Information from the Texas Association of Realtors:
As part of a settlement between 49 states and five of the nation’s largest banks, some struggling Texas homeowners will receive restructured loans with lower mortgage payments. Others who already went through foreclosures may get $2,000 checks.
The $25 billion deal, agreed to by all U.S. states except Oklahoma, stems from inappropriate handling of foreclosures by Ally/GMAC, Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo. Nine other institutions may become part of the agreement, pushing the national settlement total $5 billion higher.
Many mortgage lenders admitted to inappropriate activities in processing foreclosures, including failing to verify underlying documents, signing documents without reviewing them, and using fictitious names to sign documents.
The settlement prevents states from suing the mortgage lenders for these activities. However, it does not stop individual homeowners from pursuing legal remedies in civil court.
The fact that Texans will receive only about 1% of the total settlement despite the state’s large population may be a result of the low foreclosure rate in Texas … less than half the national average, according to Core Logic.
People eligible for the loan modifications or payments will receive letters over the next six to nine months. More information is available at NationalMortgageSettlement.com and from an FAQ by the Texas Attorney General’s Office.
I am so often asked, "How's the real estate market?" that I plan to offer a monthly snapshot for those who are interested in Rockport, TX and Fulton, TX real estate.
The market in January was slightly slower than in Dec. 2011. 30 single family homes were sold in December, while only 14 were sold in January. The median sale price was slightly lower. December's median was $202,500, while January was $185,750.
4 condos were sold in December. None closed in January, however, 5 are now under contract. The median sale price of those sold in December was $139,500 and the median asking price of those under contract now is $139,000.
LAMAR PENINSULA
Just over the Copano Bay causeway lies the community of Lamar. The original town, named after Mirabeau B. Lamar, the second President of the Republic of Texas, is gone, but the spirit of the original settlers remains. The peninsula is surrounded by Aransas, Copano and St. Charles Bays and is home to several waterfront communities including The Boardwalk, Neptune Harbor, Holiday Beach and Lamar Pointe Preserve.
The heart of Lamar, Goose Island State Park, is the second most used state park in the state of Texas. It is a favorite of campers, fishermen who favor the long fishing bridge and duck hunters. Situated directly on Aransas Bay, the park boasts quick access to Copano and St. Charles Bays plus the intercoastal.
The residents of Lamar, or “ Lamartians”, as they like to call themselves, have organized to support the VFD with a huge flea market and BBQ each fall and LamardiGras in the spring. Don’t miss the LamardiGras parade and crowning of the king and queen.
The unique home at 104 Burns overlooks St. Charles Bay. The rustle of palm trees provides a tranquil feeling as you sit on the wrap-around porch. Three stories of charm with waterviews from each room. This is your opportunity to become a “Lamartian”. Just reduced to $185,000, the 2 bedroom, 2.5 bath home includes 2 bonus rooms, 2 car garage and a fenced backyard. It is listed well below the county's assessed value.
104 Burs exterior
view of St. Charles Bay from front porch of home
A new Texas Homestead Law took effect Sept. 1. House Bill 252 requires homeowners for the first time to prove that they actually reside in the home they are claiming as a homestead. Required documents are the homeowner's driver's license or state ID card plus vehicle registration. If the homeowner doesn't own a vehicle, a copy of a utility bill plus an affidavit stating that no vehicle is owned is accepted. The address on all documents must match the address for which the owner is claiming an exemption. This new law applies only to new homestead applications. Any previous exemption will remain in effect.
This law also applied for those applying for the over-65 exemption, disability and disabled vet exemptions. In addition, the extended exemption for a surviving spouse and the mobile or manufactured home exemption are also included in the new law.
Those appling for the mobile or manufactures home exemption must now provide proof of purchase and a Texas Dept. of Housing and Community Affairs document stating proof of location and ownership. These forms are available on-line at http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf
Rockport Country Club is located in the heart of Rockport, TX, a resort community on the Texas coast 30 miles north of Corpus Christi. The championship 18 hole, 71 par golf course was designed by Bill Coore and consultant Jimmy Demaret. It's rolling hills and links are reminiscent of many championship courses. Along with outstanding golf Rockport Country Club offers four lighted tennis courts with mens and ladies leagues plus private and group lessons. The club's outstanding dining facility hosts many special events throughout the year such as Sunday Brunch, Mother's Day Brunch, Mardi Gras and Easter Brunch. Rockport Country Club is the premiere event planning service in Aransas County.
This beautiful home on the 16th fairway is your opportunity to live in the Rockport Country Club area.When you walk through the door of this charming Rockport Country Club home you will feel the warmth of gracious living. This executive style home features a wood-burning fireplace and formal dining area leading onto the covered patio overlooking the 15th green. Tucked away next to the living area you will find an office with a large, custom desk that conveys. A family room and breakfast nook are located just off the kitchen. Three large bedrooms upstairs all boast doors leading to the deck that overlooks the golf course. The laundry room is conveniently located upstairs near the bedrooms. This is one of the best priced fairway homes in Rockport Country Club. Rockport, Texas golf course living at its best!
As a real estate agent in the Rockport, Texas and Fulton, Texas market I specialize in waterfront properties, second homes, relocation, and lots. "Why Not Work With Someone Who Loves Her Job?"
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