Wednesday, December 31, 2008

Wednesday, November 26, 2008

Tuesday, April 15, 2008

Short Sales - When you do NOT need one

As a Florida Mortgage Professional, I get calls and emails all the time from worried homeowners wondering if they should start Short Sale Proceedings.

frustrated guyThere are a few ways to decide whether it is worth it or not.  You see... a Short Sale is a method for reducing your debt.  It is NOT Free though.  It has its costs and they are not all short term.

The most obvious negative effect is to your Credit.  A Short Sale is a "derogatory".  That means that you will have significant damage done to your credit.

Even though a Short Sale is not nearly as bad for your credit as a Foreclosure, it will nevertheless stay on your file for years and will affect:

  • The Interest Rate on your next house
  • The Finance Price or Lease Payment on your next car
  • Your ability to Rent an Apartment
  • Your ability to get a credit card
  • Your ability to get a Business Loan

This is why it is important to figure out whether you really, really, really need one... NEED ONE.

So how do you do that??

First, start by contacting your friendly neighborhood Mortgage Broker (that's me!!) and Realtor.  Set up a coffee appointment and we three can go over your situation and lay out your options.

I can supply the financial advice and the Realtor can come with comps and market rental data and provide the real estate advice.  The Realtor can also help you figure out how long it will take to sell your property in this market!

From there, we can provide referrals to other professionals to help you along the way.

For more information on Short Sales and to read the full text of this article, click on the links below

More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA

Your Source for Residential and Commercial
Mortgage Loans in Florida

Thursday, April 10, 2008

Florida Mortgage | Central Florida has a new HomeBuilder in town

The Orlando Sentinel has an article this called Shea Homes is the new kid on region's building block about Shea Homes, the Orlando Florida area's newest homebuilder.

vg_logo The California-based builder has acquired the Victoria Gardens community in Deland Florida from the St. Joe Co., which is no longer building homes in its developments.

Shea Homes comes to Florida with a long history of stability and internal growth as a privately held, family business. 

Analysts believe that Shea Homes and Central Florida lack some of the "feeder markets" that have long supported Florida Real Estate Developers.  The East Coast and South Florida have historically attracted people from the Northeast.  The Gulf Coast has historically been where the snowbirds from the Midwest roost.

Vertical Real Estate Logistics, LLC specializes in helping Florida Real Estate Developers and Builders with their Marketing and Sales campaign to capture the right target buyers for their projects.

For more information on this and other new Real Estate Developments in Central Florida follow this link -o-> Central Florida has a new HomeBuilder in town

More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA

Your Source for Residential and Commercial
Mortgage Loans in Florida

Saturday, April 5, 2008

IRS Tax Deductions from your Mortgage

20 dollar billAs tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.

So if you are a procrastinator as is the American-way, remember to plan for some of your Mortgage and Real Estate related tax deductions to save some money this year.

Here are a few places to save:

1) Discount Points - Lender Discount Points are seen by the IRS as pre-paid interest charges. 

2) Pre-paid Interest - your closing statement shows prepaid interest depending on how many days you will be in the property in the month you close.  

3) Pro-rated Property Tax any property tax you pay at the closing table is deductible

4) Origination Points - Broker fees or Points are also considered pre-paid interest.

5) PMI/MIP - Mortgage Insurance on a loan that is over 80% Loan to Value (LTV) is deductible

Where to consult your Accountant for sure:

6) HELOC / Equity Line - interest on your 2nd Mortgage or Home Equity Line of Credit may be deductible. 

7) Second Home - this is a grey area.  Your accountant knows the rules on deducting mortgage interest on 2nd home mortgages.

8) Depreciation - Investment properties only!!  !

My Professional Advice:

You have your closing package from when you closed your property neatly filed away, right? (nudge nudge)

Get it out and take it with you when you visit your tax preparation specialist or CPA.  Make sure to have your Accountant review your closing statement and IRS Form 1098 that you will receive from your lender in the mail.

Your accountant will then make sure you get credit for all your deductions.

To get the full article, follow this link -o-> Florida Mortgage | IRS Tax Savings on your HUD-1

More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA
Your Source for Residential and Commercial
Mortgage Loans in Florida

Friday, March 21, 2008

Florida Mortgage | Foreign National Buyers shift Target Focus

Due to the dwindling availability of loan products and lenders for Foreign Nationals to purchase property in Florida, many Foreign National Real Estate Buyers in the US are having to change their focus... both in property and investment type.

Foreign Nationals will soon see the targets of their purchases changing from the traditional Second Home or Vacation Property to different investment grade properties and other ventures in Real Estate.

Foreign Buyers may have to join forces and form Syndicates in order to purchase commercial properties with higher price tags.  Higher prices coupled with higher cash flows will be attractive to Foreign Nationals who are investment minded.

Another option that exists for Foreign Nationals that are simply focused on the returns they could achieve in Real Estate Investments in the US might look to get involved with a Real Estate Developer.

Providing Equity and Operational Funds for a Developer looking to get a Residential or Commercial Real Estate Development Project off the ground would provide Foreign Investors with an investment term of typically 2-5 years during which time interest would be earned and a portion of the profits of the project would be shared.

Foreign Nationals may also buy wholesale pre-construction units to help a developer achieve their vital pre-sale requirements for a lender.  These units would then be re-sold in the development's inventory with a premium paid back to the original purchaser.

For the full article with more choices for Foreign National Real Estate investors follow this link -o-> Foreign National Buyers shift Target Focus

More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA

Your Source for Residential and Commercial
Mortgage Loans in Florida