blog/web-journal

Following up on our previous posts - looks like it is getting close:

Their web-site says “coming soon”. Will update when we know more.

RISMEDIA, July 2010. Cash-strapped, jobless and denied a loan modification, Del Phillips faced the same straits as millions of homeowners who risk losing their homes to mortgage lenders.

Some have struggled unsuccessfully to keep their homes, and others have just walked away. Phillips decided he wanted revenge and was willing to ruin his credit record for it.

When a short sale didn’t work out as planned, the 32-year-old Chicagoan opted for Chapter 7 bankruptcy liquidation, a move that will leave Phillips with little except for the scant possessions in his one-bedroom condo. It also will leave his lender, Chase, with little except for, eventually, a condo that has lost value. Meanwhile, Phillips continues to live there, mortgage-free.

“I don’t feel shameful for what I’ve done,” Phillips said. “I’ve gotten past being shameful.”

Phillips’ move may seem an extreme riff on the difficult decisions homeowners make to unburden themselves of debt owed on properties that have lost substantial value. Lawyers and housing counselors say, however, that personal bankruptcy filings are becoming more commonplace as debt-holders seek sums due them, particularly on second “piggyback” mortgages used to buy homes.

“It’s a big trend,” said Dan Lindsey, a supervisory attorney at the Legal Assistance Foundation of Metropolitan Chicago. “Banks are having a hard enough time dealing with the first mortgages. The second (mortgages), there’s no equity there to collect, so they’re being charged off and sold to debt buyers and rearing their ugly heads later. It’s a drastic last resort to file Chapter 7, but in some cases it’s appropriate.”

Phillips bought the one-bedroom condo, tucked into a courtyard building, in May 2007 for $212,500, securing a first mortgage of $159,375 and a $53,125 second note, both from Chase Bank, according to county records. In January 2009, he lost his public affairs job, began drawing on his savings and, in April 2009, after the government began its Home Affordable Modification Program, applied for a mortgage loan modification from Chase.

Customer service representatives with Chase, he said, told him to keep paying the monthly mortgage of about $1,400 while he awaited a decision on his application. In September, the still-unemployed Phillips was turned down for a modification because, as the letter stated, his hardship “is not of a permanent nature.”

Phillips decided to stop paying the mortgage and try to sell his condo in a short sale, in which a homeowner sells the property, with the lender’s approval, for less than the amount owed on the mortgage. A short sale typically does not tarnish an individual’s credit history as much as a foreclosure.

Short sales have been portrayed as a salve in the housing crisis, although lenders have been slow to approve them. In Phillips’ case, though, an approval for the offer on his condo came with a catch. Chase notified Phillips that it would still have the legal right to pursue him at a later date for the approximately $54,000 owed on the second mortgage.

“A short sale may satisfy the first lien, but the customer could still be responsible for the second lien,” said a spokesman for Chase, while declining to discuss Phillips specifically.

Phillips sought help from Neighborhood Housing Services of Chicago Inc., a federal government-approved counseling agency, which broached the idea of filing personal bankruptcy.

“(Phillips) did everything right. He had good credit, and then he lost his job,” said Michael van Zalingen, director of homeownership services for Neighborhood Housing Services. “If your lender isn’t interested in helping you, or the only thing you qualify for hurts your household, I don’t think you have any moral obligation to stay bound in that mortgage or paying to that company when it no longer makes economic sense for you.”

Phillips bristled at the bankruptcy suggestion, but after consulting with an attorney, in late February he filed for Chapter 7 bankruptcy, not the Chapter 13 that would have negotiated his debts, including those with Chase.

“My other option was to say, ‘I’ll roll the dice with the bank,’ ” Phillips said. “Will they really come after me? I wouldn’t put it past the bank industry to do that. It’s going to kill me to pay a bank for a house I no longer owned. I was, like, there’s no way I’m going to pay the bank another dime.”

Lawyers say they are hearing about more instances of mortgage lenders selling the delinquent second loans used to buy homes during the industry’s heyday to third parties that are then pursuing debtors.

“He’s not outside the norm,” said Stephen Cleary, a Chicago attorney and board member of the Northwest Side Housing Center. “He can now sleep at night. The mental anguish has been relieved.”

For the year ended March 31, personal bankruptcy filings nationwide rose 28 percent, to almost 1.5 million cases, according to the administrative office of the U.S. Courts.

Still unemployed, Phillips says he wishes he had back the more than $12,000 he paid toward his mortgage while he sought a loan modification that never materialized. For now, he’s using part of his jobless benefits to pay his condo association fees while he looks for a job and considers moving out of state. Late last month he was served with a loan default notice by Chase, and Phillips estimates he’ll be able to stay in his condo seven more months while the foreclosure action works its way through the courts.

“I’m not a deadbeat,” Phillips said. “I’ve had to be very shrewd, like most business people. … I’m looking out for my best interests, and this is my best interests.”

By Mary Ellen Podmolik. (c) 2010, Chicago Tribune. Distributed by McClatchy-Tribune Information Services.

RISMEDIA, June 2010. Bring on the beach days and lazy picnics: Summer has arrived. But be careful. Too much of a good thing can be deadly.

More than 300 people die each year from heat-related diseases – and thousands get very sick, according to the Centers for Disease Control and Prevention.

The three most common heat problems can affect anyone at any age: heat rash, heat exhaustion and heat stroke – but they’re 100 percent preventable. Before you step into the sun, understand the dangers caused by heat.

HEAT RASH

This skin irritation is caused by excessive sweating during humid heat, said Anne Chapas, assistant clinical professor of dermatology at NYU, and dermatologist at the Laser and Skin Surgery Center of New York. Heat rash occurs when the sweat glands are blocked, which causes sweat to accumulate under the skin.

It looks like a cluster of small blisters or pimples – and tends to occur under the arm pits, in elbow creases, on the chest, neck or shoulders.

You can treat heat rash by keeping the area dry and using over-the-counter products such as baby powder and anti-fungal sprays or creams (look for anything used to treat athlete’s foot or jock itch) to lessen the discomfort. If the blisters appear extreme or don’t go away after a few days, you can contact your dermatologist, who may prescribe a topical antibacterial or oral antibiotic, said Joseph Fowler Jr., a dermatologist and clinical professor of dermatology at the University of Louisville.

To avoid heat rash when you’re in the sun, wear breathable fabrics such as cotton or linen, and avoid using greasy gels or lotions, which may block sweat glands.

HEAT EXHAUSTION

A long day at an outdoor festival can do this to you.

Exposure to heat plus dehydration can lead to this nasty condition. Flulike symptoms plus a throbbing headache, cool skin, chills and a pale, weak pulse can all occur, said Dr. Bob McNamara, chairman of the department of emergency medicine at Temple University School of Medicine.

Treat it by drinking water and finding a cool area to sit. Continue to stay out in the sun, and the relatively harmless heat exhaustion can turn into the deadly heat stroke.

HEAT STROKE

This is the mother of all heat-related diseases, and can cause death or serious disabilities. It happens quickly when you ignore the symptoms of heat exhaustion, and your body is unable to cool down. Quite simply, “it’s a medical emergency,” said Lawrence Armstrong, professor of exercise and environmental physiology at the University of Connecticut, and author of “Exertional Heat Illnesses.”

Normally, your body floats around 98.6 degrees. But it rises to upwards of 103 if you’re out in the sun – and especially if you’re exercising in the heat. Your body simply can’t dissipate all of its heat into the environment, so it starts storing the heat. All that warmth in your body is too much for your organs, which will start malfunctioning, and your body will lose its ability to sweat. Many people will start hallucinating, getting dizzy and even combative, said Rahul Khare, an emergency room physician at Northwestern Memorial Hospital in Chicago.

The biggest problem with heat stroke is that most people who have it have no idea they’re in any danger, Khare said.

There are some immediate things you can do to get someone out of danger, however. First, call 911 and get them out of the heat. Next, grab a drink. Khare recommended a sports drink like Gatorade, because it would have electrolytes – sodium and potassium – that the body loses through sweating. If you don’t have a sports drink handy, water will do. Then, get them under cool water, and place ice packs on their armpits, groin, head and neck, Armstrong said.

By Danielle Braff (c) 2010, Chicago Tribune. Distributed by McClatchy-Tribune Information Services.

Could these be the ultimate Floridian waste management specialists?:

Have you ever wondered what people did before air conditioning? Well, they came up with some inventive ways to keep the house cool. Tried and true tricks and some newer methods developed over recent years can keep your home cool. Read on to find easy ways to beat the heat without running up your bills.

Insulate. One of the most important things you can do to regulate the temperature of your home is physically keep the warm air out and the cool air in with insulation. If your attic isn’t yet insulated or if it may be under insulated, install insulation now. Insulating will make the most dramatic temperature difference in your home for the least amount of expense.

Caulk and weather stripping are other important ways to cut down on the transfer of air. Be sure that doorways and windows aren’t letting the warm air in and the cool air out.

Keep the air moving. Fans of any kind can move the air and make a room feel cooler. Portable fans, ceiling fans and whole-house fans all can lower the temperature of your home by two or three degrees. Be sure to turn off fans in rooms you’re not using.

Reduce heat and humidity indoors. Turn off incandescent lights and heat-producing appliances as much as possible. Cooking indoors will make the house warmer. Your patio grill is a great alternative to the range.

Humidity makes it harder to tolerate warm temperatures, so do what you can to keep your home dry. Try to limit showers, dishwashing and clothes washing during the day. If you have to do these things, make sure a ventilating fan is on, but don’t leave it running — you’ll be sucking cool air to the outside!

Make some shade. Darkness helps lower the temperature. Pull drapes or shades shut in the daytime and consider installing awnings, patio overheads or latticework to reduce direct sunlight into windows.

Planting trees, bushes and large vines can also help shade your home. If you need winter sunlight to warm your house in the winter, plant deciduous varieties. Also be sure you don’t plant in such a way that cooling breezes will be blocked from windows and doors.

Heat reflecting film. Heat reflecting film on windows is a fast and inexpensive way to keep the heat off. The film also reduces glare and UV rays that can damage your floor and furniture. Sun-control film is recommended for hot climates, which will also reduce the amount of light that comes through the window in general. For climates with cold seasons, combination film is available, but avoid applying it to south-facing windows if you’d like sun’s warmth during the winter.

In extreme instances, there may be no way to avoid using your air conditioner, if you have one, but these simple methods can help stave it off. With some easy changes and mindful practices, you can avoid wincing when your electric bill arrives in the summer! 

Source: NewHomeGuide.com

Price Points for May:

$160,000 – Median price for a “Normal” home sale.

$110,000 – Median price for a “Short-Sale.” (Down 4.3% from April)

$81,000 – Median price for a “Bank-Owned” sale. (Up 12.5% from April)

- Orlando Regional Realtor Association -

A Southern favorite for sure… in more ways than one… In this case, it’s not the vegetable, it’s the restaurant.

Serving a garden fresh tantalizing Southern country style buffet, this little gem is located just to the left and behind the main office of the Sumter County Farmer’s Market. Open 7 days a week, it is now one of two that are developing a cult like following among those who love the occasional taste of good down-home Southern cuisine.

Seem a bit out of the area? 

Not so for many permanent residents, as well as STR owners and guests alike, who frequent one of the largest open air markets in Central Florida operating on Monday’s only: The Sumter County Farmers Market, better known as THE WEBSTER’S FLEA MARKET.

The Speckled Butterbean is the correct answer for the most recent Florida Ideal Realty ‘Who/Where Am I’ contest.

Try it the next time your there.  It will be one more great little experience to add to your Webster market adventure…

Homeowners who are considering defaulting on their mortgage need to carefully consider the pros and cons. They should also consider meeting with a lawyer who specializes in financial issues. As strategic defaults increase, more homeowners who feel overwhelmed by their mortgage situation are considering just walking away. Before a homeowner walks away from their mortgage debt, however, there are several important factors they need to consider. Homeowners need to make sure that the benefits of a strategic default far outweigh the costs.

The first thing a homeowner needs to do is to fully understand what a strategic default is. A strategic default is when a homeowner can afford to continue making payments but chooses not to do so. The most common reason that a homeowner chooses to stop making payments is because the loan amount is more than the value of the property. This occurs when the real estate market crashes and causes home values to plummet. When a homeowner owes more on their property than it is worth, the property is said to be underwater. A homeowner with a mortgage on a home that has lost a significant amount of value might pay back the loan for years and never recoup on their investment. Some homeowners choose to walk away from their property instead.

Secondly, homeowners considering a strategic default should familiarize themselves with the pertinent laws in their state. In some states, the homeowner effectively fulfills their end of the agreement by handing the keys of the mortgaged property back to the bank. The bank cannot force the homeowner to pay back the full amount of the loan if the property has dropped in value. In some states, however, the homeowner is responsible for the full amount of the loan. Even if they walk away from the house, the bank can still require them to pay. These states allow the banks to take legal actions against homeowners who attempt to strategically default on their home loans. For this reason, it is particularly important that any homeowner considering a strategic default carefully research the local laws.

Thirdly, homeowners should be prepared to live without credit for a while after they walk away from their mortgage. Financial experts estimate that it takes between three and five years for an individual who defaults on their mortgage to get a good credit score again. Homeowners who default on their mortgage need to make any upcoming major purchases before they stop making mortgage payments.

Finally, homeowners have to decide for themselves if they can ethically walk away from their debt. Many individuals feel shame if they are unable to pay back money that they owe. Others feel fine about doing this, stating that the bank does not seem to have any ethical concerns, so they do not see why they should either. This is an individual decision that homeowners must make themselves. Depending on a homeowner’s state of residence and personal beliefs about debt repayment, a strategic default might be a viable option.

Source: Broker Agent Social – June 2010. Author: Joe Cline.

…. but this could be the best bit of news for a while. A new Orlando Ale House has commenced construction next to the Orange Lake Publix and across the road from the Olive Garden restaurant in Rolling Oaks Commons: 

At last, we’re going to have a superb sports bar/casual dining restaurant on west US192!.

RISMEDIA, June 24, 2010.  Disney unveiled Golden Oak, a one-of-a-kind luxury residential resort community offering the unprecedented opportunity to purchase a home at Walt Disney World Resort in Florida. Especially designed for resort living, Golden Oak will provide an entirely new way for families to connect with the world’s best known family destination and entertainment brand.

“We have a range of options for Guests at all price points to enjoy the Walt Disney World Resort. But Golden Oak is something totally new: a residential resort community, right in the heart of the magic,” said Matt Kelly, vice president, Disney Resort Real Estate Development. “Golden Oak will be a place where families can come together and make memories for generations to come – with Disney World right at their doorstep.”

Golden Oak will offer a limited collection of single family custom homes priced between $1.5 and $8 million, with fewer than 30 home sites available for sale this year. Designed by Disney’s famed Imagineers, the gated community will feature intimate neighborhoods and amenities created with everyone in the family in mind. Disney’s well-known attention to detail is visible in every park, pathway and the custom-design of the proposed private clubhouse. Expansive conservation areas comprise almost half of the entire 980 acre footprint.

The proposed private clubhouse, concierge services and collection of Walt Disney World Resort benefits will bring Disney’s guest service culture directly to Golden Oak residents. As previously announced, Golden Oak is planned to include Four Seasons Resort Orlando at Walt Disney World Resort, combining Disney’s renowned service and hospitality with Four Seasons’ defining standard of excellence. Golden Oak plans to offer residents access to select Four Seasons’ future amenities including the full service spa, restaurants, golf course and event space.

Initially, Golden Oak will consist of three types of single family homes. Village Homes will capture the romantic look of a Mediterranean village on home sites up to one-quarter acre. Estate Homes, on approximately one-half acre home sites, will offer a variety of architectural styles including Tuscan, Spanish Revival, Venetian, Italianate, Dutch Colonial and Island Colonial. At up to three-quarters acre in size, Grand Estate Homes will include architectural styles consistent with Estate Homes and will accommodate the needs of large families. Homeowners will use one of Golden Oak’s select custom homebuilders to build the home of their dreams.