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The Cost Of Bankruptcy Keeps Increasing

Posted on September 6, 2010 by admin

As a consumer bankruptcy attorney, I see first hand how the bankruptcy code and bankruptcy rules play out in the courtroom and creditor’s meetings on a daily basis. It seems to me that a great deal of unnecessary costs (administrative and non-administrative) are being placed upon individuals filing for bankruptcy protection.

According to one study from the American Bankruptcy Institute Law Review, the costs of bankruptcy of increased since the bankruptcy law changed in 2005. The article found that consumer debtors filing for Chapter 7 and Chapter 13 protection in the years after 2005’s Bankruptcy Code overhaul (BAPCPA) face costs up to 55% higher than those who filed in 2003 and 2004.

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It’s official – FHA has formally announced the mortgage insurance changes for FHA loans

Posted on September 6, 2010 by admin

This important announcement with regards to FHA loans from Jeff Belonger must be shared with all Lakeland FL area home buyers. Mortgage Insurance Premium is going up effective October 4th, 2010.

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Via Jeff Belonger-The FHA Expert – FHA Loans – FHA mortgages – USDA loans – VA Loans ( – FHA Home Loans – Infinity Home Mortgage Company, Inc):

FHA first shared these changes on August 4th, after it had been approved by Congress and then the President signed off on it on August 11th. FHA has finally come out with the mortgagee letter, ML 2010-28, which puts it officially in writing now.

This mortgagee letter is effective on FHA loans in which the case number is assigned on or after October 4th, 2010. This policy will increase the monthly mortgage insurance and decrease the mortgage insurance premiums for purchase money and refinance transactions, to include FHA streamline refinances.

So what are the major FHA changes regarding mortgagee letter 2010-28? – For terms greater than 15 years -

LTV’s <= 95% will increase the monthly fee to 85 bps >> Old monthly fee was .50 bps

LTV’s > 95% will increase the monthly fee to 90 bps >> Old monthly fee was .55 bps

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

How will this affect new homebuyers?

3 quick examples (these examples are putting the minimum down payment of 3.5%)

On a $275,000 mortgage – the change in payment would be about $70 higher a month

On a $200,000 mortgage – the change in payment would be about $45 higher a month

On a $125,000 mortgage – the change in payment would be about $27 higher a month

Buyers Beware – If you have your eye set on a specific home, or are negotiating on a property, or are very serious about buying soon, you will have 31 days to make a mortgage application before these new changes take place.

FYI in regards to Charlie Ragonesi’s comment, #4 – I still don’t think that this will move buyers from FHA loans to conventional loanss. Here is my reason why… please read : FHA loans vs conventional loans – The buyer’s buying power will only decrease by about $10,000 or so.

These 2 posts I wrote previously below go into more details about the changes and showing more detailed figures.

Bill H.R. 5981 passes – FHA Mortgages to increase it’s annual mortgage insurance premium

STOP TAXATION? – The new changes for FHA loans are being called : The New Homebuyer Tax

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris – REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.

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Cypress Lakes – Lakeland FL – Manufactured Home for Sale

Posted on September 6, 2010 by admin

Manufactured Home for Sale in the Cypress Lakes Active Adult Retirement Community – 2215 Cypress Cross Loop – Lakeland Florida

Manufactured Home For Sale in Cypress Lakes – Lakeland FL

Overview
Maps
Photos
Features

Cypress Lakes – Lakeland FL
Neighborhood

$126,000

Mobile Home
For Sale

Main Features

3 Bedrooms
2 Bathrooms
Interior: 1547 sqft
Lot: 5,702 sqft

Location

2215 Cypress Cross Loop
Lakeland, FL 33810
USA

To get updates on open home dates and other property events, please click the “Like” button below:

Petra Norris

CDV TransAtlantic, Inc. Real Estate Brokerage
(863) 619-6918
pnorris500@gmail.com
http://www.petranorris.com

Listed by: CDV TransAtlantic, Inc Real Estate Brokerage

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5 Reasons to own versus renting

Posted on September 6, 2010 by admin

Home

30-year mortgage rates have hit 4.35% and the competition for homes on the market is higher than it has been in many years. These are two huge factors make it a great time to buy a home versus renting. If you have been putting off buying a home, read these 5 advantages to owning a home posted by The New York Times.

• Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.

• Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.

• Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.

• Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.

• Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

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Just Listed: Park Shore Landings #232

Posted on September 6, 2010 by admin

This 2 bedroom + den unit has been completely remodeled and has every upgrade you could need. Brand new hurricane impact resistant glass doors offer spectacular bay views from the under air lanai. The kitchen comes loaded with granite counter tops, new cabinetry, in-ceiling lighting, and all new stainless steel appliances. Both bathrooms have been completely redone with granite, new cabinetry and comfort level toilets. The master bathroom offers a walk in shower and dual sinks. The unit has large tile throughout. A 2 bedroom guest suite is available for nightly rental through owners for $70. Boat docks can be purchased or leased through individual owners at Park Shore Landings.

Every unit in Park Shore Landings has great views of the bay, and one pet is allowed up to 20 pounds. Shopping is just right down the road at the Venetian Village, where many events with live music are held throughout the year.

Each unit comes with a covered parking spot, additional storage, available use of the guest suite, access to the Park Shore Landings pool, and access to the Park Shore homeowners beach park. In addition, half of the units comes with boat slips which can be leased or purchased by owners within Park Shore Landings.

For more pictures and information about this unit, go to the Roorda.com listing at Park Shore Landings #232

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August 2010 Jobs Report Pushes Mortgage Rates Higher

Posted on September 6, 2010 by admin

Net Job Gains Sept 2008-August 2010 On the first Friday of each month, the Bureau of Labor Statistics releases Non-Farm Payrolls data for the month prior.

The data is more commonly called “the jobs report” and it’s a major factor in setting mortgage rates for residents of Florida and homeowners everywhere. Especially today, considering the economy.

This is because, although it’s believed that the recession of 2009 is over, there’s emerging talk of new recession starting.

Support for the argument is mixed:

Job growth has been slow, but planned layoffs touch a 10-year low
Consumer confidence is down, but beating expectations
Consumer spending is weak, but not declining

In other words, the economy could go in either direction in the latter half of 2010 and the jobs market may be the key. More working Americans means more paychecks earned, more taxes paid, and more money spent; plus, the confidence to purchase a “big ticket” items such as a home.

Jobs growth can provide tremendous support for housing, too.

Today, though, jobs growth was “fair”. According to the government, 54,000 jobs were lost in August, but that reflects the departure of 114,000 Census workers. The private sector (i.e. non-government jobs), by contrast, added 67,000.

In addition, net new jobs was revised higher for June and July by a total of 123,000. That’s a good-sized number, too.

Right now, Wall Street is reacting with enthusiasm, bidding up stocks at the expense of bonds — including mortgage-backed bonds. This is causing mortgage rates to rise. Rates should be higher by about 1/8 percent this morning.

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