blog/web-journal

There are 6 flood zone designations. Some zones have multiple sub-designations, as follows:

Zone “A” (and its sub-designations: AE, AH, AO and A1-A99)

These are Special Flood Hazard Areas where flooding may be expected to occur at least once within a 100 (one-hundred) year period. All lenders must require borrowers to purchase and maintain flood insurance for Zone “A” properties.

Zone “V” (and its sub-designations: VE and V1-V99)

Coastal Flood Hazard Areas subject to both flooding and severe tidal conditions. Here again, flood insurance is mandatory.

Zone “C” Areas of “minimal” flooding.

This is the most desirable area, and requires no insurance.

Zone “B”

Areas where flooding is “anticipated” once in 500 (five-hundred) years or, if more frequently, only to minimal depths. Flood insurance is not mandatory in these areas, but is available.

Zone “D”

These are areas which have not been studied and therefore are non-participatory in the program.

Zone “X”

This is the newest designation, and may indicate either Zone “B” or Zone “C.” The intent is to readily distinguish areas which typically do not require flood insurance from those which do, thereby minimizing confusion.

The flood maps in a given area may have been recently revised. This works both ways in that areas which were previously not located in a special hazard area may now be, or better yet, areas that had been categorized in a hazard zone may now be clear.

Can a Flood Zone Designation be changed?

Yes. If you believe that the designation is erroneous you may submit an engineering study to the government and request a LOMA (letter of map amendment). If based on the study you provide, the government agrees that your property is not located in a special flood hazard area, a LOMA will be issued, and you may no longer be required to purchase or maintain flood insurance (some lenders may still require it).

For more information, visit: www.msc.fema.gov

In Florida, the foreclosure process goes something like this…

It begins with the lender filing a lis pendens and a complaint in Circuit Court.  From there the owner is served with a summons and a copy of the complaint. The owner then has 20 days to file an answer with the Court.  The owner is welcome to file an answer without an attorney.  However, without an attorney, the owner may not assert proper legal defenses.

If the owner fails to respond within 20 days, the Clerk of the Court will issue a default against the owner, which waives all defenses and expedites the foreclosure process.  After an answer is filed or a default is entered, the lender will file a Motion for Summary Judgment and schedule a Summary Judgment hearing.  At the Summary Judgment hearing, the judge will enter a Final Judgment and set a foreclosure sale date for 30-45 days after the hearing.

A good law firm can use legal strategies and tactics to defend a homeowner in the foreclosure process. These legal strategies and tactics buy additional time for the owner to live in the home and/or the time needed to assess alternatives such as loan modifications, short sales, deed-in-lieu, or bankruptcy.

A foreclosure defense is certainly something some may want to consider in times like these.  Be sure to consult a good Real Estate attorney to make sure this process is handled correctly.

SUNRISE or SUNSET

Could be either…

In Florida you can have it both ways on almost a daily basis.

This, however, is a sunrise off Crescent Beach just south of Saint Augustine where the beach can be driven on if you like.  The southern most access point of this fine beach can be found just north of the Matanzas Inlet at Summer Haven. 

Discover it for yourself and be pleasantly surprised…

Five years ago, affordability was the major challenge facing Florida’s housing market.  With home prices jumping 15 to 25 percent annually in the boom years, many working-class buyers found themselves priced out of the market.  At the 2006 peak, the state’s median sales price reached $248,300 for single-family homes and $211,300 for condos.

Put those figures in perspective, and buying a $250,000 home typically required a $25,000 down payment and a $225,000 mortgage.  To comfortably meet those monthly payments of about $2,500 (including tax and insurance), the buyer needed more than a $115,000 in annual income.

However, since 2006, the state’s median sale prices have fallen more than 40% to about $140,000, putting more Florida homes in reach of the middle-class buyers with house hold income of $40,000 to $75,000.  Now that prices have stabilized in many areas, the number of sales transactions is rising and listing inventories are shrinking as more and more buyers are taking advantage of current market conditions.

- Affordabilty Reigns, Opportunity Knocks: Florida Realtor 2010 -

There are 7 myths being circulated about short sales.

1)  Short Sales are impossible and never get approved.  FALSE

TRUTH:  Short Sales are more difficult, There is a need to learn a new process but they are NOT impossible.  While there are no guarantees in any transaction, more and more short sales are being approved monthly.  However, an agent MUST be educated on the process, or it will be nearly impossible. 

2)  Banks are NOT accepting Short Sales, they are waiting on a bailout.  FALSE

TRUTH:  The reality is that banks have already been bailed out, and are really trying to do anything they can, within reason, to avoid foreclosing on a property.  More banks are aggressively pursuing Short Sales. It is strictly business. It costs the bank (in most cases) far less to short sell than to foreclose. 

3)  You must be behind on your mortgage in order to negotiate a short sale.  FALSE

TRUTH:  At one time this was true, but today, this has almost all together reversed.  Today lenders are looking for verifiable hardship, monthly cash flow shortfall or pending shortfall and insolvency.  If you meet these three requirements and are in a position where you will soon not be able to afford your mortgage, now is the time.   Some few lenders still hold on to this rule, but they are few and far between. In fact, most lenders in any circumstance would rather sell short than foreclose.

4)  Buyers are not interested in short sales and avoid them.  FALSE (mostly)

TRUTH:  Some buyers are not interested because of the time it takes, especially with time constraints like the first time homebuyer credit.  On the other hand, many buyers say “I only want to look at foreclosures and short sales.”  These have become synonymous, not with issues, but with Good Deals. 

5)  Listing a home as a short sale is an embarrassment.  FALSE

TRUTH:  Most sellers don’t want the world to know they can’t pay their bills, but according to recent estimates, 1 in 5 homeowners in the US owe more on their house than it is worth.  Even wealthy owners have to stop the bleeding somewhere.  Most sellers are to be congratulated for admitting they need help, taking action and finding a professional who can work toward a solution.

6)  The bank would rather foreclose than bother with a short sale.  FALSE  FALSE  FALSE!!

TRUTH:  This myth started with collection people working for lenders on commission.  The reality is that banks do not want to foreclose on property, it costs too much.  An average foreclosure can cost the bank up to $40,000 and they still have holding costs, insurance, realtor fees, etc. and still get less than market value.  Do the math, which would you do?

7)  There is not enough time to negotiate a short sale before a foreclosure.  FALSE

TRUTH:  This is a myth that hurts homeowners.  Many don’t realize that the foreclosure process is lengthy.  It can take a year or more, and if an attorney gets involved, it can be stalled far longer.  Almost all lenders will stall a foreclosure with a legitimate contract for short sale.  So if lis pendens has been filed, no worries, that’s just the beginning.  If it is slated for the courthouse steps, hurry up, if there is an offer you may be able to stall.   

Source: Abridged from Broker Agent Social. January 2010

The easiest way to do your part and help the environment is to simply recycle. It’s also one of the most effective ways to conserve natural resources, create less pollution and reduce the amount of waste sent to the landfill.

Seventy-five percent of the waste we generate in American homes is recyclable but less than 35% is actually making it to a recycling center. The following steps are simple practices you can put into place to help you do your part and make a habit of recycling.

Make It Easy: Most of us keep our recycling bins outside or in the garage, which isn’t always convenient. Put other containers throughout your home to serve as recycling bins – especially in places where it’s easy to forget to recycle. One of those places is the bathroom. Think of all the empty shampoo bottles, toilet paper rolls, and even those cardboard soap boxes that usually get tossed in the trash. In your home office, have another basket to collect paper for recycling. By spreading out small containers for recycling around the house, the entire family will be more inclined to think twice before throwing something in the garbage.

Know Your Numbers: All plastic containers have a little number inside recycling arrows located on the bottom which identifies the type of plastic used to make the product. Many local curbside recycling programs accept products marked with a No. 1 or No. 2 but some take all seven types of plastic.

It Makes Cents: Throwing aluminum cans in the trash is like throwing money out the window. Recycled aluminum is turned into new cans in less than 90 days and it can be recycled over and over again. It takes 95% less energy to make a can from recycled materials and produces 97% less water pollution. So choose beverages in aluminum and recycle every can.

Speak With Your Wallet: Filling your curbside recycling bin is just the beginning. Complete the circle by seeking out products made from recycled content – especially post-consumer content. That’s the materials you recycle and not the scraps on factory floors.

Source: Terri Bennett. (c) 2010, The Charlotte Observer (Charlotte, N.C.). Distributed by McClatchy – Tribune Information Services.