Thursday, June 30, 2011

No EHLP Foreclosure Prevention Help for Floridians


In danger of foreclosure? You have until July 22 to apply for the federal government's Emergency Homeowners' Loan Program.
By Emily Glazer, WSJ
[Unfortunately, Florida is not included in the participating states, but Puerto Rico is included. Interesting!
EHLP will be available in the following states: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. EHLP is also offered in Puerto Rico. ]

Eligible homeowners can qualify for an interest-free loan to pay a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first. The money also can be used to pay missed mortgage payments and past-due charges including principal, interest, taxes, insurance and attorney's fees.
Requirements include household income no greater than $75,000 or 120% of the area median income. Homeowners also must be at least three months delinquent on mortgage payments and have received notification of their lender/servicer's intention to foreclose.
Loans will be given out to as many as 30,000 borrowers, with an average loan amount of about $35,000, according to the Department of Housing and Urban Development.
The program is available in 27 states, including Massachusetts, New York and Texas. In most states, you must apply through a participating credit-counseling agency, such as CredAbility or Money Management International. Connecticut, Delaware, Idaho, Maryland and Pennsylvania operate and administer the program directly.
Go to http://FindEHLP.org or call 855-346-3345 for more information.
Written by Emily Glazer, Wall Street Journal
http://online.wsj.com/article/SB10001424052702304569504576408220945889118.html?link=SM_spn_re_res
  

Wednesday, June 29, 2011

2 Major Banks Offer Cash Incentives to Homeowners to Short Sell

‘Secret’ short sale reward in Florida?

FORT LAUDERDALE, Fla. – June 29, 2011 – Two lending giants are reportedly offering homeowners who are behind on their mortgage a cash reward to agree to a short sale in Florida.

JPMorgan Chase & Co. and Wells Fargo & Co. aren’t releasing many details about the short-sale incentives, but defaulting homeowners in Florida have confirmed that they’ve received anywhere from $10,000 to $20,000 from the banks in order to agree to a short sale.

To help homeowners avoid foreclosure, banks have offered a “cash for keys” program, offering money in exchange for surrendering the home, but banks offering incentives for a short sale would be new, industry insiders say. Usually the perception is that banks agree to do a short-sale transaction as almost a favor for homeowners, experts note.

The banks won’t say why only some homeowners are being chosen to receive the cash incentives, nor its criteria for choosing who gets the reward, only saying it’s determined by “individual circumstances,” according to the Florida Sun-Sentinel.

The short-sale incentives are a way for the two banks to write off the bad loans as soon as possible and avoid the lengthy process of foreclosure, experts say.

Wells Fargo says it offers the cash incentives to homeowners in Florida and other states "where the foreclosure process is lengthening," spokesman Tom Goyda told the Florida Sun-Sentinel.

In the first three months of 2011, the average foreclosure in Florida took 619 days, according to RealtyTrac Inc.

Source: “Chase Borrowers Getting Cash to Complete Short Sales,” South Florida Sun-Sentinel (June 27, 2011)

© Copyright 2011 INFORMATION, INC. Bethesda, MD http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=261702
   

Tuesday, May 3, 2011

Fort Myers High-Rise Finally Draws Crowd

By THE ASSOCIATED PRESS 
Published: April 29, 2011

FORT MYERS — For two years, Victor Vangelakos was the only resident of a 32-story riverfront tower in Fort Myers.
Now, he has dozens of new neighbors at the Oasis, thanks to new ownership and a new push to sell homes at the high-rise condominium development.

Vangelakos has been out of town, but says he can't wait to see the neighbors. Meanwhile, the Weehawken, N.J., firefighter and the developer remain locked in a bitter legal dispute.

"I'm coming there at the end of the month for just two days" on the way back to New Jersey from Miami, where he's giving a deposition in the lawsuit, Vangelakos said.

"I have yet to see it. I'm looking forward when I get down there to asking all the neighbors how things are going," he said.
The sales push, started with an auction Nov. 20, by new owner Oasis Associates LLC of 40 units to get sales going. Those units were sold at absolute auction, meaning the high bid took the unit with no minimum price by the seller.

Five months later, units have been selling steadily, said Wendy Payton-Enriquez, spokeswoman for The Related Group, which is still managing the project and handling sales.

According to Lee County Clerk of Court records, 12 units at Oasis have been sold in the past two months. The price varied from $155,000 for a one-bedroom condo on the 15th floor to $284,000 for three bedrooms on the 23rd floor.

In Tower 1, where Vangelakos lives, 82 of 200 units are sold or under contract. With a bulk sale of 224 units in Tower 2 in February, that means "the project's about 70 percent sold," Payton-Enriquez said.

The riverfront condominiums are selling briskly, Payton-Enriquez said - and most buyers are paying cash.

It has been a turbulent year for Oasis.

Bank of America, which financed the two towers' construction, filed for foreclosure a year ago on its $154 million loan to Oasis' developer, Miami-based Related. Four months later, the bank assigned the mortgage to a company with connections to Related.
Most of the buyers are using the condos as second homes, although a few are living there full time, Payton-Enriquez said.
Jeff and Carol Turcotte bought a three-bedroom unit on the 14th floor for $165,000 at the auction and now split their time between there and Bristol, N.H., Jeff Turcotte said.

"I think we ended up doing pretty well," he said. "We originally looked at Oasis when this was pre-construction. We liked the plans but thought the price was too high. We ended up buying a villa home at Moody River Estates" in North Fort Myers.
Also, Turcotte said, they moved because of the spectacular views and the project's location.

"We liked the way it was close to downtown Fort Myers," he said. "We like the restaurants, we like the proximity to the city."
Fort Myers Mayor Randy Henderson said he's glad to hear that, and that he's working to make the downtown even more of a magnet for the riverfront towers. They sprung up after the city hired Miami-based architect Andres Duany to draw up a plan to reinvigorate that part of the city.

Sales at the towers fell sharply, however, after the housing market imploded starting in early 2006. Units at Oasis, for example, now go for less than half their pre-construction prices.

"I'm a little guarded," Henderson said. "I don't want to get too optimistic, because things are going to taper off" after this winter's tourist season ends.

But he said all the signs are encouraging. City officials are in discussions to get a Columbia Restaurant downtown - the Tampa landmark dates back a century and has an enthusiastic following in Florida.

Fort Myers-based commercial real estate broker Steve Luta said he sees a general improvement in downtown real estate. "Things are selling," Luta said.

Payton-Enriquez said a lot of the buyers are Midwesterners, although Oasis is also getting interest from the West Coast and some European countries - notably Germany, Austria and Switzerland.

The buyers tend to like the contemporary design of the building and also the assurance that the auction brought to pricing, she said.
"The effect was to jump start the sales process, which was the goal."

With so many cash buyers, Payton-Enriquez said, Oasis' stability is more assured. "There's no foreclosures or short sales in there," she said.

Meanwhile, Vangelakos wants the company to return his deposit and let him out of his purchase of the unit he bought in December 2008. All the other buyers either accepted a swap for a Tower 2 unit or simply walked away from their deposits.

He and his family have vacationed at the condo, where they're usually the only people in the building.

Vangelakos attended the auction but hasn't been in town since then. He said he's certain he'll like the place more than in the years when he was the only resident and Related provided minimal upkeep.

He may not know his new neighbors yet, but they know him because of media coverage, Vangelakos said with a chuckle. "At the auction, they all knew me," he said.

Originally Published: http://www2.tbo.com/business/breaking-news/2011/apr/29/fort-myers-high-rise-finally-draws-crowd-ar-203784