I am very excited about news coming down the pike as a Realtor and my happy news may well be good news for would be buyers and sellers of short sales. When someone calls me about a home and I, through gritted teeth, tell them that it is a short sale, I can just hear their eyes rolling in their head. Hopefully these new Treasury proposed guidelines will help us all.
The main reason for the gritting of teeth and the eye rolling is the unsure outcome and the long time frame in waiting for the bank to give us an answer on a short sale. The new guidelines proposed by the federal government for short sales will address this issue. The new rules will give lenders a 10 day limit to respond to offers, free borrowers from dept and even provide financial incentives to lenders.
As the housing slump enters its fifth year these guidelines should factor into helping us see the light at the end of our tunnel. To speed up the process the U. S. Treasury is calling for lenders to respond to short sale offers within 10 business days. Sellers would be eligible for $1500 in moving allowances and they will not be strapped with repayment of any dept.
To further encourage banks, lenders will get $1,000 to cover administrative costs, while investors owning the mortgages will receive a maximum $1,000 for allowing up to $3,000 in short sale proceeds to be distributed to less senior lenders. Loan servicers participating in the Obama Administrations Home Affordable Modification Program are required to follow the guidelines.
The plan that must be implemented by lenders no later than April may be too late for my short sale that has been waiting on a decision since last April. We have gone through 3 buyers and it looks like we are at an impasse and off to foreclosure we go even though we have a willing buyer and seller. The first and second position lenders are not being good playmates. It is my hope however that we will see a change for the better. There are some banks that are already doing the responsible thing and working hard to make this painful process as pleasant as possible. You can rest assured that I will be using my brand of getting even with those fellows!!!
So till next week you know the drill by now, “The only people we have to get even with are those that have helped us”…… So get busy and go get even.
Are you ready to party? Last weekend, the Krewe of Massalina kicked off the Panama City Mardi Gras festivities with an exciting parade through the streets of downtown Panama City. This weekend, Friday February 5th and Saturday February 6th, the celebrations are coming to Panama City Beach, and it’s going to be HUGE! READ MORE
from www.PanamaCityBeachHarley.com
You’ve driven past the sign probably a thousand times since it was posted; some of you passing with excitement, others with disdain. Either way, Harley Davidson Motor Cycles is coming to Panama City Beach. The acceleration lane headed West from the intersection of Panama City Beach Parkway and Gulf Blvd is almost complete and the crews have one more layer of asphalt to lay. After that, its vroom, vrooom!
Businesses like Harley Davidson moving into our area is always a good thing, a sign of the economic prosperity to be had on our wonderful beaches. However, we at PCBDaily.com have read the comments (see exhibit A) about Bike Week and although we are fans of the event, the chromed-out weekend remains one of PCB’s most polarizing topics. Some love it, some hate. Harley Davidson’s arrival onto our beach can only mean that the bike week has more staying power than many realize.
We expect construction to begin soon on the latest addition to the Harley Davidson family of Dealers.
This construction appears to be the first of the “Commercial Opportunities” that are offered by the St. Joe Company along Panama City Beach Parkway (or Back Beach Road, as some still call it). This and other land parcels are convenient to Frank Brown Park and Pier Park.
As growth continues on Panama City Beach… We’ll keep you posted!
I hate to do this – but I’m going to let you in on one of Panama City Beach’s biggest secrets, and my own personal favorite spot. READ MORE
Most people who are familiar with Panama City Beach restaurants will probably have heard of 30 Degree Blue, an upscale dining establishment that has always boasted some of Panama City Beach’s most gourmet cuisine. READ MORE
The Panhandle Chapter of the American Red Cross announced a free concert fundraiser to be held in Panama City Beach for the relief of the Haitian people.
After seeing the devastation caused by the earthquake in Haiti on January 12, Ski Light, owner of Ski Productions in Panama City Beach came up with the idea for a benefit concert.
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MEXICO BEACH/PORT ST JOE OFFSHORE
Few anglers reporting from offshore yet again this week due to frigid temperatures however, many anglers are gearing up and readying their boats for trolling. Winter months are excellent times to troll for grouper. Mann’s stretch series lures and Yozuri deep diving plugs are very effective lures for this type of bottom fishing. Traditional bottom fishing techniques are still your best tactic for grouper beyond depths of about READ MORE
Some people will have already heard of Frommer’s, but for those not in the know, Frommer’s is a guidebook series and one of the bestselling travel guides in America. It all began back in 1957 with the publication of Arthur Frommer’s book, Europe on $5 a Day. Since then, Frommer’s has expanded to include over 350 guidebooks across 14 series, as well as other media including the award winning Frommers.com website which covers over 3,500 destinations. READ MORE
If you read my articles you know by now I try to base them on real life problems and concerns of all the sweet people I encounter during my work week, especially in the area of short sales and foreclosures. I have had so many different mountain climbing experiences lately in relation to this I decided to seek advice myself and make sure I was equipped for the task. READ MORE
On Saturday, February 13th the Citizens of Florida will have an opportunity to show their opposition to oil drilling as close as 3 to 10 miles off our coast. This movement will be made of people of all walks of life and will cross political affiliations. READ MORE
