Sherry Armstrong Daytona Beach FL real estate

Many homeowners in Florida, and tens of thousands of people nationwide, have tapped the federal Making Home Affordable initiative, the Obama administration said last week. The program, enacted in March, is designed to help the millions of people current on their mortgages but struggling with payments, and those delinquent on their loans.

Less than three months after its launch, nationwide, more than 120,000 homeowners have received loan modifications and a few thousand more have gotten refinancings through the program, the Treasury Department reported. I couldn't find figures for Florida. The early results are in stark contrast to last year's ill-fated Hope for Homeowners program, which fell flat after it was beset by red tape and eligibility complications. It drew fewer than 100 applications nationwide after several months.

Rosa Miro, a housing counselor with Consumer Credit Counseling of Central Florida, is encouraged. "There's no comparison to other programs. I was never able to put even one client in any of those programs. This one at least gives people a real opportunity to recover."

As reported by the Orlando Sentinel, "In addition to getting more favorable terms, homeowners who qualify for the program and stay current with their loan will get as much as $1,000 a year taken directly off their mortgage principal over five years. Lenders and mortgage servicers will also get $1,000 for processing an application to modify or refinance a loan, plus another $1,000 if they approve the application. That's a big change from the past, when loan servicers got nothing for modification work but cash incentives from lenders for doing a foreclosure."

Homeowner advocates also are pleased by the passage recently of a federal law that shields mortgage servicers from lawsuits by angry investors in mortgage-backed securities. The Sentinel explains, "The potential for litigation from investors has long been viewed as discouraging mortgage servicers from working with distressed homeowners trying to obtain relief. Simply put, servicers didn't want to risk being sued if, by modifying people's loans, they reduced the potential payoff of mortgages bundled and sold as investments.

"The shield law and other such measures are gradually changing lenders' and servicers' attitudes toward working with troubled homeowners, said Jeff Perdue, president of Orlando Home Mortgage, a brokerage that works mostly with the new program's refinance guidelines.

"'We finally have something we can really work with," he said. "It's not a watershed by any means, but it is revolutionary compared to Hope for Homeowners. At least it's making a dent.'"

The industry is optimistic, as are Florida homeowner consumer groups, that this initiative will produce meaningful results. ""There are still a number of hurdles to overcome," said Richard Scaggs, chief executive officer of Consumer Credit Counseling of Central Florida. "Overall, we do have a much-improved program now, and we're getting much more buy-in from the servicers. But it is all so new, there are servicers out there who are really overwhelmed with it all."

If you need help refinancing your Florida mortgage, or are behind on your payments, contact me before you get too far down. I'm a Certified Distressed Property Specialist, and can help you avoid foreclosure in Florida.

Sherry Armstrong, Realtor
386-679-3191
www.sherryarmstrong.com
sherry@sherryarmstrong.com

It remains to be seen if a fee increase for Florida lenders to file foreclosure proceedings will slow down the number of cases. Many think the new measure will just help provide some additional money for Florida's treasury.

The state has struggled with one of the highest foreclosure rates in the country. One in every 6 loans defaults in Florida, and 119,200 foreclosure-ralated court filings occurred in the first quarter of 2009 alone. State court officials said Florida has a backlog of more than 300,000 cases within the judicial system.

This month, legislation to increase fees takes effect. The package is predicted to generate $220 million for the state's court system. Fees now are $395 for properties valued under $50,000, $900 for homes and businesses between $50,000 and $250,000, and over $250,000, $1,900.

While some experts have said the fee increase might make lenders more reluctant to legal actions on defaulting property owners, Greg Hallam, former president of the Mortgage Bankers Association of Florida, said the new fees mean more to the state coffers than to banks. "I honestly don't think that would matter to a bank," Hallam said. "The new fees are minimal to banks. If you can get out of a foreclosure with less than a $20,000 loss, it's a party."

Judge Cynthia Mackinnon hopes more lenders will pursue alternatives to foreclosure. "The Ninth Circuit's mediation program, stimulus money and these increased fees will hopefully all work to both parties' advantage, and more of these cases will get worked out," the judge said.

If you are having problems paying your mortgage, contact me before you get too far behind. I'm a Certified Distressed Property Specialist and can help you avoid foreclosure in Florida.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.sherryarmstrong.com

According to a recent article in RISMedia, "RE/MAX announced that two respected surveys of the nation's top real estate brokerages reveal that RE/MAX Sales Associates outperform their competitors by a significant margin. According to the company, based on transactions closed in 2008,

"The REAL Trends 500 Survey, found that RE/MAX Sales Associates averaged 13.2 transactions per agent, which was 36% higher than their closest competitor. In The RISMedia Power Broker Survey, RE/MAX Sales Associates were also ranked the highest of all national real estate franchises, averaging about 12 transactions, nearly 33% higher than the next ranked competitor. REAL Trends also said that RE/MAX Sales Associates have been the most productive in their survey for several years running.

"'There are many ways to measure success in our profession, but it all comes down to how many sales do you close?" said Margaret Kelly, chief executive officer of RE/MAX International. "The economy has hit the real estate industry especially hard, but the most professional Sales Associates will always find a way to be successful in any kind of market.'

"In both surveys, other companies were represented by higher numbers of Sales Associates, but even with their superior numbers they didn't come close to the individual performance of the RE/MAX Sales Associates.

"Sales Associates affiliated with RE/MAX also averaged higher dollar volume in their sales than all other competitors. The REAL Trends 500 Survey revealed that RE/MAX Associates averaged $3.2 million, which was 31% above the second place organization. In The RISMedia Power Broker Survey, RE/MAX Associates also averaged over $3 million in sales, more than 36% better than the company ranked second."

You know that old slogan of Allstate, "You're in good hands?" Well, that's how you should feel with a RE/MAX agent representing you, buyer or seller. I know I'm proud to be a RE/MAX sales associate, and represent the worldwide network of professionals.

Sherry Armstrong, Realtor
CDPE = Certified Distressed Property Expert
386-679-3191
sherry@sherryarmstrong.com
www.sherryarmstrong.com

I received this message in my email and assume it's legit. Even if it isn't, beware renters - know and check out the person who takes your deposit!

The Port Orange Police Department wished to notify our citizens about a scam involving houses being falsely advertised for rent on Craigslist.

It appears the criminal has found houses for sale on-line or snowbird residences and copied the information onto a Craigslist ad claiming it up for rent. The criminal claims to have moved to West Africa after winning a petroleum land bid and after much consideration decided to rent out the house instead of selling it.

The e- mail states that they are looking for someone who cares about the house as much as they do. At the bottom of the e-mail there is a questionaire for the potential renter asking the Full Name, DOB, Occupation, Number of People living in the house, etc.

The catch is that the security deposit and rent money need to be sent to Africa and then the "home owner" will send the keys to the renter. The e-mails are coming from an account set up in the real homeowner's name. This especially should be of interest to our "Snowbird" citizens.

Please make your friends and neighbors aware of this scam that is sweeping across Florida. Real homeowners are checking on their properties and finding them occupied without their knowledge.

If you have any questions about this or other alerts, please contact Crime Prevention Officer Dave Miller at (386) 506-5822 or e-mail at dmiller@port-orange.org

Sherry Armstrong, Realtor
www.sherryarmstrong.com

Halifax Plantation, in Ormond Beach, FL, close to both Bulow Creek and Tomoka State Parks, combines the amenities of championship golf, tennis, swimming, fitness center, and miles of winding roads, with a lifestyle of enjoyment and choices. 


Halifax Plantation Amentities

Halifax Plantation is a master-planned community 10 years in the making, with over 1,000 residences completed.  There will be continued development south and west of the clubhouse.  The environment offered by Halifax Plantation fosters friendships, activities, and a casual atmosphere.

The 25,000 sq ft clubhouse has a restaurant, lounge, pro shop, meeting rooms and banquet facilities, and is the heart of the community.

Professional golf practice facilities surrounding the clubhouse include driving range, putting green, chipping green with sand trap, cart barn, club storage, and locker rooms.  The Halifax Plantation Golf Club is one of the most picturesque courses in central Florida.  Designed by Bill Amick, the course challenges novice and expert golfer alike.

Adjacent to the golf amenities is a tennis facility with 4 clay courts, pro shop, and teaching staff.  There's also a Junior Olympic swimming pool, exercise facility, and locker rooms.  The many miles of landscaped roads offer perfect trails for biking, jogging, or just enjoying the outdoors.

Halifax Plantation Real Estate

You have a wide variety of choices in new construction and resales in this community -  in prices, style, and location.  There are maintenance-free single family homes, duplexes and triplexes, and condominiums along the golf course or in the nature preserves.  You can opt for more privacy or a view of the greens. 

Resales range from $299,000 to $400,000 for attached homes, and $299,000 to $1,400,000 for single family residences.  Use the widget below to search for Halifax Plantation listed homes.  You can set up your own private search.

Read Plantation Living, the Halifax Plantation newsletter, online or contact me for free issues.  Visit the Halifax Plantation page on my Ormond Beach web site for more details, and to request a free Relocation Package to this area.  Halifax Plantation is a special place in our Ormond Beach scene.  Let me introduce you to its lifestyle, homes, and facilities.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.ormondbeachfl.com
www.sherryarmstrong.com