What should you do if you cant pay your mortgage

What should you do if you cant pay your mortgage

 

1)   Contact your lender right away. Their contact information should be on your monthly statement. Be prepared to explain:

·        Why you can not make your payment.

·        If the problem is lon term.

·        Details about your income.

2)    You can contact a HUD-approved housing counseling agency to review the available options Their services are free.

3)    Review your budget. Prioritize you monthly bills. Can you cancel cable for a month, can you bring lunch to work. Maybe get a part-time job

4)    Very importantly, open all of your mail from the lender. It may contain important information from your lender.

For available agencies please go to HUD.gov

 

Thank you,

Ainsley Daux
Realtor
Florida Realty
cell:(813)546-1954
fax:(813)435-3013

 

902 w Lumsden rd

Brandon, FL. 33511

ste 103

 

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Buying a Home: Saving for a Down Payment

Buying a Home: Saving for a Down Payment

UPDATE TO HILLSBOROUGH County Down Payment Assistance

 

                                                  UPDATE TO HILLSBOROUGH County Down Payment

 

 

 Hillsborough County down payment assistance is now $15,000 AND will be fully forgiven after 5 years.

For information, please call
Ainsley Daux
Florida Realty
813-435-3013
813-546-1954
Dover, Florida Real Estate

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

By: Mercedes Hale and Cristen Messina ESQ.

 

 

A new mortgage disclosure rule will become effective on August 1, 2015. 

The new rule is believed to solely affect lenders and closing agents, but the agents do not realize how the changes will impact their practices starting August 1, 2015.

 

The following are some changes that will be in effect:

 

·       The Good Faith Estimate and Initial TILA disclosure will no longer be used.

·       A combined Loan Estimate Form will replace the above forms.

·       The HUD-1 Settlement Statement and the final TILA forms will be replaced by a single Closing Disclosure Form. (Must be given to borrower at least three days prior to the closing)

·       Closing timing will be impacted:  borrowers have 3 days after receiving the disclosure to review contents.

·       Disclosure of title fees will change.

·       New Closing Disclosure will not have line numbers and instead, will have the fees and charges included in seven areas.

·       The Real Estate Agent will be able to walk the buyers/sellers through the all the charges on the Closing Disclosure.

 

4 Ways for Realtors can prepare for changes

 

1.      Learn as much as possible about the CFPB rules and new forms.

2.      Meet with lenders and learn about the more stringent underwriting requirements.

3.      Meet with the closing agents now and find out how they are preparing for the new changes.

4.      Realtors must be proactive from the beginning of the transaction and prepare for the changes ahead of time.

Ainsley Daux
Florida Realty
813-546-1954
Dover Florida Real Estate 

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

New Rules and Regulations of the Consumer Financial Protection Bureau as of August 1, 2015

By: Mercedes Hale and Cristen Messina ESQ.

 

 

A new mortgage disclosure rule will become effective on August 1, 2015. 

The new rule is believed to solely affect lenders and closing agents, but the agents do not realize how the changes will impact their practices starting August 1, 2015.

 

The following are some changes that will be in effect:

 

·       The Good Faith Estimate and Initial TILA disclosure will no longer be used.

·       A combined Loan Estimate Form will replace the above forms.

·       The HUD-1 Settlement Statement and the final TILA forms will be replaced by a single Closing Disclosure Form. (Must be given to borrower at least three days prior to the closing)

·       Closing timing will be impacted:  borrowers have 3 days after receiving the disclosure to review contents.

·       Disclosure of title fees will change.

·       New Closing Disclosure will not have line numbers and instead, will have the fees and charges included in seven areas.

·       The Real Estate Agent will be able to walk the buyers/sellers through the all the charges on the Closing Disclosure.

 

4 Ways for Realtors can prepare for changes

 

1.      Learn as much as possible about the CFPB rules and new forms.

2.      Meet with lenders and learn about the more stringent underwriting requirements.

3.      Meet with the closing agents now and find out how they are preparing for the new changes.

4.      Realtors must be proactive from the beginning of the transaction and prepare for the changes ahead of time.

Ainsley Daux
Florida Realy
(813)546-1954
Dover Florida Real Estate
Tampa Bay Florida Real Estate
Brandon Florida Real Estate

HOUSING EDUCATION ALLIANCE

HOUSING EDUCATION ALLIANCE

A HUD CERTIFIED HOUSING COUNSELING AGENCY

 

 

The agency was founded in 2002.  It provided culturally sensitive bilingual housing counseling services for our community.  The founder and executive director is Sylvia Alvarez. 

 

First Time Home Buyer Classes

 

HEA certifies First Time Home Buyers through attendance at a live, eight hour, instructor-led class.  The participants learn the fundamentals of the home buying process.  Some topics that are covered are:  understanding credit and reading a credit report, repairing credit, choosing and working with a lender and the mortgage process.  Also, understanding mortgage terms and conditions, choosing a realtor and selecting the right home for you, and the closing documents and what to expect at the closing.

 

Foreclosure Prevention

 

All foreclosure prevention services are free of charge no matter the length of time required to reach a final conclusion.

 

 

Housing Counseling

 

The goal is to provide participants with the tools for household financial management and budget enabling them to make informed decisions in the home purchasing process.

 

Financial Literacy

 

The class educates young adults and adults on financial matters, banking, goal setting, budgeting, and understanding credit.  The project will engage the participants with fun and age appropriate classroom exercises as well as online financial games that will help them develop good behaviors and life skills.

 

The HEA has delivered more than 400,000 hours of education and one-on-one counseling to over 29,000 families and/or individuals on the subject of financial literacy and the home buying process.

 

Ainsley Daux

Florida Realty

813-546-1954

Dover Real Estate

Tampa Bay Real Estate

City of Tampa Home Buyer Education and Down Payment Assistance

City of Tampa Home Buyer Education and Down Payment Assistance

 

The City of Tampa’s Housing and Community Development Division (HCD), through its Housing Counseling Agency partners, will be providing Home Buyer Education classes (English and Spanish), Home Buyer Counseling Services and Down Payment Assistance for qualified home buyers.  To participate, contact any of the following housing counseling agencies to begin the process:

 

Participating Housing Counseling Agencies

 

CDC of Tampa, Inc.

1907 E. Hillsborough Avenue

Tampa, Florida 33610

(813) 231-4362

 

Center for Affordable Homeownership

5301 W. Cypress St.

Tampa, FL.  33607

(813) 341-9101

 

Solita’s House

3101 E. 7^th Ave.

Tampa, FL.  33605

(813) 425-4847

 

 

 

Tampa Bay CDC

2139 NE Coachman Rd.

Clearwater, FL.  33765

(727) 446-6222

 

 

 

Ainsley Daux
Florida Realty
(813) 546-1954
Dover Florida Real Estate
Tampa Bay Real Estate
Tampa Bay Short Sale
Brandon, Florida Real Estate

Timeline to Reestablish your credit after a Foreclosure

                      Timeline to Reestablish your credit after a Foreclosure

Due to the economic and financial hardships that many people faced in 2009, they were forced to file bankruptcy, short sell their homes, and many just gave up and were foreclosed on.
 
Considering all of these situations, people were put in difficult positions when it came to their credit.  Their credit ratings took a negative turn that affected their future home buying possibilities or anything involving credit scoring.  The following information offers help for those who may have been in one of these situations:
 
Bankruptcy Chapter 7
The following loans can be obtained in certain amounts of time.
FHA Loan:  24 months
USDA Loan: 36 months
VA Loan: 24 months
Conventional Loan: 48 months
 
Bankruptcy Chapter 13
 
FHA Loan:  12 months has elapsed since BK.  On time payments made while in Chapter 13, and written permission from the court to enter into a new mortgage.
USDA Loan:  36 months from discharge or dismissal
VA Loan: 12 months has elapsed since the BK.  On time payments made while in Chapter 13, and written permission from the court to enter into a new mortgage.
Conventional Loan:  Extenuating circumstances 24 months from dismissal or discharge date.
 
 
 
Foreclosure
 
FHA Loan:  36 months
USDA Loan:  36 months
VA Loan:  2 years, while exceptions on extenuating circumstances-can be less
Conventional Loan:  7 years
 
Short Sale
 
FHA Loan:  36 months
USDA Loan:  36 months
VA Loan:  2 years, with exceptions on extenuating circumstances-can be less
Conventional Loan:  *2 years- 80% LTV, * 4 years- 90% LTV, *7 years-can follow standard guides
 
Re-Established Credit
 
FHA Loan:  3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event.  12 month verified residential NO late payments.
USDA Loan:  3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event.  Must have a 24 months verifiable residential history NO late payments.
VA Loan: 3 trade lines open active for 24 months paid as agreed.  No derogatory accounts since the event, 12 month verifiable residential NO late payments.
Conventional Loan: 3 trade lines open and active for 24 months paid as agreed.  No derogatory accounts since the event.  12 month verifiable residential history NO late payments.
 
 
 Ainsley Daux
Florida Realty
(813)546-1954
Serving the Tampa Bay Area
Dover Real Estate
Brandon Real Estate

NACA (Home Ownership Program)

NACA OVERVIEW
 
NACA is the Largest Non-Profit HUD Certified Home Ownership Organization in the Country Providing the Best Home Ownership Programs in America.
 
PURCHASE PROGRAM
 
NACA provides the best home purchase program in America with free personalized and comprehensive counseling focusing on the homebuyer’s credit and financial issues to determine an affordable mortgage payment that is not based upon credit scores.  The majority of NACA homebuyers are low to moderate income, many with neither perfect credit nor substantial savings.
The NACA mortgage is unique in that everyone receives the same incredible terms that make home ownership affordable without the need for perfect credit, large savings or high income with the following terms:

• No down payment

• No closing costs

• No fees

• Fixed 30 year below market rate at 4.0% (as of 1/24/2014)

• Buy-down: one percent of the mortgage permanently reduces the interest rate by 25%.  

• NACA has been and continues to be in the forefront in advocating against lenders, mortgage companies, government entities, and others to combat discriminatory and predatory lending practices.
• For information go to www.NACA.com

Ainsley Daux
Florida Realty
813-546-1954
Tampa Bay Real Estate

More Americans to buy homes with 3 percent down

                                         

             More Americans to buy homes with 3 percent down

Fannie Mae and FREDDie MAC  has stated that some home buyers will be able to purchase a home with only 3% down. The current miniumm is  5% but 3.5%  down if you are utilizing  an FHA loan.

The companies announced last Monday the new guideline was designed to assist low income and first time home buyers.

The guidelines are designed to prevent the foreclosure fiasco we had in 2007-2009. The borrowers will go thru an underwriting process and must have enough income to repay loans.

Mel Watt, director of the Federal Housing Finance Agency stated the underwriting guidelines will provide a responsible approach to improving access to credit while ensuring safe and sound lending practices,"

. The FHFA oversees Fannie and Freddie, which have been under government control since 2008 because of the housing bust

The new loans would be fixed-rate mortgages of up to 30 years for primary residences.

 Fannie could begin underwriting the loans before the end of the year. It said the loans would be geared toward first-time buyers, require mortgage insurance payments because of the low down payment and mandate that buyers receive complete a financial counseling program.

Fannie and Freddie own or guarantee about half of all U.S. mortgages, worth about $5 trillion. Along with other federal agencies, they back roughly 90 percent of new mortgages.

The two companies don't directly make loans to borrowers. They buy mortgages from lenders, package them as securities, guarantee them against default and sell them to investors. That helps make loans available.

For more infor log unto the FHFA website, Fannie Mae and Freddie MAC.

Thank you,

 Ainsley Daux

Florida Realty

(813)546-1954

Tampa Bay Real Estate

Brandon, FLorida Real Estate

Dover, FLorida Real Estate

Operation: Reveille-HELPING OUR HOMELESS VETERANS

Operation: Reveille

Tampa/Hillsborough County

 

As a member Hillsborough County  Affordable Housing Advisory Board , a Veteran and a member of Affordable Housing committee thru Greater Tampa Bay Realty Ass, I thought it was essential that I mentioned this extraordinary event that will take place next month. The event is called OPERATION: Reveille, it will provide housing to a few homeless Veterans. Below is the action plan for the program.

On November 11, 2014, as a part of President Obama’s goal to end Veteran homelessness by 2015 and the Veteran’s Administration’s 25 Cities Initiative, the Tampa Hillsborough Homeless Initiative (THHI), in collaboration with the City of Tampa and Hillsborough County, will launch Operation: Reveille-Tampa/Hillsborough County. 

 

In one day, this will bring together federal, state, and local government agencies, faith-based organizations, housing providers, intense case management, employment services, job training, legal assistance, mental health services, substance abuse treatment, social security, veterans benefits, financial counseling, health care, household supplies and other services.

 

The start of the Operation: Reveille will begin with each Veteran being assigned a volunteer, a Comrade.  Based on the Veteran’s needs, a Comrade will assist the Veteran throughout the day going through all of the available services.  They will get a hot breakfast together, followed by an assessment.  This will assist the Veterans by determining which of the on-site services are needed for housing stability.  Veterans will be able to schedule follow-up appointments with any of the 20 providers through a Case Manager that they will have assigned to them for up to 12 months.  The final assessment of the day will be “housing selection”.  Each Veteran will be presented with various housing options.  This will provide up to 12 months of housing and wrap around supportive services for 50 Veterans.  Each home will be pre-furnished and stocked with food and household supplies. 

 

 

Goals:

1.    Rapidly re-house Veterans on Veteran’s Day

2.    Bring together a wide range of partners to ensure a collaborative impact on a national level.

3.    Develop a system that ensures a Veteran never sleeps on the streets of in an emergency shelter in Hillsborough County.

Partners:

Ø U.S Department of Housing and Urban Development

Ø U.S Department of Veteran Administration

Ø Hillsborough County Department of Homeless Services

Ø City of Tampa Housing and Community Development

Ø Tampa Housing Authority

Ø Tampa Bay Rays Foundation

Ø Greater Tampa Association of Realtors (GTAR)

Ø Tampa Bay Lightning

Ø Support the Troops

Ø Rebuild Together

Ø Tampa Port Authority

Ø St. Vincent DePaul

Ø Catholic Charities

Ø Tampa Crossroads

Ø ACTS

 

 

Ainsley Daux

Florida Realty

Out and About in Tampa Bay

                                     
                                                      Out and About in Tampa Bay

What a great way to end the month of September! First, the Buccaneers win their first game of the season by beating the super power Pittsburgh Steelers at home.

Then, Microsoft founder Billionaire Bill Gates is partnering with the Lightning owner, Jeff Vinik to reshape Channel-side, which will bring hotels, shops, restaurants and entertainment. Both events are great things for the Tampa Bay area. We also cannot forget that Derek Jeter is retiring to his Tampa Bay home on Bay-Shore Blvd.

The Tampa Bay Lightning season opener is October 10^th and sports analysts are predicting a great season for them.

When we take a look around we see that Tampa really does offer many forms of entertainment, sporting events, and interesting venues.

This past Saturday, my wife and I spent the afternoon in Central Ybor City.  We walked thru historical 7th Avenue. We enjoyed dinner and a nice cold beer at the Tampa Bay Brewing Company. The Tampa bay Brewing Company offers 8 core and 38 seasonal beers along with a unique menu. The menu offers reasonably priced beer infused with great tasting food.  Although the rain brought us back inside, where else can you spend most of the day outdoors in early fall and still have a feeling of summer.

 Since the night was still young, we made our way to the Seminole Hard Rock Hotel and Casino. There we were able to have drinks and enjoy live music. Our gaming didn’t pay off but we still had an enjoyable evening.

Ainsley Daux
Florida Realty
Tampa Bay Real Estate
Brandon Florida Real Estate

Ten tips to save you money in your home

Ten tips to save you money in your home

 

It doesn’t matter whether you own your home or rent.  Easy approaches can help you save money within your home.  Homes.com offers some simple tips:

 

Ø Programmable Thermostats:  for about $50-$100, programmable “smart” thermostats save hundreds of dollars yearly on electric bills. Some models come with Wi-Fi so you can turn down the thermostat remotely.

Ø Low-Flow Shower:  Take an environmentally friendly step by replacing outdated showerheads with new low-flow models.  This can reduce your water use in the shower by 25%-60%, as well as increasing hot water efficiency.

Ø Extra Payment: one additional mortgage payment a year can save thousands on annual interest payments, based on a 30-year loan.

Ø Unplug:  Unplug or use a smart power strip to save an estimated 5%-10%.  Many appliances and other electrical gadgets consume power even when turned off.

Ø House Plants:  Air purifiers can cost hundreds of dollars.  Consider house- plants to help remove toxins from the air and add color, warmth and comfort.

Ø Avoid the Draft: As your home ages, hot and cold air from outside can often creep inside.  Weatherproofing is inexpensive and simple.  It can save you up to 15% of heating and cooling costs. Do your research to see what weatherproofing needs your home would benefit from.

Ø Do-it-yourself: In the mood to redecorate? Making your home feel like new can be costly. Jump on the DIY bandwagon or check out free DIY workshops at local stores like Home Depot and Lowe’s. 

Ø Ceiling Fans:  Air conditioning uses 3,500 watts of energy, while a ceiling fan only uses 60 watts.  Set the fan to run clockwise in the winter to reverse the motion and push warm air down.

Ø Shop your home:  Look for budget friendly tweaks you can make before making new home accessory purchases.  Rearrange furniture and lighting to change the feel of any space.  You can even switch decorations in between rooms to make them feel different.

Ø Laundry:  Washing in cold water and using the dryer efficiently by filling but not overfilling the machine.  Some energy-efficient appliances can qualify your family for an additional tax credit.

 

Exploring ways to reduce home expenses can help you save for important upgrades in the future.

Thank you,
Ainsley Daux
Florida Realty
(813)435-3013