prove owning the homeowners’ note as prerequisite to foreclosure. This foreclosure news will give hope to homeowners who are facing foreclosure particularly for Gainesville Florida homeowners. Understand the difference between a mortgage and a note.

The said ruling may compel the lenders-banks to drop some of the cases they have against homeowners. Until they obtain the real note, they can’t proceed in starting the foreclosure over again. This is beneficial first and foremost for Gainesville Florida homeowners because they get a chance to prove their case in court. It will also benefit foreclosure defense lawyers and Gainesville Florida short sale agents in terms of having enough time to get a short sale approval for their sellers.

Foreclosure News also reveals Florida Supreme Court’s decision to work on a case that had undergone foreclosure already. Allegedly, the lender backdated the note when they presented it to court. The court claimed that the ruling they made on the case of the homeowner who had already lost his home would give a dent on the foreclosure crisis in Florida.

According to thousands of Florida homeowners, the lenders did not have the original note with them when they filed for the cases. The banks mostly resorted in acquiring the note prior to the final foreclosure summary judgment disposition. The appeals court, however, demanded for the banks to prove their ownership of the property prior to their filing of complaint toward homeowners and foreclosure summons.

The 4th District Court of Appeal administered the ruling that banks are deemed to have and prove ownership of the notes on which they have filed foreclosure.

According to Foreclosure News, instead of the summary judgment hearing; the homeowners are entitled to undergo evidentiary hearing. If the lenders/banks are not confident about the note, they will have to expel the case.

Summary judgments, according to foreclosure news, are only usual in foreclosure cases. For such issue, it is best to seek advice from a Florida foreclosure defense attorney.

Other Articles to Read:

Foreclosure News Reports On More Loan Transferring

Avoid Notice of Default – Refinancing Balloon Mortgages

Short Sale Top 10 Questions

Gainesville Florida Renter Rights During Foreclosure

Call Stephanie Anson today at 352-535-0620 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 FL Foreclosure News – Loan Modification Failures Are Rising

Gainesville FL Foreclosure News reveals that foreclosures are on the rise while alternative modifications on these loans are declining. As of November 1, based on the Treasury Department data, about 10.6% of the 615,000+ abolished HAMP trials reached completion of the foreclosure process; this surpasses double the 4.4% of failed HAMP trials foreclosed on as of November of 2010.

Based on the Treasury data, about 39.7% of the cancelled HAMP trials have gone through the bank’s own private programs (we are seeing a sign here), dropping from 45.4% over the same time frame. As compared to last year, more of the Home Affordable Modification Program trials through foreclosure by Mortgage servicers have failed. It takes on average about 684 days in Gainesville Florida for a home to foreclose.

Although lower, foreclosure completions as a percentage of borrowers never accepted into HAMP trials are still on the rise. As of November 1, about 7.6% of 1.8 million borrowers denied a HAMP trial were able to finish the foreclosure process and this is a 5% increase from last year. Considered flat over the last year, about 26.5% of these borrowers were given alternative modifications.

The rising foreclosure completions on failed HAMP trials came about at almost every large servicing store taking part in the program and the highest increase has been observed by the Citigroup. About 13.5% of the 71,808 HAMP trials that Citigroup cancelled were able to complete the foreclosure process as of November 1, which is a 3.1% increase from the prior year.

As compared to 1.9% last year, about 9.3% of failed HAMP trials have gone through foreclosure at the Bank of America, they are the largest participant in the program. With an increase of 11.3% from 6.2% at JPMorgan Chase; and 12.8% increase from 6.4% at Ally Financial through the same time duration. OneWest Bank held the highest percentage in the program they are up by 10% from last year. OneWest foreclosed on more than 19% of the 20,000 failed HAMP trials. No wonder why Gainesville Florida homeowners are frustrated. At 6.7% – almost the same from last year – Wells Fargo obtained one of the lowest percentages of completed foreclosures on such modifications. This may indicate that the data is starting to rebound the higher re-default rates and that servicers are defining poorer performing private modification.

As compared to a 31% re-default rate for other private programs, 17% of the 108,000 HAMP modifications that started in the second quarter of 2010 have gone about 60 or more days behind through the year.

We will start seeing more Gainesville short sales and foreclosures on the market.

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

Real Estate Agents In Gainesville: Understanding FICO Scores

Gainesville Florida Lease Deposits During 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.

  

Short Sale Agents in Gainesville Encourage Homeowners To Take Action

Short Sale Agents in Gainesville Encourage Homeowners To Take Action – Are you a homeowner who has or had a financed or refinanced mortgage with OneWest, GMAC, JPMorgan, Washington Mutual, Chase, IndyMac, Citi, Wachovia, Wells Fargo, Bank of America, Litton, Saxon, or Ocwen? Or are you a homeowner who had transferred to another servicing agent within 2001-2009? If you are, then you may be qualified to apply for a settlement with the above-mentioned lenders.

Short Sale Agents in Gainesville believe that these lenders have intentionally falsified property value with inflated appraisals, shredded documents, and financed no income- no job- no assets loans, and allotted billions of dollars for settlements; although they do not acknowledge to be accountable. In the years 2001-2009, the creditors/lenders have generated billions in profit from homeowners and they have already foreseen this day. Short sale agents in Gainesville have discovered that many homeowners will be eligible for a settlement.

A lot of homeowners are experiencing foreclosure or have been dispossessed with large equity. To know your options and establish settlement intentions, Short Sale Agents in Gainesville encourage you to seek the guidance of an attorney specializing in mass joinders. Please check the following links:

Government Sues Banks for Selling Bad Mortgages
60 Minutes: Title companies forged title documents
‘In Progress’ Mortgage Litigation cases across the USA
Bank of America Settling Claims Stemming From Mortgage Crisis

A pre-trial demand/QWR is a means for these types of legal firms to make claim settlements.
They look for cash settlement, rate reduction, and a sizable principal reduction. These firms specializing in mass joinders opt for settlement instead of pleading the case in front of a jury, which is beneficial to homeowners.

So, do not procrastinate. It’s time for you to take action!

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

Choosing the Best Offer for Gainesville Short Sales

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.

  

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Options To Prevent Gainesville Foreclosure when Unemployed

Options To Prevent Gainesville Foreclosure when Unemployed

Unemployed and Facing Foreclosure

There have been rules by FHA obligating lenders to extend their fortitude to homeowners who are unemployed for the span of 12 months. These rules took effect in July 2011 and are geared toward giving assistance to unemployed homeowners for them to make it through the economic depression.

The original fortitude timeline was limited to four months but the timeline for most homeowners had been extended to 12 months after the prolonged state of unemployment. More than 45% of the unemployed have been hunting work for more than 24 months.

Short Sale Agents in Gainesville believe that homeowners will be given more chances to find employment during this time of economic depression if the timeline for the fortitude will be extended.

In order to prevent foreclosure, a time of review at the end of the 12 months has been implemented to assist the homeowners.

Short Sale Agents in Gainesville Florida are encouraging those FHA borrowers who are having difficulties on their mortgages during extended unemployment status to call their lenders rightaway – now that a special fortitude option is being offered. An FHA borrower will be qualified in getting more assistance than would be available once a loan default process is enforced when they take the time to notify the lender about the unemployment status.

Other Articles to Read:

Know Your Options

Loan Modification Failures Are Rising

Mortgage Relief For Unemployed

Refinancing Balloon Mortgages

Call Stephanie Anson today at 352-535-0620 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.