This is a great article I red from "The Ledger.com"

By TODD RUGER
NYT REGIONAL MEDIA GROUP

Phil Agnes and other lawyers have two words for homeowners facing foreclosure: Stay put.

The flood of foreclosures has clogged the courts, allowing homeowners to stay in their homes while the paperwork goes through the system. Many homeowners are unaware that they can remain at home for months while the foreclosure is in court, lawyers say.

And homeowners willing to challenge the foreclosure sometimes can remain in their homes for more than a year, sometimes more than two years, just by filing a few basic legal documents.

"It's in everyone's best interest to stay in the home," said Agnes, a lawyer who volunteers at Gulf Coast Legal Services Inc.

A legal fight lets homeowners save money for post-foreclosure life, when a ruined credit score makes it harder to find a new place to live.

And there are more advantages, lawyers say: Making the legal process costly and time-consuming may push the lender to find alternatives to foreclosure like a loan modification or short sale, the lawyers say.

Staying in the house does not disrupt family life, and the owner takes care of the home, protecting its value for the bank and the neighborhood's appearance.

Agnes said he sent letters to homeowners immediately after foreclosure filings, and about a third of them were returned because the homeowners had already left.

The Manatee and Sarasota court records are full of cases in which the banks waited months to move forward, even if the owner did not respond.

Agnes said he has two cases in which he responded for the homeowners, and the bank has not filed anything in almost a year.

"And they're still in the house," he said.

The lawyers for lenders hope owners do not bother to fight the foreclosures.

If a homeowner simply walks away from the property, lawyers can spend hardly any time in court and retake it in as little as 90 days.

Courts across Florida have expedited the process to clear tens of thousands of foreclosures that have been filed since the housing market fell in 2006.

Adding to the clog, the lenders often pay law firms a flat fee for each judgment they obtain, so they focus on the easier cases, foreclosure defense lawyers who work in the system say.

And any motion that requires the banks to produce information can delay the case for months. The more difficult the request, the longer the delay.

The going time lag for banks to respond when a homeowner asks to see some types of paperwork? Up to six months.

"They're very disorganized," said Christy Greene, a lawyer at Advocates For Justice in Jacksonville.

The system is set up to be advantageous to homeowners who fight, Fort Lauderdale area-based lawyer Roy Oppenheim said.

The more time it takes the lender to get that judgment, the more chance the bank's lawyer will realize an alternative solution would be faster and cheaper.

"As of today, we've not had a client go to the courthouse and lose their home," Oppenheim said.

Once homeowners appear to have lost the case, filing for bankruptcy will halt the foreclosure, typically for several months.

Requesting records from the lenders is more than just a stalling tactic, lawyers say. Homeowners have every right to force lenders to prove they really own the home loan.

An unprecedented number of mortgages were repackaged together and sold as securities, which provides the best opportunities to homeowners trying to fight.

Foreclosure defense lawyers can file the basic documents that will buy months in a home.

They usually take the case for a flat fee that could equal one or two months' mortgage payments, and can avoid the legal pitfalls homeowners can fall into.

Lee Rosa is a Prominent Listing Specialist who understands our changing marketplace and utilizes technology to put his clients in the best position to sell.  As an ABR® Specialist in Orlando, Florida, he understands the market temperature when negotiating with Central Florida Homebuyers, search every Active Listing in Orlando.

If you are moving across the street or across the country ... The Orlando Sentinel has a Rating Website for Central Florida High Schools.  Each year Florida gives public schools an A-F grade based on FCAT scores. It affects everything from how much money a school gets to property values. But when school performance is measured more broadly, the results can be much different.  The Site can be found here. 

Lee Rosa is a Prominent Listing Specialist who understands our changing marketplace and utilizes technology to put his clients in the best position to sell.  As an ABR® Specialist in Orlando, Florida, he understands the market temperature when negotiating with Central Florida Homebuyers, search every Active Listing in Orlando.

As home prices implode, tax assessors must revalue properties down, taxes (should) follow, next.  As a general rule: City and County assessors reappraise property values annually or biannually.  They use recent sales of comparable homes in the neighborhood to set these values.  This means that in areas that have seen significant drops in home prices and appraisals thereby property taxes - should also drop.

Unfortunately, Property Assessors have been flooded with requests from recent homeowners to reassess their home values, delaying the process.

Be aware, that even if tax assessors reduce appraised values to reflect market conditions it still does not automatically mean a property tax cut. Our cities and counties could still raise the tax rates (millage rate), [the percentage of the home's value that is used along with the assessed valuation, to calculate the final bill].

Bill Donegan (property appraiser for Orange County) has stated that, "Taxes are based on property values times the millage rate.

Central Florida has declining values but could make up for it by raising the millage rate.  Local governments usually can't just raise rates indiscriminately, but could raise the fees on water, sewage and other services to keep up with looming budget deficits. 

Another option to keep revenues up to pay for programs is to create entire new taxing entities, known as "tax district", to fund fire departments, law enforcement, even libraries.

Lee Rosa is an ABR® Specialist in Orlando, Florida. You can search Orlando Homes for Sale at his website.

• 1,040 sq. ft., 2 bath, 2 bdrm single story - MLS® $111,000

Park North at Cheney Place Condos, Orlando  -  Resort Style Condominium Located In "Uptown" Downtown Orlando. Spacious Unit With Peaceful Views. Crown Molding, Built-In Desk, Large Pantry, Private Reserved Parking In Garage, 2 Pools, 3 Elevators, Business Office, Fitness Room, PET FRIENDLY. On-site Management And Maintenance, A MUST SEE! Short Sale!

Property information

Freddie Mac Average Rates:

Over the past few weeks interest rates have climbed from 4.75% to 5.75% and currently sits at about 5.35%.

The method to the madness is nuttie – however a simple explanation can be found in the stock market.  Interest rates are determined on the yield spread found in Mortgage backed Securities and the Bond Market.  Unfortunately speculators on Wall Street are moving money in and out driving interest rates higher and higher.

Lee Rosa is a Realtor living and working in Downtown Orlando, Florida and represents buyers and sellers there. Read more about selling your home in Central Florida. Call or email to set up a viewing of hot deals, or any other home in Central Florida.

• 1,020 sq. ft., 1 bath, 2 bdrm single story - MLS® $25,000

Tymber Skan, Orlando  -  Investor or 1st Time Home Buyer Gem! Move-in Condition - Compare This to The Rest of Central Florida Real Estate. Tenats Are Month to Month and Love The Property. Did I Mention Move-in Condition?!?! Convenient Location. End Unit Property!

Property information

Has there been a better time to purchase a home for first time homebuyers?  I am not sure, after all the government is handing out a $8,000 tax credit (can now used as a down payment) and interest rates are extremely low. 

How long will it last?

I am not too sure … however what I do know is … the “best” properties are being gobbled up within days, by the growing homebuyers in our Central Florida market.

Do you want to know more about the $8,000 tax credit? Contact me today.

Lee Rosa is a Realtor® specializing in new home construction Get in touch to find out more about moving to Central Florida Real Estate - 407 227 9182.

According to a new survey by Zillow, finds 60 percent believe their homes lost value in the last year,  up from 57 percent in February

Now, the reality check: Eighty percent of homes actually were worth less in the last 12 months, up from 76 percent in February.

As an active agent I speak to a lot of sellers day in and day out – I would venture to say that every three out of four home sellers believe that their own homes’ prices will increase or be flat over the next six months.

Zillow makes a very interesting point in their survey results … 31% of all homeowners said they would be at least “somewhat likely” to put their homes on the market in the next 12 months if they saw signs of a real estate market turnaround.

What this does is creates a steady stream of new inventory adding to already record-high inventory levels, thus keeping downward pressure on home prices.  Counter acting the intended result.

At the end of the day – there are 2 types of sellers … HAVE TO (sellers) and WANT TO (sellers).  If you are a “want to” its in EVERYONE’s best interest to just “stay off” the market, because this is going to be a long - long road – before we see values increase.

Today was my first experience with Florida citrus sports as I participated in a presentation by Steve Hogan.  The organization is Charity Based and focuses on children and education.  Did you know Florida Citrus Sports is a Not for profit organization?

Did you know that they were instrumental for several neutral site games for both college and the NFL, and Olympic Soccer in 1996?

I didn't know Georgia Tech won the National Championship at the Citrus Bowl | tore down the goal posts and carried the posts to Church Street Station.

The economic impact of the events brought to the Metro Orlando area by Florida Citrus Sports is staggering, for example The Florida Classic (AKA - Soul Bowl) brings $30,000,000 to the Orlando area, not to mention the Capital One Bowl and Champs Bowl.  There will be 10 National Televised Programs preformed in 2009 as well! Last, during Bowl Week, The Orlando Citrus Parade is televised to over 85 million homes.

A few other tid bits from the meeting ...

Starting May 14th | The 18th Annual Orlando Fringe Festival @ Loch Haven Park

Starting May 13th | The Florida Music Festival and Conference | 250 bands | 15 venues

To find out what else is Happening Downtown, here.

Lee Rosa is a Realtor living and working in Downtown Orlando, Florida and represents buyers and sellers there. Read more about selling your home in Central Florida. Call or email to set up a viewing hot deals, or any other home in Central Florida.

Mold in Central Florida Homes is Serious Business - 

Because the issue of mold has entered the mainstream so quickly, science has yet to catch up. Guidelines for mold measurement and exposure have not yet been established, but one thing is clear. As the financial toll of mold continues to increase dramatically, measures need to be implemented in order to minimize your financial risk and liability exposure.

Defining Mold

The presence of mold, water damage, or musty odors should be addressed immediately. In all instances, any source(s) of water must be stopped and the extent of water damage determined. Water damaged materials should be dried and repaired. Sampling is then recommended to determine the type and extent of the existing mold. Mold is a structural, health and environmental problem. Some mold defects can't be seen and will only be detected through sampling.

What Is Mold?

Molds are simple, microscopic organisms whose purpose in the ecosystem is to break down organic materials. They can be found wherever there are organic materials and moisture, which are the necessary ingredients for mold growth. Molds are found both indoors and outdoors, and in any area of the country. Some are visible, some are not.

Health Effects of Mold Exposure

The health effects from mold exposure may be: Respiratory failure/asthma, Flu symptoms/headaches, Nose bleeds/bleeding lungs, Neurological disorders, Memory loss, Dizziness, Learning disabilities, and Death.

Types of Mold

There are approximately 100,000 genera of mold species known today, with approximately 80 genera suspected of causing some form of illness. Only a fraction of the 80 genera are considered toxic. Molds are organized into three groups according to human responses: Allergenic, Pathogenic and Toxigenic.

Conducive Conditions For Mold Growth

There are many conditions for mold Growth. Moisture, Food Source, Raw Materials, Minimal Air Circulation, and HVAC Systems

Conducive Conditions For Mold Growth are:

Mold Exposure Standards

No scientific exposure standards currently exist for mold. Some believe that the development of exposure standards could be years away. According to the EPA’s report on Indoor Air Quality, the EPA has not established uniform air quality standards covering airborne biological substances such as fungal spores. This is due to a lack of convincing epidemiological evidence.

Mold Screening

Although there are no defined standards or exposure limits, it is possible to identify houses with mold contamination by comparing the indoor and outdoor levels of mold spores using the air sampling method. A review of the recommendations by the nation’s leading testing laboratories shows air sampling to be the method of choice for residential mold screening.

Mold In The Media - Hype vs. Reality

Even though molds have been in existence for thousands of years, only recently have they been in the spotlight. This is largely attributable to the media, which has generated a significant amount of hype among homeowners and the real estate community.

Lee Rosa is an ABR® Specialist in Orlando, Florida. You can search Orlando Homes for Sale at his website. Lee Rosa considers Dexaco Home Inspections a Mold Specialist and recommends Dexaco Home Inspections, they can be reached @ 407.439.3763.

Freddie Mac Average Rates:

 Released: 25 April 2009, 1900 EDT

 Key Findings

• The current swine influenza outbreak exhibits unusual characteristics of concern:
• The outbreak is affecting adults and spreading through human-to-human transmissions, which is atypical as influenza typically targets young children and elderly individuals, and human contraction of swine influenza is normally associated with close contact with pigs; and  
• Although the outbreaks in Mexico and the United States have been genetically linked, the United States has experienced no fatalities related to the outbreak, whereas 16 deaths in Mexico have been confirmed as resulting from the swine influenza, and the Government of Mexico is investigating additional cases.  
• Domestic and international resources have been mobilized to address the outbreak; however, additional testing will be required to answer key questions such as transmission mode and infection rate.
• Based upon the current severity, the outbreak is unlikely to cause critical infrastructure disruptions in the United States; however, the outbreak will result in increased pressures on hospitals and clinics as symptomatic individuals, and the worried well, seek medical attention. Should the outbreak intensify, additional disruptions would likely occur, including the possible disruption in services due to high absenteeism. 
• Basic precautionary measures can help to prevent the further spread of the disease, including frequent hand washing, and avoiding exposure to symptomatic individuals.

Background

The United States and Mexico have confirmed the outbreak of a swine influenza A (H1N1) virus not previously detected in humans or pigs.[1] The human form of influenza A (H1N1), which is genetically similar, but not identical to the current outbreak, was responsible for the 1918 pandemic that killed between 50 and 100 million people.[2] Similar to the 1918 pandemic, the current outbreak is affecting adults, whereas influenza typically affects young, elderly, or immune-compromised individuals. 

United States Overview

The U.S. Centers for Disease Control and Prevention (CDC) confirmed six swine influenza cases in California located in San Diego and Imperial Counties, and two cases in Texas in Guadalupe County (near San Antonio).[3] An additional two cases have been confirmed in Kansas, and testing is currently underway at Saint Francis Preparatory School in Queens, New York, where students who had recently returned from a trip to Mexico began exhibiting influenza-like symptoms.[4] Results from a New York Laboratory indicated that eight of the cases tested were positive for H1N1. Samples have been sent to the CDC for confirmation.[5] Increased attention to the outbreak is likely to lead to the identification of additional cases as public health professionals increase testing, and symptomatic individuals seek medical care.

All of the confirmed cases in the United States have fully recovered to date, although one immuno-compromised woman in California was hospitalized. None of the confirmed cases in the United States had direct exposure to pigs indicating the disease is spreading from human-to-human. 

Mexico Overview

The Government of Mexico has confirmed 18 deaths from the swine influenza mostly in Mexico City; however, media reports indicate over 1,000 cases of influenza in Mexico.[7] Testing is underway to identify which of these cases resulted from the swine influenza, and which resulted from other influenza strains, or co-infection (infection resulting from more than one virus). Mexico’s surge in influenza cases began in mid-March towards the end of Mexico’s flu season. 

Mexican officials have closed schools, museums, libraries, and other public buildings, and suspended public events in an effort to curb the spread of the disease. Masks have been distributed, and citizens urged to avoid social activities. The Government of Mexico’s vaccination effort is focused on health workers due to their higher risk of contracting the disease. Efforts are also underway to question outbound travelers to help stem the spread of the disease. 

Response and Countermeasures

The current influenza vaccine is not expected to protect against the outbreak. The strain is also  resistant to two of the four antiviral drugs licensed in the United States for treatment of influenza, amantadine and rimantadine. The strain, however, is sensitive to oseltamivir (trade name Tamiflu) and zanamivir (trade name Relenza). The CDC has developed a genetically matched “seed stock” for the strain, which would be needed if vaccine production is necessary.[9]

Neither the WHO nor the CDC recommend border restrictions at this time. The CDC, however, has issued a travel advisory to inform individuals traveling to the impacted areas of the health risks, and the need to follow standard precautions such as frequent hand washing. Some countries are reportedly increasing border surveillance, however, Anne Schuchat of the U.S. Centers for Disease Control and Prevention has said that “with infections in many different communities as we’re seeing, we don’t think that containment is feasible . . . we are not at a point where we can keep this virus in one place.”[10] 

Margaret Chan, head of the World Health Organization, stated “the current events constitute a public health emergency of international concern.”[11] One option available to the World Health Organization is to increase the global pandemic alert level from 3, indicating no or very limited human-to-human transmission to a higher level. As of the time this assessment was published, no final determination has been made by the World Health Organization. 

World Health Organization Pandemic Alert Scale

(Level as of release)

Preliminary Infrastructure Impact Assessment

Public Health and Healthcare: The current outbreak will impact the public health and healthcare sector, which should expect to see a steady increase in worried well and symptomatic patients as increasing media coverage raises awareness about the outbreak. 

Transportation: Significant economic impacts are only expected if a decision is made to limit the movement of people and goods between the United States and Mexico, which would result in significant cascading economic impacts. According to the Bureau of Transportation Statistics, in 2008, close to three million truck containers crossed the border, in addition to approximately 22,000 train passengers, 3 million bus passengers, 80 million personal vehicles, and 44 million pedestrians.[12] 

Agriculture and Food: No unusual cases of swine illness have been identified in the impacted areas of the United States; however, the U.S. Department of Agriculture, working with industry, is closely monitoring the situation. Swine influenza cannot be transmitted through consumption of pork products, although some consumer hesitancy may occur. 

Should the outbreak intensify, additional disruptions would likely occur. HITRAC will continue to monitor the situation, and provide updated assessments as appropriate based upon the circumstances of the outbreak, and planned mitigation efforts.

Recommendations

Individuals who have recently traveled to Mexico and are exhibiting influenza-like symptoms should seek medical guidance. The CDC is encouraging individuals in the impacted areas of California, Texas, and those traveling to Mexico to take everyday preventive actions such as:

• Cover your nose and moth with a tissue when you cough or sneeze. Throw the tissue in the trash after use;
• Wash your hands with soap and water, especially after you cough or sneeze. Alcohol-based hand cleaners are also effective;
• Avoid close contact with anyone who appears sick;
• If you get sick, stay home from work or school, and limit contact with others; and
• Avoid touching your eyes, nose, or mouth.[13]  

Additional Information

Additional information is available at the Centers for Disease Control and Prevention website: http://www.cdc.gov/swineflu.

[1] Centers for Disease Control and Prevention, Morbidity and Mortality Weekly Report Dispatch, Volume 58, 24 April 2009. Available at http://www.cdc.gov/mmwr/preview/mmwrhtml/mm58d0424a1.htm.

[2] Taubenberger JK, Morens DM. 1918 influenza: the mother of all pandemics. Emerging Infectious Disease [serial on the Internet]. 2006 January. Available from http://www.cdc.gov/ncidod/EID/vol12no01/05-0979.htm

[3] Centers for Disease Control and Prevention, Morbidity and Mortality Weekly Report Dispatch, Volume 58, 24 April 2009. Available at http://www.cdc.gov/mmwr/preview/mmwrhtml/mm58d0424a1.htm.

[4] http://www.alertnet.org/thenews/newsdesk/N25468227.htm

[5] Reuters, “Officials say New York schoolchildren had flu”, 25 April 2009, available at http://uk.reuters.com/article/UKNews1/idUKTRE53O2KU20090425.

Centers for Disease Control and Prevention, Morbidity and Mortality Weekly Report Dispatch, Volume 58, 24 April 2009. Available at http://www.cdc.gov/mmwr/preview/mmwrhtml/mm58d0424a1.htm.

[7] Stevenson, Mark, “Mexico fights swine flu with “pandemic potential,” Associated Press article accessed at http://www.google.com/hostednews/ap/article/ALeqM5gzz357patY4-QaJFvo9O95zMM_EQD97PLN881.

Centers for Disease Prevention, Key Facts about Swine Influenza (Swine Flu), available at http://www.cdc.gov/flu/swine/key_facts.htm.

[9] Centers for Disease Control and Prevention, Morbidity and Mortality Weekly Report Dispatch, Volume 58, 24 April 2009, available at http://www.cdc.gov/mmwr/preview/mmwrhtml/mm58d0424a1.htm, and Centers for Disease Prevention, Key Facts about Swine Influenza (Swine Flu), available at http://www.cdc.gov/flu/swine/key_facts.htm.

[10] BBC News, “Mexico flu ‘a potential pandemic’, 25 April, 2009, accessed at http://news.bbc.co.uk/2/hi/americas/8018356.stm.

[11] BBC News, “Mexico flu ‘a potential pandemic’, 25 April, 2009, accessed at http://news.bbc.co.uk/2/hi/americas/8018356.stm.

[12] Cross-border transportation statistics accessed at http://www.bts.gov/.

[13] Centers for Disease Control and Prevention. Human Swine Influenza Investigation, available at http://www.cdc.gov/flu/swine/investigation.htm.

I have been receiving alot of questions about how the First Time Homebuyer Tax Credit works, this is some information that I have been able to research and share with you. First...

What happens when 2 single people purchase a home together and what would be the implications.  

To decide who is eligible to receive the first-time homebuyer credit, we have to decide WHAT is a first-time homebuyer...

A first-time homebuyer is someone who has not had an ownership interest in a principal residence in the past three years ending on the date of purchase of the home for which the credit applies.

If an individual is married, neither the individual nor their spouse may have had a present ownership interest in a principal residence during the three-year period.

The allocation: If two (or more) unmarried persons purchase a home together, the credit maximum remains $8,000 and may be apportioned between them. When one (or more) persons is ineligible for the credit, the credit may be allocated among the eligible purchasers using any reasonable manner. A reasonable manner is one which does not apportion any amount of the credit to an ineligible taxpayer.

Here are a few examples:

Example 1: Husband and wife purchase a home together in 2009. Wife has never had a present ownership interest in a principal residence, but husband had a present ownership interest in a principal residence in 2007. Neither spouse would qualify for the credit because one spouse had a present ownership interest in a principal residence within the three-year period ending on the date of purchase.

Example 2: Buyer A contributes $45,000 and Buyer B contributes $15,000 towards the $60,000 purchase price of the residence. The maximum credit allowed is $6,000 (10% of the purchase price). A and B may allocate 3/4 of the credit to A and 1/4 to B based on their respective ownership interests in the residence, or using any other reasonable manner.

Example 3: Buyer A contributes $10,000 for a down payment toward the $100,000 purchase price. Buyer A and Buyer B obtain and are jointly liable for a $90,000 mortgage. Each owns one half interest in the residence. The maximum amount of the credit is the credit maximum of $8,000. A and B may allocate the allowed credit 55% to A and 45% to B based on their contributions toward the purchase price, one half to each based on their ownership interest, or any other reasonable manner.

Example 4: Buyer A pays the entire $100,000 purchase price of a residence and is the sole owner. Buyer A then transfers one half interest in the residence to Buyer B as a tenant in common for $10,000. A may claim the entire amount of the credit. Buyer B is not allowed to claim any amount of the credit because B's interest was acquired in part by gift and B's basis is determined under §1015 by reference to Buyer A's basis in the residence. Therefore, B did not purchase an interest in the residence and no portion of the credit may be allocated to B because B is not eligible to claim the credit.

Example 5: Buyer A and B each contribute $50,000 toward the $100,000 purchase price of the residence and each owns a one-half interest as tenants in common. Buyer A, but not B, is an eligible first-time homebuyer as defined above. The entire amount of the allowed credit of $8,000 may be allocated to A because he or she is eligible for the credit. No portion of the credit may be allocated to B because B is not eligible to claim the credit.

Example 6: Buyer A contributes $75,000 and Buyer B contributes $25,000 toward the $100,000 purchase price of the residence and each owns a one-half interest. A single taxpayer, A has MAGI that exceeds the $95,000 phase-out limit for the credit, so any portion of the credit allocated to A would be reduced to $0. Therefore, A and B may allocate the entire allowable $8,000 credit to Buyer B because B's MAGI is less than the $75,000 MAGI threshold and therefore, B is eligible to claim the entire credit.

Vacation Home: an ownership interest in a vacation home will not disqualify someone from being considered a first-time homebuyer for purposes of this credit | However, only homes located in the United States are considered for purposes of this credit.

What does "purchase" mean?

Purchase means any acquisition, but only if the property isn't acquired from a person related to the taxpayer.

Who is a related person?

Taxpayers are considered related if their relationship would result in the disallowance of losses under §267. For purposes of this credit an individual is only related to his or her spouse, ancestors, and lineal descendents. A taxpayer is not considered to be related to his or her siblings.

Election to treat purchase in 2009 as purchase for 2008 return: if a taxpayer purchases a residence after Dec. 31, 2008, but before December 1, 2009, they may elect to treat the purchase as occurring on Dec. 31, 2008 and take the credit on their 2008 return. If the home is actually purchased after the 2008 return has been filed, the taxpayer may amend his or her 2008 return to claim the credit.

New Construction: A residence that the taxpayer is in the process of building will be treated as purchased on the date the taxpayer first occupies it. This means that a taxpayer must first occupy the property after April 8, 2008 and before December 1, 2009, to be eligible to claim this credit.

What is the purchase price?

The purchase price is the adjusted basis of the principal residence on the date it is purchased. The basis of the property includes legal fees, title search, revenue stamps, and recording fees.