About Cape Coral's Cape Coral

As the number of foreclosures rise around the nation, some lenders have held their foreclosures in Cape Coral in private stock, hoping to sell them gradually in a stabilizing real estate market. That hope has slowly dwindled, however, even with the five-month extension on home buying tax credits signed by the President November 6th of this year.

Government-owned Fannie Mae may have come up with a solution.

Deed-in-Lieu
Some homeowners facing foreclosures in Cape Coral have more than foreclosure, loan modification or short sale options. Some qualify for a deed-in-lieu (DIL), where they sign away all their equity back to the lender and walk away "debt free" (except, possibly, for taxes). Unfortunately, a DIL leaves the homeowner without a home to live in, and the lender with a house to sell in an uncertain market.

Deed for Lease Program
Under Fannie Mae's new Deed for Lease Program (D4L), those who go through the DIL process may be eligible to rent their home back from Fannie Mae at current market rental rates. This may not sound like a great deal, but many families have ended up on the street because of foreclosure. Those who qualify for the D4L Program will be able to remain in their homes for at least 12 months. To learn more, read the entire D4L Program eligibility list. Here are a few of the qualifications:

· No prohibitive Homeowner's Association rental limitations

· The cost of any required repairs is an acceptable amount, based on the value of the property

· The income the lender receives from the current rental market should be expected to cover any maintenance/management costs

· The current rental rates must be less than 31% of your gross income

• The home must be a primary residence

Whether the D4L Program will help or hinder the number of foreclosures in Cape Coral is still up in the air, but it does give homeowners other options - something they've been sorely lacking.

If you're facing foreclosure and qualify for short sale, I'd love to help. Call me at 239-699-0142 or email me at liloc@att.net for more information.
Lilo Clacher
Realtor, e-PRO, CFS, Staging
Sellstate Professional Realty
Cape Coral, FL 33909

FHA On Solid Ground: Hope for Cape Coral, FL Real Estate Owners

A recent interview with FHA commissioner David Stevens on CNBC gives hope to Cape Coral real estate owners with FHA loans. The Federal Housing Administration now covers at least 30% of new home loans, so when Stevens announced that it might not make its 2% capital reserve, people were understandably nervous. For no reason, Stevens says in the CNBC interview.

Instead of immediate risk management in the form of strict guidelines that might make it harder on potential Cape Coral real estate owners, such as those Fannie Mae and Freddie Mac have put on condo mortgages, the FHA is going for some changes. The changes include hiring a chief risk officer and requiring higher capital standards for loan originators.

Once it was out that the FHA wouldn't meet it's 2% (please note that the FHA itself is the one who broke the news), news portals, blogs and other websites spread the news that the FHA was a train wreck. However, the CNBC interview with Stevens cleared the air a bit.

It appears that the FHA, put in place for instances like this when people can't afford other loans, actually has two capital accounts. According to Stevens, the FHA has "lots of capital in primary reserve to cover expected defaults." Combined, FHA capital is over $30 billion dollars.

At the present, says Stevens, the FHA isn't considering a minimum credit score, and they may not have to. Looking at their portfolio, the average credit score has gone up 60 points, from 630 to 690, pointing to a higher quality of borrowers.

So, when thinking about buying Cape Coral real estate and looking at mortgage companies, don't forget to look at the FHA. If Fannie Mae and Freddie Mac are lending, the FHA is - and it's going strong!

You can watch the CNBC video for the full interview.

Cape Coral's Coconut Festival is coming November 13th to the 15th!

Enjoy the Fun this year!

FRi and Sat night at 9PM - Coco boom boom fireworks

Friday - Country Night with "JAMES OTTO"

Saturday - Rock Night with "MOLLY HATCHET"

CLICK here for more information or to order tickets!

Southwest Florida * Cape Coral , Fort Myers, Sanibel Island * Fort Myers Beach Real Estate* Waterfront Foreclosures *Bank Short Sale and Bank Owned Waterfront Property.

Boaters Real Estate. Picture taken on 09-06-2009 while out on the boat, this picture was taken on the back bay side of Sanibel Island !

Southwest Florida offers some of the very best the aviod baoters outstanding boating, fishing and wildlife adventures in all of southwest Florida.

We offer in Cape Coral Florida over 300 miles of Waterfront Canals with Gulf Access ! Why park your boat at a marina? why not park your boat at your back door? I do and so can you!

There has never been a better time in history do buy a waterfront property in southwest Florida. there are many bank owned foreclosures, bank short sales and bank owned property on the market with great access to the Gulf of Mexico .The locations are almost endless! We have homes located on 80, 100, 150, 200, 250 wide canal views along with intersecting bassin and lake views .

You to can enjoy our "Waterfront Paradise !" We have our very own Sea World ! Come live. work and Play in Southwest Florida.

Search Hundreds of Bank Owned Foreclosures , Bank Short Sale Homes from my website

Work with A Realtor that knows the Southwest Florida real estate on and off water !

I look forward to working with you.

Best regards

Joe Kendall, Realtor Sandals Realty
Waterfront & Foreclosure Specialist
Phone 239-560-0726 Fax 239-236-0422
Discover Southwest Florida www.ViewSwFlorida.com
Search Homes in Southwest Florida www.JoeKendall.listingbook.com
Read Joe's Real Estate Blog www.SwFloridaRealtorsBlog.com