Condos and homeowners associations are facing a crisis of tremendous proportions when owners stop paying maintenance.  This situation is occuring with alarming frequency.  

As soon as a homeowner stops their mortgage payments, the banks start foreclosure proceedings and then just stop.  They hesitate to foreclose in this market because they don’t want a declining asset on their books.  So they wait.

In the meantime, the homeowners stops paying maintenance fees and the associations cannot pay their bills.  WHAT TO DO!!!

The idea today is mentioned in the Miami Herald in great detail but the jist of it is this…..under the existing law, condo and homeowner associations can foreclose for unpaid maintenance.  If they proceed with this….and take title of the unit, the bank has no choice but to take it back and pay the maintenance (which cannot exceed 12 months back due). 

The reason this works for the associations is because the banks’  lien prevents the association from making a sale.  If they go to court and ask the judge to give the title back to the bank, the bank has no choice but to accept and pay the maintenance owed up to 12 months of deliquent payments.

THIS IS FOOD FOR THOUGHT!!!!

I spoke to a homeowner association member today, who said their lawyers are looking into this scenario.  What will the costs be to the rest of the homeowners?  Is this financially viable?  I will keep you posted.

If you are interested in more information….please call me.   LEE HEUER 305 607 1943   anytime….

Great News for Real Estate In Aventura!!! 

After all the bad reports on fraud and misuse of the $8000 tax credit for first time home buyers, Congress has decided that the good out ways the bad and is voting, this week to extend this program for 7 Months and will make it better by including couples with incomes up to $225k which is 55k more than the previous program.

$6500 Maximum credit would be available to move-up homeowners who have lived in their currect residence for 5 of the prior 8 years and they don’t have to sell their previous home to qualify.  THIS IS GREAT NEWS!!!!

Prices are still very affordable.  Certainly, this is the BEST TIME TO BUY.  Interest rates are still low.  (check my chart on this site).  The Government is making it easier to buy than ever.

Click on the homes for sale button on this page and find your dream home and make it a reality and when you see the perfect place…call me and we will get an appointment, today.

Update:  Congress just passed this legislation and it is expected to be signed into law by President Obama.

In the economic stimulus package passed earlier this year was a $300 million program offering rebates to buyers of more energy-efficient appliances and other products with the Energy Star label.

This program is a little different, in that each state will run its’ own rebate program.  I am on the lookout to see when Florida will be offering these rebates.  So far, the large chains like Sears and Best Buy are offering cash rebates as are some cities. 

So, ultimately, when you buy, you may be getting a rebate from the store, from the municipality, and from the  Dept of Energy.

The Federal Government wants the public to start buying again.  The public will benefit also, by having lower electricity bills, and making their homes more up to date, always a good thing.

Contact me for further information.

David Kellerman,41, Chief Financial Officer, of Freddie Mac, killed himself by hanging, early this morning in his home.  Mr. Kellerman was a new man on the job, replacing the former CFO when the Federal Government  nationalized Freddie Mac.

Freddie Mac is the name of the Federal Home Loan Mortgage Corporation.  Friends said that Mr. Kellerman was staggering under the strain of the job.  New requirements imposed by the government and all the pressures of the new regulations were very stressful.

Tim Geitner, Secretary of the Treasury expressed his sadness at hearing the news as do we all.