Putting the NEW in OLD Spanish homes

Are you an "old house person" or a "new house person"?  Most people can tell you immediately which type of home they prefer but if there is any doubt take this test and you can probably figure it out;

You are probably an Old House Person if;

1. In general, you revere things which have a past, a history and which have attained dignity through maturity having withstood the "test of time".

2. You feel a connection to objects that are still and quiet but which you sense have a power and a richness, forged in a long ago time by human hands, which can never be duplicated.

3. You feel most comfortable in a space that has been designed in accordance with the concept of  "The Golden Mean".

4.  In any home you consider you value utility when it is clever and takes advantage of  renewable resources like sunlight or thermodynamics or cross ventilation and you abhor the wastefulness of homes with no such cleverness of design.

5. You prefer a home's architectural ornamentation to be more Frank Lloyd Wright than LasVegas

6.  You feel that hairline cracks and dents and floors that creak and walls that are not always "true"  in an old home are no cause to abandon the place and are as part of the natural order of things as are wrinkles on the face of someone you love.

7.  You feel it is a privilege and an honor to carry on a tradition of caring for and loving a worthy structure born of human ingenuity, craftsmanship and knowledge of beauty.

Now, if you are a "New House Person" you:

1.  Are like an explorer, happiest when you are the first to have discovered something new that no one else has ever laid claim to.

2.  Are not willing to be forever ready to leap into "fix-it mode" and prefer your home to  be self-sufficient and not always begging for help.

3. You prefer to live in a space that is a blank slate ready for your imprint and unfettered with the baggage of the past.

4. You must have the very latest, hot off the presses technological innovations in appliances, sound systems, wi-fi, lighting and security systems.

5. You want to enjoy your home not fight with it or try to appease it or perfect it.


Now for those of you who harbor both New and Old House character traits you might find the perfect marriage in these 2 new Coral Gables listings:

                     909 Algaringo Avenue for $1,350,000.

                             and 645 Minorca for $649,000.00

Read all about them at http://www.gableshistorichomes.com/

Coconut Grove Landmark Home SOLD

SOLD!
3710 DeGarmo Lane
http://www.villadegarmo.com/
VILLA DEGARMO
Coconut Grove
$2,975,000.
Walter DeGarmo, Architect
Built in 1921, gated community, 19,770 sq’lot 7761 sq’
Laura Mullaney 305 790-1000

HOME SALES UP AS PRICES STABILIZE

According to the Miami Herald on Tuesday, January 26, home prices are up and prices are stabilizing particularly in Coral Gables and the Roads Section of Miami. According to the Herald article, the National Association of Realtors predicts the housing recovery will gain momentum in the second half of 2010. The influence of historically low mortgage interest rates, plummeting prices and the various home-buyer tax credits such as the $8000.00 first time home-buyer tax credit are cited as the main reason for the recovery.

Qualified buyers who have signed a real estate contract to buy a primary residence by April 30 have until June 30th to close the purchase to be eligible for up to $8000.00 for first time buyers and $6,500.00 for repeat buyers.

Fannie Mae changes for Florida CONDOS

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STATEWIDE:
Fannie Mae Relaxes Florida Condo Standards

Fannie Mae is seeking to prop up Florida's ravaged real estate market by reviewing hundreds of condo projects in the state that currently don't qualify for its loans. The mortgage finance company said Thursday that buildings deemed stable after the review will be given a special approval lasting up to 18 months. If they are approved, lenders will be allowed to offer mortgages to homebuyers and sell those loans to Fannie Mae, which pools them into bonds and sells them to investors SOURCE AP

LOAN MODIFICATIONS

Press Release FROM US TREASURY
Updated: November 30, 2009
November 30, 2009
Contact: Office of Public Affairs, (202) 622-2960

OBAMA ADMINISTRATION KICKS OFF
MORTGAGE MODIFICATION CONVERSION DRIVE

WASHINGTON - The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) today kick off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration’s Home Affordable Modification Program (HAMP) convert to permanent modifications. The modification program, which has helped over 650,000 borrowers, is part of the Administration’s broader commitment to stabilize housing markets and to provide relief to struggling homeowners and is a primary focus of financial stability efforts moving forward. Roughly 375,000 of the borrowers who have begun trial modifications since the start of the program are scheduled to convert to permanent modifications by the end of the year. Through the efforts being announced today, Treasury and HUD will implement new outreach tools and borrower resources to help convert as many trial modifications as possible to permanent ones.

"We are encouraged by the pace at which trial modifications are now being made to provide immediate savings to struggling homeowners," said the new Chief of Treasury’s Homeownership Preservation Office (HPO), Phyllis Caldwell. "We now must refocus our efforts on the conversion phase to ensure that borrowers and servicers know what their responsibilities are in converting trial modifications to permanent ones." In her new role, Caldwell will lead HPO’s conversion drive efforts.

"Encouraging borrowers to move through the process of converting trial modifications to permanent modifications remains a top priority for HUD," said HUD Assistant Secretary for Housing and FHA Commissioner David Stevens. "As a part of our continuing efforts to improve the execution of the HAMP program, HUD is committed to working with servicers, borrowers, housing counselors and others dedicated to homeownership preservation to improve the transition of distressed homeowners into affordable and sustainable mortgages."

With tens of thousands of trial modifications being made each week, the Administration is now working to ensure that eligible borrowers have the information and the assistance needed to move from the trial to the permanent modification phase. (All mortgage modifications begin with a trial phase to allow borrowers to submit the necessary documentation and determine whether the modified monthly payment is sustainable for them.) As the first round of modifications convert from the trial to permanent phase, the Administration has identified several strategies for addressing the challenges that borrowers confront in receiving permanent modifications.

In addition to the conversion drive that kicks off today, the Obama Administration has already taken several steps to make the transition from trial to permanent modification easier and more transparent by:

Extending the period for trial modifications started on or before September 1st to give homeowners more time to submit required information;
Streamlining the application process to minimize paperwork and simplify the submission process; meeting regularly with servicers to identify necessary improvement to borrower outreach and responsiveness;
Developing operational metrics to hold servicers accountable for their performance, which will soon be reported publicly;
Enhancing borrower resources on the MakingHomeAffordable.gov website and the Homeowner’s HOPE Hotline (888-995-HOPE) to provide direct access to tools and housing counselors.

The Mortgage Modification Conversion Drive will include the following:

Servicer Accountability. As part of the Administration’s ongoing efforts to hold servicers accountable for their commitment to the program and responsibility to borrowers, the following measures will be added:
Top servicers will be required to submit a schedule demonstrating their plans to reach a decision on each loan for which they have documentation and to communicate either a modification agreement or denial letter to those borrowers. Treasury/Fannie Mae "account liaisons" are being assigned to these servicers and will follow up daily as necessary to monitor progress against the servicer’s plan. Daily progress will be aggregated by the end of each business day and reported to the Administration.


Servicers failing to meet performance obligations under the Servicer Participation Agreement will be subject to consequences which could include monetary penalties and sanctions.


The December MHA Servicer Performance Report will include the data on permanent modifications as well as the number of active trial period modifications that may convert by the end of the year if all borrower documents are successfully submitted, sorted by servicer and date.


Servicers will be required to report to the Administration the status of each modification to provide additional transparency about situations where borrowers face obstacles to moving to the permanent phase.


Web tools for borrowers. Because the document submission process can be a challenge for many borrowers, the Administration has created new resources on www.MakingHomeAffordable.gov to simplify and streamline this step. New resources include:
Links to all of the required documents and an income verification checklist to help borrowers request a modification in four easy steps;


Comprehensive information about how the trial phase works, what borrower responsibilities are to convert to a permanent modification, and a new instructional video which provides step by step instruction for borrowers;


A toolkit for partner organizations to directly assist their constituents;


New web banners and tools for outreach partners to drive more borrowers to the site and Homeowner’s HOPE Hotline (888-995-HOPE).


Engagement of state, local and community stakeholders. Through the conversion drive, the Administration is engaging all levels of government - state, local and county - to both increase awareness of the program and expand the resources available to borrowers as they navigate the modification process.
HUD will engage staff in its 81 field offices to distribute outreach tools. HUD will also encourage its 2700 HUD-Approved Counseling Organizations to distribute outreach information to participating borrowers.


By engaging the National Governors Association (NGA), National League of Cities (NLC) and National Association of Counties (NACo) the Administration is connecting with the thousands of state, local, and county offices on the frontlines in large and small communities across the country who are hardest hit by the foreclosure crisis. These offices will now have the tools to increase awareness of the program, connect with and educate borrowers and grassroots organizations on how to request a modification and take the additional steps to ensure they are converted to permanent status; and serve as an additional trusted resource for borrowers who are facing challenges with the program.


In partnering with the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, state regulators will now have enhanced tools to assist borrowers who are facing challenges in converting to a permanent modification and to report to the Administration on the progress and challenges borrowers and servicers are facing on the ground. Regulators will also be empowered to work directly with escalation and compliance teams to ensure that HAMP guidelines are consistently applied.

More information about the Obama Administration’s mortgage modification program can be found at www.MakingHomeAffordable.gov.

First Time Homebuyer Tax Credits extended

President Obama has signed into law the extension and expansion of the Homebuyer Tax Credit, which is part of the Unemployment Compensation Extension Act (H.R. 3548).

The bill provides a new incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. I believe this provision benefitting existing home owners, combined with historically low interest rates, will help a large number of qualified move-up buyers who have been sitting on the sidelines, hesitant to list their current homes, if they act now!

The bill also extends the previous incentive for first time homebuyers – or anyone who hasn’t owned a home in the last three years. Those buyers will still get up to an $8,000 refundable tax credit.

The legislation includes other qualification provisions. For example, the credit is available only for the purchase of principal homes (no second or vacation homes) costing $800,000 or less and the credit is eliminated for individuals with annual incomes above $125,000 or couples with incomes above $225,000.

To qualify under either provision, buyers must sign a purchase agreement by April 30, 2010 and close by June 30, 2010. This is likely to be the last tax credit that the government will offer to first-time and move-up buyers. The window of opportunity is shorter than it may seem, especially for potential buyers who need to list and sell their existing homes. We must do everything we can to help them take complete advantage of it.

Could you have an illegal mortgage and not know it?

From the Sun-Sentinel


> Posted by Daniel Vasquez on September 16, 2009 10:50 AM in the Sun-Sentinel

Apparently a majority of Florida attorneys say homeowners are not typically the first to realize they have a mortgage with terms that violate their consumer rights, such as hidden fees or balloon payments they were not told about at signing.

The culprits: Predatory lenders who took advantage of consumers willing to sign anything to get their dream home.

If you've been through the loan process, you realize how confusing the forms and laws can be. Many consumers found out the hard way that they were tricked into signing a bad mortgage, and many will find out soon, according to the Consumer Mortgage Audit Center, which analyzes loan data and problems.

The Center hosted a recent webcast poll in which nearly 64 percent of Florida lawyers who responded said that most homeowners with problematic mortgages are clueless about it. Also, most respondents warned that more mortgage violations and predatory lending will be "detected" in the coming 12 months as opposed to the past 12 months.

Best practices that the Consumer Mortgage Audit Center recommends to homeowners nearing or in foreclosure are:

Compare your HUD-1 document, which buyers get at settlement to outline most costs, with the same lender’s good faith estimate. If the figures on your HUD-1 and your good faith estimate look different, it may be time to call an attorney.

If you suspect there are violations in your mortgage paperwork but can’t be sure, take the time to consult an attorney. Your legal team will appreciate your efforts to be proactive, rather than reactive.

Look for an attorney in your area who handles foreclosure defense cases, as they’re typically most familiar with national homeowner’s rights, as well as laws designed to protect borrowers in your state. Most foreclosure attorneys do not charge for an initial consultation; further, if an attorney wins the foreclosure case against a lender, the lender is responsible for paying the homeowner’s attorney fees.

About the poll: The Consumer Mortgage Audit Center sponsored a Continuing Legal Education webinar for attorneys on July 31, 2009. Of the attorneys in attendance, 47 who practice in Florida shared their opinions, which were used in the above release. Responding attorneys specialize in foreclosure defense (42.6 percent), general practice (17 percent) and real estate (17 percent).

REAL ESTATE TAX APPEAL DEADLINE

There are only 10 Days left to register your tax appeal petition. If you believe your Taxable Assessed Value is to high you must submit Petition at your Local County Clerks office on or before the 18th of September.

MORTGAGE DISCLOSURE INFORMATION ACT

There are recent changes in the federal Truth in Lending Act regulations which will have an impact on mortgage processes. It will require a fundamental change in how lenders finalize loan terms for the borrower prior to closing. Changes at the closing table could require the borrower to reschedule the closing date if a revised Truth In Lending statement is needed.

Summary

The rules for the Mortgage Disclosure Improvement Act were finalized Friday, May 8th and it is applicable to all mortgage lenders (federally chartered or state licensed). For applications taken as of July 30, 2009, new requirements about the delivery and the accuracy disclosures will apply. One of the new requirements is that the borrower must be provided with an accurate APR (annual percentage rate) disclosure at least three business days prior to closing. It must be in their hands three business days prior to closing and they are permitted to close on the 3rd business day after receiving it or later
An easy way to remember new rule is 3/7/3. This means
3 days after application – An initial truth in lending statement must be provided no later than 3 business days after receipt of the application. Some lenders such as Coldwell Banker Mortgage have a current process which generates an auto-compliance package which complies with this requirement so no changes are needed.

7 business days after initial application – Waiting period - the borrower is not permitted to close until at least seven business days have passed since the TIL (Truth in Lending statement) was placed in the mail or provided to the borrower.

3 business days prior to closing – Waiting period - The borrower must receive an accurate APR on their TIL at least 3 business days prior to closing. If it was provided before that period of time because the loan terms were locked in earlier in the process, no new TIL is required if there is no change to the APR or the change is less than 1/8th (¼ for construction loans).



If the final loan terms cause the TIL APR to be understated by more than 1/8th, a revised TIL with an accurate APR must be provided to the borrower so they receive it at least three business days prior to closing. It must be in their hands at that time and they may close on the 3rd business day after it.

Some issues to consider and address:

New timing requirements will limit rush closings and could delay closings.
Closing table changes and redraws may result in having to reschedule the closing date.

Coconut Grove Pioneers; KIRK MUNROE

Coconut Grove, Florida had many interesting pioneers. Among the most influential was KIRK MUNROE who came up with the name for his neighbor's new estate; "Vizcaya" and suggesred its emblem; the seahorse. Kirk Munroe was born on September 15, 1850 in a log cabin near Prairie du Chien, Wisconsin. His youngest years were spent on the frontier and then his family moved to Cambridge, Massachusetts where he attended school until he was sixteen. Unsure of what he wanted to do in life, but loving the outdoors, he secured a job as a surveyor's helper on an expedition that crossed the great southwest from Kansas to California to find a route for the first transcontinental railroad. During this time he claimed he helped fight Indians and in one scrimmage he was wounded while eight of his comrades were killed. He met such famous characters of the old west as Custer, Wild Bill Hickok, and Kit Carson.

1876 - Becomes reporter for the New York Sun newspaper
1879 - Becomes the first editor of Harper's Young People magazine.
1879 - Commodore of New York Canoe Club for five years. He was one of the founders of the American Canoe Association in 1880. It still exists and in 2002 had 50,000 members.
1880 May 30 - A national organization of bicycle enthusiasts was founded by Kirk Munroe and a friend. Originally called the League of American Wheelmen, in 1994 it changed its name to the League of American Bicyclists. Munroe held the No. 1 ticket.
1881 - Resigns from Harper's. In future years he returns to the magazine during the summers as a substitute editor.
1881-82 - Takes a winter trip to Florida with his sailing canoe Psyche. Circles most of the state in a 1600 mile cruise.
1883 September 15 - Marries Mary Barr. They take a three month cruise from St. Augustine to Lake Worth.
1885 - They buy a property on Lake Worth.
1885-86 - Munroe and Mary cruise the great Florida reef, ending up in Biscayne Bay.
1886 - They buy a property on Biscayne Bay in Coconut Grove which they name "Scrububs". Later they build the first tennis court in Dade County and organize the first baseball team.
1886 - Wakulla, his first book is published.
1887 February 15 - Munroe becomes the co-founder of Biscayne Bay Yacht Club at a meeting at Scrububs along with Ralph Munroe. Kirk remains its secretary for thirty-five years. The Biscayne Bay Yacht Club still exists and is the oldest organization in Miami-Dade County.
1890-91 - Cruises from Coconut Grove to the Ten Thousand Islands in Allapata, his thirty-five foot sharpie-ketch sailboat.
1893 - Paul Ransom comes to Coconut Grove with a letter of introduction to Kirk Munroe. A week later Munroe sells Ransom the seven and one-half acre property next to Scrububs. This becomes in 1896 the Pine Knot Camp and eventually Ransom-Everglades School.
1893 - Invited to the World's Fair in Chicago where he is voted most popular author by ten thousand children.
1893 - Trip to Alaska four years before the gold rush.
1895 June 15 - The Coconut Grove Library was founded by the members of the "Pine Needle Club". Mary Munroe was the president of this club. In 1901 Kirk Munroe erected a library building on land donated by Ralph Munroe. For many years Kirk Munroe was the President of the Coconut Grove Library Association.
1896 - Munroe is authorized by Ransom to begin building the school. Munroe signs a contract in January with a contractor to begin construction. Munroe and his wife take a trip to Key West. He visits the warship Maine.
1899 - Cruises the Canadian coast from Newfoundland to Hudson's Bay.
1903 - Takes a world tour which includes North Africa, Tibet, Burma, Java, Borneo, China, Korea and Japan. Sees the Russian battleships gathered in Port Arthur just prior to the great battle with the Japanese.
1903 - Returns home to the US - meets wife in San Francisco, together they tour the Canadian northwest
1904? - Travels to Central America, Mexico.
1905 - Last book published, For the Mikado.
1909 - Kirk celebrates his 59th birthday with Cree indians on a thousand mile trip through Canada.
1914 - In discussions with his neighbor, Munroe helps come up with the name of Deering's estate, "Viscaya" and its emblem, the sea horse.
1919 - Coconut Grove is incorporated as a town. One source says that Kirk Munroe ensures that the incorrect spelling "cocoanut" is not approved, but another source says this was done by his wife.
1919 - Sells "Scrububs". Buys a property elsewhere in Coconut Grove on a street called Leafy Way which he names "Kirkland House".
1922 - September. Mary dies.
1924 - Kirk marries Mrs. Mabel Stearns.
1926 - Stearns places him in the Florida Sanatarium in Orlando.
1930 - June 16th. Kirk Munroe dies at age 79. He is buried next to his beloved wife, Mary, at the Woodlawn Park Cemetery on S.W. 8th Street in Miami.