Orlando Short Sale Expert | Orlando Short Sales, Orlando Short Sale Realtor / Agent

Freddie Mac vendors sold fewer REO properties in the third quarter than they did earlier in the year as nonperforming loans continue to climb.

More than 25,300 repossessed homes held by Freddie Mac sold in the third quarter, down 13.5% from the nearly 30,000 in the previous three months. It was also a 17% decline from the record-setting 31,600 sold in the first quarter.

At the same time Freddie unloaded the 25,300 REO, it repossessed another 24,300 homes back into the inventory. At the end of the quarter, Freddie held 60,000 REO on its books, which has been trimmed — as new foreclosures are completed — from 75,000 one year ago.

If the current trend holds, and the GSE reduces a net 1,000 REO from its inventory every quarter, it would take 60 quarters to unload its entire inventory — roughly 15 years.

And that’s with a severely constricted foreclosure pipeline due to recent servicing problems and new regulations. As it opens up, the market will be asked to absorb even more REO sales just to remain on that current trend.

“The pace of REO acquisitions remained slow in 3Q 2011 due to continued delays in the foreclosure process for single-family mortgages,” Freddie said. “We expect these delays will likely continue into 2012. However, we expect our REO inventory to remain at elevated levels.”

Meanwhile, nonperforming assets continue to mount. These troubled mortgages totaled $127.9 billion, or 6.6% of its total mortgage portfolio, in the third quarter. That’s up 3.2% from the previous quarter.

To help manage the still mounting problem holding back housing and as an extension the overall economy, the Obama administration and the Federal Housing Finance Agency began asking market participants for ideas on selling these properties in bulk and even possibly renting them.

Before a House subcommittee Thursday, FHFA Acting Director Edward DeMarco reiterated that such a strategy will not be implemented nationwide but on a local level.

“We are not looking to develop a single, national program for REO disposition. We are most interested in proposals tailored to the needs and economic conditions of local communities,” DeMarco said. “We received nearly 4,000 responses to the RFI and are reviewing the submissions.”

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Jerry LaRose is an Orlando Area Residential Real Estate Expert and Foreclosure Specialist who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake, Osceola and Brevard County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent and realtor who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

We also have now expanded to help homeowners to Stop Foreclosure in Brevard County Florida. Servicing Melbourne, Coco, Coco Beach, Satellite Beach, Palm Bay, Indian Harbour Beach, South Patrick Shores, Palm Shores, Rockledge, Cocoa West, Merritt Island, Port Saint John and Titusville Florida

Call us at 407-580-7011 or email at jerry@JerryLaRose.com  to find out more about Orange County Short Sales and Orlando Area Short Sales.

Orlando Short Sales, expert, specialist, Realtor, Keller Williams Realty, agent, broker, short sale, stop foreclosure

Fannie Mae recently announced new rules that will require mortgage servicers to act more quickly and consistently in helping troubled homeowners avoid foreclosure.

Fannie told servicers they must strive to build a “strong customer service relationship,” better understand why the borrower is missing payments, and educate them on ways to prevent foreclosure.

“We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help them avoid foreclosure,” says Jeff Hayward, senior vice president of Fannie Mae’s national servicing organization.

Also among the revamped guidelines, Fannie told servicers they will be required to contact homeowners verbally and in writing within 120 days after a loan first becomes delinquent. They will need to try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.

If foreclosure is unavoidable, servicers will need to follow a clear timeline and must begin the foreclosure process once a loan has been delinquent for more than 120 days. Servicers also must make it clear when a property in the foreclosure process will be sold.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert and Foreclosure Specialist who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.
Please visit:
Avoid Foreclosure / Short Sale Help http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com
Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com, or http://OrlandoRealEstateVoice.com ,
If you’re a Buyer looking for Great Deals – http://InvestmentPropertyDealsOrlando.com
Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake, Osceola and Brevard County Florida and Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent and realtor who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.
We also have now expanded to help homeowners to Stop Foreclosure in Brevard County Florida. Servicing Melbourne, Coco, Coco Beach, Satellite Beach, Palm Bay, Indian Harbour Beach, South Patrick Shores, Palm Shores, Rockledge, Cocoa West, Merritt Island, Port Saint John and Titusville Florida
Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.
Orlando Short Sales, expert, specialist, Realtor, Keller Williams Realty, agent, broker, short sale, stop foreclosure

A Republican-led proposal circulated Monday would boost the down payment requirement for mortgages backed by the Federal Housing Administration, a move that some industry experts said would shut potential homebuyers out of the market.

Borrowers who take out FHA-insured mortgages are permitted to put down as little as 3.5 percent, making those loans an especially attractive choice for first-time homebuyers. But as defaults rose during the housing market’s worst days, FHA’s cash reserves dwindled, creating concerns that taxpayers may have to come to the agency’s rescue.

The Republican proposal would require most FHA borrowers to put down at least 5 percent. Those who support the idea say that forcing borrowers to have more equity in their homes would better protect homeowners against default and thus improve the agency’s finances. The issue will be discussed Wednesday at a House Financial Services subcommittee hearing led by Rep. Judy Biggert (R-Ill.).

The proposal has not been formally introduced in legislative form. And it’s unlikely to gain traction without bipartisan support, said Jaret Seiberg, an analyst at MF Global Inc. But if enacted, its immediate impact on the housing market would be negative, he said. Gathering the upfront cash is often the biggest hurdle for those buying their first homes.

Demanding more money down “would make it even harder for first-time buyers to enter the housing market regardless of their incomes or earning potential,” Seiberg wrote in a note to clients Monday.

Mark A. Calabria, director of financial regulation studies at the Cato Institute, said larger downpayments would no doubt have some drag on the housing market. “But it’s a modest drag because it’s a fairly small change,” said Calabria, who is scheduled to testify at Wednesday’s hearing. “It’s a smart and reasonable thing to do.”

A similar Republican proposal stalled in the House last year after the Obama administration vehemently opposed it, warning that such an increase would undermine the already fragile housing market by shrinking the agency’s loan volume.

At a hearing last year, FHA Commissioner David H. Stevens told House lawmakers that raising the minimum downpayment to 5 percent would lower the agency’s loan volume by 40 percent in the next fiscal year and shut out 300,000 first-time homebuyers.

Since then, the FHA has raised its downpayment to 10 percent for borrowers with the poorest credit. In a report to Congress, the administration said it would consider raising FHA’s downpayment requirement as part of a broader effort to curb the government’s role in housing finance. Separately, the administration teamed up with banking regulators to propose a rule that would enable only those who put down 20 percent to get the lowest interest rates, though that rule does not apply to FHA borrowers.

The administration declined to comment Monday on the most recent Republican proposal. But at least one banking industry consultant, Brian Chappelle, plans to tell lawmakers Wednesday that the proposal is unnecessary, especially now that FHA has raised the fees it charges borrowers by 60 percent since 2008 and dramatically improved the credit quality of its borrowers in recent years.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales

Fannie Mae has released new details on its book of business, which shows the share of mortgages it owns or guarantees that’s past due by three months or longer has been on a steady decline for a year now.

The nation’s largest mortgage company reported that its seriously delinquent rate on single-family mortgage loans slipped to 4.44 percent in February of this year. That’s down just 1 basis point from 4.45 percent in January, but it marks the 12th straight month that the rate has decreased.

In February 2010, the Washington, D.C.-based GSE’s seriously delinquent rate stood at 5.59 percent, and it’s dropped every month since.

On Thursday, both Fannie Mae and its government-backed counterpart Freddie Mac announced that under the directive of their regulator, the two companies are aligning their procedures for handling past-due mortgages.

With the new guidelines, the GSEs’ goal is to create a consistent and transparent process that enables homeowners to make better informed decisions to avoid foreclosure.

The new rules direct servicers to reach out to delinquent homeowners earlier, provide a single point-of contact for borrowers throughout the loss mitigation process, align

mortgage modification terms between the two companies, put all borrowers into a trial period prior to a permanent modification, and adhere to specific foreclosure processing timelines.

Under the new guidelines, servicers must conduct a formal review of each case to ensure a borrower has been considered for foreclosure alternatives before the loan is referred for foreclosure. In addition, the servicer will not be allowed to move ahead with a foreclosure action while engaged in loss mitigation efforts to resolve the delinquency.

Monetary incentives will be awarded to servicers that perform well and fines will be imposed on those that do not. Fannie Mae anticipates providing its servicers with full guidelines on the updated requirements during the second quarter. Dates for putting the new rules into effect have not yet been issued.

“Fannie Mae has long advocated for servicing standards that include clear and consistent options,” said Michael J. Williams, president and CEO of Fannie Mae. “We have taken unprecedented steps to educate families about their options through our Fannie Mae Mortgage Help Centers, KnowYourOptions.com, and other mortgage relief efforts.”

Williams continued, “The servicing alignment initiative complements these efforts, which is good for families and good for American taxpayers. Fannie Mae fully supports this Initiative, and we remain committed to stabilizing communities and building a stronger foundation for housing.”

Fannie Mae recently released its 2010 Mission Report, detailing the company’s efforts to provide liquidity and stability to the nation’s mortgage finance market.

The GSE reports that last year, it provided funding for 599,000 borrowers to buy homes, refinanced the mortgages of 2.1 million homeowners to put them into more sustainable loans, and helped more than 500,000 homeowners avoid foreclosure.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales

By the end of 2011, foreclosures under Fannie Mae and Freddie Mac – which hold or guarantee roughly 90% of all U.S. loans – must follow the same procedures. Loan servicers under Fannie and Freddie will be rewarded if they perform well and punished if they do not, according to Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco

“This initiative will direct servicers to reach families earlier, communicate more frequently and clearly, and provide relief,” says Michael J. Williams, Fannie Mae president and chief executive officer.

Changes under the new guidelines:

• Loan servicers cannot work with homeowners on their loans while simultaneously moving forward with a foreclosure, called a “dual track” by FHFA.

• Loan servicers must contact homeowners as soon as they become delinquent and focus solely on remediating that delinquency. As long as the “borrower and servicer are engaged in a good-faith effort to resolve the delinquency,” a foreclosure cannot move forward.

• The servicer must formally review each case before taking any actions to consider the homeowner for any foreclosure alternatives.

• Loan servicers will be rewarded for speed. If a loan is modified in some way within four months, for example, the servicer receives $1,600. If it takes over seven months, however, the servicer gets only $400.

• Even if the foreclosure process has already begun, loan servicers will be paid a “financial incentive” if they continue to help the homeowners find an alternative to foreclosure.

• There will be fewer forms to fill out. “It will simplify the process … by giving borrowers one application to fill out and servicers one application to review for all Freddie Mac loan modifications and foreclosure alternatives,” says Freddie Mac Chief Executive Officer Charles E. “Ed” Haldeman Jr.

In addition to helping at-risk homeowners, “the newly aligned policies will minimize taxpayer losses by ensuring that (Fannie and Freddie) loans are serviced efficiently and fairly,” says DeMarco.

Fannie Mae and Freddie Mac will issue detailed guidelines to their servicers in the second and third quarters of 2011.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

The cost of getting a mortgage is rising as higher fees hit more borrowers, including those with stellar credit.

For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. The mortgage giants are also adding risk fees to more loans extended to people with stellar credit. To avoid a fee or to get a discount, most borrowers will need FICO scores of 740 or better and down payments of 25 percent or more. Lenders could absorb the cost, but most are expected to add it to loan costs within days, if they haven’t already, says Cameron Findlay, LendingTree economist. The increases affect most loans with longer than 15-year terms sent to Freddie starting March 1 and to Fannie on April 1.

For example, a buyer of a $200,000 house who has a 700 FICO credit score and 20 percent downpayment will pay $1,600 for the Fannie risk fee vs. $1,200 before. If the borrower’s score is 680, the fee will be $2,800. Borrowers can pay fees upfront, or lenders will price them into interest rates.

While not huge, the new fees are notable in that they’re being added to more loans that go to borrowers with higher credit scores.

FICOs generally go from 300 to 850; the median is 711. With few exceptions, risk fees hadn’t applied before to borrowers with FICO scores of 740 or above.

Now, they’ll face the smallest fee, 0.25 percent of the loan amount, if they put down less than 25 percent. “For the first time, these fees apply to virtually everybody,” says Keith Gumbinger of mortgage research firm HSH.com. For single-family home buyers and standard refinances, the fees will hit 88 percent of the borrower categories set by Fannie and Freddie, up from 70 percent, he says.

Freddie and Fannie announced the changes last year. They’re “intended to more accurately reflect changing risks in the housing market,” says Amy Bonitatibus of Fannie Mae. Before the change, loans to borrowers with 740-plus FICO scores paid risk fees on some loans, such as cash-out refinances, says Freddie Mac spokesman Brad German.

Freddie says the increases will have a “nominal effect” on affordability. A 0.25 percent fee would add less than $10 to the monthly payment on a 5 percent, 30-year fixed-rate loan for $200,000, it says.

Yet, higher fees will make it harder for some consumers to qualify, Findlay says. For those that do, the fees aren’t likely to scare them off, given today’s low interest rates, he adds.
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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.
Please visit:
Avoid Foreclosure / Short Sale Help http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com
Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com, or http://OrlandoRealEstateVoice.com ,
If you’re a Buyer looking for Great Deals – http://InvestmentPropertyDealsOrlando.com
Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake or Osceola County Florida and Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.
Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

The Federal Housing Administration (FHA) will suspend it’s anti-flipping rule for another year to help continue to speed the sales of some foreclosed homes.
In 2003, the Department of Housing and Urban Development (HUD) issued a rule that prohibited the FHA from insuring a mortgage on homes that were owned by the seller for less than 90 days.

The rule was designed to avoid “flipping” properties — buying and quickly reselling them at inflated prices to unsuspecting borrowers.
That was several years before the housing market crashed and foreclosures flooded the market.
Last February HUD lifted the ban for one year to accelerate investors’ sales of foreclosure properties. Last week, HUD extended the rule wavier for another year, until January 2012.

The housing market needs whatever it can get to speed up foreclosure transactions which can get bogged down by a host of conditions including delays, clean up issues, fix-up problems and fraud.

Without FHA mortgage insurance for a resale within 90 days, sellers balk at FHA buyers because the sellers will have to endure carrying costs along with the risk of vandalism associated with allowing a property to sit vacant for long periods of time.

Today, low-down payment FHA loans account for 30 to 50 percent or more of home purchases, depending on the location.
“With 65 percent of home buyers using FHA loans in the Inland Empire (California), this will continue to encourage investors to purchase, renovate, and re-sell these homes, get them in better condition, and make them eligible for traditional FHA financing,” said Brad Yzermans, a mortgage broker with First Priority Financial.
The extended waiver is also seen as a way to bolster FHA’s reserves, which had fallen well below levels recommended by Congress.

The new policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales.

To protect FHA borrowers against predatory flipping practices the waiver is limited to sales that meet the following general conditions:
• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• No pattern of previous flipping can exist for the property.
• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets controlled conditions.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for Purchase program.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.
Please visit:

Avoid Foreclosure / Short Sale Help http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com
Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com, or http://OrlandoRealEstateVoice.com ,
If you’re a Buyer looking for Great Deals – http://InvestmentPropertyDealsOrlando.com
Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake or Osceola County Florida and Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.
Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

Freddie Mac and Fannie Mae have lifted the ban on the sale of foreclosed homes, frozen since the document handling fiasco that started nearly two months ago. Freddie Mac sent a memo to agents instructing them to “resume all normal sales activity” while Fannie Mae issued a memo telling agents to “proceed with scheduling and holding the closings” of foreclosed sales.

Fannie Mae also instructed agents to coordinate with appropriate personnel “if a title issue arises with respect to the potential defect of an affidavit used in the underlying foreclosure.” Fannie and Freddie owned nearly 240,000 properties at the end of September, valued at nearly $24 billion.

Analysts claim difficulty selling those homes could lead to higher carrying costs for the mortgage titans. Further delays also could prompt buyers that had been under contract to lower their asking prices or to walk away from deals altogether which could cause the mortgage giants to incur heavier losses.

In August, Fannie Mae told mortgage servicers that they would face fines if foreclosures became unreasonably prolonged in a bid to avoid costly delays. The Federal Housing Finance Agency (FHFA) worked with Fannie Mae to make the decision after a thorough examination of foreclosed properties which the mortgage company has acquired.

“Our decision was motivated by several factors including the protection of buyers with title insurance, the negative impact lingering foreclosed properties has on neighborhoods and the cost burden that is placed on taxpayers when [bank-owned] sales are suspended,” a Fannie spokesperson said in a statement. Fannie Mae said it would resume sales for properties with loans that had been serviced by units of Ally Financial Inc., Bank of America Corp., PNC Financial Services Group Inc., J.P. Morgan Chase & Co., OneWest Bank, and Sovereign Bank.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.
Please visit:
Avoid Foreclosure / Short Sale Help http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com
Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com, or http://OrlandoRealEstateVoice.com ,
If you’re a Buyer looking for Great Deals – http://InvestmentPropertyDealsOrlando.com
Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake or Osceola County Florida and Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.
Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

“Now that we’ve gotten the Q3 reports from Fannie, Freddie and the FHA, the picture of housing’s future is becoming ever clearer.  The combined Real Estate Owned (REO) inventory of the three rose 24 percent quarter to quarter and 93 percent year over year.

In real numbers, at the end of Q3 there were a record 293,171 REO’s sitting on their books. This of course doesn’t count REO held by the banks and private label securities. That’s up from 153,007 at the end of Q3 2009.  Granted, the GSE’s and FHA have disposed of (sold) an awful lot of properties. In the first 9 months of this year they’ve sold over 200,000, but that still leaves us, net, with the above numbers, which are also rising at a fast clip.  Now let’s add the foreclosure mess.

The numbers I just reported don’t account for the foreclosure sale freezes that are still in place in many states, because the freezes didn’t happen until the very last few weeks of Q3. REO inventory will likely drop precipitously in Q4, as all those foreclosures sit in limbo with no sales and no evictions, only to surge again once the banks get the paperwork flowing again.  None of this should come as any surprise, given that the number of bank repossessions surged to new record highs at the end of the summer.  So why am I bombarding you with all these numbers? Because as I have always said, over and over, the housing’s recovery is based almost entirely on inventory.  We can talk prices, affordability, confidence, foreclosures, scandals, politics, whatever you want, but in the end it comes down to supply and demand.  We are looking at a ballooning supply coupled with dwindling demand. You do the math.”

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area.

Please visit:

Avoid Foreclosure / Short Sale Help  http://OrlandoShortSaleExpert.com, or http://ShortSellMyOrlandoHome.com

Our Website http://JerryLaRose.com or www.JerrySellsOrlando.com,  or http://OrlandoRealEstateVoice.com ,

If you’re a Buyer looking for Great Deals –  http://InvestmentPropertyDealsOrlando.com

Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

Call us at 407-580-7011 or email at jerry@JerryLaRose.com to find out more about Orange County Short Sales and Orlando Area Short Sales.

CHANGE #1

On September 1, 2010, HUD released Mortgagee Letter 2010-28 regarding changes to FHA mortgage insurance premiums. The letter states that, on August 12, 2010, the President signed into law new legislation which allows HUD to increase the amount of the annual mortgage insurance premiums charged for FHA single family housing mortgage insurance programs. For purchase and refinance transactions, HUD has decided to raise the annual premium which is collected on a monthly basis (the “monthly MI”) and simultaneously lower the upfront mortgage insurance premium (the “MIP” which is typically financed into the loan) “so that FHA is in a better position to address the increased demands of the marketplace and return the Mutual Mortgage Insurance (MMI) fund to congressionally mandated levels without disruption to the housing market.”

Effective for FHA loans with case numbers assigned on or after October 4, 2010, the upfront mortgage insurance premium for purchase and refinance transactions will change from 2.25% to 1.0%. The annual mortgage insurance collected on a monthly basis (the monthly MI) will change to the following:

Let’s look at a scenario and see how this will affect a typical homebuyer. Let’s say a buyer is purchasing a home at a price of $150,000 with maximum FHA financing (meaning they’re only making the minimum 3.5% down payment) and they’re getting a 30-year fixed at 4.25%. Because they are making a 3.5% down payment ($5,250), their base loan amount is $144,750.

So as you can see, the borrower’s payment will be higher with the new changes but my take on it is: in the whole scheme of things, when buying a $150,000 home, it’s not as “major” as some may lead you to believe. Not a HUGE deal when you really look at he numbers.

CHANGE #2

On September 3, 2010, HUD released another mortgage letter (2010-29) and it is regarding minimum credit scores and loan-to-value ratios. The three main changes, also effective for case numbers assigned on or after October 4, 2010, are:

1)     Borrowers with a minimum decision credit score at or above 580 are eligible for maximum financing.

2)     Borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV.

3)     Borrowers with a minimum decision credit score of less than 500 are not eligible for FHA-insured mortgage financing.

This is not a significant change because most lenders/banks/brokers) are not financing FHA borrowers with less than a 620 credit score anyway. I don’t feel that these changes will affect you or your buyers much at all. Again, nothing too “major”.

Some good news is: we’ve heard nothing else more about the maximum interested party contributions lowering from 6% to 3% since HUD’s mortgagee letter released 01/20/10. In this mortgagee letter, HUD stated that this change will be “posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.” We should all be glad that this hasn’t officially rolled out (yet) because I feel that this change would have a much greater impact on us and our clients than any of the above. If we hear something more about it, I’ll let you know.

If you have any questions or concerns or if you’d like to further discuss any of this, please let me know.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com,  http://OrlandoRealEstateVoice.com ,  www.JerrySellsOrlando.com, or http://InvestmentPropertyDealsOrlando.com for your Orlando real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.