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Bank of America extends cash-for-keys experiment

23.05.12

The bank, which services 1.1 million Florida mortgages, is now giving struggling borrowers until Dec. 12 to appropriate for its program, which pays borrowers who agree to expedited short sales at bank-set prices.

Typically, payments kitchen range from $5,000 to $20,000. In addition to the cash, many borrowers are also absolved from any future deficiency judgments.

Bank of America has notified about 20,000 Florida homeowners that they might be suitable for the program, and about 15 percent have verbally indicated they want to participate.

The bank had planned to close down applications to the program this week, but the lender has extended the effort as it considers expanding the program nationwide. The program started in October.

"While it is too old to make an assessment of the program and its possible introduction to other states, we are encouraged by the beginning interest that Florida homeowners and real estate agents have shown," bank spokesman Rick Simon said.

Nancy Cason, a Sarasota member of the bar who helps underwater borrowers, said the program is often a homeowners' best explanation. An underwater or upside-down property is one in which the mortgage exceeds a house's current appraised value.

"My viewpoint is, absolutely, if they are willing to waive the deficiency and release you from any future liability and give you relocation boodle, that is the best-case scenario if you want out," said Cason, a partner at the Syprett Meshad law plc.

In the Sunshine State, 44 percent of all residential mortgages are underwater, according to numbers released this week by materials firm Corelogic.

That ratio is twice the national average, and makes Florida the third worst asseverate in the nation for what CoreLogic refers to as "negative equity."

Nevada has the highest train of negative equity in the nation, with 58 percent of its mortgaged properties underwater. Arizona is help at 47 percent.

Nationally, 10.7 million residential loans, or 22 percent of all residential properties with a mortgage, were underwater as of Sept. 30, CoreLogic reported.

That is down reduce from 10.9 million properties at the end of the second quarter of this year.

Another 2.4 million borrowers had less than 5 percent even-handedness, referred to as near-negative equity, in the third quarter. Together, negative equity and adjoining-negative equity mortgages account for 27.1 percent of all residential properties, CoreLogic said.

"Although a little down, negative equity remains very high and renders many borrowers vulnerable when cold economic shocks occur, such as job loss or illness," said Mark Fleming, chief economist at CoreLogic, based in Santa Ana, Calif.

"The almost $700 billion mortgage debt overhang has touched many corners of the market, and this loom is holding back the recovery of the housing market and broader economy," Fleming said.

In the Sarasota close, Horizon Realty chief executive Matthew Augustyniak said his unshaken has refiled Bank of America debtors' loan modification applications to procure in the lender's program.

Other lenders, including Wells Fargo, are rolling out like programs to modify loans.

"The banks have realized they are losing more on the foreclosures than the shorts, and they are even delighted to compensate the sellers, give the sellers money to vacate the property," Augustyniak said.

<p>Mega-lender Bank of America is extending an theoretical program in Florida -- where nearly half of all home loans are underwater -- to bridle foreclosures with cash-for-keys deals.</p><p>The bank, which services 1.1 million Florida mortgages, is now giving struggling borrowers until Dec. 12 to petition for its program, which pays borrowers who agree to expedited short sales at bank-set prices.</p><p>Typically, payments kind from $5,000 to $20,000. In addition to the cash, many borrowers are also absolved from any future deficiency judgments.</p><p>Bank of America has notified about 20,000 Florida homeowners that they might be fit for the program, and about 15 percent have verbally indicated they want to participate.</p><p>The bank had planned to put an end applications to the program this week, but the lender has extended the effort as it considers expanding the program nationwide. The program started in October.</p><p>"While it is too first to make an assessment of the program and its possible introduction to other states, we are encouraged by the opening interest that Florida homeowners and real estate agents have shown," bank spokesman Rick Simon said.</p><p>Nancy Cason, a Sarasota Queen's who helps underwater borrowers, said the program is often a homeowners' best explanation. An underwater or upside-down property is one in which the mortgage exceeds a house's current appraised value.</p><p>"My conviction is, absolutely, if they are willing to waive the deficiency and release you from any future liability and give you relocation resources, that is the best-case scenario if you want out," said Cason, a sharer at the Syprett Meshad law firm.</p><p>In the Sunshine State, 44 percent of all residential mortgages are underwater, according to numbers released this week by evidence firm Corelogic.</p><p>That ratio is twice the national average, and makes Florida the third worst report in the nation for what CoreLogic refers to as "negative equity."</p><p>Nevada has the highest unalterable of negative equity in the nation, with 58 percent of its mortgaged properties underwater. Arizona is another at 47 percent.</p><p>Nationally, 10.7 million residential loans, or 22 percent of all residential properties with a mortgage, were underwater as of Sept. 30, CoreLogic reported.</p><p>That is down degree from 10.9 million properties at the end of the second quarter of this year.</p><p>Another 2.4 million borrowers had less than 5 percent neutrality, referred to as near-negative equity, in the third quarter. Together, negative equity and penurious-negative equity mortgages account for 27.1 percent of all residential properties, CoreLogic said.</p><p>"Although to a certain down, negative equity remains very high and renders many borrowers vulnerable when contrary economic shocks occur, such as job loss or illness," said Criterion Fleming, chief economist at CoreLogic, based in Santa Ana, Calif.</p><p>"The closely $700 billion mortgage debt overhang has touched many corners of the market, and this hang out over is holding back the recovery of the housing market and broader economy," Fleming said.</p><p>In the Sarasota parade, Horizon Realty chief executive Matthew Augustyniak said his immovable has refiled Bank of America debtors' loan modification applications to mobilize in the lender's program.</p><p>Other lenders, including Wells Fargo, are rolling out comparable programs to modify loans.</p><p>"The banks have realized they are losing more on the foreclosures than the shorts, and they are even assenting to compensate the sellers, give the sellers money to vacate the property," Augustyniak said.

Source: Sarasota Herald-Tribune

Adrienne Weiner Joins RE/MAX Realty Group in Fort Myers, Florida

23.05.12

While residing and raising a kinsmen in Pittsford, New York, a suburb of Rochester, Adrienne began her real demesne career working in the mortgage banking industry for a private mortgage banker. From this experience, she gained an sagacity of the various mortgage products available to home buyers, transaction structure and documentation requirements. In 2000, she earned her Florida Genuine Estate Salesperson's license and after moving to Fort Myers in 2001, worked in public residential real estate sales and subsequently as a sales representative for a residential real fortune developer selling a variety of new home products. In 2004, she was awarded the Construction Industry Association’s Platinum Pinnacle Performer Award for her superior level of success and professionalism in new home sales. She earned the Certified New Place Sales Professional (CSP) designation in 2005 and obtained her Florida Broker’s authorize in 2007. In 2008, she founded Weiner & Associates Realty, LLC, a real demesne brokerage company focused on representing buyers and assisting out-of-state realtors and their clients interested in purchasing residential legitimate estate in the Southwest Florida market.

Source: PR.com (press release)