Sand in my Shoes

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Amidst all of the negativity in the media, erupting presidential election, stressed global stock markets, historical government bailouts, and an ever-growing division in our country, we enjoyed an amazingly beautiful Sunday on the beach. With a light northeasterly wind, mild surf, water temperatures around 76 degrees, crisp blue sky, and warm fall sunlight, we left the beach without a worry in the world. This is what the Miami Beach lifestyle is for me, and we get to enjoy this all year round!

So other than sharing my experience of the beach this past weekend with you, how does this translate to all the negativity in real estate and the economy out there?

Consider the following as food for thought:

• Countrywide Financial,  under a settlement reached with the state’s attorney general over alleged abusive lending practices, announced that they will provide Florida homeowner’s up to $1 billion in mortgage relief, loan modifications and cash payments to some borrowers.
• If a first time home buyer purchases a primary residence and applies for credit prior to July 1, 2009, he or she will receive a $7,500 tax credit in 2009 when they file their federal income taxes, but it must be paid back over time and there are a few exceptions. Practically a 15 year loan interest free!
• There are literally hundreds of opportunities out there to take advantage of all the distress in the market and buy a fantastic piece of real estate at very attractive prices. Consider the recent sale of a 2,059 square foot oceanfront condo, with 2 bedroom and 3.5 bathrooms, in the presitigous Bath Club located at 5959 Collins Avenue, Miami Beach. The former owner purchased the unit for $1.45 million in 2005 from the developer, and the new buyer just paid $438,100 at auction.
• On October 3, 2008, Florida Governor Charlie Crist signed an executive order to free up $571 million in state backed financing as part of an effort to assist home buyers to obtain low interest mortgages through the Florida Housing Finance Corporation.
• As part of the Housing and Economic Recovery Act passed by Congress, Miami-Dade County will receive $62.2 million to buy foreclosed properties and rehabilitate them, as well as offer low to middle income home buyers help with down payments and closing costs.
• Homeowners facing foreclosure need information, and the U.S. Department of Housing and Development offer a one-stop shop online that offers assistance. The Guide to Avoiding Foreclosure can be found by going directly to www.hud.gov/foreclosure.
• Hope Now, an alliance between counselors, servicers, lenders, investors and other mortgage market participants, is a FREE service to help homeowners avoid foreclosure through mortgage workouts. To contact Hope Now or a HUD Approved Housing Counseling Agency, call 1-888-995-HOPE or click here for further information.

It is very sad that suicide is becoming an increasingly popular response to debt, as in the case of Carlene Balderrama of Taunton, MA.  Balderrama killed herself with her husband’s rifle on the same day that her mortgage company was going to auction off her house.

In this country there are so many options available to us. Finding assistance is often just a phone call away.

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