Liane Jamason, REALTOR® ~ Tampa, Florida

After talking to our office's mortgage professional, it is not totally clear yet whether most lenders will participate in this program or not. The example of how this might work, as I was told, would be if a homeowner had an ARM loan at $250K, and the payments recently went up and they were struggling, they might be able to refinance into a loan for 90% of the homes value today, so if the home is only worth $200K today, they could refi at $180K, and the balance of the loan is forgiven. That is IF the lender decides to allow it. They will look at paystubs and see if they've been behind on the loan from the get-go or only recently due to an ARM or something along those lines.

However, if the borrower turns around and sells in 2 years and the market has rebounded, any profits will have to be repaid to the bank up to the amount forgiven first. I'm also not clear on whether this type of program will affect a lender's credit scores or not the way a short sale might.

HOPE FOR HOMEOWNERS ACT OF 2008

http://www.wsls.com/sls/business/consumer/article/hope_for_homeowners_act_of_2008_qa/14885/

By DAVE CARPENTER
AP Business Writer
Published: July 29, 2008

Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure:

Q: What exactly will the legislation do?
A: It will allow those who qualify to cancel their old mortgage loans and replace them with 30-year fixed-rate loans for up to 90 percent of the home's current value. The FHA will insure a total of $300 billion of the loans over a three-year period.
But the decision on whether to write such a loan remains up to banks, which would have to be willing to take a loss on the existing loans in exchange for avoiding an often-costly foreclosure.

Q: Who is eligible?
A: Eligible borrowers must have spent at least 31 percent of their monthly incomes on their mortgages as of March 1, 2008. The troubled loan must have originated no later than Jan. 1, 2008, and be on the borrower's primary residence. And the borrower's income must be verified.

Q: When does the program start?
A: It takes effect Oct. 1 and runs through September 2011, although the FHA isn't likely to have it operating at full capacity until next year.

Q: Since lenders can pick and choose which loans to refinance, how can consumers determine if theirs will be selected?
A: Check with the bank or financial company servicing your mortgage, but it may be weeks before they make decisions concerning the new guidelines and assess individual loans. Even then, keep expectations limited. "Servicers are going to be reluctant to take the government up on their offer," predicted Mark Zandi, chief economist at Moody's Economy.com. "The earliest they'll start taking them up on it is early next year. And even then it's likely to be modest."

Q: Is there anything a homeowner can do to improve chances of benefiting from the program, such as crunching numbers to make a case for the bank?
A: Not really. The best step is to keep up your payments as best you can.

Q: But doesn't this provide an incentive to NOT pay your mortgage, if you're barely keeping ahead of bills and are underwater on your house, so you can qualify?
A: No. If your situation deteriorates enough, the bank may reject any possible new loan.
"Turning yourself into a financial basket case is not going to work," said Dan Seiver, a finance professor at San Diego State University. "If you turn into a complete deadbeat, the servicer is going to just foreclose and dump it."

Q: So what should I be doing now besides trying to keep up with payments?
A: Talk to a local credit counselor and call the toll-free hot line of the Hope Now alliance - an industry group trying to coordinate a response to the mortgage crisis - at 1-888-995-HOPE. It is available 24 hours a day to provide mortgage counseling in multiple languages. Mary Thomason, director of resource development for The Impact Group of Atlanta, a housing counseling group, also suggests tracking expenses and income closely in order to be able to forecast your cash flow for the next six months and give yourself better control of your finances.

Q: If the banks and lenders refuse to write these loans, then what?
A: Public and political pressure may prompt them to participate. If not, and more people continue to lose their homes, Zandi says the next White House administration subject them to additional regulations or investigations if they remain unwilling to take on the risks.

Q: What happens if I'm able to sell my home after I refinance?
A: You must agree to share any profits from the resale with the government based on a sliding scale, and FHA must be repaid the equity.

Q: Where can consumers find more detailed information about the plan?
A: There is a six-page summary of the housing act at http://banking.senate.gov/public/-files/HousingandEconomicRecoveryActSummary
3.pdf and the FHA's Web site at http://www.fha.gov is a place to watch for updated information.

From TBO.com: RIVERVIEW - Drama students from 10 area schools will present the Florida premiere of "Rent: School Edition," when they take the stage Thursday at Riverview High School.

"It's about a bunch of starving artists in the 1990s," said Daron Hawkins, one of three directors. "It's so beautifully written. The music and original story are handled so eloquently."

A modern-day version of Giacomo Puccini's opera "La Bohème," the musical is a toned-down version of the musical "Rent," which has appeared on Broadway since April 29, 1996.

Set in New York's Lower East Side during the winter, the story centers on a year in the lives of seven young Bohemians struggling to survive and celebrate life. Addressing adult themes, it includes controversial issues, such as AIDS, street people, drug use and homosexuality.

The school edition is an officially licensed version of the rock musical, with book, music and lyrics by Jonathan Larson. The adaptation was made to retain the dramatic intent of the musical, making minimal changes to language and removing one song, "Contact." The cast must be students 19 or younger.

The 25-member cast and crew come from Riverview, Newsome, Durant, Spoto and Bloomingdale high schools, Progress Village Middle School of the Arts and Randall Middle.

"It means a lot to me, because people in this community don't get this type of entertainment," said Riverview High senior Gabe Hernandez, 18.

Dressed as Angel Schunard, one of the main characters, he said, "I've never been in drag before, so this is a very new role for me. I think it's so good for us to show this type of work."

"I've always loved this show," said Allison Curran, 16, a junior at Bloomingdale who's playing random ensemble roles. "It seems so unreal that we're actually getting to do it. This is my first performance at Riverview High School. Everything is so professional."

Keeping true to the original work, Hawkins acknowledged that in addition to language and the one-song omission, the high school edition was edited for length.

"It's 98 percent sung," he said. "All the original songs but one are included and the story's still intact. It's not preachy, but it shows the lives of people and how their lives can be destroyed."

Besides the set, Hawkins said he made sure the costumes are representative of the late 1980s and 1990s.

"Rent" began as a play, and it has been on Broadway so long, it's now a period piece," he said. "It won a 1996 Pulitzer Prize for drama and four Tony awards."

The theater project is supported by the Riverview High School Booster Club. Its focus is to provide quality productions to the South Shore community. Students from any Hillsborough County school are eligible to participate.

Past summer productions include "Grease," "Footloose," "Annie," "The Wiz" and "Guys and Dolls."

IF YOU GO

WHAT: "Rent: School Edition"

WHERE: Riverview High School auditorium, 11311 Boyette Road, Riverview

WHEN: 7:30 p.m. Thursday-Saturday

DIRECTORS: Daron Hawkins, Bev Sutherland and John Davis II

STAGE MANAGERS: Tori Barfield, Riverview High School; Ashley Darling, King High School; Shaina Leguizamon, Giunta Middle School

TECHNICIAN: Ryan Owens, Riverview High School

TICKETS: $8, available at the door or at www.ticketleap.com. Twenty-five $5 tickets will be sold by lottery 30 minutes before each performance for seating in the first two rows.

INFORMATION: (813) 671-5011, ext. 259

CAST MEMBERS

MARK COHEN: Steven Frey, King High School

ROGER DAVIS: Armando Valdes, Newsome High School

MRS. COHEN: Noe Pickrell, Newsome High School

TOM COLLINS: Ryan Roselli, Riverview High School

BENJAMIN COFFIN III: Rodney Bueno, Riverview High School

JOANNE JEFFERSON: Karli Gunderson, Riverview High School

SQUEEGEE MAN: Dylan Watson, Riverview High School

ANGEL SCHUNARD: Gabe Hernandez, Riverview High School

MIMI MARQUEZ: Alex Catalani, Riverview High School

MR. JEFFERSON, MR. GREY: Robert Then, Riverview High School

MRS. JEFFERSON, LIZ: Meaghan Pickett, Newsome High School

PAUL: Cesar Razza, Newsome High School

TAYLOR: Carly Johnson, Progress Village Middle School for the Arts

ALI, COP: Taylor Kelly, Randall Middle School

PAM: Allison Curran, Bloomingdale High School

SUE, ALEXI DARLING: Sterling Phillips, Spoto High School

BLANKET WOMAN: Annie Connelly, Progress Village Middle School for the Arts

COP, WAITER, PASTOR: Tyler Cook, Durant High School

MAUREEN JOHNSON: Megan Stevenson, Durant High School

MIMI'S MOTHER: Dayla Rodriguez, Riverview High School

ROGER'S MOTHER: Sarah Wilson, Riverview High School

According to TBO.com, a two lane road near Boyette Farms will be closed for one to two weeks starting this Wednesday. A short stretch of Balm Riverview Road will undergo drainage improvements until Aug. 13.

The area affected by the closure will be northbound and southbound traffic from Boyette Road to north of La Petite Way. Workers will close off one lane at a time during the work. Traffic will be allowed to use the open lane on an alternating basis.

For information, call (813) 272-5275.

Its about time we start seeing more entertainment venues and restaurants coming to Riverview! The Alley at South Shore is busy everyday! I hope other entrepreneurs will take notice and bring more places like the Alley to Riverview!

Alley beckons bowlers with more than pins

By Traci Rader, Times Correspondent

Published Wednesday, June 18, 2008 4:53 PM

--------------------------------------------------------------------------------

RIVERVIEW -" The demographics and statistics told Jeff Boje that Riverview wasn't the best place for a new bowling alley. He didn't listen.

With that, the Alley at South Shore was born. The 42,000-square-foot complex opened March 3 at the southwest corner of Big Bend Road and U.S. 301.

"Riverview is not an area a big corporation would pick, but some place my family can manage. I wanted to build close to home, too," Boje said.

And it's far from your father's bowling alley: Sure, there's the usual bowling alley staples - a snack bar and pro shop - but that's just the start.

There's a corporate meeting room, ice cream parlor, tony pool room, sports bar and restaurant and a 5,000-square-foot game room, the biggest one south of Brandon's Chuck E. Cheese.

There's more: The Alley has a private bowling section with eight lanes, a private bar - and couches at the lanes.

The Alley will offer summer leagues starting this month and running through August. But you don't have to join a league to knock down a few pins: The Alley is drawing kids' birthday parties, company meetings and families looking for recreation.

Boje quietly opened the Alley in March but word got around fast and the place was busy within days.

"It's been hectic already. Friday nights, you can't even see the carpet," said Buck Barineau, who owns Bowlers Advantage pro shop inside the Alley.

For Boje, bowling alleys run in the family. He has owned Brandon Crossroads Bowl since 1979. Until his fifth child came along in 1998, he also ran the St. Louis bowling alley his father built.

There are 13 bowling alleys in the greater Tampa area, but the Alley is sweet relief for avid bowlers like Bob and Anne Bailey of Sun City Center.

The Baileys have been making the drive to Tampa to bowl.

"When our league is finished, we will be coming here. And the score panel is easy to operate. Even I can figure this out," Bob Bailey said. "

Just wanted to let everyone know that the Alafia Bait and Tackle in Riverview has reopened as "Dixie's Dockside". Dixie's is owned by local Riverview residents Brian and Dixie MacKay. Dixie's is open everyday at 11AM and closes most days around 9 to 11PM-ish.

Food will be available on weekends through an independent food wagon just feet away from Dixie's. Dixie's has frozen Bait for the fishermen and women. At this time they have the least expensive gas on the water in the entire USA, and will strive to always be the least expensive gas, and with no ethanol in their gas.

Dixie's also has the only private boat ramp on the Alafia River with Free usage with a $10 or more purchase.

Daily specials such as Free Nachos and Queso on Monday from 5PM till 7PM. On Tuesday ladies drink for half-price from 6PM to close. Wednesdays, Dixie's has Free Hot Dogs from 6 till 8PM for all customers. Friday afternoon and night is the place to be seen and to see your friends. Saturday always bring out the Locals. Live entertainment on the weekends. Boat rentals are available for the large group and Skiffs available for smaller rental parties.

You can check out Dixie's Dockside website. Dixie's is located at 9808 Vaughn Street, Gibsonton. 813-671-4999. The perfect place to relax on the river. Looking forward to seeing everyone at Dixie's.

Great news out of Washington.  Could this be the key to the current housing and economic crisis, especially for Tampa Bay residents?  I see it everyday - thousands of short sales and foreclosures in Tampa.  I, for one, hope this passes and the Tampa housing market starts to recover.

Source: NY Times.

WASHINGTON - With sinking home values continuing to drag down the economy, Congress is poised to approve a huge package of housing legislation, including a refinancing program aimed at rescuing hundreds of thousands of homeowners in danger of foreclosure and the most sweeping government overhaul of mortgage financing since the New Deal.

Lawmakers moved with increasing urgency on Tuesday after a closely watched housing index showed prices nationally had declined in April by more than 15 percent from a year earlier. Senator Harry Reid of Nevada, the majority leader, threatened to keep the Senate in session through the Fourth of July holiday to finish the housing measure, if needed. The House has already approved similar legislation.

The centerpiece of the Senate package is a rescue-refinancing plan aimed at stemming the tide of more than 8,000 new foreclosures a day that lenders are filing across the country. The plan would allow distressed borrowers and their lenders to stem losses by allowing qualified owners to refinance into more affordable, 30-year fixed-rate loans with a federal guarantee.

The legislation would also provide benefits for first-time buyers, who would receive a refundable tax credit of up to $8,000, or 10 percent of the value of a home, on purchases of unoccupied housing.

As part of a regulatory overhaul of Fannie Mae and Freddie Mac, the mortgage finance giants, the bill would permanently increase to $625,000, from $417,000, the limit on loans they can purchase from lenders in expensive housing markets, making it easier for borrowers to obtain mortgages at discounted rates. Despite a presidential veto threat, the package received overwhelming bipartisan support, clearing by 83 to 9 a crucial procedural vote in the Senate on Tuesday morning.

Final passage of the bill was snagged temporarily in the Senate Tuesday evening because of a fight over renewable energy tax credits. Still, major supporters of the bill said they hoped it would be completed before for the holiday.

"There's a great desire to act," said Representative Barney Frank, Democrat of Massachusetts, the bill's main author in the House. "We're just not there yet."

The bill would provide $150 million to expand counseling for borrowers to prevent foreclosure and would establish stricter disclosure rules to require lenders to make plain the maximum monthly payment for a borrower with an adjustable rate loan.

The bill also establishes an Affordable Housing Trust Fund, to be financed by $500 million to $900 million in fees from Fannie Mae and Freddie Mac. The fund will cover any expenses related to the foreclosure rescue plan for three years, and will be used to create affordable rental housing.

Under the refinancing plan, only borrowers seeking to remain in their primary home would be eligible. Lenders would first have to agree to cut the principal balance of loans to roughly 85 percent of each property's current value.

Still, with the closely watched Standard & Poor's/Case-Shiller index showing home prices in 10 major metropolitan areas down 16.35 percent in April from a year ago - the worst annual decline in two decades - lawmakers and some housing experts said the refinancing plan was becoming increasingly attractive to lenders.

According to industry benchmarks, lenders lose as much as 40 to 60 percent in foreclosure.

Even as Senate negotiators raced to finish the package ahead of the recess, talks were already under way with Mr. Frank and the House speaker, Nancy Pelosi, to reconcile differences between the Senate bill and similar legislation approved by the House.

At the White House, the press secretary, Dana Perino, softened some of the Bush administration's criticism.

"We do think that there are some really good aspects of that Senate bill," she said.

Still, Ms. Perino reiterated the veto threat citing concern over a provision that would allocate nearly $4 billion in grants to communities with high foreclosure rates to buy and rehabilitate vacant properties.

Senator Christopher J. Dodd, Democrat of Connecticut, the chairman of the banking committee, said that he was willing to negotiate with the White House over the proposed grant money.

And Mr. Dodd said he believed lawmakers wanted to finish the bill before heading home for Independence Day: "People I don't think want to leave here, hanging bunting around and eating hot dogs and hamburgers knowing that every day thousands of Americans are falling into an abyss, losing their housing."

Skeptics say the plan is a handout for irresponsible borrowers and lenders, who would be able to get rid of their worst-performing mortgages, putting taxpayers on the hook for billions of dollars in risky loans.

But in a contested election year, with Americans losing billions of dollars in home equity, officials in both parties seem reluctant to be seen as sitting on their hands.

And a close look at the fine print of the bill shows that lenders who want to use the program to refinance troubled loans into new, federally insured mortgages will have to take substantial losses. They will also have to make carefully calculated decisions about whether it makes more sense to foreclose and resell or auction a property or to help a struggling borrower refinance and remain in the home.

At the same time, homeowners seeking to use the program will have to prove that they have enough income and creditworthiness that they can afford to pay their new loans.

"The mortgages aren't just being given out on willy-nilly random basis," said Senator John Kerry, Democrat of Massachusetts.

Borrowers will have to pay a hefty fees to further insulate taxpayers from losses. As a result, the biggest risk may be that because the program is complicated - and voluntary - few lenders or borrowers will make use of it.

The delay Tuesday night exposed a rare rift between two senators from the same state, Mr. Reid, and Nevada's junior senator, John Ensign, a Republican who was pushing renewable energy tax credits.

Mr. Reid, in a speech on the Senate floor did not refer to Mr. Ensign by name, but was angry.

"We're going to stay here and finish the housing bill," he said. "It may knock a few people out of parades on July Fourth or whatever, however long it takes us to do this."

 

Robert Pear contributed reporting.

Liane Jamason, REALTOR
Keller Williams Realty
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