Juicy Estates: Mortgage Blog

Archive for January, 2009

Loan Modifications Hit Record High | Hope Now Resources

National mortgage lenders increased their use of loan modifications here in the Miami area and across the country in an effort to stem the tide of foreclosures.   Hope Now is an alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes. 

According to Hope Now modifications, or permanent contract changes to lower payments, reached 122,000 in December, compared with the previous high set this past October.

This is welcomed news for homeowners here in the Miami area and across the country as fewer foreclosures is one of the key elements needed before any meaningful recovery can begin in the housing market.   All counselors affiliated with the HOPE NOW Alliance are HUD certified and services are free of charge.  

The fact that these counselors will work with homeowners free of charge is very important given what we are seeing in the “for profit” loan modification business.  Many homeowners have been duped into paying a non-refundable upfront fee to a supposed loan modification specialist only to be told that they were not granted the modification.

You can find a HOPE NOW counselor near you by visiting the HUD website at www.HUD.gov.

For a full list of Hope Now alliance partners click here.

State Farm Won’t Roll The Dice In Florida | Should They Get Your Auto Insurance Business?

State Farm is the most recent of the national insurance carriers to announce that it will no longer be writing home owners insurance policies in the state of Florida.  This announcement will effect approximately 1.2 million Florida households many of which are located in the Miami and South Florida area.

Critics are quick to point out that State Farm agents may be tempted to steer their clients to Citizens for their homeowners insurance while trying to retain the auto and life insurance business by offering “multi-line discounts”, however Citizens may not be the best fit for all current State Farm customers.

I defend State Farms right to only engage in those insurance lines in Florida that they feel will be profitable however customer retention of their auto, life and other insurance lines may be a tough battle. 

If you are a State Farm customer, have questions regarding insurance related matters or would like to explore your insurance options for your current home or a home you are purchasing please contact one or all of the following Miami Insurance experts that I know and trust.

For new policies or renewals

Gisela Castro of EWM Insurance 305-632-4034 or E-mail

or

Armando Silva-Trujillo of Insurance Corner 305-642-1885 or E-mail

For mitigation inspections that can deliver substantial savings

Ralph Cabal of Cabal Inspection Service 305-256-7369 or E-mail

For issues on a claim with your current carrier

Daniel Guilfoyle III of Public Adjusters Inc. 305-233-4441 or E-mail 

See The Florida Realtors article on this topic

No wonder Lehman Brothers failed….

It was truly in the cards for Lehman Brothers.  Back in 2006, just on the cusp of the real estate meltdown, Lehman Brothers approved the loan for this property located at 1835 Opechee Drive in North Coconut Grove. 

If you look back at the property history, you will see that in 2004 the house sold for $850,000 which at the time was a very appropriate price.  It came back on the market in February 2006, the asking price was $1,690,000, way out of line with other houses in the area. 

Mysteriously, the contract was cancelled 2 months later with the Realtor and the house was sold for $2,850,000 on May of 2006 without any Realtor participation.  Lehman Brothers wrote a mortgage of $1,852,000 on this property which again, was unbelievable. 

Today, two and half years later, after an extensive foreclosure process, Lehman Brothers has put the house on the market for $625,000.  This was one of the biggest examples of mortgage fraud I have seen in Coconut Grove.  The house itself, has 3,400 square feet of living space, on a 14,000 square foot lot, with 7 bedrooms and 5 baths.  It was built in 1930 and its current condition needs alot of updating.  The location is hard to beat, as this is on a quiet street in the North Grove.

I have handled many foreclosures recently for my clients, if you are interested in seeing this property, please feel free to contact me.

More Buyers Qualify Through The Private Mortgage Bank

Success has it’s privileges one of which is Private Mortgage Banking.  I am in the twin cities of Minneapolis / St. Paul (yes, it’s freezing…why don’t they hold these events in Hawaii?) attending a Private Mortgage Bankers conference and I realized that most homeowners and Real Estate professionals in the Miami area are not aware of what Private Mortgage Banking can do for them.

As Private Mortgage Bankers we have more flexibility in how we interpret income and tax returns particularly for business owners or professionals that have significant bonus and/or commission income.  Many times by looking at income from a cash flow perspective we are able to secure an approval for an applicant that would not otherwise qualify under standard mortgage underwriting guidelines.  Additionally we can use dissipation of assets techniques that are not available to regular mortgage bankers and can offer access very attractive portfolio loans through our wealth management group to those individuals who establish significant deposit relationships. 

In short Private Mortgage Banking is intended to deliver a concierge level of service to those of you that have achieved a certain level of success in your financial lives.  If you or your clients are looking for unique solutions for the purchase of a luxury home in Miami or surrounding areas please feel free to contact me to discuss how Private Mortgage Banking can help.

James R. Venney – Private Mortgage Banker – 305-960-2671

Miami Mortgage Minute | Financials Tank | Rates Move

“What you need to know about the local and national mortgage market including the most current interest rates and mortgage related news in 60 seconds or less”.

 

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Stop Any Foreclosure With A “Land Patent”!

“Yes you too can purchase a land patent and declare your home a sovereign country thus stopping any lender from foreclosing on your home for any reason”.

At least that is what a group of San Diego con-men (or con-persons if you prefer) would have you believe.  Incredibly the crooks were able to convince 17 homeowners that the scheme would actually work, so now not only are the homeowners in foreclosure but that are out tens of thousands of dollars as well.

Of course we have all seen different versions of similar schemes here locally in Miami.  Many of you may have noticed the signs nailed to telephone polls or stuck in the ground on the side of the road which proclaim “Delay Foreclosure For Up To One Year” or some variation thereof.

It’s actually fairly simple, don’t make the payments on your mortgage and you will be foreclosed on, end of the story.  If anyone tells you any thing different my advice would be to call your attorney or you might end up the victim of a foreclosure scam.  

 

See original land patent story on MercuryNews.com

A Rod’s Coral Gables Home For Sale….Price Slashed 18%!

Alex Rodriguez, the star of the New York Yankees organization has slashed the asking price on his home located at 181 E. Sunrise Avenue in Coral Gables.   Having grown up at the house at 111 E. Sunrise Avenue I can tell you that this home is located on a truly spectacular parcel which offers unsurpassed views of Biscayne Bay, Downtown Miami and Key Biscayne.

The current asking price of $12.3 million is down from the original asking price of $14.9 million, a cool 18% price reduction.  Given the extensive renovations of the 8,300 square foot home and the more than 1 acre site directly on Biscayne Bay you will be hard pressed to find many homes in Coral Gables, outside of Gables Estates that are comparable to this one.

Take a virtual tour by visiting The Wall Street Journal’s slide show of this property or to schedule a showing contact the listing agent Polly Schiff.

Mortgage Forecast 2009 – Realtor Resources

 

 For those of you who were able to attend our presentation on January 9th at The Realtors Association of Miami and The Beaches I would like to congratulate you on your dedication to your profession and your continued commitment to maintaining the highest standards within our industry.

A special thanks to Maggie Buck for her steadfast support and leadership and to Ed Bandas and Robert Cooke, Esq. of X Caliber Title for making the event a huge success. 

Below is down-loadable copy of the PowerPoint and links to sites referenced during presentation.

Additionally any of the content on Juicy Estates is available for use on your personal website or your companies website, just send me an email and together we can coordinate publication. 

While you are here take a look around and feel free to leave a comment about any of the posts.

All The Best,

James R. Venney CMP, CMPS

Miami Mortgage Forecast PowerPoint

Ed Bandas of X Caliber Title Presented:

The Title Process

Mr Bandas can be reached at 305-259-8504

Robert Cooke, Esq. of X Caliber Title Presented:

Keeping The Proper Perspective

Mr. Cooke can be reached at 305-259-8504

Links to FHA and VA websites are below:

FHA Approved Condo List

VA Mortgage Information

A Catch 22 and The $64,000 Question

In their infinite wisdom the Federal Government has engaged in some heavy spending in an effort to prop up the ailing economy.  These programs in the aggregate appear to be having the desired effect as evidenced by historically low interest rates and a thawing commercial credit market.  But no good act goes unpunished…..

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